| German open-ended funds’ capital flows
|
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|
Difa’s Nr. 1 fund continued to experience net outflows despite a recovery in the sector |
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|
Fund manager |
Fund |
June 2005 €000s |
May 2005 €000s |
Year to date €000s |
Available funds %* |
|
AXA Investment |
AXA Immoselect |
45,899 |
52,230 |
389,418 |
33.9 |
|
CSAM Immo |
CS Euroreal |
256,399 |
95,251 |
715,597 |
26.4 |
|
CS-WV Immofonds |
-5,055 |
0 |
-7,822 |
10.0 |
|
|
CSAM Immo total |
251,344 |
95,251 |
707,775 |
||
|
CGI |
Haus-Invest Europa |
-25,875 |
-188,091 |
-772.082 |
-13.7 |
|
Haus-Invest Global |
-7,826 |
2,258 |
79,249 |
41.3 |
|
|
CGI total |
-33,701 |
-185,833 |
-692,833 |
||
|
DB Real Estate |
Grundbesitz-global |
12,509 |
51,696 |
480,471 |
36.7 |
|
Grundbesitz-invest |
-86,469 |
-38,416 |
-578,572 |
-8.1 |
|
|
DB Real Estate total |
-73,960 |
13,280 |
-98,101 |
||
|
Degi |
Degi International |
79,320 |
60,749 |
216,445 |
4.4 |
|
Grundwert-fonds |
-61,523 |
-58,629 |
-88,378 |
0.5 |
|
|
Degi total |
17,797 |
2,120 |
128,067 |
||
|
Difa |
Difa-Fonds Nr. 1 |
-146,985 |
-118,036 |
-1,113,859 |
1.6 |
|
Difa-Global |
66,903 |
62,298 |
267,314 |
36.5 |
|
|
Difa-Grund |
-17,425 |
-26,676 |
-335,599 |
23.4 |
|
|
Offene Immobilienfonds |
34,429 |
42,102 |
233,826 |
n.a. |
|
|
Difa total |
-63,078 |
-40,312 |
-948,318 |
||
|
Deka Immo |
Deka-ImmobilienEuropa |
-94,427 |
-56,541 |
-303.576 |
25.5 |
|
Deka-ImmobilienFonds |
-14,375 |
-43,386 |
-794,745 |
-4.4 |
|
|
Deka-ImmobilienGlobal |
-5,568 |
-560 |
42,181 |
25.8 |
|
|
Deka Immo total |
-114,370 |
-100,487 |
-1,056,140 |
||
|
Hansainvest |
Hansaimmobilia |
-2,199 |
684 |
34,553 |
1.8 |
|
iii investments |
Euro ImmoProfil |
-21,470 |
-16,462 |
772,526 |
-24.8 |
|
Inter ImmoProfil |
-16,130 |
-4,463 |
-33,152 |
1.7 |
|
|
iii investments total |
-37,600 |
-20,925 |
-101,327 |
||
|
KanAm Grund |
KanAm grundinvest Fonds |
185,442 |
170,547 |
867,653 |
-17.8 |
|
SEB Immoinvest |
SEB ImmoInvest |
106,210 |
13,913 |
280,941 |
25.3 |
|
SEB ImmoPortfolio Target Return Fund |
36,784 |
11,099 |
85,433 |
-15.3 |
|
|
SEB Immoinvest total |
142,994 |
25,012 |
366,374 |
||
|
TMW Pramerica Property Investment |
TMW Immobilien Weltfonds |
17,742 |
n.a. |
17,742 |
|
|
UBS RE KAG |
SKAG 3 Kontinente |
-1,321 |
-6,123 |
17,153 |
40.4 |
|
UBS (D) Euroinvest Immobilien |
-68,868 |
-24,322 |
-88,617 |
-19.5 |
|
|
UBS RE KAG total |
-70,189 |
-30,445 |
-71,464 |
||
|
Warburg-Henderson |
Deutschland ImmoSelect |
4,490 |
942 |
6,652 |
-93.7 |
|
WestInvest |
WestInvest ImmoValue |
0 |
0 |
4,953 |
15.4 |
|
WestInvest InterSelect |
-700 |
797 |
5,490 |
12.8 |
|
|
WestInvest 1 |
-29,183 |
-37,260 |
15,063 |
15.7 |
|
|
WestInvest total |
-29,883 |
-36,463 |
-4,620 |
||
|
All other funds |
21 |
-9,170 |
-20,767 |
||
|
Total |
240,749 |
-63,569 |
-475,336 |
||
|
Source: BVI * Available funds includes funds reserved for purchases, planned developments, liquid assets and other reasons, as a percentage of total assets on 31 May 2005. |
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■ Germany’s open-ended funds had net inflows of €240.7m in June compared to outflows of €63.6m in May. With €256.4m, CS Euroreal was the fund experiencing the biggest inflows. Difa’s Fonds Nr.1 witnessed the biggest outflows, at €147m.
■ TMW Immobilien Weltfonds is a new entrant in the table. The fund, run by TMW Pramerica Property Investment in Munich, aims to raise €150m in equity by the end of the year. It will be open to institutional investors and private investors in a later stage. The fund targets global property, hoping to exploit different market cycles to diversify risk.
■ KanAm has asked its distribution partners to stop taking in cash for its grundinvest Fonds vehicle, which has collected nearly €900m this year. Its managers believe they have enough liquidity to last until September.
■ The available fund figures are last month’s figures as BVI experienced a technical glitch. A BVI spokesman said the figures would become available again in the future.
