Do the Managers of Global Real Estate Mutual Funds Have Skills?

Bryan MacGregor, Rainer Schulz, Yuan Zhao* (Corresponding Author)

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


We examine the performance of active, global real estate mutual funds (GREMFs), both at sector and individual fund levels. We apply a bootstrap procedure to separate genuine skills from luck. We find no evidence of skills, but find evidence of lack of skills in the bottom 10% of funds. We find that outsourcing has a positive effect on GREMFs but a negative effect on global mutual funds overall. We also find no evidence of skills in timing or in stock selection. Overall, our results suggest that there is no benefit to a U.S. domestic investor from investing in GREMFs.
Original languageEnglish
Pages (from-to)491-522
Number of pages32
JournalJournal of Real Estate Research
Issue number4
Early online date4 Apr 2022
Publication statusPublished - Apr 2022


  • mutual fund performance
  • real state
  • global investment
  • bot-strap


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