| ISIN | Bloomberg | NAV | Px | Premium |
|---|---|---|---|---|
| CH0026465366 | DRPF | 14.56 | 19.65 | 35.0% |
| CH0100612339 | STA | 108.89 | 141 | 29.5% |
| CH0031069328 | CSLP | 110.39 | 155.5 | 40.9% |
| CH0118768057 | HOSP | 76.19 | 105 | 37.8% |
| NAV weighted | 38.7% | |||
| Mkt Cap weighted | 38.8% |
All very strong now.
Makes sense given the correlations shown below.
I don’t know how to see this asset going forward.
UBS themselves are claiming that they are overvalued. I wanted to add some more but I guess I need to wait to understand what should be the right way to invest in Swiss RE.
I see some funds at lower AGiO and some at higher AGIO even with similar residential component. Don’t quite understand how is market actually valuing these funds and on what basis
Helvetia Swiss PF has agio less than 20% , DRPF more than 35%, CSLP 40%.
If someone can share some insights , that would be great.
Shareholders of about 6% of the shares of UBS Hospitality had previously asked in 2023 to have their shares reimbursed at NAV. It will happen at the end of the month.
That means they couldn’t have sold at the new premium in the meantime and these shares won’t take part in the merger. Good news for holders of Living Plus and Direct Residential I guess
If they couldn’t sell their stock, then how was the price moving up ?
Anyhow NAV of RE funds don’t change much often as price . So not sure what’s the impact
When is this thing going to be finished? Any idea?
I was talking about the 6% of shares that were “locked”. The fact that they could not sell them on the market might have helped the price to go up actually
I noticed that some of the UBS Direct RE funds have been renamed and there is an announcement that management fees would be reduced to 0.54% for the UBS Real estate funds
But I didn’t see anything about if these funds would continue to operate as individual entities or they will be converted into one entity & shares would be converted.
Anyone know what is going on?
If anyone owns ERRES , then following is some info about planned capital increase
I have this ETF via IBKR. How would I get notified of this action? Is every shareholder offered a chance to participate in capital increase or its only valid for registered shareholders ?
UBS announced they’ll merge the funds in 2025, so they’ll probably not ready yet.
Are these direct RE funds a good asset to own in retirement? For those people who retire early and so don’t get paid an annuity and so need to generate or manufacture retirement income. i.e. CHF income generating assets? Not sure what the typical yield is for these.
Typical yield is 2-2.5% tax free.
Hmm. I guess that is not too bad. Though I guess I should have bought a few years ago, the price seems to have gone up quite a lot in recent years.
Have these mergers happened yet?
Did STA really jump in value from 100 to 150 in the last 6 months?
No not yet, the first ones are for later this year.
That’s true
But I think such funds should be bought with long term view.
In long term they tend to follow the swiss real estate market but in short term they are very volatile
My expected return assumption is
Yield + capital appreciation which should be atleast in line with inflation
Now available at 10% discount
DRPF
I’ll buy when I get another 20% discount on top.
I’ll repeat every time.. but this kind of funds are worse than tobacco and firearm funds, especially if you live in “hot” markets like Zurich and co.
What does it mean. ?
They push prices up. On Residential, they just keep building with the most modern and expensive stuff to justify prices. On non-residential is a bit more complex.
Looks like DRPF will no longer be merged: https://www.swissfunddata.ch/sfdpub/docs/a14-8512-20250422-fr.pdf
