This month’s report is divided into the following sections:
As can be seen from the table below, (which is ranked by average August returns for each main mandate) August saw a modest recovery (after a dreadful 1H 18) particularly for US and Income Funds, which have now joined European Funds in generating positive returns for the year to date.
After an uptick in inflows in August for Passive Funds, this reversed back to the negative trend YTD in August. Income and Real assets funds have had a third successive month of inflows.
Returning recently from the EPRA (European Public Real Estate Association) conference in Berlin a key discussion topic was the accelerating pace of change that is now (finally) underway within the UK REIT sector. This month we look at three areas in particular:
– The diminishing relative importance of the UK market
– Changing sector preferences
– Reduced emphasis on NAV metrics
Although there is no shortage of academic studies on listed real estate performance there is a shortage of papers focussed on actual fund data, performance and allocations. This month we summarise a report on this topic produced by CEM Benchmarking, and commissioned by EPRA.
This month we look at the data for August 2018. For each mandate we show: the dispersion of returns by Fund AUM, aggregate performance by size, active vs passive performance, Benchmark Index returns, and the best performing active funds above an AuM threshold for each mandate. For consistency, all returns are rebased in US$.
Finally, it is important to note that there are no recommendations or investment advice contained in this publication, and that it is not intended for retail investors. This report represents only a very small summary of the outputs of our database, and the bespoke research and advisory service work we undertake for clients. For further details of our work please contact us.