TY - CONF T1 - PROPERTY INVESTMENT RESULTS OF DUTCH PENSION FUNDS (2004-2008): INTERNATIONAL DIVERSIFICATION IS DISAPPOINTING T2 - 17th Annual European Real Estate Society Conference Y1 - 2010 A1 - Dijkhuis, Jan-Willem A1 - Meulman, Mariette AB - In this study 30 Dutch pension funds were analysed in respect of the results achieved on their property investments over the period 2004 ñ 2008. The conclusion is that the pension funds that mainly invest internationally have incurred a higher risk than those that invested mainly in the Netherlands. At the same time that higher risk has not produced a higher return. Along with the fact that the return-risk profile of the international property investments (IPD Global) in the period measured was less favourable than the Dutch investments (ROZ-IPD) the most important explanation of the unfavourable risk profile lies in the implementation of the property investment strategy. Dutch pension funds that invested mostly internationally in property have realized a much less favourable return-risk profile in the implementation of the strategy than might be expected on the basis of the global index. JA - 17th Annual European Real Estate Society Conference T3 - ERES: Conference CY - Milan, Italy U3 - RePEc:arz:wpaper:eres2010_318 J1 - Conference 2010 ID - oai:eres.id:eres2010_318 M3 - 10.15396/eres2010_318 ER -