Polis Fund

Performance

With the liquidation of the Polis Fund, the Fund management company aims to achieve a minimum compounded rate of return (target return) equal to 5% net per annum.

In the event that this performance objective is exceeded, the SGR would receive a performance fee of 20% of the proceeds exceeding the set target. The final performance achieved by the fund is determined by the following elements:

• Rental income from the properties owned by the Fund

• Capital gains realized through the sale of properties owned by the Fund

• Annuities from property management

Quotations and Trends

TO ESTABLISH THE VALUE OF LISTING

This is the value resulting from the trading of units belonging to the Fund subscribers on the regulated market.

It is affected both by the performance of the specific segment in which the security is listed and by the number of trades, which in turn is influenced by the specific type of Fund. The valuation of a real estate asset, which represents the purpose of the fund manager and the return expected by the investor, can in fact be achieved only over a a minimum period lasting a few years.

On this basis,  if necessary, it is possible to disinvest from a closed real estate fund before its natural maturity is possible, but this choice is not convenient for the investor.

Book Value Share

This is the value representing the rate of return of the Fund's assets, including realised and unrealised capital gains/losses, calculated on a half-yearly and annual basis and published twice a year in the newspaper "Il Sole 24 Ore".    

It indicates, in particular, the valuation of the Fund's investments and is therefore the most significant figure for the investor.

The financial statements have been prepared in accordance with the relevant provisions of the Bank of Italy's Regulations on Collective Investment Management (Order of 19 January 2015 as amended by Order of 23 December 2016). In particular, properties real estate investments are valued by independent experts, who are chosen by criteria of professionalism and integrity, in accordance with the provisions of current legislation.

The annual report is certified by an independent auditor.

Nota bene:

  • The book value of the units must be calculated over the entire life of the Fund in order to properly evaluate the investment.
  • Gross profitability or gross rent return, only reflects the percentage rental return and is therefore partial and unrepresentative.