Core Insights - European real estate funds are facing a severe capital outflow, with retail investors redeeming €11.44 billion (approximately $13 billion) from registered real estate funds in the region as of March 2023, marking a 20% increase compared to the previous 12 months [1] - Since February 2023, euro-denominated real estate funds have consistently experienced net outflows [1] Group 1 - Investor sentiment is increasingly negative, driven by rising default rates and the impact of the interest rate hike cycle on the attractiveness of the sector [4] - The long transaction cycles and lagging valuation adjustments in commercial real estate make it difficult for fund net values to reflect real market risks, prompting investors to exit early to mitigate risks [4] - The shift in work patterns and stricter environmental regulations are reshaping the value system of commercial real estate, leading to significant valuation declines for office assets held by many funds, creating a vicious cycle of redemption pressure and asset disposal difficulties [4] Group 2 - A wave of fund liquidations is underway, with St James's Place Plc in the UK gradually liquidating its real estate fund portfolio after large-scale redemptions, and Aegon Ltd. in the Netherlands closing related products due to sustained fund sizes below breakeven [4] - Goldman Sachs also terminated a global real estate securities fund that had incurred losses for five consecutive years [4] - There is a notable trend of capital shifting towards more stable asset classes, with DWS Group's alternative real estate fund experiencing approximately €500 million in redemptions in Q1 2023, as funds flow into infrastructure and private credit [4] Group 3 - The industry has not yet reached a turning point, as market expectations of central bank interest rate cuts boosting real estate prices are tempered by reality [4] - Data from Green Street indicates that U.S. hotel property valuations fell by 2.8% in April due to weak international tourism, contributing to a 0.5% decline in the overall commercial real estate index [4] - The management scale of European real estate funds has shrunk to €156 billion, a decrease of approximately €44 billion from the peak in February 2023 [5] - DWS Group's CEO, Stefan Hoops, acknowledged ongoing capital outflows but expressed cautious optimism regarding the medium to long-term outlook due to current valuation levels [5] - The ongoing industry adjustment, initiated by capital movements, is testing the asset disposal capabilities and strategic transformation resolve of European real estate funds [5]

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门免费课程，详细介绍了基金投顾的相关知识。 长按识别下方二维码，添加@课程小助手，回复「 基金投顾 」即可领取～ l | 银行螺丝钉 假 时间： er 2 5 前说 快速了解基金投顾 课程介绍 ·基金投顾是什么 · 基金投顾有哪些优势 · 如何通过「投」和「顾」帮你 获得好收益 #螺丝钉小知识 /////// 银行螺丝钉 基金波动大，会导致清盘吗? 有朋友问，有的基金波动比较大，有可能 会清盘吗? 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 假设一个基金,熊市的时候下跌比较多, 但是规模很大,这种公募基金是不会清盘 的。 般是规模小于5000万以下的基金，会 有清盘的风险。 比如基金的规模为5000万，对于一个基 金公司来讲，肯定会亏钱。 其实，公募基金 ...

文 | 银行螺丝钉 （转载请注明出处） 近几年，大家对「养老」的重视度日渐提高，也是很多朋友比较关注的话题。 比如： 为了帮助大家掌握【 养老规划的方法 】，这里为大家准备了一门限时免费的课程，详细介绍了个人养老规划的相关问题。 长按识别下方二维码，添加@课程小助手，回复「 个人养老 」即可领取～ ◆◆◆ · 养老，到底需要多少钱？ · 储备养老金，真的有必要很早就开始规划吗？ · 如 果要为养老做补充，有哪些品种值得考虑呢？ 到，有的基金跌到快清盘了。 有朋友问，什么情况下，基金会清盘呢? (1) 通常部分私募基金会设置清盘线。 因为私募基金可以上杠杆投资股票、也可 以集中只投资1-2只股票。 这两种投资策略，都有可能导致私募基金 本金永久性亏完。 所以这类私募基金,很多渠道要求在基金 成立的时候增加清盘线。 一旦接近清盘线,需要被迫卖出股票,降 低股票仓位。 不过也不是所有的私募基金都有清盘线。 比如很多 FOF类的私募,如果不上杠杆投 资，就没有设置清盘线。 (2) 公募基金绝大部分都没有清盘线。 通常公募基金不会因为下跌而清盘。 但公募基金有另一种清盘的情况，就是下 跌后，基金的规模缩水到非常小。 如 ...