An Analysis of U.K. Property Funds Classified According to U.S. Styles: Core, Value-added, and Opportunistic

Guoxu Xing, David Geltner and Jani Venter

Journal of Real Estate Portfolio Management, 2010, vol. 16, issue 2, 119-130

Abstract: Executive Summary. This analysis sorts U.K. funds into the three categories that are widely used in the United States—core, value-added, and opportunistic— and then compares the performance of these styles between the U.K. and U.S. The findings reveal two major differences between the U.K. and U.S. funds. First, the core approach represents a smaller portion of the U.K. funds than the U.S. funds and the opposite is true for the value-added approach. One way to improve the feasibility of researchers comparing funds within these two countries is introducing a fourth style, core-plus. Second, the U.S. opportunistic funds are better performing with similar leverage than their U.K. counterparts, while future studies would help draw more precise conclusions about the performance comparisons.

Date: 2010
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DOI: 10.1080/10835547.2010.12089868

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