Real Estate Mutual Funds: Abnormal Performance and Fund Characteristics

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...

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Bibliographic Details
Published in:The journal of real estate portfolio management 2000-07, Vol.6 (3), p.239-247
Main Authors: O'Neal, Edward S., Page, Daniel E.
Format: Article
Language:English
Subjects:
Abnormal returns
Asset management
Bond funds
Equity
Equity funds
Growth theory
Index funds
Investment
Investment advisors
Money market mutual funds
Mutual funds
Portfolio management
Portfolio performance
Ratios
Real estate
Real estate economics
Real estate indices
Real estate investment trusts
Real estate market
Real estate markets
Regression analysis
REITs
Stock market indices
Studies
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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 twentyeight 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.
ISSN:1083-5547
2691-1205
DOI:10.1080/10835547.2000.12089613