PT  - JOURNAL ARTICLE
AU  - Colin Lizieri
TI  - After the Fall: <em>Real Estate in the Mixed-Asset Portfolio</em>
               <br/>
               <em>in the Aftermath of the Global Financial Crisis</em>
AID  - 10.3905/jpm.2013.39.5.043
DP  - 2013 Sep 30
TA  - The Journal of Portfolio Management
PG  - 43--59
VI  - 39
IP  - 5
4099  - https://pm-research.com/content/39/5/43.short
4100  - https://pm-research.com/content/39/5/43.full
AB  - 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