Affollata conferenza, stamane 29 settembre a Milano, per la presentazione congiunta IPD e Assogestioni, su “Fondi Immobiliari e Risk Management: le SgR tra regole e best practise“.
Ecco come IPD descrive la situazione:
« Unlisted Italian pooled funds have returned to positive territory over the first six months of 2009, according to the IPD Italian Pooled Property Fund Indices, with an all pooled fund average return of 0.3%.
The modest gains over the period under review is an improvement on the preceding bi-annual Italian PPFI, which posted the first ever negative six monthly total returns since records began in 2000, with -1.8% in the six months to December 2008.
Specialist funds produced the strongest return over the six months to June, delivering 1.7% – a clear contrast to the -1.7% return posted by balanced funds. Elsewhere, seeded funds outperformed blind funds, with both fund types returning 1.5% and -1.2%, respectively.
Over the 12 months to June, returns are still negative at an all pooled fund level, at -1.5%, driven by poor performance among blind and balanced funds over the period, with both returning -3.9%. Seeded and Specialist funds have modestly returned above water, posting0.3% and 0.2% respectively.
By comparison with other asset classes over six months, Italian pooled funds have modestly underperformed equity markets, which posted 1.5%, while bonds returned 4.3%. But it was property shares which were the greatest gainers over the period, returning 19.6% over the six months to June.
Davide Manstretta, Head of Fund Level Analysis at IPD said: “The quick recovery to positive performance among IPD Italian Pooled Property Fund Indices might reflect a broader improvement at the underlying Italian direct property market. The predominantly domestic bias of Italian funds seems to be a stabilising factor for funds’ returns. In particular specialist funds, which have a strong exposure to the office sector, have been particularly well performing in the last six months. It will be interesting to assess whether the relative good result of the Italian PPFI will be reflected by the IPD Italian Property Index that will be presented in Milan on 22nd October.”
The Italian PPFI universe consists of 31 funds with a combined net asset value of €7.9bn. IPD thanks Assogestioni, Deloitte – the sponsors of the Index – for the support provided in the development of the publication».
