Do specialist funds outperform? Evidence from European non-listed real estate funds
Nick Mansley and
Research in International Business and Finance, 2021, vol. 58, issue C
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.
Keywords: Non-listed real estate funds; Performance analysis; Specialization; International diversification (search for similar items in EconPapers)
JEL-codes: G11 L2 R30 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:58:y:2021:i:c:s0275531921000556
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