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

Bryan MacGregor, Rainer Schulz, Yuan Zhao

Research output: Working paperDiscussion paper

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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
Place of PublicationAberdeen
PublisherUniversity of Aberdeen
Number of pages40
Publication statusPublished - Aug 2020

Publication series

NameDiscussion Papers in Economics and Finance
PublisherUniversity of Aberdeen Business School
ISSN (Electronic)0143-4543


  • mutual fund performance
  • real estate
  • global investment
  • bootstrap


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