%0 Journal Article %A Dave Esrig %A Susan Kolasa %A Luigi Cerreta %T Assessing the Impact of Real Estate on Target Date Fund Performance %D 2013 %R 10.3905/jpm.2013.39.5.144 %J The Journal of Portfolio Management %P 144-155 %V 39 %N 5 %X Defined benefit (DB) plans have used direct real estate in their asset allocations for forty years. Defined contribution (DC) plan sponsors are using the shift to asset allocation funds as an opportunity to do the same. We found that if direct properties were added to target date funds over the past four decades, DC participants in these funds would have experienced substantially improved risk-adjusted performance.TOPICS: Real estate, retirement, in portfolio management %U https://jpm.pm-research.com/content/iijpormgmt/39/5/144.full.pdf