Swiss Real Estate Funds At a Glance. Credit Suisse Asset Management (Switzerland) AG Real Estate June 2017

Transcription

1 Swiss Funds At a Glance Credit Suisse Asset Management (Switzerland) AG

2 STREETBOX LA FONCIERE IMMOFONDS SOLVALOR 61 FIR CS REF SIAT UBS DIRECT RESIDENTIAL SWISSCANTO IFCA SWISSINVEST REAL CS REF LIVINGPLUS IMMO HELVETIC BONHOTE IMMOBILIER UBS SWISS ANFOS UBS FONCIPARS SCHRODER IMMOPLUS POLYMEN FONDS PROCIMMO ROTHSCHILD RE SWISS REALSTONE UBS SWISS SIMA PATRIMONIUM CS 1A IMMO PK SWISSCANTO COMMERCIAL SF SUSTAINABLE PROPERTY CS REF GREEN PROPERTY UBS DIRECT URBAN CS REF LOGISTICSPLUS RESIDENTIA CS REF INTERNATIONAL UBS SWISSREAL CS REF INTERSWISS CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Funds Average of listed funds 1 : 33.3% Agio / Disagio 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 31.1% Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 2

3 STREETBOX LA FONCIERE IMMOFONDS SOLVALOR 61 FIR CS REF SIAT UBS DIRECT RESIDENTIAL SWISSCANTO IFCA SWISSINVEST REAL CS REF LIVINGPLUS IMMO HELVETIC BONHOTE IMMOBILIER UBS SWISS ANFOS UBS FONCIPARS SCHRODER IMMOPLUS POLYMEN FONDS PROCIMMO ROTHSCHILD RE SWISS REALSTONE UBS SWISS SIMA PATRIMONIUM CS 1A IMMO PK SWISSCANTO COMMERCIAL SF SUSTAINABLE PROPERTY CS REF GREEN PROPERTY UBS DIRECT URBAN CS REF LOGISTICSPLUS RESIDENTIA CS REF INTERNATIONAL UBS SWISSREAL CS REF INTERSWISS CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Funds Month-on-month and year-to-date change (Agio: 33.3%) (Agio: 32.8%) (Agio: 27.) Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 3

4 Agios and Disagio of the Swiss Funds Close Link between Agios and Longterm Interest Rates 3 Weighted agio / disagio in % (listed and unlisted funds) year CHF swap rate in % -1-1% 1% 3% 7% The graphic shows the link between longterm interest rates (horizontal axis) and the average Agio/Disagio since 1990 at the end of each quarter. Basically the following rule applies: The higher the interest rates, the lower the Agio/Disagio. Beside the link to interest rates there are other factors influencing the Agio/Disagio like demand sentiment, new products, tax advantages of products, etc.). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 4

5 Agios and Disagio of the Swiss Funds Development since Agio / disagio Interest rate 9% 3 8% 3 7% 2 6% 2 1 4% 1 3% 2% 1% % Agio / disagio 10 year CHF swap rate Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 5

6 Agio Development since november 2008 Development of Commercial and Residential Funds Jul 08Jan 09Jul 09Jan 10Jul 10Jan 11Jul 11Jan 12Jul 12Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15Jan 16Jul 16Jan 17 SXI Funds Commercial Funds Residential Funds Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 6

7 Average Monthly Turnover of Swiss Funds Between July 2016 and in mn CHF UBS SWISS SIMA CS REF LIVING PLUS CS 1A IMMO PK CS REF SIAT CS REF INTERNATIONAL CS REF GREEN PROPERTY UBS SWISS ANFOS CS REF INTERSWISS UBS SW SWISSREAL SWISSCANTO IFCA IMMOFONDS UBS FONCIPARS SCHRODER IMMOPLUS ROTHSCHILD RE SWISS SOLVL 61 PRT LA FONCIERE REALSTONE BONHOTE IMMOBILIER FIR CS REF HOSPITALITY Immo Helvetic SWISSINVEST REAL PROCIMMO PATRIMONIUM CH RE SF SUSTAINABLE PROPERTY UBS DIRECT RESIDENTIAL CS REF GLOBAL CS REF LOGISTICSPLUS SWISSCANTO COMMERCIAL UBS DIRECT URBAN RESIDENTIA STREETBOX RE POLYMEN FONDS CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream 7

8 CS REF INTERSWISS UBS SWISSREAL CS REF GLOBAL CS REF INTERNATIONAL CS 1A IMMO PK CS REF LOGISTICSPLUS CS REF HOSPITALITY PROCIMMO STREETBOX IMMOFONDS UBS SWISS SIMA IMMO HELVETIC CS REF GREEN PROPERTY SWISSCANTO COMMERCIAL CS REF SIAT UBS FONCIPARS UBS SWISS ANFOS SCHRODER IMMOPLUS SF SUSTAINABLE PROPERTY SWISSINVEST REAL REALSTONE CS REF LIVINGPLUS SWISSCANTO IFCA RESIDENTIA ROTHSCHILD RE SWISS UBS DIRECT RESIDENTIAL FIR POLYMEN FONDS BONHOTE IMMOBILIER PATRIMONIUM UBS DIRECT URBAN SOLVALOR 61 Distribution Yield of Swiss Funds Distribution per Share Compared to the Share Price 4% Direct property ownership Indirect property ownership Average SXI Funds 3% 2% 1% Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance. Source: Credit Suisse AG, Datastream, last annual report of the funds 8

9 Distribution Yield of Swiss Funds Compared to 10 Year Swiss Government Benchmark Bond 6% 4% 3% 2% 1% -1% Yield Gap Distribution Yield Swiss Funds Yield on 10 Year Swiss Government Benchmark Bond Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance Source: Credit Suisse AG, Datastream, last annual report of the funds 9

10 CS REF HOSPITALITY IMMO HELVETIC CS 1A IMMO PK IMMOFONDS SWISSINVEST REAL CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS CS REF INTERSWISS CS REF LOGISTICSPLUS SOLVALOR 61 CS REF SIAT FIR ROTHSCHILD RE SWISS SCHRODER IMMOPLUS LA FONCIERE UBS DIRECT RESIDENTIAL SWISSCANTO IFCA BONHOTE IMMOBILIER UBS FONCIPARS UBS SW SWISSREAL UBS SWISS ANFOS UBS SWISS SIMA REALSTONE CS REF INTERNATIONAL UBS DIRECT URBAN STREETBOX SWISSCANTO COMMERCIAL PATRIMONIUM PROCIMMO POLYMEN FONDS RESIDENTIA CS REF GLOBAL Comparison of Total Expense Ratios (TER REF GAV) Fund Operating Expenses of Swiss Funds 1.2 TER REF GAV Source: Credit Suisse AG, last annual report of the funds 10

11 CS 1A IMMO PK IMMO HELVETIC SOLVALOR 61 SF SUSTAINABLE PROPERTY CS REF LOGISTICSPLUS SWISSINVEST REAL CS REF LIVINGPLUS CS REF GREEN PROPERTY IMMOFONDS CS REF HOSPITALITY CS REF SIAT UBS DIRECT URBAN UBS DIRECT RESIDENTIAL FIR CS REF INTERSWISS CS REF INTERNATIONAL UBS FONCIPARS SWISSCANTO COMMERCIAL UBS SWISS ANFOS UBS SW SWISSREAL SWISSCANTO IFCA SCHRODER IMMOPLUS ROTHSCHILD RE SWISS LA FONCIERE BONHOTE IMMOBILIER UBS SWISS SIMA PATRIMONIUM REALSTONE CS REF GLOBAL PROCIMMO STREETBOX RESIDENTIA POLYMEN FONDS Comparison of Total Expense Ratios (TER REF NAV) Fund Operating Expenses of Swiss Funds 2.0 TER REF NAV Extrapolations for those funds which have not yet published TER REF (NAV). Source: Credit Suisse AG, last annual report of the funds 11

12 SOLVALOR 61 UBS DIRECT URBAN CS 1A IMMO PK CS REF SIAT CS REF LOGISTICSPLUS SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL FIR UBS FONCIPARS SWISSINVEST REAL CS REF LIVINGPLUS UBS DIRECT RESIDENTIAL CS REF GREEN PROPERTY UBS SWISS ANFOS SWISSCANTO IFCA UBS SWISS SIMA LA FONCIERE IMMOFONDS SWISSCANTO COMMERCIAL RESIDENTIA SCHRODER IMMOPLUS IMMO HELVETIC BONHOTE IMMOBILIER CS REF GLOBAL CS REF INTERSWISS UBS SW SWISSREAL ROTHSCHILD RE SWISS PATRIMONIUM POLYMEN FONDS PROCIMMO CS REF HOSPITALITY STREETBOX REALSTONE Third-party borrowings In % of aggregate market value Source: Credit Suisse AG, last annual report of the funds 12

13 Swiss Funds at a Glance Name ISIN Price 52 week Performance Vola. NAV Agio Distribution TER REF Turnover Total market Investment Property high low YTD -5 y 3 years per unit yield (%) (GAV) in mn CHF 4 capitalization focus ownership p.a. ann. (prov.) in mn CHF UBS SWISS SIMA CH % 5.4% 8.9% % % '647.9 Mixed Indirect CS 1A IMMO PK 1,3 CH % 5.4% 5.8% % % '945.8 Mixed Direct CS REF SIAT CH % 9.3% % 2.6% 0.72% '208.2 Residential Indirect CS REF LIVINGPLUS CH % 5.8% % 2.3% 0.66% '011.3 Residential Direct CS REF INTERNATIONAL 2,3 CH % 8.8% 9.2% % 3.6% '535.5 International Indirect UBS SWISS ANFOS CH % 5.3% 10.2% % % '368.8 Residential Indirect CS REF GREEN PROPERTY CH % 5.8% 10.3% % 0.64% '276.5 Sustainability Direct CS REF INTERSWISS CH % 2.7% 10.8% % '686.9 Commercial Indirect UBS SW SWISSREAL CH % 3.9% 9.7% % 0.82% '583.3 Commercial Indirect SWISSCANTO IFCA CH % % 0.81% '571.1 Residential Indirect IMMOFONDS CH % 6.2% 9.4% % % '467.0 Residential Indirect LA FONCIERE CH % 10.3% % 1.8% '407.8 Residential Mixte SCHRODER IMMOPLUS CH % 6.8% 10.3% '320.0 Commercial Indirect SOLVALOR 61 CH % 6.4% 11.2% % 1.8% 0.71% '268.4 Residential Direct FIR CH % 8.7% 8.1% % '243.8 Residential Indirect UBS FONCIPARS CH % 8.4% 7.9% % 2.7% 0.82% '237.7 Residential Indirect IMMO HELVETIC CH % 7.1% 9.4% % 2.8% 0.53% Residential Indirect ROTHSCHILD RE SWISS CH % 9.1% % 2.2% 0.76% Residential Direct BONHOTE IMMOBILIER CH % % % 2.2% 0.82% Residential Direct SWISSINVEST REAL CH % % % % Residential Indirect REALSTONE CH % 9.7% % 2.4% 0.83% Residential Direct CS REF HOSPITALITY CH % % % Hospitality Direct PROCIMMO CH % 7.8% % 3.1% 0.94% Commercial Direct SF SUSTAINABLE PROPERTY CH % % 0.64% Residential Direct PATRIMONIUM CH % % Residential Direct UBS DIRECT RESIDENTIAL CH % 9.8% % 2.1% Residential Direct SWISSCANTO COMMERCIAL CH % 9.8% % % Mixed Direct POLYMEN FONDS CH % 2.2% Residential Direct UBS DIRECT URBAN CH % 1.9% 0.86% Mixed Direct CS REF LOGISTICSPLUS 2 CH % % 3.2% Logistics Direct CS REF GLOBAL CH % 9.3% % 1.13% International Indirect STREETBOX CH % % self storage Direct RESIDENTIA CH % % % 2.3% Residential Direct SXI REAL ESTATE FUNDS 3 CH % 6.2% 7.4% 33.3% 2.6% ' CS 1a Immo PK is restricted to tax-exempt domestic occupational benefit institutions and tax-exempt domestic social insurance institutions and compensation funds. 2 CS REF International and CS REF LogisticsPlus are restricted to qualified investors as defined in art. 10, para. 3 CISA in accordance with art. 6, para. 1 CISO. 3 CS REF International, CS 1a Immo PK, CS REF LogisticsPlus and CS REF Global are no constituents of the SXI Funds. 4 Monthly turnover average of the last 12 months. 5 Taxation of Swiss real estate funds differs depending on whether a fund holds it properties in direct ownership or indirectly via real estate companies (affiliates of the fund). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 13

14 INTERSHOP N HIAG IMMOBILIEN AG ALLREAL N INVESTIS N WARTECK N MOBIMO N SWISS PRIME SITE N BFW LIEGENSCHAFTEN N ZUG ESTATE AG PSP N SWISS FINANCE & PROPERTY VARIA US PROP N PLAZZA N ZUEBLIN IMM N Premium/Discount of Investment Companies Average Discount: Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 14

15 Historical Development of Premiums and Agios Swiss Investment Companies vs. Funds 4 Premium/Agio in % Premium/Discount of Investment Companies Agio/Disagio of Funds Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 15

16 SWISS PRIME SITE N INTERSHOP N INVESTIS N VARIA US PROP N MOBIMO N SWISS FINANCE & PROPERTY PSP N WARTECK N ALLREAL N BFW LIEGENSCHAFTEN N HIAG IMMOBILIEN AG PLAZZA N ZUG ESTATE AG ZUEBLIN IMM N Distribution Yield of Investment Companies Distribution per Share Compared to the Share Price 4% 3% 2% 1% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 16

17 Swiss Investment Companies at a Glance Name ISIN Price 52 week Performance Vola. NAV Premium Distribution Turnover Market capihigh low YTD -5y 3 years per share yield (%) mn CHF 1 talization (FF) p.a. ann. (prov.) mn CHF SWISS PRIME SITE N CH % 13.8% % 4.2% '225.8 PSP N CH % 5.2% 14.8% % 3.7% '608.0 ALLREAL N CH % 8.9% 14.8% % 3.3% '470.7 MOBIMO N CH % 8.8% % 3.7% '672.7 INTERSHOP I CH % % ZUG ESTATE AG CH % 8.7% % HIAG IMMOBILIEN AG CH % 2.8% PLAZZA N CH % % 1.3% WARTECK N CH % 5.4% 7.9% % SWISS FINANCE & PROPERTY CH % % % 3.7% BFW LIEGENSCHAFTEN N CH % 9.9% % 2.9% INVESTIS CH % n.a VARIA US PROP N CH % n.a. n.a ZUEBLIN IMM N CH % 53.1% % SXI REAL ESTATE SHARES CH % 7.2% % ' monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 17

18 Your contact partner If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Strategies & Advisory Managing Director Christian Braun, CIIA Strategies & Advisory Vice President Phone Phone

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