EDHEC IEIF Monthly Commercial Property Index (France)

The EDHEC IEIF Monthly Commercial Property Index (France) is based on SCPIs as the index underlying. SCPIs are non-listed French real estate funds, which are mostly closed-ended. Only funds with a minimum transaction volume of €2.0 million per year are included in the index portfolio. The index values are defined as the return of a portfolio that invests in all SCPIs which fulfil the liquidity requirement, using relative market capitalisations as portfolio weights.

Given that SCPIs are mainly invested into commercial properties, the EDHEC IEIF Monthly Commercial Property Index (France) can be seen as a proxy for this market segment and therefore carries the segment’s name.

The index is available on a monthly basis starting January 2015. Historical index values are available on a semi-annual basis starting December 1988 and on an annual basis starting 1980.

The price index corresponds to the capital appreciation of the underlying funds without considering the reinvestment of dividend payments.

 

Monthly returns201620172018
Jan0.2%0.1%-0.6%
Feb0.3%0.7%-0.5%
Mar1.4%0.7%2.1%
Apr0.5%0.1%-1.1%
May0.7%0.1%0.5%
Jun0.4%1.7%2.1%
Jul0.3%0.2%1.3%
Aug0.3%-0.5%-0.2%
Sept0.8%1.4%0.2%
Oct0.2%0.4%n.a.
Nov0.1%-0.7%n.a.
Dec1.1%1.7%n.a.
Annual6.3%6.0%3.8%
Risk ProfileTotal Return Index (France)CAC 40CGBI France
Annualized Performance6.1%5.9%5.0%
Volatility4.5%16.5%4.7%
Sharpe Ratio1.160.300.86
Min. Monthly Return-3.71%-13.50%-2.84%
Max. Monthly Return4.50%13.34%4.41%
Mean Monthly Return0.50%0.59%0.41%
Median Monthly Return0.38%0.74%0.55%
Exc Kurtosis1.610.070.38
Skewness-0.180.070.17
% of Winning Month69.1%55.3%66.7%
Average Winning Return1.1%4.0%1.2%
% of Losing Month30.9%44.7%33.3%
Average Losing Return-0.8%-3.7%-1.1%
Correlation AnalysisTotal Return Index (France)CAC 40CGBI France
CAC 400.141.00-0.18
CGBI Bond Index France0.00-0.181.00
Consumer prices France-0.020.02-0.18
Credit spread0.370.370.24
Term spread0.02-0.120.97
SCPICapitalisation (EUR m)Weight
ACCES VALEUR PIERRE1,261.312.81%
ACCIMMO-PIERRE2,482.575.53%
ACTIPIERRE 191.970.20%
ACTIPIERRE EUROPE783.851.75%
ALLIANZ PIERRE1,188.972.65%
ATLANTIQUE MUR REGIONS676.621.51%
ATOUT PIERRE DIVERSIFICATION507.411.13%
BUROBOUTIC359.000.80%
CORUM ORIGIN1,386.583.09%
CREDIT MUTUEL PIERRE 11,171.202.61%
EDISSIMMO2,887.026.43%
EFIMMO1,107.702.47%
ELYSEES PIERRE2,188.024.88%
EPARGNE FONCIERE2,221.264.95%
EUROFONCIERE 2224.710.50%
FICOMMERCE669.241.49%
FONCIA PIERRE RENDEMENT408.120.91%
FRANCE INVESTIPIERRE444.500.99%
FRUCTIPIERRE933.242.08%
FRUCTIREGIONS EUROPE264.700.59%
GENEPIERRE817.361.82%
IMMORENTE2,885.716.43%
LAFFITTE PIERRE913.432.04%
LF EUROPIMMO477.921.06%
MULTIMMOBILIER 2818.141.82%
NOTAPIERRE2,274.145.07%
NOVAPIERRE 1156.070.35%
PARTICIPATION FONCIERE OPPORTUNITE610.731.36%
PATRIMMO COMMERCE610.481.36%
PF GRAND PARIS657.461.46%
PFO 21,973.014.40%
PIERRE PLUS696.711.55%
PIERRE PRIVILEGE208.950.47%
PIERRE SELECTION253.950.57%
PLACEMENT PIERRE339.730.76%
PRIMOPIERRE2,319.985.17%
PRIMOVIE2,215.664.94%
RIVOLI AVENIR PATRIMOINE2,691.136.00%
SELECTINVEST 11,585.943.53%
SELECTIPIERRE 2383.130.85%
SOFIPIERRE103.610.23%
UFIFRANCE IMMOBILIER318.030.71%
UNIDELTA310.500.69%
TOTOTEKOLIJNESFUNSLEUFBNSILJFSKUFBYSLUHEMKF