Alpha and persistence in UK property fund management [electronic resource] summary report
Alpha and persistence in UK property fund management summary report [electronic resource]
- London IPF 2008
Considers whether UK property funds can deliver persistent performance relative to a benchmark and on a risk-adjusted basis (i.e. alpha). Finds that overall, the evidence for systematic out-performance and alpha in property fund performance is not strong. Suggests it is limited to a small elite who can sustain such out-performance over relatively long periods. Good assets are the most consistent and influential factor accounting for out-performance and alpha. Reports that most investors interviewed did not see property as an alpha-generating asset class. Concludes that no fundamental changes in property investment strategies are indicated.
United Kingdom--
Considers whether UK property funds can deliver persistent performance relative to a benchmark and on a risk-adjusted basis (i.e. alpha). Finds that overall, the evidence for systematic out-performance and alpha in property fund performance is not strong. Suggests it is limited to a small elite who can sustain such out-performance over relatively long periods. Good assets are the most consistent and influential factor accounting for out-performance and alpha. Reports that most investors interviewed did not see property as an alpha-generating asset class. Concludes that no fundamental changes in property investment strategies are indicated.
United Kingdom--