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Do the Managers of Global Real Estate Mutual Funds Have Skills?

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  • Bryan D. MacGregor
  • Rainer Schulz
  • Yuan Zhao

Abstract

We examine the performance of active, global real estate mutual funds (GREMFs), both at sector and individual fund levels. We apply a bootstrap procedure to separate genuine skills from luck. We find no evidence of skills, but find evidence of lack of skills in the bottom 10% of funds. We find that outsourcing has a positive effect on GREMFs but a negative effect on global mutual funds overall. We also find no evidence of skills in timing or in stock selection. Overall, our results suggest that there is no benefit to a U.S. domestic investor from investing in GREMFs.

Suggested Citation

  • Bryan D. MacGregor & Rainer Schulz & Yuan Zhao, 2022. "Do the Managers of Global Real Estate Mutual Funds Have Skills?," Journal of Real Estate Research, Taylor & Francis Journals, vol. 44(4), pages 491-522, October.
    • Handle: RePEc:taf:rjerxx:v:44:y:2022:i:4:p:491-522
    DOI: 10.1080/08965803.2022.2033398
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