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GRAPH OF THE MONTH
Many investors see the listed real estate sector as a bond proxy and will tend to reduce holdings when they expect rising interest rates. Others see it as just another equity sector with a relatively low liquidity and would not take time to analyze the merits of it as they think buying equities will give them the same kind of returns on the long run.
At DPAM, based on fundamental analysis, we are of the opinion that listed real estate is certainly not a bond proxy and would rather benefit of the sources of higher rates being higher growth and inflation expectations. On the other hand the diversification of listed real estate is evident as correlation with equities is low and correlation with direct real estate is high when holding to your investment for the medium term. We see listed real estate as an important building block of a global portfolio, to which it will provide attractive risk adjusted returns and significant diversification next to equities and bonds.