Accordant Investments LLC (“Accordant”) has announced that the
Accordant ODCE Index Fund (ticker: ODCEX), the first ever private
real estate index fund, is now available on four of the largest
registered investment adviser custodian platforms: Schwab Advisor
Services™, Fidelity Investments®, Pershing, and Matrix Trust
Company.
ODCEX is a fully registered interval fund with a patented
indexing investment approach that seeks to track the NFI-ODCE
Index. The NFI-ODCE Index is considered to be the most
comprehensive benchmark for U.S. core private real estate, similar
to what the S&P 500 is for the largest publicly traded stocks.
ODCEX was built with advisers and investors in mind and strives to
remove many of the typical hurdles to investing in private real
estate. It offers daily purchases, asset transparency, low fees,
and broad diversification.
“We believe private real estate is a necessary part of any
diversified portfolio and we have made it easier for advisers to
allocate to this important asset class,” said Greg Stark, CEO of
Accordant. “With our availability on the major custodian platforms,
our private real estate interval fund is now accessible for
advisers across the country to assist their clients in building a
truly diversified investment portfolio.”
Garrett Zdolshek, Portfolio Manager for Accordant, added, “For
the last five years, our indexing strategy has only been available
to institutional investors and with over $5 billion in
institutional capital, it has become an important part of their
portfolio strategies. That same strategy is now available to the
private wealth channel. Investors of all sizes can now access
high-quality real estate with low fees and instant
diversification.”
As of December 31, 2023, the NFI-ODCE Index is comprised of
nearly $300 billion in market value supported by over 3,000
properties that are geographically diversified across the 35
largest U.S markets. Property types include industrial,
residential, office, retail, and specialty, and average
approximately $100 million in value per asset.
About Accordant
Accordant is a registered investment adviser headquartered in
Scottsdale, Arizona and creates investment strategies to bring the
advantages of institutional core real estate to the private wealth
market. Accordant focuses on both active and passive investment
strategies and leverages its strategic relationships within the
real estate industry to create truly diversified portfolio
offerings in easy-to-use structures.
For more about Accordant, please visit:
www.accordantinvestments.com
Important Disclosures
The S&P 500 is a stock market index tracking the stock
performance of 500 of the largest companies listed on stock
exchanges in the United States. The S&P 500 is not directly
investable.
The Accordant ODCE Index Fund (the “Fund”) was previously
registered as the IDR Core Property Index Fund, Ltd. (the
“Predecessor Fund”). The Fund’s investment adviser is Accordant
Investments LLC (“Adviser”) and Fund’s sub-advised by IDR
Investment Management LLC (“Sub-Adviser”). The Predecessor Fund was
a quarterly valued closed-end tender offer fund only available to
accredited investors. Pursuant to a proxy filed with SEC and a
special shareholder meeting that occurred on August 31, 2023, the
Predecessor Fund converted into the Fund which is a daily valued
registered closed-end interval fund (“Conversion”). The Predecessor
Fund previously charged a management fee of 40 bps while the Fund
now charges 60 bps. Fund performance shown in this presentation is
net of fees and for performance prior to September 11, 2023,
reflects a 40 bps management fee and for performance on and after
September 11, 2023, reflects a 60 bps management fee. The
performance shown reflects a continuation of performance from the
Predecessor Fund to the Fund. While the Fund has a different
investment adviser than the Predecessor Fund, the Fund’s portfolio
management is substantially similar to the Predecessor Fund. The
Conversion was a non-taxable event for existing shareholders.
Past performance is no guarantee of future results.
Investing in the Fund involves risks, including the risk that
you may receive little or no return on your investment or that you
may lose part or all of your investment. The Fund’s investment
objective is to employ an indexing investment approach that seeks
to track the NCREIF Fund Index – Open End Diversified Core Equity
(the “NFI-ODCE Index”) on a net-of-fee basis while minimizing
tracking error. There can be no assurance that the actual
allocations will be effective in achieving the Fund’s investment
objective or delivering positive returns. It is not possible to
invest in an index. You cannot invest directly in an index and
unmanaged indices do not reflect fees, expenses, or sales
charges.
The ability of the Fund to achieve its investment objective
depends, in part, on the ability of the Adviser to allocate
effectively the Fund’s assets across the various asset classes in
which it invests and to select investments in each such asset
class. There can be no assurance that the actual allocations will
be effective in achieving the Fund’s investment objective or
delivering positive returns. Limited liquidity is provided to
shareholders only through the Fund’s quarterly repurchase offers
for no less than 5% of the Fund’s shares outstanding at net asset
value. There is no guarantee that shareholders will be able to sell
all of the shares they desire in a quarterly repurchase offer. The
first repurchase offer following the Conversion is expected to
occur in February 2024.
An investment in shares represents an indirect investment in the
securities owned by the Fund. The value of these securities, like
other market investments, may move up or down, sometimes rapidly
and unpredictably. The Fund is “non-diversified” under the
Investment Company Act of 1940, and therefore may invest more than
5% of its total assets in the securities of one or more issuers. As
such, changes in the financial condition or market value of a
single issuer may cause a greater fluctuation in the Fund’s net
asset value than in a “diversified” fund. The Fund is not intended
to be a complete investment program.
The Fund is subject to the risk that geopolitical and other
similar events will disrupt the economy on a national or global
level. For instance, war, terrorism, market manipulation,
government defaults, government shutdowns, political changes or
diplomatic developments, public health emergencies (such as the
spread of infectious diseases, pandemics, and epidemics), and
natural/environmental disasters can all negatively impact the
securities markets.
The Fund will concentrate its investments in real estate
industry securities. The value of the Fund’s shares will be
affected by factors affecting the value of real estate and the
earnings of companies engaged in the real estate industry. These
factors include, among others: (i) changes in general economic and
market conditions; (ii) changes in the value of real estate
properties; (iii) risks related to local economic conditions,
overbuilding, and increased competition; (iv) increases in property
taxes and operating expenses; (v) changes in zoning laws; (vi)
casualty and condemnation losses; (vii) variations in rental
income, neighborhood values, or the appeal of property to tenants;
(viii) the availability of financing; (ix) climate change; and (x)
changes in interest rates. Many real estate companies utilize
leverage, which increases investment risk and could adversely
affect a company’s operations and market value in periods of rising
interest rates. The value of securities of companies in the real
estate industry may go through cycles of relative under-performance
and over-performance in comparison to equity securities markets in
general.
A significant portion of the Fund’s underlying investments are
in private real estate investment funds managed by institutional
investment managers that comprise the NFI-ODCE Index (“Eligible
Component Funds”). Investments in Eligible Component Funds may pose
specific risks, including: such investments require the Fund to
bear a pro rata share of the vehicles’ expenses, including
management and performance fees; the Adviser and Sub-Adviser will
have no control over investment decisions may by such vehicle; such
vehicle may utilize financial leverage; such investments have
limited liquidity; the valuation of such investment as of a
specific date may vary from the actual sale price that may be
obtained if such investment were sold to a third party.
Additional risks related to an investment in the Fund are set
forth in the “Risk Factors” section of the prospectus, which
include, but are not limited to the following: convertible
securities risk, correlation risk, credit risk, fixed income risk,
leverage risk, and risk of competition between underlying
funds.
Investors should consult with their selling agents about the
sales load and any additional fees or charges their selling agents
might impose on each class of shares.
The Accordant ODCE Index Fund is distributed by ALPS
Distributors, Inc (ALPS). Accordant Investments LLC is not
affiliated with ALPS.
Investors should carefully consider the investment
objectives, risks, charges, and expenses of the Accordant ODCE
Index Fund. This and other important information about the Fund is
contained in the prospectus, which can be obtained online by
visiting www.accordantinvestments.com. The prospectus
should be read carefully before investing. For differences between
the Class A Shares and Class I Shares, please see the prospectus of
the Fund.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221794197/en/
For Investors: Contact at: 833-768-0622 or email at:
info@accordantinvestments.com
For Media: email at: media@accordantinvestments.com
Accordant Odce Index Fun... (NASDAQ:ODCEX)
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