This Global IRR Index consultation release monitors 381 closed end funds across vintages from pre-2001 to 2022. All of these 381 funds follow a non-core strategy as defined by their managers and include 333 value added and 48 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 70 Asia Pacific funds, 145 European and 166 funds focused on the USA.
• The two strongest vintage groups are still represented by funds launched before 2001 and between 2011-2013. They posted average IRRs of 14.7% and 14.2%, respectively.
• The post 2019 vintage group with funds launched in the years before the current downturn delivered the lowest performance with an equally weighted IRR of -1.8%.
• The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.7%.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries please contact Amélie Delaunay, Daisy Huang, or Eileen Chiu.

The eighteenth gross return report shows a 3-month total gross return of -3.14% for the period between October and December 2023.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -3.18% in December 2023. The ACOE includes 17 funds with a total GAV of AUD 118.29 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q3 2023 includes 70 closed-end funds across vintages from pre-2005 to 2018.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q3 2023.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered a total return of -1.37% in Q3 2023 and was negative for the fifth consecutive quarter.
• All three regions recorded negative performances, with European funds outperforming Asia Pacific and US funds despite dropping in performance.
• GREFI Core funds outperformed their riskier non-core peers.

For any queries, please contact Amélie Delaunay, Daisy Huang or Eileen Chiu.

• ANREV’s All Funds Index returned -0.97% in Q3 2023, up from -2.43% in Q2 2023.
• Opportunity funds was the only one posting positive total returns of 0.75% over the quarter, outperforming both core and value-added funds which returned -1.03% and -0.93% respectively.
• Closed-end funds with a total return of -0.10% outperformed its open-end counterparts which posted -1.13%.

Data contributions were received from 78 funds with a total gross asset value of US$144.0 billion. Further detail of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection.

If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.15% in November 2023. The ACOE includes 17 funds with a total GAV of AUD 121.26 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 62 different properties of market value over AUD 1.98 billion in farmland.

ANREV Australia Farmland Index returned 0.21% on a 12-month rolling basis in Q3 2023.

On an annualized rolling return basis, the income return was at -2.36% in Q3 2023.

Capital growth was at 2.58% in Q3 2023 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Donald Lam.

ANREV, INREV and NCREIF present the third edition of the Global Open End Diversified Core Equity Funds Index, consisting of 49 funds with a combined total gross asset value of US$ 376 billion. 

Key highlights include: 

• The Q3 2023 Global ODCE reported a total return of -2.43%, marking the fifth consecutive quarter of negative performance. The US outperformed the other regions with a total return of -2.10%, followed by Europe with -2.55%, and -2.64% in Asia Pacific.
• On a five-year annualised basis, the Global ODCE Index shows an aggregated total return of 3.35%. The US showed the highest annualized total return of 4.72%, Asia Pacific posted 3.40%, while Europe delivered 1.67%.
• Other than Europe, all regions recorded a quarter-on-quarter increase in performance.

 Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu should you have any questions regarding the Index.