Research - MAY 13, 2014

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Open-end funds down in first quarter

by Reg Clodfelter

Open-end funds had a 2.62 percent return in the first quarter 2014, a year-over-year drop of 10 basis points and a 69 basis point drop from fourth quarter 2013, according to the National Council of Real Estate Investment Fiduciaries, which has released the first quarter results for the NCREIF Fund Index – Open End.

The return was split between 1.23 percent income return and 1.38 percent appreciation return. Though the NFI – OE did outperform the S&P 500 Index by 81 basis points in the quarter, the S&P 500 has performed well of late with a one-month return of 4.61 percent, as of May 12, 2014.

The NFI – OE’s rolling four-quarter return is 14.24 percent, more than 700 basis points below the S&P 500’s 21.86 percent one-year return as of the end of first quarter 2014. The index has had a more comparable three-year average return at 13.54 percent, only 112 basis points below the S&P 500’s three-year average return

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