X hits on this document

PDF document

Generali Investor Day 2010 - page 7 / 40

118 views

0 shares

0 downloads

0 comments

7 / 40

Introduction

C. Real Estate vs. Other Asset Classes (1/2)

US

Europe

30 years

9 years

9.8%

6.1%

10.0%

4.1%

10.8%

1.9%

Property versus other asset classes: Long-term performance

Total return

(annual in %)

Bond All property Equities

Source: EUROPE -All property: IPD all European pooled property fiunds index, Equities: Morgan Stanley Capital International, Bonds: JP Morgan Co Incorporated USA- IBBOTSON 2009 (1978 to 2008 data) Property: NCREIF-MIT, Equities: S&P 500, Bonds: US Long-term (20 y) Treasury Ibbotson.

  • Real estate is a significant asset class with specific characteristics:

    • Size of the real estate market

    • Risk/return profile (between stocks and bonds)

    • Diversification benefits due to low cross-correlation with financial assets

    • High proportion of total return in current cash yield

    • Hedge against unanticipated inflation

  • Real estate’s relatively low correlation with other asset classes make it a source of diversification in a portfolio.

Source: Generali Immobiliare Research

Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

7

Document info
Document views118
Page views118
Page last viewedWed Dec 07 19:25:14 UTC 2016
Pages40
Paragraphs957
Words3911

Comments