Drivers of fund performance: a panel data analysis

The principle aim of this research is to elucidate the factors driving the total rate of return of non-listed funds using a panel data analytical framework. In line with previous results, we find that core funds exhibit lower yet more stable returns than value-added and, in particular, opportunistic funds, both cross-sectionally and over time. After taking into account overall market exposure, as measured by weighted market returns, the excess returns of value-added and opportunity funds are likely to stem from: high leverage, high exposure to development, active asset management and investment in specialized property sectors. A random effects estimation of the panel data model largely confirms the findings obtained from the fixed effects model. Again, the country and sector property effect shows the strongest significance in explaining total returns. The stock market variable is negative which hints at switching effects between competing asset classes. For opportunity funds, on average, the returns attributable to gearing are three times higher than those for value added funds and over five times higher than for core funds. Overall, there is relatively strong evidence indicating that country and sector allocation, style, gearing and fund size combinations impact on the performance of unlisted real estate funds.

The return due to diversification of real estate to the US mixed-asset portfolio

Booth and Fama (1992) observe that the compound return and so the terminal wealth of a portfolio is greater than the weighted average of the compound returns of the individual investments, a difference referred to as the return due to diversification (RDD). Thus assets that offer high RDD should be particularly attractive investments. This paper test the proposition that US direct real estate is such an asset class using annual data over the period 1951-2001. The results show that adding real estate to an existing mixed-asset portfolio increases the compound return and so the terminal wealth of the fund. However, the results are dependent on the percentage allocation to real estate and the asset class replaced.

Required returns for real estate in UK pension fund portfolios

The position of Real Estate within a multi-asset portfolio has received considerable attention recently. Previous research has concentrated on the percentage holding property would achieve given its risk/return characteristics. Such studies have invariably used Modern Portfolio Theory and these approaches have been criticised for both the quality of the real estate data and problems with the methodology itself. The first problem is now well understood, and the second can be addressed by the use of realistic constraints on asset holdings. This paper takes a different approach. We determine the level of return that Real Estate needs to achieve to justify an allocation within the multi asset portfolio. In order to test the importance of the quality of the data we use historic appraisal based and desmoothed returns to examine the sensitivity of the results. Consideration is also given to the Holding period and the imposition of realistic constraints on the asset holdings in order to model portfolios held by pension fund investors. We conclude, using several benchmark levels of portfolio risk and return, that using appraisal based data the required level of return for Real Estate was less than that achieved over the period 1972-1993. The use of desmoothed series can reverse this result at the highest levels of desmoothing although within a restricted holding period Real Estate offered returns in excess of those required to enter the portfolio and might have a role to play in the multi-asset portfolio.

Repetitive visiting as a pre-return transnational strategy among youthful Trinidad returnees

Building upon existing Caribbean research by Condon and Duval, we assess how repetitive visiting is, or is not, important to youthful return migrants in their 30s and 40s, who have decided to return more permanently to Trinidad. Is it influential in their social and economic adaptations on return, and does this transnational practice lead to a more permanent return? Our analysis is based on 40 detailed narratives which were collected in 2004-2005. For some returnees, repetitive visiting is influential, for others one visit is enough and for a few, it makes no difference. Yet it is certainly a common practice for 'keeping in touch' among our transnational informants.

Promoting resilience and protective factors in the Children's Fund: supporting children and young people's pathways towards social inclusion?

As part of the broader prevention and social inclusion agenda, concepts of risk, resilience, and protective factors inform a range of U.K. Government initiatives targeted towards children and young people in England, including Sure Start, the Children's Fund, On Track, and Connexions. This paper is based on findings from a large qualitative dataset of interviews conducted with children and their parents or caregiver who accessed Children's Fund services as part of National Evaluation of the Children's Fund research.1 Drawing on the notion of young people's trajectories, the paper discusses how Children's Fund services support children's and young people's pathways towards greater social inclusion. While many services help to build resilience and protective factors for individual children, the paper considers the extent to which services also promote resilience within the domains of the family, school, and wider community and, hence, attempt to tackle the complex, multi-dimensional aspects of social exclusion affecting children, young people, and their families.

Questions of Friendship and Degrees of Transnationality among Second-Generation Return Migrants to Barbados

While the academic literature has demonstrated the importance of social networks in relation to the process of migration, investigations have rarely examined in detail the personal-social adjustment issues that migrants and return migrants face. This study examines the context and types of friendship pattern that young return migrants from Britain cultivate in Barbados. The research centres on a wholly under-researched demographic groupyoung return migrants or second-generation Barbadians who have decided to return to the birthplace of their parents. The investigation is based on 51 in-depth interviews carried out with these young returnees to Barbados. Presenting a taxonomy of friendship types, it is argued that, for the 'Bajan-Brits' under study, the cultivation of new friendships is highly problematic. The research identifies what we refer to as the 'insular transnational', the 'we are different' and the 'all-inclusive transnational' friendship types among the young returnees. Our analysis also shows that problems of friendship are highly gendered, with females reporting the most problems due to what is perceived as sexual and workplace competition. It is stressed that these circumstances exemplify the essentially 'hybrid', 'liminal' and 'in-between' positionality of these second-generation migrants within contemporary Barbadian society.

'Black skins-white masks': Postcolonial reflections on 'race', gender and second generation return migration to the Caribbean

This paper illustrates the opportunities afforded by the adoption of postcolonial discourse in development geography, drawing specifically on issues of transnationalism, hybridity and inbetweeness. The utility of such notions and associated approaches is illustrated by the authors' current research on the migration of young, second generation and foreign-born 'Bajan-Brits' to the small Caribbean island nation of Barbados, the homeland of their parents. Focussing on issues of 'race' and gender, the paper examines the experiences of return migration among this cohort from an interpretative perspective framed within postcolonial discourse. It argues that notwithstanding the considerable sociocultural problems of adjustment encountered, these Bajan-Brit 'returnees' may be seen as occupying positions of relative economic privilege. Theirs is a liminal space derived by virtue of having been born and/or raised in the UK and being of the black 'race'. Accordingly, they are demonstrated to be both advantaged and disadvantaged; both transnational and national; and black but, in some senses, symbolically white.