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Paper: eres2010_318
| Paper title: | PROPERTY INVESTMENT RESULTS OF DUTCH PENSION FUNDS (2004-2008): INTERNATIONAL DIVERSIFICATION IS DISAPPOINTING |
| Authors: | Dijkhuis, Jan-Willem; Meulman, Mariette |
| Summary: | In this study 30 Dutch pension funds were analysed in respect of the results achieved on their property investments over the period 2004 – 2008. The conclusion is that the pension funds that mainly invest internationally have incurred a higher risk than those that invested mainly in the Netherlands. At the same time that higher risk has not produced a higher return. Along with the fact that the return-risk profile of the international property investments (IPD Global) in the period measured was less favourable than the Dutch investments (ROZ-IPD) the most important explanation of the unfavourable risk profile lies in the implementation of the property investment strategy. Dutch pension funds that invested mostly internationally in property have realized a much less favourable return-risk profile in the implementation of the strategy than might be expected on the basis of the global index. |
| Type: | |
| Year of publication: | 2010 |
| Keywords: | Property investment, international diversification, risk-return profile, pension funds, |
| Series: | ERES:conference |
| Download paper: | /pdfs/eres2010_318.content.ppt |
| Citation: | Dijkhuis, Jan-Willem; Meulman, Mariette (2010). PROPERTY INVESTMENT RESULTS OF DUTCH PENSION FUNDS (2004-2008): INTERNATIONAL DIVERSIFICATION IS DISAPPOINTING. 17th Annual European Real Estate Society Conference in Milan, Italy, http://itc.scix.net/paper/eres2010_318 |
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