What is the Open-End Diversified Core Equity Index in the Context of Real Estate?

Posted on 09/16/2021

The Open-End Diversified Core Equity Index, often referred as the ODCE, is a core capitalization-weighted index that includes only open-end diversified core strategy funds with at least 95% of their investments in U.S. markets. Historically, the measure has been used for U.S. pensions, foundations, and other asset owners.

ODCE was the first of the NCREIF Fund Database products and was formed in May 2005. It is an index of investment returns reporting on both a historical and current basis (24 active vehicles). The index is reported gross and net of fees. Measurement is time-weighted and includes leverage.

NCREIF stands for the National Council of Real Estate Investment Fiduciaries, which was founded by Blake Eagle. The NCREIF Property Index (NPI) dates back to 1978. NCREIF is a not-for-profit 501c6 industry trade association that is led by a membership-elected Board of Directors.

From 1971 to 1993, Blake Eagle was Head of Real Estate Consulting at the Frank Russell Company, a global pension fund asset strategy consultant and investment advisor.

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