Consilia Capital: Research Compendium 2016

Each of our Real Estate and Infrastructure Securities Funds Monthly publications features a research article.
Typically these will come from one of three sources:

  1. Academic papers presented at conferences or published in Journals
  2. Reports produced by independent / commercial organisations
  3. The Consilia Capital proprietary database

Our aim in highlighting these papers is to showcase the latest information and thinking around the general topic of asset management as it relates to real estate, infrastructure and real asset funds, specifically those which incorporate a listed content in their portfolios. Last year we increased the number of infrastructure funds in our database to reflect the growing demand in this area, and the increasing interest in “real asset” funds which offer secure income streams, capital preservation, and some form of inflation protection. As a result we featured more papers related to this topic than previously.

A number of clients have asked that we package the research element of the Monthlies into a separate document, which can be used as a standalone reference piece. We have therefore produced this document which highlights the key papers featured in 2016, and groups them into topic areas, so that they can be easily read and referenced.

If this format proves popular we will update at regular intervals, as well as incorporate (and update) the key research that remains relevant in our Monthlies from 2013, 2014 and 2015.

We have grouped the research into four broad areas, and in each area have tried to answer straightforward questions, namely;

  1. The role of REITs in Pension Funds: How do they contribute to risk-adjusted performance?
  2. Listed Infrastructure: Is it a separate Asset Class?
  3. REIT ETFs: How do they impact REIT pricing and performance?
  4. REIT Strategies: How do single sector strategies affect performance? Is there a vintage effect for Real Estate Securities Funds?

An executive summary (ps 3-5) provides the key findings and concise answers to these questions.
Following that we provide a fuller summary of each paper.