Globale Portfoliodiversifizierung im Rahmen der Anlagestrategie offener Immobilienpublikumsfonds

Due to the general globalisation of the German real estate market the open-ended real estatefunds diversify their portfolios globally. This development became possible because of legaldeliberalisation and the rising demand for internationally diversified investment products. Thepaper investigates the question whether a geographically diversification of open-ended realestate funds is an appropriate strategy for achieving a better fund performance. For these purposesthe data of 16 open ended real estate funds were analysed. The results are not unambiguousbut tend to argue for a positive correlation of level of diversification and fund performance.