Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/234382
Title: REAL ESTATE INVESTMENT TIMING AND PORTFOLIO PERFORMANCE
Authors: TAY PEI LI
Issue Date: 2006
Citation: TAY PEI LI (2006). REAL ESTATE INVESTMENT TIMING AND PORTFOLIO PERFORMANCE. ScholarBank@NUS Repository.
Abstract: The ability of fund managers to predict returns has been debatable in the stock market over the years. Yet, in real estate, it is believed that real estate portfolio managers exhibit the ability to add value, on a risk-adjusted basis, for superior returns to the portfolio through asset selection and investment timing strategies. Owing to the dramatic growth of investment management industry and proliferation of investment funds, predictability of excess returns through skillful portfolio managers becomes relevant. This study attempts to examine real estate portfolio managers for value creation to the portfolio through timing strategy to successfully time new acquisitions. In particular, the Government of Singapore Investment Corporation (GIC Real Estate) portfolio is examined by studying timing of 60 new acquisitions from 1999 to 2004 to evaluate acquisitions timing and the acquired portfolio performance. Using price index, it found that contrarian investment strategy is the mostly widely adopted strategy, compared to momentum strategy. Next, this sample portfolio is evaluated and realized a portfolio return of 75.46% and risk of 11.92% to ascertain portfolio manager forecasting ability for excess returns. Hence, this research looks at the portfolio returns in relationship with the timing strategy. The findings have shown that timing strategy is generally adopted by portfolio managers in strategizing investments.
URI: https://scholarbank.nus.edu.sg/handle/10635/234382
Appears in Collections:Bachelor's Theses

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