The place not to be if you were investing in a Shari’ah compliant Real Estate Investment Trust over the last few years was mainland Europe, as the $6.3m Solidarity European Real Estate fund aptly shows.
SEREF is a fund of funds that invests in other property funds as well as having the facility to invest directly in real estate. (source)
At the end of 2010 (the latest period of the manager’s published data), the fund had more than 70% of its assets in third party European real estate funds. The fund has underperformed its peer group, returning -19.78% in the year to March 31, 2011 according to IFIS.
The fund has also performed negatively since inception in November 2004.
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