For 2-3, you will first need to compute the benchmark return based on the IPD data in Exhibit 13. Then, for each fund, you should analyze the premium/discount in the average unlevered return over...

For 2-3, you will first need to compute the benchmark return based on the IPD data in Exhibit 13. Then, for each fund, you should analyze the premium/discount in the average unlevered return over benchmark is attributed to the property-type mix or the manager’s ability to pick a good project in each property type.

• In the fund level decomposition, you also need to compute the fund average returns and promote.