It’s been a busy few weeks for Greenfield, so I’m just getting caught up with ACCRE and a few other items. May was a very tough month for the stock market in general. Specifically, the S&P was down 6.58% last month, for an annualize negative return of almost 79%. REIT stocks in general held their own, and ACCRE continued to outperform both the market and the over all REIT universe, up about 0.24% on the month.
Specifically, a dollar invested in ACCRE since the inception would be worth $1.51 today. That same dollar invested in the S&P would only be worth $1.16. I would note that this is the first time in almost two years that the cumulative return on the NAREIT index has passed the S&P — a dollar in NAREIT would be worth $1.19 today.
ACCRE continues to provide excellent diversification on top of these stellar returns. I’ll have more about that next week. Best wishes to you all for a great weekend.