Portuguese property investment funds returned an annual total return of 0.6% in September, according to the APFIPP/ IPD Portugal quarterly property fund index, which tracks annual performance of Portuguese property investment funds on a quarterly basis.
Despite remaining in positive territory in the third quarter, the annual overall performance of the APFIPP/ IPD Index contracted by 0.3% from June 2012 and by 1.5% year on year.
The index continued to benefit from the positive behaviour of open ended funds, which recorded an annual total return of 1.4%. Closed ended funds recorded an annual return of -1.3%.
Although positive, the annual performance achieved by open-ended funds declined by 1.3% year on year.
The annual total return obtained by the closed ended funds remained in negative territory, which occurred by the fourth consecutive quarter, having fallen by 0.5% and 1.7% compared to last June and the end of September 2011.
The APFIPP/ IPD Portugal Quarterly Property Fund Index is sponsored by PwC - and consists of 34 property funds with Gross Asset Value (GAV) under management of €6,7bn as at the end of Q3 2012. The sample comprises 12 open ended funds and 22 closed ended funds, valued at a GAV of €4.7bn and €2.0bn respectively.
Today on Investment Europe
David Sugarman, fund manager for Polar Capital, will discuss convertible bonds at the InvestmentEurope Pension Fund Forum held in Zurich on 15 May.
Anna Paula Harris, portfolio strategist for the global equity beta solutions group at State Street Global Advisors (SSgA), will address smart beta strategies at the InvestmentEurope Pension Forum to be held in Zurich on 15 May.