This article examines the risk-adjusted, net-of-fee performance of noncore funds and
generally finds that investors would have been better served by merely placing additional …

Real estate strategies broadly fall into three categories: core, value‐added and
opportunistic. This empirical examination of net returns from these three strategies indicates …

Manager selection is a critical step in implementing any investment program. Investors hire
portfolio managers to act as their agents, and portfolio managers are then expected to …