||Managing Performance & Risk through Blended Global Investment Strategies
||As real estate investment becomes increasingly global the number of investment funds with exposure across countries and regions is growing. An emerging trend is the use of different routes to access real estate returns with portfolios comprising mixtures of direct real estate, unlisted funds and REITs as well as derivatives and real estate debt with the added dimension of geographical dispersion of assets._The benefits and constraints of each type of real estate exposure will be discussed in the context of a variety of investment strategies, considering a spectrum of investors and mandates to highlight appropriate blends of direct real estate, unlisted funds and listed exposure. Using IPD datasets across more than 30 countries for direct real estate and unlisted real estate funds, combined with MSCI listed real estate indexes, and IPD size estimates of national market universes, it is possible to analyse and compare performance and risk for a number of different investment strategies. Conclusions can then be drawn on the benefits of blended global strategies over more conventional approaches to portfolio construction, which are dominated by domestic, single route strategies._
|Year of publication:
||Global, Investment, Strategy, Blended, Performance
Clacy-Jones, Mark (2015).
Managing Performance & Risk through Blended Global Investment Strategies. 22nd Annual European Real Estate Society Conference in Istanbul, Turkey,