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June was an excellent month both for REITs in general as well as ACCRE. For the first time since we’ve been tracking, the NAREIT index outperformed both ACCRE and the S&P, although the NAREIT index is a long way from catching up with us.
Also, this month, we’ve begun estimating the ACCRE Beta versus both the S&P and the NAREIT index. At present, these are computed on monthly returns. We hope to compute these on daily returns in the future, although there is no reason to believe daily Betas will result in materially different findings. The ACCRE Beta versus the S&P is negative 45.61%, and versus NAREIT is positive 54.31%. These are very much in line with both our expectations as well as our diversification goals for ACCRE.
Finally, the graph (below) is slightly amended from the graphic the prior month. The trend lines are basically the same, but we found a small error in the NAREIT dollar invested calculation. This error has had absolutely no impact on our investment strategy or investment mix.