Some Additional Evidence on the Performance of Commingled Real Estate Investment Funds

William B. Brueggeman (), A.H. Chen () and Thomas Thibodeau ()
Additional contact information
William B. Brueggeman: E.L.Cox School of Business Southern Methodist University Dallas, Texas 75275, http://www2.cox.smu.edu/
A.H. Chen: E.L.Cox School of Business Southern Methodist University Dallas, Texas 75275, http://www2.cox.smu.edu/

Journal of Real Estate Research, 1992, vol. 7, issue 4, 433-448

Abstract: This paper examines the investment performance of two commingled real estate investment funds (CREFs) over the past twenty years. Results indicate that these funds: (1) offered very good portfolio diversification potential by reducing risk and increasing return; and (2) provided a good hedge against (anticipated) inflation over the entire period of study. Risk-adjusted performance for these CREFs generally remained superior to stock and bond performance because of the lower volatility in CREF returns. While CREFs provided a significant hedge against inflation during the 1972-1991 period, this hedge was significantly diminished during the 1984-1991 period, a period when the rate of inflation was relatively low.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1992
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