TAILIEUCHUNG - Luxembourg real estate investment funds September 2011

Our main empirical ndings are as follows. We nd that a range of nancial and macroeconomic variables prove helpful in selecting funds that are capable of generating future alphas. In particular, we nd evidence that a number of investment strategies (that use macroeconomic variables to predict fund returns) generate out-of-sample alphas from 7-9%/year (after fund-level trading costs and fees), when measured with a single-factor model, and from 12-13%/year with a four-factor model that controls for fund exposures to size, book-to-market, and momentum. . | I alfi survey association of the luxembourg fund industry Luxembourg real estate investment funds September 2011 Luxembourg Real Estate Fund Survey 2011 Table of contents Luxembourg Real Estate Funds - the Direct REIFs vs Funds of Real Estate Regulatory Framework Regulated vs Unregulated Legal Structures. 6 Scope and Part I - Direct Real Estate Funds Real Estate Commercial Initiator Legal Structure and Fund Investment Investor Term. 14 Geographical Investment Target Net Asset Value NAV and Gross Asset Value GAV .17 Target Gearing of Number of Type of Investor Financial Accounting Frequency of NAV Valuation Stock Exchange Part II - Funds of Real Estate Commercial Initiator Legal Structure and Investment Investor Term. 32 Geographical Investment Target Net Asset Value NAV and Gross Asset Value GAV .35 Type of Financial Accounting Frequency of NAV Stock Exchange Service

• Quỹ đầu tư
• Enacting Legislation
• Legislative Proposals
• Budget and Performance
• Flexibility – double majors
• specialist fields
• specialist fields
• Appropriation Language
• Operating Levels
• laptops
• desktops
• messaging servers