Core funds, large funds, and those with single country and single sector strategies report lower TGERs | INREV

In this year’s INREV Management Fees and Terms Study, the average recorded total global expense ratio (TGER) for 2022 was 1.01% on GAV and 1.75% on NAV, based on a sample of 83 funds. When accounting for vehicles’ size, the value-weighted average TGER was 0.75% on GAV and 0.97% on NAV.

Key highlights include:

• Core funds and older vintage groups show the lowest range of TGERs
• ODCE funds exhibit lower TGERs compared to all other funds with a multi country – multi sector strategy
• Netherlands-focused funds demonstrate a small spread of TGERs
• Core funds exhibit lower management fees, performance fees and vehicle costs compared to non-core funds.
• The real estate expense ratio (REER) has the strongest linkage with the single-country strategy

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