Abstracts for Vol.
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This is done using data from the Townsend Real Estate Universe on CREFs. The results provide information on how fund managers currently view international real estate. Since U.S. pension fund investment in international real estate is expected to grow, these results provide valuable insights for investors formulating international real estate investment strategies. The evaluation of investment fund performance has been one of the main developments of modern portfolio theory. However, such studies implicitly assume that the risk level of the portfolio is stationary through the evaluation period, something that would seem unlikely in an actively managed portfolio.