PT  - JOURNAL ARTICLE
AU  - Kimberly F. Luchtenberg
TI  - REIT Unit Investment Trusts and Fund Manager Skill
AID  - 10.3905/jai.2022.1.164
DP  - 2022 Jun 30
TA  - The Journal of Alternative Investments
PG  - 129--147
VI  - 25
IP  - 1
4099  - https://pm-research.com/content/25/1/129.short
4100  - https://pm-research.com/content/25/1/129.full
AB  - This article examines fund manager skill using a sample of real estate investment trust unit investment trusts (REIT UITs). Since REIT UITs are limited to a single industry and since the fund managers do not trade, REIT UITs present an ideal sample to study fund manager stock-selection skill. Using a hand-collected sample of REIT UITs from May 2009 to July 2015, this article finds that REIT UITs do not deliver a statistically significant positive alpha. This is the first article to investigate fund manager stock-selection skill in REIT UITs and contributes to the literature evaluating the effectiveness of active fund management.