Do the Managers of Global Real Estate Mutual Funds Have Skills?

Bryan D. MacGregor, Rainer Schulz and Yuan Zhao

Journal of Real Estate Research, 2022, vol. 44, issue 4, 491-522

Abstract: We examine the performance of active, global real estate mutual funds (GREMFs), both at sector and individual fund levels. We apply a bootstrap procedure to separate genuine skills from luck. We find no evidence of skills, but find evidence of lack of skills in the bottom 10% of funds. We find that outsourcing has a positive effect on GREMFs but a negative effect on global mutual funds overall. We also find no evidence of skills in timing or in stock selection. Overall, our results suggest that there is no benefit to a U.S. domestic investor from investing in GREMFs.

Date: 2022
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DOI: 10.1080/08965803.2022.2033398

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