facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
September 2023 Private Performance Thumbnail

September 2023 Private Performance

The month of September was brutal in the public market space. So what does that mean for our private investments? This where the non-correlation really shines. So first let's give you a quick update to August, iDirect PMF returned .15%. Which doesn't sound like much until you compare it to the public markets which were down almost 2%. The fund is now up 6.14% through August of this year. Also with an update is the Blackrock's Private Investment Fund for the third quarter. In Q3, BPIF returned 4.68%, almost doubling the performance from the first 2 quarters of 2023. And is now up 7.61% through September. The performance for the 3rd quarter is notable, because the benchmark(MSCI world stocks) for this fund was down -3.46% on the quarter. That is a great result, but this type of fund is built for long term results and bringing low volatility to the overall portfolio. 

The private REITs were both down slightly. Blackstone's BREIT and Nuveen GC REIT came in at -.17% and -.28%, respectively. While Blackstone is up on the year, Nuveen's fund is down so far. Both have dominated their public benchmarks, but more importantly they have offered a great buffer as public equities have continued to struggle over August and September. The long term outlook still remains strong in private real estate. The drivers of return and dividends has not changed. Both funds own the right types of properties, in the right areas, and both funds have an occupancy rate over 95%.

Another month of fantastic performance for the Blackstone and Carlyle private credit funds. Both funds are well above 10% return on the year. I know I sound like a broken record, but this is truly a moment for the entire space.

Year to Date
Annualized Dividend Rate
Blackstone's REIT1
Nuveen Global Cities REIT2
Blackstone Private Credit3
Carlyle Tactical Credit4
iDirect Private Markets Fund5
BlackRock Private Investment Fund6
4.68% - Q3

For reference, for September, the S&P was down  at -4.87%. The NASDAQ-100 was down -5.0%. And then the AGG(Bond Index) was also down -1.6% in September. The big indexes extended their losses from last month. This is where the non-correlated nature of our private investments become important in portfolio construction. If you have questions if this might a be a good fit for your portfolio, please let me know.

  1. https://www.breit.com/performance/
  2. https://www.nuveen.com/gcreit/performance
  3. https://www.bcred.com/performance/
  4. https://www.carlyle.com/fund?_month=8&_year=2023
  5. https://idirectpmfund.com/idirect-pm-fund/performance/#performance
  6. https://bpif.com/portfolio-and-performance/default.aspx
  7. Performance through September 30, 2023
  8. Performance through September 30, 2023

This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.