REITS: The Real Real Estate Factors
“We believe that some sectors, like listed real estate, are sufficiently different fundamentally to make general equity market factors potentially inconsistent with the asset class and sub-optimal to capitalize on systematic sources of returns in those sectors.” comments Witold Witkiewicz
REITS and Real Assets: Building AI Manager
Kania Advisors, London-based research and advisory firm focused exclusively on institutional real assets allocations and investment programmes is expanding its analytics to combine the firm’s sector specific factor-based solutions with AI methods to include forward-looking information flow. The combined analytical solutions will form a separate product and will not affect the current factor-based analytics that are used for the firm’s multi-factor alternative beta indices.
REITS: Summing up a decade of active management, "Why won't active managers pick stocks?"
"Looking at portfolio construction practices in global real estate securities funds over the past decade-plus, the one thing that asset owners probably want to ask about their actively managed allocations is "Why won't active managers pick stocks?" comments Witold Witkiewicz, Founder of Kania Advisors.
Strong factor-driven performance for Kania Global Agriculture CAI Index
Kania Global Agriculture CAI Index outperformed its market-cap weighted benchmark by 182bps in the month of June 2019, taking the 3-month and 6-month (and YTD) outperformance to 118bps and 514bps respectively.
REITS: Simple replication of active management with smart beta indices
Kania Global Real Estate Indices, CAI and CORE smart beta indices, can be used to replicate the performance of actively managed products to a high degree.
Exchange Traded Forum, Efficient Allocations to Listed Real Estate Using Smart Beta
Speaking today at Exchange Traded Forum 2019 in London organized by Radius Europe and sponsored by the Financial Times, among others, Witold Witkiewicz explained why institutional investors allocating to listed real estate are facing significant inefficiencies in both actively managed options as well as those based on general equity market factors and the solutions that can fundamentally improve alpha generation.
Performance of #smartbeta indices for global real estate securities in 2018: general fundamental factors and real estate specific factors
Factors specific to real estate provided positive performance in #smartbeta indices compared to general fundamental factors applied to global real estate securities sector.
Value factor... now you see me, now you don't ...and you won't(?)
Investors with exposure to factor based strategies are likely to have value (or growth, being the opposite so we will only refer to value here) as their main allocation. In this note we aim to illustrate that value, as commonly defined, is likely to continue to underperform due to structural aspects.
Kania Advisors expands to cover listed real assets markets
In addition to factor research of listed global real estate securities markets, Kania Advisors is expanding its coverage to include listed infrastructure and agriculture sectors. The company will also provide both specific structural factor data as well as factors based on machine learning processes applied to market data.
REITS: State of Active Management, H2 2018
Generally, active managers have continued to improve active profile, the overall active share for the sector as of H2 2018 stands at 56% compared to 52% in H2 2017. There has also been a meaningful improvement in active share of large-caps, a segment that historically had low active share utilization. On the other hand, there has been an increase in portfolio concentration in less liquid small-caps.