TAILIEUCHUNG - Real Estate Opportunity Funds: Past Fund Performance as an Indicator of Subsequent Fund Performance

Now that we’ve reviewed the building blocks for money market funds, it’s time to apply what you’ve learned. Imagine you’ve been given the task of managing a large multibillion-dollar money market fund. What would you do? Let’s give it a ’ll assume that the fund is a taxable general purpose money market mutual fund. Your responsibility to investors means that you will to do everything you can to maintain the stable $ NAV and to assure liquidity any time a shareholder wants to withdraw cash—while providing a competitive yield. You have to keep your eye on all of these objectives at the same time | Real Estate Opportunity Funds Past Fund Performance as an Indicator of Subsequent Fund Performance Thea C. Hahn David Geltner and Nori Gerardo-Lietz This Version March 2005 Forthcoming Journal of Portfolio Management Institutional Investor Inc. ABSTRACT Real estate opportunity funds are one of the fastest growing segments of the real estate investment industry. The real estate equivalent of the private equity and alternative investments asset classes that seek high returns by taking on more risk in highly illiquid private investments opportunity funds rely heavily on the skill and expertise of the fund managers. This article investigates an important dimension and indicator of management performance by examining whether the investment performance of real estate opportunity funds displays persistence between subsequent funds launched by the same manager. Analytical tests similar to those used to analyze performance persistence in stock mutual funds and hedge funds suggest that relative performance in real estate opportunity funds is persistent for consecutive funds both for winners and for losers . However relative performance appears to be mean-reverting or even reversing over longer time spans between fund launchings. We find less persistence in returns net of management fees which suggests that successful managers are able to effectively charge higher fees on subsequent funds while less successful managers must charge lower fees at least relative to the successful managers . - Senior Analyst- Corporate Portfolio Analytics 200 High Street Boston MA 02110. George Macomber Professor of Real Estate Finance Director MIT Center for Real Estate 77 Massachusetts Ave. Cambridge MA 02139 contact author dgeltner@ . Principal Pension Consulting Alliance Inc. 53 Forest Ave. Old Greenwich CT 06870. Real Estate Opportunity Funds Past Fund Performance as an Indicator of Subsequent Fund Performance I. Introduction Real estate opportunity funds also known as opportunistic .

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