A very happy birthday!

And another winning month for Accre!  March was the two-year anniversary for Accre, and we celebrated on a very high note.

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Cumulative returns since the inception of the fund crossed the 50% mark in March, at 51.32%. Comparatively, the S&P had cumulative returns of 19.96% during that same period. A portfolio of the NAREIT index would have enjoyed total returns (gains and income) of only 18.36%.  Thus, a dollar invested in Accre at the inception of the fund, two years ago, would now be worth slightly over $1.51.

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We also monitor the Sharpe Ratio for Accre versus the S&P, which is a measure of risk-adjusted returns. A higher Sharpe Ratio means we’re receiving a greater excess return for every unit of volatility. Since the inception of the fund, Accre has enjoyed a Sharpe Ratio of 6.7%, compared to 2.5% for the S&P.

Finally, we measure the correlation of Accre’s returns versus the S&P, measured on a daily return basis. This works out to about 43.4% over the life of the fund, showing us that Accre also serves to diversify an S&P-oriented portfolio.