Abstract
Practical Applications Summary In Real Estate in Mixed-Asset Portfolios for Various Investment Horizons, from the Special Real Estate Issue 2019 of The Journal of Portfolio Management, Jean-Christophe Delfim and Martin Hoesli of the Geneva School of Economics and Management at the University of Geneva examine how US real estate performs in a mixed-asset portfolio over the course of multiple investment horizons. Unlike the authors of other studies, Delfim and Hoesli use nearly 30 years of data, including the global financial crisis (GFC). Considerations included direct real estate, real estate investment trusts (REITs), non-listed real estate funds, and alternative investments. The results reveal that direct real estate is best allocated as 10% to 20% of medium- to long-term investors’ portfolios. REITs may also be used in conjunction with direct investments over this time horizon. Short-term real estate investments, on the other hand, should include open-end core funds rather than direct investments. TOPICS:Statistical methods, real estate, risk management
Published Version
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