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

Franz Fuerst, Nick Mansley and Zilong Wang

Research in International Business and Finance, 2021, vol. 58, issue C

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.

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)
Date: 2021
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DOI: 10.1016/j.ribaf.2021.101434

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