The Charities Property Fund is defensively constructed, has no borrowings and benefits from long leases, relatively strong covenants, good diversification (both regionally and across sectors) and a very low void rate. It has performed well against its peers in the 12 months to March 2009 and, although it posted a negative total return for the period of -23.4%, this was significantly above the average of -27.1% for the IPD PPF All Balanced Funds Index. Whilst it has been disappointing to see commercial property values fall so steeply and so quickly, the Fund is now producing a net yield of 8.8% (compared to the IPD PPF All Balanced Funds Index at 5.9%).