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The Journal of Portfolio Management

The Journal of Portfolio Management

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Article

Portfolio Strategy and Structure Take Center Stage:
“How, What, Where, and When?” Replace “Why?”

Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon and Asieh Mansour
The Journal of Portfolio Management Special Real Estate Issue 2013, 39 (5) 12-20; DOI: https://doi.org/10.3905/jpm.2013.39.5.012
Jim Clayton
is vice president of research at Cornerstone Real Estate Advisers in Hartford, CT. jclayton@cornerstoneadvisers.com
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Frank J. Fabozzi
is a professor of finance at EDHEC Business School in Nice, France. frank.fabozzi@edhec.edu
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S. Michael Giliberto
is an adjunct professor in the Graduate School of Business at Columbia University in New York, NY. michael.giliberto@verizon.net
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Jacques N. Gordon
is global investment strategist at LaSalle Investment Management in Chicago, IL. jacques.gordon@lasalle.com
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Youguo Liang
is the global head of research for real estate and infrastructure at the Abu Dhabi Investment Authority in Abu Dhabi, U.A.E. youguo.liang@adia.ae
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Greg MacKinnon
is the director of research at the Pension Real Estate Association in Hartford, CT. greg@prea.org
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Asieh Mansour
is a retired real estate economist and consultant in Piedmont, CA. asiehmansour@gmail.com
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Abstract

Real estate has become more accepted as a basic building block of a well-diversified institutional portfolio over the past decade. The debate around the question “Why Real Estate?” has largely been put to rest. The most relevant research questions about the asset class now revolve around more detailed issues in optimal allocations under different situations and in light of new trends, and also around details of how implementation of a real estate allocation (i.e. the actual investments made) should be done and how it affects the risk/return characteristics of the final portfolio. The relevant new trends in the industry and the associated research questions are discussed.

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The Journal of Portfolio Management: 39 (5)
The Journal of Portfolio Management
Vol. 39, Issue 5
Special Real Estate Issue 2013
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Portfolio Strategy and Structure Take Center Stage:
“How, What, Where, and When?” Replace “Why?”
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2013, 39 (5) 12-20; DOI: 10.3905/jpm.2013.39.5.012

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Portfolio Strategy and Structure Take Center Stage:
“How, What, Where, and When?” Replace “Why?”
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2013, 39 (5) 12-20; DOI: 10.3905/jpm.2013.39.5.012
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  • Article
    • Abstract
    • ASSET ALLOCATION
    • IMPLEMENTING AN ALLOCATION
    • “WHY REAL ESTATE?” REPLACED BY “HOW, WHAT, WHEN, AND WHERE?”
    • THE LEGACY OF SUSAN HUDSON-WILSON
    • ENDNOTES
    • REFERENCES
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Cited By...

  • Non-Traditional Property Types: Part of a Diversified Real Estate Portfolio?
  • Alternatives: How? How Much? Why?
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