Sorry for the delay, folks. We’ve made a few changes to the way we measure our data, and frankly September has been a terrifically busy month! Now, on with the good news.
ACCRE had a stellar August, particularly compared to the S&P. We turned in a very solid 3.6% monthly return, which means that a dollar invested in ACCRE at the inception is now worth $1.63. The S&P, in turn, had a crummy month, both in terms of returns and volatility. The S&P ended August with a negative 1.81% return. If you had invested that same dollar in the S&P back when we started ACCRE (and many of you did!), it would only be worth $1.24 today.
We have changed our REIT benchmark. We were previously using the monthly NAREIT index, computed by the Financial Times folks. Unfortunately, this index was only reported monthly, and was usually a bit lagged. For that reason, we’ve switched to using the S&P REIT index, which is reported on a daily basis. We’ve gone back to the inception of ACCRE and re-computed REIT benchmark returns accordingly. Note that the S&P REIT benchmark is an “all in” index, including both dividends and price gains.
We’ll report volatility and Sharpe Index data later in the month.