DJE Real Estate – Update (2)

Reader Snapple made some interesting comments with regard to the DJE fund and also published an analysis here.

Also, reveller pointed to some interesting facts. For my own model, the most interesting points are:

– DJE used lower values for problem funds than stated NAVs, so my discounts might be too conservative. Snapple also linked to a article which stated that ALL problem funds have been valued below official NAVs. However, based on the half year report, this was only true for the P2 Value funds whereas the TMW Welt and the Axa were valued at official NAV.

– the ABN Henderson Fund certificate matures in 2012, so one could assume complete payback in 2013.

– real estate stocks are 7.7% of the portfolio as of year end, cass 5.6%

However, this didn’t really change much in my model. As Snapple calculated in a slightly different way, 50% of the NAV might be paid within the next 12 months.

For the portfolio, I will increase the purchase limit to EUR 5,50 EUR, as so far I was not able to purchase a lot at prices below 5.40 EUR.

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