(Entertainment-NewsWire.com, October 27, 2012 ) San Francisco, CA- Italian property fund Index posted a -2.3% return for the first half of 2012 and -4.8% annually. It was Index’s second consecutive negative result.
Index has 13.4 billion euro under management and 39 domestic funds.
The company said the figures indicate a contraction from previous periods. “The number of institutional funds has increased to 17 funds with the inclusion of M DUE, whilst the retail fund Caravaggio has been dropped out of the sample following recent changes in the funds’ governance,” the company added.
The worst results over six months came from specialist funds, with 2.8%. Balanced funds provided the best results at -1.3%. Retail funds recorded results of -2% and institutional funds offered returns of -2.6%.
Like Italian funds, most alternative investments posted negative returns. Real estate stocks were at -1% for the first six months of the year and were -57.9% in June from a year previous. Equities were -2.4% for the six-month period and -21.6% over a year. The only investment with positive return was Italian government bonds, at 10.4%.
IPD Senior Analyst Giancarlo Cucini said most of the funds are going through a “de-leveraging” process. “The results of the Index confirm the difficult economic and financial context Italy and Europe have been facing for the past few years,” he remarked.
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