17. September 2012 
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Performance of Portuguese property investment funds remain in positive territory
The Portuguese property investment funds returned an annual total return of 0.9% in June 2012, according to the APFIPP/IPD Portugal Quarterly Property Fund Index. The annual performance of the APFIPP/IPD Index remained in positive territory in the second quarter of 2012, showing a slight improvement compared to the annual return of 0.8% recorded at the end of March 2012.
The overall performance of the Index continues to benefit from the positive behaviour of the open ended funds, which returned an annual total return of 1.6%, while the closed ended funds remained in negative territory, with an annual return of -0.8%. Although positive, the annual performance achieved by the open ended funds contracted by 0.2%, when compared to the returns recorded at the end of the first quarter of 2012, which occurred by the second consecutive quarter. Luis Francisco, IPD Manager for Portugal says: “Despite being negative, the annual total return obtained by the closed ended funds rose by 0.8% from the first quarter of 2012 to the second quarter of 2012, contributing to the improvement of the index’s overall performance.” The APFIPP/IPD Portugal Quarterly Property Fund Index is sponsored by PwC and consists of 35 property funds with Gross Asset Value (GAV) under management of €6,8bn as at the end of the second quarter of 2012. The sample comprises of 12 open ended funds and 23 closed ended funds, valued at a GAV of €4,8bn and €2,0bn, respectively, as at the end of June 2012.
The closed ended funds Imorendimento II (currently known as Imorent) and Imosocial, have been removed from the APFIPP/IPD Portugal Quarterly Property Fund Index sample as they moved into liquidation during the second quarter of 2012. The APFIPP/IPD Portugal Quarterly Property Fund Index, which is still in its consultation period tracks annual performance of Portuguese property investment funds based on international methodology, on a quarterly basis.
The overall performance of the Index continues to benefit from the positive behaviour of the open ended funds, which returned an annual total return of 1.6%, while the closed ended funds remained in negative territory, with an annual return of -0.8%. Although positive, the annual performance achieved by the open ended funds contracted by 0.2%, when compared to the returns recorded at the end of the first quarter of 2012, which occurred by the second consecutive quarter. Luis Francisco, IPD Manager for Portugal says: “Despite being negative, the annual total return obtained by the closed ended funds rose by 0.8% from the first quarter of 2012 to the second quarter of 2012, contributing to the improvement of the index’s overall performance.” The APFIPP/IPD Portugal Quarterly Property Fund Index is sponsored by PwC and consists of 35 property funds with Gross Asset Value (GAV) under management of €6,8bn as at the end of the second quarter of 2012. The sample comprises of 12 open ended funds and 23 closed ended funds, valued at a GAV of €4,8bn and €2,0bn, respectively, as at the end of June 2012.
The closed ended funds Imorendimento II (currently known as Imorent) and Imosocial, have been removed from the APFIPP/IPD Portugal Quarterly Property Fund Index sample as they moved into liquidation during the second quarter of 2012. The APFIPP/IPD Portugal Quarterly Property Fund Index, which is still in its consultation period tracks annual performance of Portuguese property investment funds based on international methodology, on a quarterly basis.
