Abstract
Executive Summary. The assets in real estate mutual funds have increased by a factor of thirty-eight over the past eight years. This rate of growth far outstrips equity and bond mutual funds over the same period. Given the growing popularity of mutual funds as a way to invest in real estate, questions arise about the performance that these funds provide relative to real estate index portfolios. In this study, we measure the abnormal returns over the three-year period 1996-98 for a sample of twenty-eight real estate funds. We find that, as a group, real estate mutual funds do not deliver positive abnormal performance and that expense ratios, turnover and fund age are all correlated with fund performance.
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