The Q3 2025 ANREV index included data contributions from 79 funds with a total gross asset value of US$147.7 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.28% in Q3 2025, down from 1.91% posted in the previous quarter.
• Core funds with a total return of 1.38%, outperformed value-added and opportunistic funds which posted 0.76% and 0.85% respectively.
• Australian funds outperformed the wider index, delivering total returns of 1.80%, marking their fourth quarter of positive performance. While multi-country funds saw a drop in performance, but remained positive at 0.36%. 
• Further details of the sub-indices, which cover different fund styles and various geographies, can be found in the full report.

We would like to extend our thanks to all of the funds that have 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 0.38% in November 2025. The ACOE includes 18 funds with a total GAV of AUD 117.14 billion.

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

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q3 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.46%, comprised of 0.36% capital growth and 1.10% income return. Up 28 bps from 1.18% posted in Q2 2025. The report measures the asset level returns of 248 investments owned by 8 ODCE funds valued at US$19.31 billion as of Q3 2025.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 10 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 2.09 billion in farmland.

ANREV Australia Farmland Index returned -2.99% on a 12-month rolling basis in Q3 2025.

On an annualized rolling return basis, the income return was at 2.40% in Q3 2025.

Capital growth was at -5.28% in Q3 2025 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 Christy Lau or Karen Yeung.

ANREV, INREV and NCREIF present the eleventh edition of the Global ODCE (open end diversified core equity) fund index, consisting of 49 funds with a combined total gross asset value of US$347.1 billion.

Key highlights:

• The Global ODCE fund index delivered a net total return of 0.45% in Q2 2025, down from 2.18% in the previous quarter.

• European ODCE funds outperformed the other regions, posting a total return of 0.83%, followed by the US with 0.52%, then Asia Pacific with flat returns of 0.00%.

• Capital growth turned negative in Q3 with -0.38%, down from 1.38% posted in Q2 2025. While the accrual-based income return increased by 4 bps, delivering 0.83%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

The Q3 2025 ANREV ODCE (Open End Diversified Core Equity) Fund Index posted flat net total returns of 0.00%, down from 5.47% posted in Q2 2025.

Key highlights:

• Capital growth currently stands at -0.68%, down from 4.80% posted in Q2 2025. While the distributed income return was up by 1 bp from the previous quarter, posting 0.68%.

• After taking out the currency impact of -1.14%, the index delivered a local currency equivalent net total return of 1.14%.

• The index features 8 funds with a total GAV of US$21.1 billion, covering 437 assets as of Q3 2025.

If you have any queries on the index, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.35% in October 2025. The ACOE includes 17 funds with a total GAV of AUD 114.71 billion.

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

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The gross return report shows a 3-month total gross return of 2.04% for the period between July and September 2025.
 
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 and Christy Lau if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.20% in September 2025. The ACOE includes 17 funds with a total GAV of AUD 114.76 billion.

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

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q2 2025 release of the Global IRR Index monitors a sample of 411 closed end funds across vintages from pre-2001 to 2022. All of these 411 funds follow a non-core strategy as defined by their managers and include 357 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 157 European and 180 funds focused on the USA.
• The IRR for the 2022 vintage year improved the most, from 2.10% to 6.84%, in Q2 2025.
• 2017-2019 vintage funds turned positive again in Q2 with a 0.03% IRR.
• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

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 Daisy Huang or Eileen Chiu.