Real estate fund
A fund that owns properties and collects rent; the unitholder receives a share of that flow and of the revaluation without owning a building directly.
How to read the number
Valuation here is an appraiser's opinion on a date rather than an exchange quote, so the unit price changes rarely and in steps instead of continuously.
When the metric lies
Infrequent revaluation looks like low risk while meaning only an absence of observations. The exit is usually a sale of the unit, and the time that takes is unknown: there may be no buyer for months.
Also known as: property fund