The Q4 2025 ANREV index included data contributions from 72 funds with a total gross asset value of US$141.5 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.63% in Q4 2025, up 37 bps from the previous quarter.
• Core funds with a total return of 1.87%, outperformed value-added and opportunistic funds which posted 0.29% and 0.16% respectively.
• Australian funds outperformed the wider index and was positive for the fifth consecutive quarter, delivering total returns of 2.37%. While multi-country funds saw a drop in performance by 30 bps, but remained positive at 0.01%.

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.