He said the average outperformance of 1.9% per year “was not accompanied by increased risk or less diversification”.The research carried out by Cremers and Lizieri, professor of real estate finance at Cambridge University in the UK, looked at 256 funds in IPD’s UK database over the 10 years to the end of 2011.The research compared property holdings by aggregating fund weights by segment and geography in order to compare them to a benchmark. This enabled the researchers to see whether a fund had a higher or lower share of assets managed actively.It then used this adapted active-share measure for property at the segment level in the UK and tested whether higher active-share managers tended to outperform lower active-share managers.Funds in the highest active-share group had 31 properties on average — the lowest number of holdings among all groups — and had an average size of around £200m (€239m).Russell Chaplin, CIO for property at Aberdeen Asset Management, noted that such funds could have been forced to be active because they were too small to enter markets such as prime Central London offices or large shopping centres.He said managers of these types of property portfolios could not track an index and so had to take a bottom-up approach to stock selection to deliver long-term value. “This research is a vindication of that approach and extends principles which have a firm basis in the equity markets to the property sector,” he said.Chaplin added: “This research shows you don’t need to be that big to be able to outperform.”The research also shows that benchmarks are there for measurement purposes and not as construction tools, according to Chaplin.He said it was always tempting for managers to monitor how they were performing relative to an index even if they were not tracking it, which could lead them to change allocations.“This shows you shouldn’t worry about those positions benchmark-related,” he said.“Each manager needs to have the courage of their convictions in the assets they’re selecting and stick with those assets.” Real estate funds are more likely to outperform and generate returns that are less volatile if their sector weightings deviate from the index, according to new research.The study by Aberdeen Asset Management, advised by professors Martijn Cremers and Colin Lizieri, found that funds with the “highest segment active share” — or those with the highest proportion of assets allocated independently of the index — generated an alpha of 1.9% on average per year.The research applied principles to the UK property sector that had previously only been used for equities, to see whether active managers generated outperformance.Cremers, professor of finance at the Mendoza College of Business at the University of Notre Dame in the US, said: “Our study confirms that active management in property has benefitted investors.”
FOLLOW SOPHIE FOSTER ON FACEBOOK The “pizza yurt” is not so much a yurt but it’s still a great spot to make pizzas. The Dayboro Cottages & Llama Walks are for sale an hour northwest of Brisbane. Pictures: Realestate.com.auA stunning property with a side hustle of llamas and a pizza yurt has hit the market in Brisbane’s north.Made up of five luxury cottages, a herd of llamas, a “pizza yurt” and 15.38 hectares in which to roam, plus a house currently used as a manager’s residence, the property brings home the bacon so to speak, with triple income streams.Not only do the cottages get rented out to tourists and visitors, but there was also the llama walk and seven fenced paddocks, some of which were rented out for cattle to graze.Real estate agent Vicki Pain of Ray White Dayboro said it was a unique offering, in a good spot, offering entertainment and accommodation options for those wanting to get away to the Brisbane Hinterland.“The previous owners set up Llama walk,” Ms Pain said. “They originally bought the top house and then purchased the bottom title and built the cabins. The views from up there are just stunning.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 The property is set back from the road.Its unique features saw the Dayboro Cottages & Llama Walks star on Channel 7’s ‘The Great Day Out’ program. It has a four star rating from the Queensland Tourism Industry Council, as well as a 4.5 rating on Tripadvisor. “It’s good for someone looking for a change of lifestyle. It’s an hour’s drive to the city, an hour to the airport and close enough for families to come out,” Ms Pain said.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoThe business has a good record on Tripadvisor.One of its sources of visitors was its location close to popular venues like Ocean View — an award-winning winery, while a popular wedding venue Glengariff Estate was just opposite the property.“It services a lot of those who come up, because we’ve got wedding venues up here with not enough accommodation for guests. The cabins are quite popular. We do get weekend people (too).” Agisted cattle use the fenced paddocks too. Apart from the llamas, there were also alpacas and agisted cattle using the pastures. The property also has a chook house, large storage shed and stable, with a spring fed dam and tank water.Ms Pain said a separate property next door was also for sale — a hilltop farm house used by the owners. The floors of the cottages are polished and each has barbecue facilities.Each cottage has a kitchenette, laundry facilities, an ensuite — one of which also has a spa bath — raked ceilings, polished floors and large balconies looking out over a panorama of the Dayboro Valley with the D’Aguilar range in the distance. Even the two-bedroom manager’s residence has a large deck and the same jawdropping views.“Set well back from the road these bushland retreats offer perfect peace broken only by the sounds of the birds,” was how it was listed. The balconies of the five cottages offer stunning views across the Dayboro Valley.
Mata has already had a positive impact, starting the move that led to United’s opener against Cardiff on Tuesday. Yet it was the man who converted the chance, Robin van Persie, who arguably has the potential to provide the Red Devils with their biggest boost over the second half of the season. The two-time Golden Boot winner’s 11-match absence has coincided with another sharp downturn in United’s season. And, as Moyes pointed out, Van Persie’s contribution can be the significant difference in turning draws and defeats into victories. “That is why you spend the most money on centre-forwards,” said Moyes. “They are the most valued and most talked-about players. They are the people who can make a big difference by sticking the ball into the net. “Some of our performances have been quite good but the game is about winning. When you want to win, you need people like Robin van Persie, who will get you a goal. “Did I think the performance the other night was better than many of the other games? Actually, no I didn’t. What I had was people who could win me the game.” However, it is the knowledge of how critical such contributions can be that means Moyes is wary of asking too much of Van Persie and Wayne Rooney, who had missed almost a month with a groin problem prior to his re-appearance as a substitute against Cardiff, and why they are not certain to start at Stoke. “I need to be careful with them,” said Moyes. “We are more concerned about Robin because he’s been out longer but we are mindful they’re both coming back from injuries and have to make sure they’re ready.” Nevertheless, Moyes has been able to take a more detached view of one of the most hectic days of the season, which the Scot sometimes feels takes on a life of its own, often from the most spurious of bases. “I am surprised so many people believe so much of it,” he said. “I am a football fan. But I hear people picking up stories that we are after certain players when it is a load of rubbish. “It is comic-book stuff.” David Moyes put the ‘closed for business’ sign up at Manchester United just after lunchtime on transfer deadline day insisting he felt far more in control than the hectic final few hours in August. This time around, a far more measured approach has been taken. As Moyes predicted, the targets he was looking at have largely proved impossible to prise out of their present clubs. Yet United were still able to make the biggest impact, splashing out a club record £37.1million on Juan Mata last weekend. “Yes,” said Moyes, when asked whether he felt more in charge. “But that is what we said; I would know more as we went along. “I wasn’t going to come into the club and be able to get all the players we felt we needed. But there were reasons for that. “I had to make sure all the players had an opportunity to show me what they could do. It wasn’t for me to come in and throw people out of the door. “I had to be as fair as possible. We have got one, we will add more to it in time.” Moyes’ first transfer window as United manager ended in chaos, with bids flying in for various players including one for Real Madrid defender Fabio Coentrao that did not offer enough time for the Spain heavyweights to find a replacement, scuppering the entire deal. The arrival of three men, who remain unknown to United chief executive Ed Woodward, at La Liga headquarters supposedly attempting to force through the transfer of Ander Herrera from Athletic Bilbao exemplified the confusion, with Marouane Fellaini eventually arriving from Everton for £27.5million minutes before the 11pm cut-off point. Press Association
Syracuse (8-6) split Saturday’s games against George Mason (4-6) and Monmouth (4-2) in the Patriot Classic Tournament. It was the first day of games in the tournament after Friday’s game against Army was canceled due to weather.The day’s games started with Syracuse beating George Mason, 9-0, in six innings. SU’s scoring started at the end of the second inning when freshman Lailoni Mayfield grounded out to first base, driving junior Bryce Holmgren home.Holmgren scored again in the fifth inning, joining Alicia Hansen and Gabby Teran in the frame’s scoring. Hansen and Teran also scored the final two runs of the game when Holmgren singled in the middle of SU’s at-bats in the top of the sixth. Mayfield, Toni Martin and Sammy Fernandez were the other SU players to score against the Patriots.AnnaMarie Gatti started in the circle for the Orange. After Gatti allowed four walks and one strikeout in the first inning, sophomore Alexa Romero came in. Romero struck out 11 batters and walked three in the last five innings of the game. She let up one hit in the bottom of the fourth.The Monmouth game reached the end of seven innings tied 2-2, going into an eighth inning where Monmouth would score a run and win the game, 3-2.AdvertisementThis is placeholder textMonmouth scored its first two runs in the top of the second inning off a single. SU’s Neli Casares-Maher tripled in the bottom of the second, sending Holmgren home. She scored off the next at-bat on a wild pitch to tie the game.No one scored again until the eighth inning when an RBI double by Monmouth scored the game-winning run.Gatti started the Monmouth game and pitched the first three innings. Miranda Hearn came in at the top of the fourth and stayed in until the fifth when Romero came in. By the top of the eighth inning, Romero reached 10 strikeouts for the second time in two games. Comments Published on March 3, 2018 at 6:49 pm Contact Kaci: email@example.com Facebook Twitter Google+