Performance record
KGAL is able to present another similarly positive performance record for its limited partnership retail funds in reporting year 2010. Accumulated dividends/withdrawals from funds included in the target/actual comparison are either in line with or above forecasts in 98 out of 114 funds. This puts forecasting reliability at 86%. Cash dividends paid out to our investors totalled EUR 159.1 million.
Dividends / withdrawals
In line with specifications from the VGF – German Association of Non-Tradeable Closed-End Funds – the key criterion used to measure performance is a comparison between cumulative actual dividends and information given in the prospectus. A positive difference of over 5% is classed as “above forecast” and a negative difference of over 5% as “below forecast”. When dividends fall within +/-5% of a forecast they are classed as “on forecast”.
Based on this method of evaluation, KGAL achieves a forecasting reliability of 86% for its funds.
Additional key data for forecasting reliability
The following information supports the forecasting reliability of 86% for dividends/withdrawals with additional key financial data. The ratio between cumulative actual and target values for each of the 114 funds evaluated confirms overall forecasting reliability.
A value of 100% was achieved for cumulative amortizations from financing taken out. A value of 90% was achieved for the cumulative net operating result – revenue surplus before amortizations and dividends/withdrawals. At 130%, cash reserves were well above the forecast value.
From a total of 129 retail funds initiated by KGAL, 114 were selected for in-depth target/actual comparison. Forecasts are not available for a total of 15 funds.
KGAL 2011 - strong placement result
In 2011, KGAL achieved a placement result of EUR 494 million with a total of 19 funds. This corresponds to a total investment volume of EUR 1,260.3 million. There was especially high demand from investors for real estate and renewable energies. As a result, KGAL is ranked number two in the industry statistics of the German Association of Non-Tradeable Closed-End Funds (VGF) based on VGF industry data for 2011, and is once again among the market leaders.
We base our performance records on VGF guidelines
KGAL prepares its performance records for limited partnership funds in line with the principles and guidelines set out by the German Association of Non-Tradeable Closed-End Funds (VGF).
The VGF guidelines and the performance records of all VGF members are available at www.leistungsbilanzportal.de.