The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -0.47% in March 2023. The ACOE includes 17 funds with a total GAV of AUD 124.70 billion.

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

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

ANREV has launched the thirteenth release of the ANREV ODCE Asset Level Performance Consultation Report.

The ANREV Asset Level Performance Report is not an index as the coverage is limited to assets held by 8 funds with a pan Asia core open end strategy.

The ANREV Asset Level Performance Report results are based on asset level data that is provided to ANREV directly from managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please provide feedback and comments to Amélie Delaunay or Daisy Huang.

ANREV Professional Standards Committee and PwC invited investment managers to a series of round table discussions, hosted in Hong Kong and Singapore, which provided opportunities for managers to discuss with their peers their views on the many challenges related to reporting under current market environment.

Although 2022 saw most Asia Pacific markets—with the exception of China— begin to shake off the effects of regional COVID restrictions, as investors look to 2023 they find themselves confronted with a different, but no less dangerous, set of threats: high inflation, rising interest rates, unsustainable levels of public- and private-sector debt, and an impending global recession. Uncertainty in the market has also impacted transaction flows. With less recent comparables and market data available making valuation a potential challenge for this year-end.

In previous years, members have expressed concerns about the availability of current market data, especially when the markets are turbulent, and there has been a perceived time lag developing between market movements, and external valuations, due to the period of comps used.

In April's issue, we have included:

Australia

• Australian Government Consults on Climate-related Financial Disclosures

British Virgin Islands

• British Virgin Islands Regulatory Obligations and Filing Deadlines 2023

Cayman Islands

• Helping to Manage the Challenges of SFDR Article 8 and 9 Funds

China

• China Issues New Regulations on Medium and Long-term Foreign Debt
• AMAC Released The Guidelines for The Pilot Filing Of Private Real Estate Investment Funds

Hong Kong

• Cross-agency Steering Group Announces Collaboration with CDP to Enhance Data Availability and Sustainability Reporting In Hong Kong
• Foreign-sourced Income Exemption under new FSIE regime

Japan

• FSA Proposes Amendments to Supervisory Guidelines Regarding ESG Investment Trusts

Korea

• FSC Announces Measures to Improve Foreign Investors' Access to Korean Capital Markets

Singapore

• MAS Revises Lodgment Practice Note for Collective Investment Schemes
• Buyer’s Stamp Duty (BSD) Rates to be Raised for Higher-Value Properties

Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

ANREV has launched the Q4 2022 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q4 2022 sample of the ANREV IRR index includes 68 funds.

We welcome any questions or comments - please email Daisy Huang or Justin Wong.

Welcome to the March 2023 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q4 2022.

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. All numbers are also available in an Excel file.

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 negative total return of -4.24% in Q4 2022.
• Asia Pacific funds outperformed globally, with an increased performance quarter-on-quarter.
• Core funds had a greater decline compared to their riskier peers, posting aggregated quarterly total returns of -4.49% and -3.12%, respectively.

Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

• ANREV’s All Funds Index returned 1.80% in Q4 2022, up from 0.22% in Q3 2022.

• Value added funds outperformed core and opportunity funds with returns of 4.51% versus 1.50% and 2.68% respectively.

Data contributions were received from 75 funds with a total gross asset value of US$144.5 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Justin Wong.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.32% in February 2023. The ACOE includes 18 funds with a total GAV of AUD 125.65 billion.

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

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

The ANREV Australia Farmland Index provides financial performance of 59 different properties of market value over AUD 1.78 billion in farmland.

ANREV Australia Farmland Index returned 9.61% on a 12-month rolling basis in Q4 2022.

On an annualized rolling return basis, the income return was at 3.25% in Q4 2022.

Capital growth was at 6.20% in Q4 2022 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, Justin Wong or Donald Lam.

The Q4 2022 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released on 1 March 2023 and showed a total net return of 8.35% for 8 funds.

Please provide feedback and comments to Justin Wong or Amélie Delaunay.