The Q2 2021 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released on 1 September 2021 and showed a total return of 2.76% for 8 funds. One more fund is joining the ANREV ODCE Fund index in Q2 2021.

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

ANREV is pleased to present the results of its fourth Fund Termination Study with a specific focus on the preferred termination options and associated issues among Asia Pacific non-listed real estate funds. 

The survey was conducted between July and August 2021 through an online questionnaire. We received participation from 16 fund managers managing 22 non-listed real estate funds in Asia Pacific with a combined gross asset value (GAV) of US$8.2 billion.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.31% in July 2021. The ACOE includes 19 funds with a total GAV of AUD 118.59 billion.

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

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

In July's issue, we have included:     

Australia

• Government to consult on revisions to relief regime for foreign financial service providers
• APRA releases guidance on managing the financial risks of climate change

Cayman Islands

• Economic Substance Regime Extended to Partnerships
• FATCA and CRS Updates
• AEOI Reporting Deadlines

China

• China releases draft implementation rules on cross boundary wealth management connect pilot scheme in Greater Bay Area for public comment.

Hong Kong

• SFC announces launch of grant scheme for open ended fund companies and real estate investment trusts. SFC previews new electronic licensing services
• Government announces passage of Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021

Japan

• Clarification of taxation of carried interest for individuals as fund managers in Japan

Korea

• Authorities to Ease LTV Rules and Enhance Support for Rent to Help Strengthen Housing Ladder

Singapore

• MAS responds to feedback received on consultation on revisions to misconduct reporting requirements for representatives, and consults on proposals to mandate reference checks beyond representatives
• Guide for climate related disclosures and framework for green trade finance

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

The eighth net / gross return report shows a 3-month total gross return of 4.06% for the period between April and June 2021.
 
The net / 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 19 ACOE funds.

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

ANREV has launched the sixth 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 7 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 Justin Wong or Amélie Delaunay.

• Funds of funds AUM rose to at least US$53.2 billion globally end of 2020
• As a group funds of funds delivered a positive average net return of 1.6% in 2020
• Large open end core vehicles with a global strategy dominate the market for funds of funds

On average funds of funds continue to deliver positive returns for eight consecutive years, with an average 1.6% in 2020.

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.