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Do specialist funds outperform? Evidence from European non-listed real estate funds

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Listed:
  • Fuerst, Franz
  • Mansley, Nick
  • Wang, Zilong

Abstract

This study aims to determine if specialization led to higher financial performance for European non-listed real estate funds. Funds may either specialize in a particular country and/or property type or manage a broadly diversified portfolio. The findings suggest that after adjusting for relevant performance drivers, both country specialization and country-sector specialization are associated with superior returns while sector specialization is not. The outperformance of country and country-sector specialist funds was particularly pronounced during the recovery and growth period of European real estate markets from 2010 to 2019.

Suggested Citation

  • Fuerst, Franz & Mansley, Nick & Wang, Zilong, 2021. "Do specialist funds outperform? Evidence from European non-listed real estate funds," Research in International Business and Finance, Elsevier, vol. 58(C).
    • Handle: RePEc:eee:riibaf:v:58:y:2021:i:c:s0275531921000556
    DOI: 10.1016/j.ribaf.2021.101434
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    More about this item

    Keywords

    Non-listed real estate funds; Performance analysis; Specialization; International diversification;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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