Alpha and Persistence in Real Estate Fund Performance

Posted: 11 Feb 2010

Multiple version iconThere are 2 versions of this paper

Date Written: February 10, 2010


This paper investigates whether fund managers investing in the direct real estate market can systematically and persistently deliver superior risk-adjusted returns. The research that has been published has typically focused on the performance of managers trading public real estate securities. Our study draws on a unique data set of commercial real estate funds collated by the Investment Property Databank (IPD) in the United Kingdom, covering up to 280 funds over the period 1981 to 2006. The widespread finding is that very few managers appear to be able to generate excess risk-adjusted returns. Furthermore, there is little evidence of performance persistence in either fund returns or risk-adjusted fund returns.

Keywords: commercial real estate investment, fund manager performance

JEL Classification: R33, G11, G23

Suggested Citation

Bond, Shaun Alexander, Alpha and Persistence in Real Estate Fund Performance (February 10, 2010). Journal of Real Estate Finance and Economics, Vol. 41, No. 1, 2010, Available at SSRN:

Shaun Alexander Bond (Contact Author)

UQ Business School ( email )

The University of Queensland
Brisbane, QLD 4072

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics