Total returns for all UK pooled funds in the first quarter came to -11.1%, according to the IPD. The result was less severe than the previous quarter's -18.7% return, but a much steeper quarterly loss than the same period last year, which turned in a return of -4.9%.
Total returns for all UK pooled funds in the first quarter came to -11.1%, according to the IPD. The result was less severe than the previous quarter's -18.7% return, but a much steeper quarterly loss than the same period last year, which turned in a return of -4.9%.
Year-to-date total returns to the end of Q1 2009 were -36.4%, according to the UK Pooled Property Fund Index, sponsored by the Association of Real Estate Funds (AREF) and published by IPD on Tuesday.
The All Pooled Funds Index returns for the first quarter fell short of those returned by direct property, which delivered a compounded total return of -7.1%, as measured by the IPD UK Monthly Property Index.
IPD said this could be attributed, in part, to the impact of fund level costs and gearing on overall performance. Over the first quarter, listed property companies and trusts continued to suffer even more dramatically from recessionary pressures than unlisted funds did, returning -27.9% over Q1 2009, as measured in the FTSE Real Estate Index. All Pooled Funds, however, underperformed the UK equity market, as reflected by the FTSE All Share Index, which recorded -9.1%, and the bond market which gained 2.2%, according to the FTSE 5-15 Years Gilt Index.
