by
Stefan Schönauer
12.03.2015

IMMOFINANZ – Value investors have increased holdings

Our most recent Shareholder Identification (ID), which helps us in the regular assessment of the composition and origin of our shareholders, shows that the proportion of Austrian private investors has remained stable. They hold approximately 32.8% of IMMOFINANZ stock (compared to 32.4% in the last survey). Institutional investors hold approximately 50.3% - a level that has also remained stable (July 2014: 51.3%). Most of the institutional investors come from Austria (16.6%), followed by North America (9.0%), the UK (4.3%), Norway (2.9%) and Poland (2.8%). In comparison to the last report, the proportion of institutional investors from Austria, North America, Norway and Poland has slightly risen; that of the UK has slightly reduced.

Value investors remain the most heavily invested group within the identified institutional investors and have increased their holdings more than any other group in the period between the last and current survey. When only institutional investors are considered, the proportion of value investors has risen from around 35% in July 2014 to over 42%. Value investors typically have a long-term investment horizon and look for undervalued stocks – in the case of IMMOFINANZ, this undervaluation is apparent in the high share price discount to net asset value (NAV). The proportion of index-oriented investors – which build portfolios replicating particular indices – has also increased and is now around 30%.

In addition, it can be seen from the Shareholder ID that those investors currently most heavily exposed to western European real estate shares are also well-represented in the IMMOFINANZ shareholder structure.