ANREV, INREV and NCREIF present the sixth edition of the Global ODCE (Open End Diversified Core Equity) Fund Consultation Index, consisting of 49 funds with a combined total gross asset value of US$ 349.7 billion. 

Key highlights include: 

• The Q2 2024 Global ODCE reported a net total return of -0.97%, marking the eighth consecutive quarter of negative performance. On a 1-year rolling annual basis the total return stands at -7.36%.
• Europe outperformed the other regions, posting the only positive returns with 0.19%, followed by the US with -0.66%, and -2.43% in Asia Pacific. All regions saw a quarter-on-quarter increase in performance.
• On a five-year annualized basis, the Global ODCE Index shows an aggregated total return of 1.49%. The US posted the highest annualized total return of 2.27%, followed by Asia Pacific with 1.83%, and 0.04% in Europe.
• At 0.77% in Q2, the accrual-based income return reached its highest level in three years. On a 1-year rolling annual basis, the income return stands at 3.05%.

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

Over the last years, the business model of institutional funds of funds managers has been changing, with a notable shift towards more diverse investment portfolios. The shift away from predominantly fund investing leaves ‘funds of funds’ terminology no longer fit for purpose when it comes to capturing this investor segment. As of 2024, INREV’s and ANREV’s Funds of Funds Study and Funds of Funds Universe have been renamed to Multi Manager Study and Multi Manager Solutions Universe, respectively. 

• Evolution of multi managers as an investor across the real estate investment spectrum
• Multi managers’ increasingly diverse allocation of capital away from non-listed funds
• Non-core allocations increased to a record 27% with a focus on value added strategies
• Structural shift outside of the traditional sectors

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

The Q2 2024 ANREV ODCE (Open End Diversified Core Equity) Fund Index results were released on 28 August 2024 and posted a net total return of -2.43%, up 147 bps from -3.90% posted in Q1 2024.

Key highlights:

• Capital growth increased by 143 bps to -3.18%, while the distributed income return stands at 0.75%.
• After taking out the currency impact of -1.23%, the index delivered a Local Currency Equivalent Net Return of -1.20%.
• The index features 8 funds, with a total GAV of US$20.6 billion as of the second quarter of 2024.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.18% in July 2024. The ACOE includes 17 funds with a total GAV of AUD 114.34 billion.

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

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

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from July 2024 include:

• Real estate market recovery is expected to take place at different rates across Europe, the US and APAC due to differing economic conditions and valuation practices.
• Global investors should adopt an investment strategy that fully recognises the nuances involved in placing capital in heterogeneously recovering markets.
• AUM among fund managers continues to concentrate among the largest firms, according to the ANREV/INREV/NCREIF Fund Manager Survey 2024.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from July 2024 include:

• Real estate market recovery is expected to take place at different rates across Europe, the US and APAC due to differing economic conditions and valuation practices
• Global investors should adopt an investment strategy that fully recognises the nuances involved in placing capital in heterogeneously recovering markets
• AUM among fund managers continues to concentrate among the largest firms, according to the ANREV/INREV/NCREIF Fund Manager Survey 2024

The eighteenth gross return report shows a 3-month total gross return of -3.82% for the period between April and June 2024.
 
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 -3.86% in June 2024. The ACOE includes 17 funds with a total GAV of AUD 113.12 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.