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Paper eres2010_318:
PROPERTY INVESTMENT RESULTS OF DUTCH PENSION FUNDS (2004-2008): INTERNATIONAL DIVERSIFICATION IS DISAPPOINTING

id eres2010_318
authors Dijkhuis, Jan-Willem; Meulman, Mariette
year 2010
title PROPERTY INVESTMENT RESULTS OF DUTCH PENSION FUNDS (2004-2008): INTERNATIONAL DIVERSIFICATION IS DISAPPOINTING
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary In this study 30 Dutch pension funds were analysed in respect of the results achieved on their property investments over the period 2004 2008. The conclusion is that the pension funds that mainly invest internationally have incurred a higher risk than those that invested mainly in the Netherlands. At the same time that higher risk has not produced a higher return. Along with the fact that the return-risk profile of the international property investments (IPD Global) in the period measured was less favourable than the Dutch investments (ROZ-IPD) the most important explanation of the unfavourable risk profile lies in the implementation of the property investment strategy. Dutch pension funds that invested mostly internationally in property have realized a much less favourable return-risk profile in the implementation of the strategy than might be expected on the basis of the global index.
keywords Property investment, international diversification, risk-return profile, pension funds,
series ERES:conference
email jan-willem@lymos.eu
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (609,280 bytes)
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ratings
session Indirect Real Estate Investment (sponsored by INREV)
last changed 2010/08/04 20:47
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