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SFA ARI®

SFA yield on investment indicator for real estate funds (SFA ARI®)

End April 2012, the SFA launched a yield on investment index for real estate funds - the SFA ARI® - to make it possible to compare the actual yields of listed Swiss real estate funds at the product level. This index is based on the yield on investment statistics and will be calculated quarterly (January, April, July, October) by Swiss Fund Data AG on the basis of the respective annual reports. The fund universe comprises the real estate funds listed on SIX Swiss Exchange that make direct real estate investments in Switzerland, with Switzerland being their sole investment country. Fund of funds and Swiss funds that invest directly outside Switzerland are excluded.

The yield on investment is one of the most important key figures for the real estate fund sector. It offers information on the overall yield of a real estate fund assuming that all distributions of income and capital are reinvested at the net asset value. This shows the change in the net asset value between the beginning and the end of the reporting period. The annual valuations of the real estate portfolio are taken into account, i.e. unrealized gains and losses are also included in the calculations in addition to the realized capital gains and losses. Price swings on the stock exchange are not factored in. This allows for a more lasting assessment of the performance of a fund than the exchange prices.