Mano Mohankumar, investment research analyst at Chant West, said earlier this year, many funds saw their unlisted allocations blow out, with one fund outside of its permissible range in February. “At the end of February we saw a number of funds at the upper end of their permissible ranges for allocations to unlisted assets,” he said. “In the last six months we’ve seen listed markets rally and unlisted assets marked downwards, so as a result the actual allocations are probably moving back towards their strategic targets.” Mohankumar said while Mercer’s Unlisted Property Funds Index had returned -12 per cent over the last 12 months, some industry funds had valued their unlisted property component down by as much as 18 to 20 per cent.