Active vs. Passive Fund Performance in European listed real estate
This research paper examines the performance of active and passive funds for European listed real estate in the period 2006-2021 covering a literature review, comparative statistical analysis of returns and other key fund metrics, and finally the development of an empirical model to investigate relative performance of active and passive funds and identify features of top performing funds in terms of size and strategy.
The empirical analysis suggests a strong positive relationship between active management and superior risk-adjusted returns (net of fees) relative to passive management. The results indicate that active funds on average earn 3.2% higher returns relative to passive funds over the long run.
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