The fall in net asset value of German open-ended property funds has been offset by a tranche of new investment, according to new research from the IPD.
The fall in net asset value of German open-ended property funds has been offset by a tranche of new investment, according to new research from the IPD.
The IPD German Monthly Open Ended Property Fund Index returned 0.0% overall for May. The sub-index for funds mainly invested in Germany returned 0.2%, outperforming funds focused on both European and global markets.
The research also shows that the outperformance of German open-ended funds has been even more pronounced over the past year, indexing 2.3% compared to 0.4% for European funds and -1.0% for global funds.
The report attributes this outperformance to a growth in market fund volumes and a decline in the number of liquidating funds. The volume of active funds reached €55.3 bn in May, an increase of €7 bn since October 2008.
On a year-on-year basis, the index volume decreased by €2.6 bn - or 3.4% - as a result of funds entering liquidation. Nonetheless, the survey found that the number liquidated funds accounted for less than a quarter of the market.
The full report can be downloaded from the IPD website at www.ipd.com.
