In June 2023, the ANREV ESG Committee held a discussion on climate risk solutions where participants shared views on the climate risk solutions providers landscape. As the backdrop for discussion, a committee member provided the framework for discussion by addressing physical risk and transition risk, the assessment of these risks in climate risk solutions and what these solutions provide via a presentation. In this paper, it serves as a summary centered on sharing experiences on the climate risk solutions providers.

In September's issue, we have included:

Australia

• Consultation: Review of the regulatory framework for managed investment schemes

Cayman Islands

• Key Cayman Islands Voluntary Liquidations Deadlines and Dates
• Cayman Islands Monetary Authority Regulatory Measures for Regulated Entities

China

• China consults on administrative measures on data security in business areas regulated by PBoC

Hong Kong

• SFC issues circular on licensing and registration of depositaries of SFC- authorized collective investment schemes and related transitional arrangements
• SFC announces intention to adopt ISSB Sustainability Disclosure Standards
• Update on tax certainty for onshore disposal gains and refined foreign-sourced income exemption (FSIE) regime

Japan

• Implementation of consumption tax qualified invoicing system
• Waiver of withholding tax on dividends to certain domestic companies

Singapore

• MAS Proposes Code of Conduct for Providers of ESG Ratings and ESG Data Products

The United States

• SEC Enhances the Regulation of Private Fund Adviser

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 Q2 2023 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q2 2023 sample of the ANREV IRR index includes 72 funds.

We welcome any questions or comments - please email Daisy Huang or Eileen Chiu.

Welcome to the September 2023 update of the Global Real Estate Fund Index (GREFI). This index 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 end of Q2 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. All numbers are also available in an Excel supplement 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 total return of -1.83% in Q2 2023 and was negative for the fourth consecutive quarter.
• Global strategy funds outperformed regional funds with a return of 0.35%.
• The GREFI Core funds underperformed their riskier non-core peers in all three regions.

Please send any queries to Daisy Huang, Eileen Chiu or Amélie Delaunay.

• ANREV’s All Funds Index returned -2.45% in Q2 2023, down from 0.31% in Q1 2023.
• All sub-indices funds reported negative returns in this quarter.
• Value added funds returned -0.78% over the quarter, outperforming both core and opportunity funds which returned -2.73% and -1.01% respectively.

Data contributions were received from 78 funds with a total gross asset value of US$151.3 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 Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.25% in August 2023. The ACOE includes 17 funds with a total GAV of AUD 122.78 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.

ANREV, INREV and NCREIF present the second edition of the Global Open End Diversified Core Equity Funds Index. The consultation release measures the net asset value quarterly performance, net of fees and other costs, with a near-term plan to report gross of fees performance.

Key highlights include: 

• The Q2 2023 Global ODCE total return slid to -2.72%, with negative performance across all the three global regions. Europe outperformed the other regions with -1.95%, compared to -2.88% in the US and -3.33% in Asia Pacific.
• On a five-year annualised basis, the Global ODCE Index shows an aggregated total return of 4.18%. The US showed the highest total return of 5.56%, Asia Pacific posted 4.14%, while Europe delivered 2.57%.
• All regions saw quarter-on-quarter declines in performance, but the US.

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

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 1.99 billion in farmland.

ANREV Australia Farmland Index returned 2.01% on a 12-month rolling basis in Q2 2023.

On an annualized rolling return basis, the income return was at -1.22% in Q2 2023.

Capital growth was at 3.21% in Q2 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.