The importance of transparency in the UK funds market was demonstrated at the MSCI/IPF UK Property Investment Awards this year, in what has been hailed as a compliment to the UK property industry.
The number of management houses to meet the strict MSCI threshold for good governance and transparency tripled from last year’s total, with 16 firms earning a gong in the data quality category.
The awards recognise the top-performing funds’ unleveraged direct
real estate total returns, by type and size band, measured over three- and 10-year periods.
Pension and life funds, unlisted pooled funds, property investment companies and other professionally managed real estate portfolios across more than 250 UK companies and portfolios are eligible for an award, which are based on independently verified investment performance by MSCI’s real estate portfolio analysis service.
In the headline award, Aviva’s £177.7bn Lime Property Fund took top honours in the category for the highest 10-year risk adjusted absolute return, at 5.9% pa between 2005 and 2015.
The event took place at Berwin Leighton Paisner’s London Bridge office on 23 March.
The winners
THE 10-YEAR RISK ADJUSTED ABSOLUTE RETURN AWARD
(2005-2015)
The Lime Property Fund
Fund manager: Aviva Investors Real Estate
Return: 5.9% (10-year annualised total return)
Total value: £177.7bn
THE 10-YEAR RISK ADJUSTED RELATIVE RETURN AWARD (2005-2015)
The Crown Estate St James’s Fund
Fund manager: The Crown Estate
Return: 9% (10-year annualised relative total return)
Total value: £177.7bn
INSURANCE COMPANY LIFE FUNDS
Scottish Widows
Fund manager: Aberdeen Asset Management
Return: 17.9% (three-year annualised total return)
Total value: £21.3bn
SEGREGATED PENSION FUNDS (ABOVE £100M AND BELOW £500M)
Single client mandate (name withheld)
Fund manager: LaSalle Investment Management
Return: 31.6% (three-year annualised total return)
Total value: £14.4bn
SEGREGATED PENSION FUNDS
(ABOVE £500M)
National Grid UK Pension Scheme
Fund manager: DTZ Investors
Return: 16.6% (three-year annualised total return)
Total value: £27.2bn
BALANCED UNLISTED FUNDS
IN THE PROPERTY FUNDS INDEX
(ABOVE £100M)
Hermes Property Unit Trust
Return: 16.4% (three-year annualised
total return)
Total value: £24.4bn
OTHER BALANCED UNLISTED FUNDS (ABOVE £100M AND BELOW £1BN)
Martin’s Properties Commercial Portfolio
Fund manager: Martin’s Properties (Chelsea)
Return: 19.9% (three-year annualised
total return)
Total value: £11.9bn
OTHER BALANCED UNLISTED FUNDS (ABOVE £1BN)
Zurich Assurance Life Property Fund
Fund manager: Threadneedle Portfolio Services
Return: 17.5% (three-year annualised
total return)
Total value: £41.4bn
SMALL FUNDS (BELOW £100M)
Canada Life Jersey Property Unit Trust
Fund manager: Canada Life Investments
Return: 28% (three-year annualised total return)
Total value: £759m
SPECIALIST FUNDS IN THE PROPERTY FUNDS INDEX (ABOVE £100M)
Standard Life Investment UK Shopping Centre Trust
Fund manager: Standard Life Investments
Return: 12.6% (three-year annualised total return)
Total value: £12.5bn
OTHER SPECIALIST UNLISTED FUNDS (ABOVE £100M)
BlackRock Workspace Property Trust
Fund manager: BlackRock Investment Management (UK)
Return: 34% (three-year annualised
total return)
Total value: £23bn
SPECIALIST LISTED FUNDS
Grainger Invest
Fund manager: Grainger
Return: 18.4% (three-year annualised total return)
Total value: £29.6bn
SMALL SPECIALIST LISTED FUNDS (BELOW £100M)
Industrial Real Estate Unit Trust
Fund manager: Aberdeen Asset Management
Return: 19.6% (three-year annualised total return)
Total value: £863m
