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Putting some real numbers around this provides more color. A fund with $200 million in AUM and zero or negative performance would generate revenue of $3 million. A return of 5% bumps the total revenue up to $5 million. With a 7.5% return, the fund’s revenues are $6 million: $3 million from the management fee and $3 million from the performance fee. Beyond the 7.5% performance mark, the incentive fee becomes the primary revenue contributor. The performance fee effect is what makes the hedge fund model so appealing and unique. Where- as traditional asset management models derive revenues almost exclusively based. | Investment Style and Performance in The Global Real Estate Mutual Fund Market Piet Eichholtz Maastricht University Nils Kok Maastricht University Milena Margaritova Redevco Europe Second Draft March 2009 Preliminary not for quotation Abstract This paper investigates the performance of 402 real estate mutual funds worldwide during the period from March 1997 through April 2007. With the exception of funds targeting Asia these funds generally adhere to their stated investment mandate while global funds are mostly invested in the United States and the United Kingdom. Between 72 percent and 92 percent of the performance of these funds can be attributed to investment style. Grouped per region real estate mutual funds exhibit excess returns that are significantly different from their global and regional benchmarks. Most notable investment managers of North American and Australian real estate mutual funds have negative risk-adjusted returns whereas investment managers of Asian European and global funds are able to create value for investors. Acknowledgements We thank AME Capital and APREA for providing parts of the database. Eichholtz and Kok thank the Real Estate Research Institute for financial support. David Ling and Mark Roberts are thanked for their helpful comments. All remaining errors pertain to the authors. Please send all correspondence to Nils Kok at n.kok@finance.unimaas.nl Maastricht University PO Box 616 6200 MD Maastricht The Netherlands. p 31 0 43 3883838. - 1 - 1. Introduction Investment in bricks and mortar has been shown to have many benefits but direct real estate investments are illiquid require large capital commitments and considerable industry expertise. This has created demand for new financial instruments. The Real Estate Investment Trust Act of 1960 made indirect real estate investment through Real Estate Investment Trusts REITs possible in the United States. Similar legislation in numerous other countries has laid the foundation for a surging .
