The NCREIF Open‐end Diversified Core Equity index returned 3.39% before fees in the first quarter of 2015, up slightly from the previous quarter (3.26%) and up from 2.52% in the first quarter last year.
Net of fees, the index returned 3.15% (vs. 3.02% last quarter).
In the one-, three-, five- and 10-year periods ended March 31, the index returned 12.4%, 11.6%, 13.4% and 6%, respectively, net of fees. Multiyear returns are annualized.
NCREIF said flows into NFI-ODCE funds totaled $1.9 billion in the quarter, up from $1.1 billion in Q4 and $1.4 billion in Q1 a year earlier.
The NFI‐ODCE consists of 23 funds with $173.1 billion of gross real estate assets and $133.3 billion of net real estate assets.