Griffin Institutional Access Real Estate Fund, a closed-end, interval fund sponsored by Griffin Capital, has reported its highest monthly return since inception in April 2021.
Griffin Institutional Access Real Estate Fund’s Class I shares (NASDAQ: GRIFX) generated a positive return of 2.61 percent during April 2021, capping a trailing one-year period during which the fund’s Class I shares (NASDAQ: GRIFX) generated a 9.42 percent total return.
The company noted that since inception, the fund has generated positive returns in 25 of 27 quarters with annualized volatility (standard deviation) of 3.18 percent, which approximates the Bloomberg Barclays U.S. Aggregate Bond Index standard deviation (3.16) as of April 30, 2021.
“We are pleased with the fund’s performance and believe April’s record performance is a testament to the strength of our diversified real estate strategy which combines both private and public real estate securities,” said Randy Anderson, chief executive officer of Griffin Capital Asset Management Company. “We generated attractive performance through active management during a period when other income-producing securities such as traditional fixed income faced headwinds due to expectations for rising rates.”
Since June 30, 2020, the fund’s Class I shares (NASDAQ: GRIFX) have generated a 10.70 percent return, outperforming traditional fixed income (Bloomberg Barclays Aggregate Bond Index) by 12.05 percent through April 30, 2021, the company said.
Spencer Propper, chief operating officer of Griffin Capital Asset Management Company, indicated that more than 75 percent of the fund’s private equity portfolio was allocated to opportunities within industrial, multifamily, and specialty (life sciences) properties, which the company believes are “benefitting from favorable secular growth trends.”
Griffin Institutional Access Real Estate Fund (NASDAQ: GIREX, GCREX, GRIFX, GLREX, GMREX) is a portfolio of private real estate funds and public real estate securities, diversified by property type and geography, offering daily pricing and periodic liquidity at net asset value. The fund makes quarterly offers to repurchase between five percent and 25 percent of its outstanding shares at net asset value.