Syftet med denna kandidatuppsats är att gå in i djupet i hur en förvaltare av fastighetsfonder arbetar. Det stora fokusområdet för uppsatsen är processen bakom olika fondförvaltares beslutsfattande där olika faktorer som påverkar detta analyseras. Det vill säga hur beslut fattas mellan olika fastighetsrelaterade tillgångar som aktier och fastigheter i fonden samt vilka faktorer som påverkar portföljen både på mikro- och makronivå. Olika teorier kring förvaltning av fastighetsfonder studeras. Beslutsteori innebär olika modeller för hur beslut fattas och vilka hinder som finns mot att fatta rationella beslut. Förvaltningsstrategier som tas upp innefattar olika mätmetoder för förvaltarens aktivitet, vilka strategier som har fungerat historiskt och vilka riskklasser som fondförvaltaren måste ta hänsyn till. Hållbarhet i förvaltningen, coronapandemins inverkan på olika fastighetssegment, olika förvaltaregenskapers påverkan på fonden och fondavgift studeras också. För att förstå den dagliga förvaltningen för en förvaltare av fastighetsfonder så genomfördes det en kvalitativ studie genom att ställa semistrukturerade frågor för att kunna besvara vår frågeställning. Resultatet visar att för att förvaltaren skall kunna fatta ett så rationellt beslut som möjligt, ser svaren lite olika ut. Bland annat kan man använda sig av en investeringskommitté eller en scoring-modell. Faktorer som påverkar innehaven i aktiefonder och för onoterade bolag är bland annat aktieanalys, hållbarhetskrav och möjligheten till fastighetsutveckling. Makroekonomiska förhållanden har olika inverkan på olika fastighetssegment. Till följd av det allokeras tillgångar i fonden ofta efter makroekonomiska cykler. Sett till de tre hållbarhetsområdena environmental, social och governance (ESG) är environmental den viktigaste. EU-taxonomin kan användas som regelverk för att säkerställa att innehaven i fonden är hållbara. En förvaltare av fastighetsfonder arbetar efter en tydlig struktur. Det kan vara med hjälp av checklistor och investeringskommittéer. Hållbarhet, aktievärdering, framtida tillväxtmöjligheter och makroekonomi är viktiga faktorer när fondförvaltaren väljer vilka tillgångar som ska finnas i fonden. / The purpose of this study is to examine in-depth how Swedish real estate fund managers oversee and optimize the portfolio daily. The main focus area in this essay is the decision-making of real estate fund managers, how decisions are being made regarding assets like stocks and real estate as well as contributing factors that can affect the portfolio at macro-and micro-levels. Different theories in the management of real estate funds are brought up in this study. Decision theory is the study of how decisions are made and contains different models that can be used to make decisions. Decision theory also contains the barriers that make it hard to make rational decisions. Fund management strategies contain different measurements of the fund manager's activeness and different fund risk classes that the fund manager must have in mind when allocating assets in the fund. Theories regarding sustainability in fund management, the coronavirus pandemic impact on different real estate segments, fund manager characteristics and their impact on real estate funds, the fee structure in real estate funds, and historical fund performance are also studied. To understand what a real estate manager's everyday life looks like while handling real estate funds a qualitative study was made by asking semi-structured questions based on the literature to get a general perception of our question at issue. The results show that a manager should be able to make the most rational decision possible. The answers were varied and differed from each other in the sense that some decisions were made through investment committees and some used a scoring model. Factors that influence the holdings that are brought up in this essay for equity funds and unlisted real estate companies are stock valuation, sustainability requirements, and the ability of real estate development. Macroeconomic factors have a different impact on different real estate segments. As a result, the portfolio is managed dependent on the segment and its suitability in current and future macroeconomic cycles. Regarding the three sustainability factors, environmental, social, and governance (ESG) it is clear that the environment is the key area to observe. EU taxonomy is being used as a regulation to secure the possession of sustainable funds. Real estate fund managers have a clear structure in their working life. It can be done with checklists and investment committees. Sustainability, stock valuation, future growth opportunities, and macroeconomics are important factors for fund holdings.

The thesis deals with the composition of the real estate fund portfolio and recommendations for possible changes. The fund consists of real estate in the Czech Republic. The composition of the real estate portfolio is chosen based on an evaluation of the profitability of the property, and on the basis of their building use profile to diversify the risk of focusing on the single segment.

Submitted by Alvaro Germano Albernaz (aga050@gmail.com) on 2016-01-25T12:32:08Z No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-02-05T16:49:09Z (GMT) No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-02-22T12:23:32Z (GMT) No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) / Made available in DSpace on 2016-02-22T12:23:46Z (GMT). No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) Previous issue date: 2015-11-16 / This work intends to subsidize the real estate investment funds investor in choosing a FII investment portfolio in order to obtain performance at or above the industry benchmark (IFIX). Such a grant is made initially by methodology which considers the concept of Efficient Portfolio (Risk / Return) proposed by Markowitz, can work together with the dimension of the concept of Behavioral Finance, led by Daniel Kahneman, constituting the investor’s orientation bases. We add the methodological approach to the indications suggested by Bazerman and Moore, in the decisionmaking process that reduces the effects of heuristics and viésis. To start the way the investor responds to questionnaire of 5 questions that aims to classify the degree of ’capacity and tolerance ―by the IFI prod-uct. From their responses the investor will be referred to a‖ cluster ―of funds, classified according to the perception of retail investor, according to the complexity of analyzing the background. Selected FIIs with potential for application, bring the investor as an ‖Ranking― of the funds in question answering three questionnaires that motivate the expansion of its research in the following dimensions :. (i) Capacity of the fund, (ii) on the (s) Active (s) of the fund, and (iii) of the Income Generation of FII Complementing the creation of ‖Ranking― is also considered its Anchor decision, ie, the main investor reason to choose each selected fund. Finally, we use the concept of Markowitz to identify the most efficient Portfolio considering the ‖Ranking' of the investor, with the EXCEL package with the tool SOLVER. The results of that portfolio were higher than the industry benchmark (IFIX), demonstrating technically than using appropriate tools and establishing a path to guide the investor research in finding structural information you can build an efficient portfolio that helps the his applications long term. / O presente trabalho tem por objetivo subsidiar o investidor de Fundos de Investimento Imobiliário na escolha de uma carteira de aplicação de FIIs, visando obter performance igual ou superior ao índice de referência do setor (IFIX). Tal subsídio é constituído, inicialmente, por uma metodologia que considera que o conceito de Carteira Eficiente (Risco/Retorno) preconizada por Markowitz pode trabalhar em conjunto com a dimensão do conceito das Finanças Comportamentais, liderada por Daniel Kahneman, constituindo as bases de orientação do investidor. Acrescentamos o caminho metodológico com as indicações, sugeridas por Bazerman e Moore, no processo de tomada de decisão, que reduza os efeitos de heurísticas e vieses.