Positive March performance for the Portuguese property investment funds
In March 2012, the Portuguese property investment funds returned an annual total return of 0.8% according to the APFIPP/ IPD Portugal property fund index, which consists of 37 property funds with gross asset value under management of €7bn.
The annual performance of the index remained positive in the first quarter of the year, despite the slight decrease compared to the annual return of 1.2% at the end of 2011.
The overall performance of the index benefited from the positive behaviour of the open ended funds, which returned an annual total return of 1.8%.
Closed ended funds remained negative, with an annual return of -1.6%.
The slight drop in performance recorded in March was in both funds categories. The open and closed-ended funds’ performance contracted by -0.3% and -0.4% respectively, compared to last December.
The APFIPP/ IPD Portugal Property Fund Index is sponsored by the Associação Portuguesa de Fundos de Investimento, Pensões e Patrimónios and PricewaterhouseCoopers.
The sample comprises 12 open ended funds and 25 closed ended funds, valued at a gross asset value of €4,7bn and €2,3bn respectively at the end of March 2012.