TY - JOUR T1 - After the Fall: <em>Real Estate in the Mixed-Asset Portfolio</em> <br/> <em>in the Aftermath of the Global Financial Crisis</em> JF - The Journal of Portfolio Management SP - 43 LP - 59 DO - 10.3905/jpm.2013.39.5.043 VL - 39 IS - 5 AU - Colin Lizieri Y1 - 2013/09/30 UR - https://pm-research.com/content/39/5/43.abstract N2 - The global financial crisis led some investors to question the benefits of real estate as a risk diversifier in mixed asset portfolios as falling real estate capital values coincided with the bear market in equities: private real estate appeared not to deliver diversification when it was most needed. An analysis of UK private real estate returns, corrected for appraisal effects using a regime-based filtering process confirms that the relationship between real estate and other financial assets is time-varying: but suggests that there remain strong benefits from including commercial real estate in the mixed asset portfolio.TOPICS: Real estate, financial crises and financial market history, in portfolio management ER -