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have been doing a poor job of assessing investment returns. In the 12 months before The Global


Family Office Report 2016 every single asset class underperformed expectations including cash, with the biggest disappointments coming from equity- linked assets. The 2017 report had better news (see


chart). Actual performance exceeded expectations in developed-market fixed income (+7%) and both developed (+3.2%) and developing-market equities (+3.9%), and marginally outperformed commodities and agriculture. But core ultra-wealthy holdings including private equity, hedge funds (-4.2%), and real estate direct investment (-7.2%) missed their return expectations. Unsurprisingly, given the dramatic volatility of returns, investment risk remains the most important risk factor for family offices, in line with findings reported in previous years.


ISSUE 72 SUPPLEMENT | 2017


Actualised return vs. market expectations, 2015 vs. 2016 in % return


Benchmark Return 2015


Bonds


Developed-market fi xed income Developing-market fi xed income Equities


Developed-market Developing-market Alternative investments


Private equity: includes direct, venture, funds, co-investing and investment bank syndication


Direct venture capital / private equity Private equity funds Co-investing Hedge funds


Real estate direct investment REITs


Commodities Agriculture Commodities


Cash or equivalent


-4.5 -2.0


-2.7 -16.9


5.9


9.6 0.6


8.2 11.6


12.9


3.1 5.7


7.9 10.1


15.5


-2.6 8.7 2.5


8.7


-22.8 0.3


0.8 1.4 6.5


7.6 9.3 0.8


7.8 10.7 7.3


9.3 8.3 1.9


12.5 8.9 13.9 5.0 8.6 5.8


7.4 8.1 0.9


2.6 5.5


5.0 7.7


-7.6 -7.7


-10.6 -27.0


-9.6


n/a n/a n/a


-10.4 -2.0 -4.8


-0.6 -31.1 -1.6


-4.2 -7.2 -0.7


0.2 1.2 -0.1


Source: The UBS/Campden Wealth Global Family Office Report 2015, The UBS/Campden Wealth Global Family Office Report 2016, The UBS/Campden Wealth Global Family Office Report 2017


7.0 -4.9


3.2 3.9


Benchmark Return 2016


Expected Return 2015


Expected Return 2016


Overall under / over performance against expectations 2015


Overall under / over performance against expectations 2016


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