The Funds of Funds study provides an overview of the fund of funds industry globally, including insights by target region, by style and structure and other associated characteristics, as well as detailed analysis of the performance of funds of funds.

The study is international in scope, and is conducted in conjunction with INREV in Europe.

    • Funds of funds assets under management rose to a minimum of US$ 37.7 billion globally
    • As a group funds of funds delivered positive net average returns of 5.6% in 2019
    • Funds of funds with a global strategy further enhanced their market dominance

    On average, funds of funds have delivered seven consecutive years of positive returns, with an average of 5.6% in 2019.

    ANREV and INREV Funds of Funds Universes (‘Universe’) contains 51 vehicles representing a total Net Asset Value (NAV) of US$20.2 billion. Ten funds of funds have indicated their preference to remain anonymous and therefore the online Funds of Funds Universe displays 41 of the 51 funds of funds.

    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.

    ANREV Fund of Funds Study 2020 (Report)PDF
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    ANREV Fund of Funds Study 2020 (Snapshot)PDF
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  • • At least a fifth of investors are looking to maintain or increase their exposures to funds of funds

    • As a group funds of funds delivered positive returns of 6.7% in 2018

    • Global strategy vehicles represent the largest share of funds of funds

    Five consecutive years of positive growth saw funds of funds achieve a positive return of 6.7% in 2018.

    In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 51 funds of funds managed by 23 managers from the funds of funds universe. Collectively these vehicles represent a total Net Asset Value (NAV) of US$20.1 billion. Ten funds of funds indicated their preference to remain anonymous and therefore the online Funds of Funds Universe shows only 41 of the 51 funds of funds.

    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.

    ANREV Fund of Funds Study 2019 (Report)PDF
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    ANREV Fund of Funds Study 2019 (Snapshot)PDF
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  • • Funds of funds delivered positive returns of 5.1% in 2017

    • Closed end vehicles outperformed their open end peers in 2017.

    • Core vehicles returned 4.7% while non-core generated 8%

    Five consecutive years of positive growth saw funds of funds achieve a positive return of 5.1% in 2017.

    In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 60 funds of funds that are managed by 25 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $14.7 billion.  Ten fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 50 funds of funds.  Performance data was based on 26 vehicles. 

    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.

    ANREV Fund of Funds Study 2018 (Report)PDF
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    ANREV Fund of Funds Study 2018 (Snapshot)PDF
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  • • Funds of funds delivered positive returns of 7.7% in 2016

    • Open end vehicles outperformed their closed end peers in 2016

    • Core vehicles returned 7.9% while non-core generated 7.1%

    Four consecutive years of positive growth saw funds of funds achieve a positive return of 7.7% in 2016, making 2016 the fifth best year since 2005.

    In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 58 funds of funds that are managed by 24 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $12.9 billion.  Nine fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 49 funds of funds.  Performance data was based on 16 vehicles. 

    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.

    For further information please contact [email protected]

    ANREV/INREV Fund of Funds Study 2017 - ReportPDF
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    ANREV/INREV Fund of Funds Study 2017 - SnapshotPDF
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  • • Three consecutive years of solid growth for funds of funds

    • Fund of funds delivered double-digit returns in 2015

    • Vehicles that are large, core in style or have a global mandate outperformed the rest

    Three consecutive years of positive growth saw funds of funds achieve a solid double digit return of 18.7% in 2015.

    In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 65 funds of funds that are managed by 30 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $10.5 billion.  Eleven fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 54 funds of funds.  Performance data was provided for 25 funds of funds managed by 11 fund of funds managers. 

    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.

    For further information please contact [email protected]

    ANREV Fund of Funds Study 2016PDF
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    ANREV Fund of Funds Study 2016 SnapshotPDF
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  • In 2015, for the first time, ANREV, in conjunction with INREV in Europe jointly published the inaugural Fund of Funds Study.

    The study provides an overview of the fund of funds industry globally, including insights by target region, by style and structure as well as other characteristics of funds of funds.

    As at end Q2 2015, there are 64 funds of funds that are managed by 25 fund of funds managers in the ANREV and INREV Fund of Funds Universes (‘Universe’), collectively representing net asset value (NAV) of USD10.5 billion.

    The full report also provides a detailed analysis into the performance of funds of funds.

    Performance data has been provided for 26 funds of funds managed by 13 fund of funds managers. This sample represents 58.9% of the total NAV of the funds of funds in the Universe. 

    Performance figures are quoted as at 31 December 2014 while figures in the Universe are quoted as at the end of Q2 2015 unless stated otherwise.

    ANREV Fund of Funds Study 2015 - ReportPDF
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    ANREV Fund of Funds Study 2015 - SnapshotPDF
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