Real estate portfolio diversification takes many forms, most of which can be associated with size (value). Larger portfolios are assumed to have greater diversification potential than small portfolios. In addition, since greater diversification is generally associated with lower risk it is...

A stylized fact in the real estate diversification literature is that sector (property type) effects are relatively more important than regional (geographical) factors in determining property returns. Thus, for those portfolio managers who follow a top‐down approach to portfolio management,...

Surveys of 'experts' have been undertaken to obtain forecasts of the future risk and return relationship of Property with Equities and Bonds in both the USA and the UK. The mean or median values of these forecasts have been used in asset allocation models to justify Property's position in the...

The performance of a sample of real estate funds over the period 1989-2001 is analysed in order to assess the fund manager's selection and timing ability. In addition to conventional performance measures a number of alternative techniques are also used in order to overcome potential biases...

This paper investigates the potential benefits and limitations of equal and value-weighted diversification using as an example the UK institutional property market. To achieve this it uses the largest sample (392) of actual property returns that is currently available, over the period 1981 to...