The global active manager tracker follows the quarterly investment holdings by the 25 largest actively managed funds invested globally. As of the end of third quarter of 2025, the funds were invested in 33 countries and regions with $17 billion in assets.
In the third quarter, active managers were overweight in the Americas compared to the FTSE/EPRA Nareit Developed Extended Index and underweight Europe, the Middle East, and African region (EMEA). As for the regional sectors with the largest quarterly and annual gains, Asia Pacific (APAC) diversified emerged as the largest allocation at 15%, overtaking Americas (AMER) residential, followed by AMER health care at 13%. Compared to the index, eight of 12 Americas sectors are overweight, led by data centers and health care. APAC diversified and self-storage are also overweight, while EMEA remains largely underweight except for retail and self-storage.
Compared to the FTSE Nareit Developed Extended Index, the actively managed funds are overweight in the AMER (primarily the U.S.) and underweight in EMEA as shown in the chart above.
The sector weights by region over the past five quarters are shown in the table above, with the most recent quarter weights shown in the chart. With the funds overweight in the AMER, most of the sectors in the region outweigh other regional sectors.
- APAC diversified has the largest allocation in the funds at 15%. The regional sector’s weight has been increasing over the past year, surpassing AMER residential as the largest allocation last quarter.
- AMER health care has the second highest allocation at 13%, surpassing AMER residential at 11% for the first time this quarter.
- For EMEA, the sector with the largest allocation is diversified at 2%, with residential in second place at just under 2%.
The charts and table above compare the weight of the sectors in actively managed funds to the weight of the sectors in the FTSE/EPRA Nareit Developed Extended index. The colored bars in the charts represent the weight of the regional sectors in the funds, the outlined bars represent their weights in the index, and the percentage represents the ratio of the fund weight to the index weight.
- Eight out of 12 AMER sectors are overweight in the funds. Overall in the funds, AMER data centers are the most overweight by 2.5 percentage points, followed by AMER health care (2.4 points) and AMER residential (2.0 points).
- Six out of 10 APAC sectors are overweight, led by diversified, overweight by 1.1 percentage points. Self-storage is the second most overweight sector by 0.1 percentage points, but the second most overweight sector overall by share of index at 236%.
- Sectors in EMEA are mostly underweight. Only self-storage and retail are overweight in the region by 0.5 and 0.2 percentage points respectively. EMEA self-storage is the most overweight of all the regional sectors by index share at 293%.
- Other notably overweight regional sectors are APAC health care at 195%, and AMER lodging/resorts (150%), office (142%), and data centers (138%).
- AMER retail and telecommunications are the most underweight sectors by 2.8 percentage points followed by EMEA diversified by 1.7 points. EMEA telecommunications is also underweight 0.8 points, and the APAC region has no current exposure to telecommunications in the funds.
- AMER timberland and specialty in both APAC and EMEA are at less than 20% of their index weights.
Changes from the previous quarter and previous year are shown in the tables and charts above.
- APAC diversified and AMER health care had the largest quarterly and annual gains for the third quarter of 2025. APAC diversified was up more than one percentage point for the quarter and 2.9 percentage points annually, the largest annual gain. AMER health care was up 1.7 points for the quarter, the largest quarterly gain, and 2.7 points for the year.
- After a year of quarterly increases, APAC office had the third highest annual gain at 0.7 percentage points.
- EMEA’s property sectors mostly declined for the quarter with only retail and lodging/resorts showing increases. Retail had the largest annual gain in the region, up 0.5 percentage points.
- The largest decline for the quarter and year was in AMER residential, down 2.9 percentage points for the year. Active managers have been rebalancing funds away from residential, which has had the largest allocation for multiple years.
Note that two of the 25 funds had not reported third quarter data for this analysis.
For more information on the global active manager project, see New Actively Managed Global Real Estate Funds Tracker Shows Diversity in Geographic, Sector Holdings