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.

The Q3 2023 ANREV ODCE (Open End Diversified Core Equity) Fund Index results were released on 29 November 2023 and showed a net total return of -2.64%. This marks the third consecutive quarter of negative returns from the index.

Key highlights:

• Capital growth remained negative at -3.36%, while the distributed income return stands at 0.73%.
• After taking out the currency impact of -2.16%, the Local Currency Equivalent Net Return is reported at -0.47%.
• The index includes 8 funds, accounting for US$21.5 billion of GAV as of the third quarter of 2023.

Please provide feedback and comments to Daisy Huang or Eileen Chiu