Globale Portfoliodiversifizierung im Rahmen der Anlagestrategie offener Immobilienpublikumsfonds

Abstract

Due to the general globalisation of the German real estate market the open-ended real estate funds diversify their portfolios globally. This development became possible because of legal deliberalisation and the rising demand for internationally diversified investment products. The paper investigates the question whether a geographically diversification of open-ended real estate funds is an appropriate strategy for achieving a better fund performance. For these purposes the data of 16 open ended real estate funds were analysed. The results are not unambiguous but tend to argue for a positive correlation of level of diversification and fund performance.