1. Art and Diseño

Portuguese Real Estate Funds’ Market – December 20141
On December 31, 2014, total net assets of Portuguese Real Estate Funds stood
at EUR 11,398.3 million, which reflects a decrease of 3.1 percent when
compared with the previous month. Since end December 2013, total net assets
fell by 7.3 percent.
On the same date, the value of the real estate assets held by these Funds
(includes buildings, shares of real estate companies and units/shares of other
Real Estate Funds) totalled EUR 13,340.4 million. This figure represents
117.0 percent of the Total Net Asset Value and includes the amount of leverage
used by these Funds. The value of the real estate assets decreased
1.1 percent from the previous month, while since December 2013 they reduced
6.9 percent.
During the month, there was no new Fund’s launch or liquidation. Therefore, the
number of active Real Estate Funds remained stable at 248.
In December, the Management Company ESAF – F.I. changed its name to
GNB – Sociedade Gestora de Fundos de Investimento Imobiliário, SA.
Total Net Assets (EUR million)
Change (%)*
Real Estate Assets (EUR million)
Change (%)*
Number of Funds
December 2014
November 2014
December 2013
11,398.3
11,760.0
12,289.7
-
-3.1%
-7.3%
13,340.4
13,486.0
14,329.6
-
-1.1%
-6.9%
248
248
254
* - Change between December 2014 and the month in question.
Management Companies
In December 2014, Interfundos was the Management Company with the largest
market share, with total net assets standing at EUR 1,518.6 million, which
represents 13.3 percent of the total Real Estate Funds’ market. Fundger ranks
second, with total net assets of EUR 1,326.7 million and a market share of 11.6
percent, and Montepio Valor ranks third, with EUR 928.7 million and a market
share of 8.1 percent.
MNF Gestão de Activos was the Management Company that registered the
highest percentage growth, with 13.8 percent (EUR 6.4 million), while Selecta is
the Management Company with the largest increase in total net assets with
EUR 46.9 million (11.0 percent).
1
The figures presented for the period after July 2013 do not include information about the Fund
“Golden Eagle – F.E.I.I.F.” managed by MNF Gestão de Activos.
1
Since end December 2013, MNF Gestão de Activos is, also, the Management
Company registering the highest percentage growth with 65.5 percent (EUR
20.7 million), while Norfin is the Management Company with the largest
increase in total net assets with EUR 79.8 million (9.6 percent).
Management Company
Interfundos
Fundger
Montepio Valor
Norfin
Square Asset Management
GNB - SGFII
Banif Gestão de Activos
Gesfimo
Imofundos
Santander Asset Management
Selecta
Sonaegest
Silvip
Fund Box - SGFII
Fimoges
Fundiestamo
BPI Gestão de Activos
Gef
TF Turismo Fundos
Popular Gestão de Activos
TDF
Refundos
Atlantic
Imorendimento
MNF Gestão de Activos
Vila Gale Gest
Floresta Atlântica
Imopolis
Libertas
Invest Gestão de Activos
Orey Financial
Fibeira Fundos
Patris Gestão de Activos
Margueira
Total
December 2014
November 2014
Share
Monthly
Change
(%)
Change
Year-todate (%)
12.9%
11.8%
9.0%
6.7%
6.5%
8.5%
6.0%
6.0%
4.6%
4.3%
3.3%
3.4%
2.4%
1.9%
2.2%
1.5%
1.6%
0.7%
0.9%
1.4%
0.7%
0.6%
0.6%
0.5%
0.3%
0.3%
0.3%
0.3%
0.3%
0.1%
0.1%
0.1%
0.0%
0.0%
-
-1.1%
-1.7%
-14.9%
4.3%
0.0%
-13.3%
-7.9%
-7.0%
-0.5%
-0.1%
11.0%
0.9%
0.3%
-6.7%
-0.2%
-1.4%
0.0%
-0.6%
1.2%
-0.3%
-0.2%
0.0%
0.4%
-4.5%
13.8%
-2.0%
-0.7%
1.3%
-29.3%
0.7%
-0.3%
-1.6%
-1.5%
-2.8%
-3.1%
-4.3%
-8.8%
-16.4%
9.6%
-0.7%
-26.5%
-12.9%
-12.7%
-4.5%
-6.9%
17.0%
0.5%
0.7%
-9.2%
-24.9%
1.3%
-7.5%
40.3%
1.9%
-44.2%
-2.9%
2.4%
-5.0%
-3.9%
65.5%
0.7%
-0.8%
8.6%
-32.7%
-0.5%
-0.5%
27.6%
-21.7%
-32.1%
-7.3%
December 2013
N.º of
Funds
Million €
Share
Million €
Share
Million €
42
27
8
15
5
28
13
17
6
4
10
3
1
16
1
3
2
9
2
4
1
1
7
5
4
1
3
1
2
2
2
1
1
1
248
1,518.6
1,326.7
928.7
909.2
796.7
765.3
642.5
641.6
538.2
489.7
475.4
413.9
300.7
210.3
206.0
187.2
177.5
124.9
117.9
96.2
89.4
76.3
73.8
57.2
52.4
38.2
37.6
36.3
25.5
18.1
11.5
10.0
3.7
1.3
11,398.3
13.3%
11.6%
8.1%
8.0%
7.0%
6.7%
5.6%
5.6%
4.7%
4.3%
4.2%
3.6%
2.6%
1.8%
1.8%
1.6%
1.6%
1.1%
1.0%
0.8%
0.8%
0.7%
0.6%
0.5%
0.5%
0.3%
0.3%
0.3%
0.2%
0.2%
0.1%
0.1%
0.0%
0.0%
-
1,535.1
1,349.7
1,090.7
871.4
797.0
882.7
698.0
689.5
541.0
490.1
428.5
410.1
299.8
225.2
206.5
189.9
177.5
125.7
116.6
96.5
89.5
76.2
73.5
60.0
46.0
39.0
37.9
35.8
36.0
18.0
11.5
10.2
3.8
1.3
11,760.0
13.1%
11.5%
9.3%
7.4%
6.8%
7.5%
5.9%
5.9%
4.6%
4.2%
3.6%
3.5%
2.5%
1.9%
1.8%
1.6%
1.5%
1.1%
1.0%
0.8%
0.8%
0.6%
0.6%
0.5%
0.4%
0.3%
0.3%
0.3%
0.3%
0.2%
0.1%
0.1%
0.0%
0.0%
-
1,586.1
1,455.1
1,110.8
829.5
802.0
1,040.7
737.8
734.9
563.3
526.2
406.4
411.8
298.6
231.5
274.5
184.8
191.9
89.0
115.7
172.4
92.0
74.5
77.6
59.6
31.6
37.9
37.9
33.4
37.9
18.2
11.5
7.8
4.8
1.9
12,289.7
2
Categories of Funds
Closed-ended Funds are the largest category of Real Estate Funds with EUR
6,170.4 million of assets under management. Open-ended Accumulation Funds
rank second, with EUR 2,102.5 million, followed by Open-ended Income Funds
with EUR 1,581.5 million.
Funds for Investment in Urban Renovation was the category that registered the
highest percentage growth, with a 6.9 percent increase from the previous
month, and the largest increase in total net assets, with EUR 4.1 million.
Since end December 2013, Funds for Investment in Urban Renovation
registered, also, the highest growth, both in percentage, with 1.3 percent and in
value, with EUR 0.8 million.
December 2014
November 2014
December 2013
Million €
Share
Million €
Share
Million €
Share
Monthly
Change
(%)
Closed-ended Funds
6,170.4
54.1%
6,232.5
53.0%
6,411.0
52.2%
-1.0%
Change
Year-todate
(%)
-3.8%
Open-ended Accumulation Funds
2,102.5
18.4%
2,127.6
18.1%
2,200.4
17.9%
-1.2%
-4.4%
Open-ended Income Funds
1,581.5
13.9%
1,706.1
14.5%
1,949.5
15.9%
-7.3%
-18.9%
Funds for Investment in Residential Letting
1,426.3
12.5%
1,580.4
13.4%
1,611.9
13.1%
-9.8%
-11.5%
Funds for Investment in Urban Renovation
64.2
0.6%
60.1
0.5%
63.4
0.5%
6.9%
1.3%
Forestry Funds
53.4
0.5%
53.3
0.5%
53.6
0.4%
0.2%
-0.4%
-
12,289.7
-
-3.1%
-7.3%
Category of Funds
Total
11,398.3
11,760.0
Notes: Series adjusted due to the change of some Funds’ classification.
Returns
The following table shows the returns for the 12 months period ending on
December, 2014 of a sample of Real Estate Funds managed by APFIPP
Members.
3
24 Real Estate Funds were included in this analysis (9.7 percent of the total)
that managed at end-November EUR 4,236.1 million (37.2 percent of the total).
Of these, 12 are Open-ended Funds that managed total net assets worth EUR
3,243.3 million (representing 80.0 percent of the number of Open-ended Funds
and 88.0 percent of the respective total net assets). The remaining 12 Funds
are Closed-ended Funds that were responsible for the management of EUR
992.8 million (5.7 percent of the number of Closed-ended Funds and 16.1
percent of their total net assets).
Average
2
Return
Category of Funds
Open-ended
Accumulation Funds
-4.22%
Management Company
Effective Return
CA Patrimonio Crescente
Square Asset Managment
2.52%
AF Portfólio Imobiliário
Interfundos
-2.57%
Finipredial
Montepio Valor
-2.90%
Imonegócios
-4.14%
Popular Predifundo
Imofundos
Santander Asset
Management
Popular Gestão de Activos
Banif Imopredial
Banif Gestão Activos
-12.28%
VIP
Silvip
2.53%
Imofomento
BPI Gestão Activos
1.09%
Novimovest
Open-ended
Income Funds
-2.09%
Closed-ended
Funds
-2.73%
3
Open-ended Index
3
Closed-ended Index
4
-4.80%
-6.48%
Fundimo
Fundger
-1.98%
Gespatrimónio Rendimento
GNB - SGFII
-4.00%
ES Logística - FEIIA
GNB - SGFII
-13.88%
Imosaúde
Selecta
3.53%
TDF
TDF
2.59%
Fundiestamo I
Fundiestamo
2.41%
Maxirent
Refundos
2.40%
Imosocial
Selecta
1.65%
Imocomercial
Selecta
0.34%
Imoreal
-2.24%
Real Estate
Imofundos
Santander Asset
Management
Imofundos
Imomarinas
Imofundos
-13.21%
Banif Imogest
Banif Gestão Activos
-17.09%
Lusimovest
APFIPP Real Estate Index
3
Funds
-2.64%
-2.88%
Imoglobal
Imofundos
-26.48%
-3.24%
-
-
-
-3.29%
-
-
-
-3.09%
-
-
-
2
- Weighted average return for portfolios of the Funds in the previous month
- Effective Return of the last 12 months
4
- Based on the value of the Index in November 2014 and November 2013
3
4