Sorgente Sgr | Michelangelo Fund
The Michelangelo Fund, for which capital was raised in December 2001, was the first Italian real estate fund reserved to institutional investors.
Michelangelo started its investment operations on December 10th 2001, with a subscribed equity of €105 million and an initial unit value of € 100,000.
The Michelangelo Fund was liquidated on February 15th 2010. The unit value upon liquidation was €194,161.567, approximately double the value subscribed in 2001. The compound annual return from start-up was 8.44%, well above the minimum-yield objective of 6.5% set by the management regulations.
The following chart summarizes the increase in value of the unit share of the fund beginning on December 31st 2001:
|Fund Value||N° of unit shares||Unit value||Var. % sem.||Var. % ann.|
|December 31st 2001||114.259.088||1.050||108.818,180||8,82|
|June 30th 2002||119.903.241||1.050||114.193,506||4,94|
|December 31st 2002||124.633.868||1.050||118.698,920||9,08|
|June 30th 2003||128.410.945||1.050||122.296,140||3,03|
|December 31st 2003||135.953.021||1.050||129.479,070||9,08|
|June 30th 2004||143.180.865||1.050||136.362,730||5,32|
|December 31st 2004||149.633.530||1.050||142.508,120||10,06|
|June 30th 2005||153.865.617||1.050||146.538,683||2,83|
|December 31st 2005||161.308.253||1.050||153.626,908||7,80|
|June 30th 2006||166.004.471||1.050||158.099,496||2,91|
|December 31st 2006||185.411.878||1.050||176.582,741||14,94|
|June 30th 2007||195.712.806||1.050||186.393,148||5,56|
|December 31st 2007||198.678.451||1.050||189.217,573||7,16|
|June 30th 2008||205.475.256||1.050||195.690,720||3,42|
|December 31st 2008||196.176.509||1.050||186.834,770||-1,26|
|June 30th 2009||192.274.174||1.050||183.118,261||-1,99|
|December 31st 2009||201.670.433||1.050||192.067,079||2,80|