Register now for the Nick Tyrrell Research Seminar 2021 on Tuesday 9 February at 11:00 CET.
The Nick Tyrrell Research Prize was established in 2011 by the IPF, INREV and SPR to acknowledge innovative and high quality, applied research in real estate investment.
The winners of the 2020 Nick Tyrrell Research Prize, joint authors Jean-Christophe Delfim and Prof. Martin Hoesli, both of the Geneva School of Economics and Management, University of Geneva, will present their finds for their paper, ‘Real Estate in Mixed-Asset Portfolios for Various Investment Horizons’
The paper explores the role of real estate in a mixed-asset portfolio for various investment horizons and expands the literature by considering the various ways of gaining exposure to the asset class, i.e. direct real estate, REITs, and non-listed real estate funds, as well as other alternative investments. The authors find that medium- to long-term investors should allocate 10% to 20% of their portfolio to direct real estate, whereas short-term investors should focus on open-end core funds. They also report that including commodities, private equity, and hedge funds in a portfolio enhances the portfolio’s performance but the allocation to real estate barely changes. The abstract of the paper can be accessed here.
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