NLvalue schreef op 12 oktober 2020 10:47:
(Surprising to everyone,) ECP is not a REIT - it is a Dutch fiscal investment institution - unlike WHA, they are not limiting themselves primarily to real estate investments:
Articles of Association : #2 Purpose:
The objects for which the Company is established are: to invest capital in such a manner as to spread the risks, in order to enable the shareholders to share in the proceeds
. In this respect the Company is authorized to do all and everything that is incidental to or that may be conducive to any of the aforementioned, all in the broadest sense.
ECP is an investment company - and their choice to invest in store real estate is yielding subpar results. YTD, P1Y, P3Y P5Y and P10y vs the AEX TR. Or any other diversified benchmark that spread the risk
ETFs with this kind of performance get closed down due to outflow of funds. Only if you can articulate the investment case that would attract new investment flows - will we see that change.
(by the way - this isn't unique to store real estate - Emerging markets ex China have the same issue on the same decade long underperformance)