Direct and Indirect Investment for International Diversification
Direct and Indirect Investment for International Diversification
Direct and Indirect Investment for International Diversification
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Switching Model – <strong>Indirect</strong> or <strong>Direct</strong><br />
4.0<br />
3.0<br />
IPD EY less 5-year Swap Rate (%)<br />
2.0<br />
1.0<br />
0.0<br />
-1.0<br />
-2.0<br />
-3.0<br />
-4.0<br />
-5.0<br />
<strong>Direct</strong> market to outper<strong>for</strong>m<br />
over following 12 months<br />
<strong>Indirect</strong> market to outper<strong>for</strong>m<br />
over following 12 months<br />
Point of indifference<br />
Oct-03 to Sept-04<br />
Oct-02 to Sept-03<br />
Oct-01 to Sept-02<br />
-6.0<br />
-6.5 -5.5 -4.5 -3.5 -2.5 -1.5<br />
FTSE Real Estate DY less IPD EY (%)<br />
Sources: Datastream, IPD