Document Type

Article

Publication Date

2007

Publication Title

Financial Services Review

Volume

16

Issue

4

Pages

261-273

Abstract

We find that the characteristics of real estate related securities are different from those of the general common equities. To help investors understand better the products offered by real estate mutual funds, we develop style descriptors that are specifically created for real estate related securities. Among the universe of real estate securities, we find real estate funds tilt toward large stocks and favor growth moderately over value. Growth managers outperform value mangers in this sector by 1.51% to 2.30% per year. However, there is evidence of shifts in the investment style among the funds. Our results help investors in evaluating real estate fund performance and making better asset allocation decisions.

Comments

Posted with the permission of the publisher.

Original Publication Citation

Lin, C., & Yung, K. (2007). Real estate mutual funds: A style analysis. Financial Services Review, 16(4), 261-273.

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