2018年8月20日 星期一

HOW OVER DIVERSIFICATION LOWERS RISK-ADJUSTED RETURNS

(編按:本書作者亦有在英文傳媒撰稿;以下是作者在新加坡 Aspire 所寫,關於本書的短文)

http://aspire.sharesinv.com/57524/how-over-diversification-lowers-risk-adjusted-returns/

The Hong Kong Book Fair, which takes place in July every year, is the major publishing event of Hong Kong.  Last year, my first book on REITs was fortunate to have won a publishing award at the Book Fair’s Hong Kong Biennial Award.
And this year, the same publisher has invited me to write a second book focusing on REIT strategies. The Asia Pacific region has implemented REIT regimes for about 15 years, and Australia, Japan, Singapore and Hong Kong created an entrenched sector, with the top REITs in each economy having joined the top stock index of the respective markets.  At this point, we believe that the economies as a whole have accrued enough experience to review the sector.
While the REIT sector as a whole have delivered respectable total return that is in-line with what investors would expect from a core or core-plus real estate program, individual REIT performance has deviated from the average trends by a significant margin.  Taking Hong Kong as an example, over the last five years, the top REIT has generated a per share dividend growth of 11 percent per annum, versus an average of 6 percent of all Hong Kong REITs. Moreover, the top REIT in Hong Kong has recorded a per year total return of 20 percent since listing, versus an average of 11 percent for all Hong Kong REITs.
Thus, our book focuses on how top REIT management can outperform peers through time by adopting the appropriate operating, investing, and financing strategies. We divided the discussion into five sections that address different aspects of a REIT.

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