The global active manager tracker follows the quarterly investment holdings by the 25 largest actively managed funds invested globally. As of the end of the fourth quarter of 2025, the funds were invested in 36 countries and regions with $17 billion in assets under management.
- In the fourth quarter of 2025, active managers maintained their overweight exposure in the Americas (AMER) compared to the FTSE/EPRA Nareit Developed Extended Index and underweight Europe, the Middle East, and Africa region (EMEA).
- Asia Pacific (APAC) diversified remained the regional sector with the largest allocation at 15% followed by AMER health care.
- AMER health care had the largest quarterly and annual gain of all the regional sectors. Diversified had the highest quarterly and annual gain within EMEA and the highest annual gain within APAC.
- As a whole, regional sectors moved closer to the FTSE/EPRA index, with fewer sectors significantly overweight compared to their index weights.
- AMER health care replaces AMER data centers as the most overweight sector by percentage points. Lodging/resorts is the most overweight by share of its index weight in AMER, while health care is the most overweight in APAC, and self-storage is the most overweight in EMEA.
Compared to the FTSE Nareit Developed Extended Index, the actively managed funds are overweight in 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 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 all sectors in AMER.
- AMER health care has the second highest allocation at 14.3% for the second quarter in a row, also increasing over the year.
- AMER industrial passed AMER residential for the third highest allocation as residential has seen steady declines over the past year.
- For EMEA, the sector with the largest allocation is diversified at 2.5%, with residential and retail both at 1.8%, tied for second.
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.
- AMER health care replaces AMER data centers as the most overweight sector at 2.7 percentage points. Seven out of 12 AMER sectors are overweight in the funds.
- Only two out of 10 APAC sectors are overweight this quarter, down from four the previous quarter. Diversified was the most overweight sector by nearly one percentage point.
- Four sectors in EMEA are overweight this quarter, led by self-storage (0.21) and retail (0.15). The index does not include telecommunications or data centers in EMEA as part of the benchmark so any investment in these areas is overweight due to the zero weight in the index. EMEA self-storage is the most overweight of all the regional sectors by index share at 176% on a very small base.
- Other notably overweight regional sectors are AMER lodging/resorts (142%), office and data centers (138%), and APAC health care (129%).
- AMER telecommunications is the most underweight sector by 2.8 percentage points followed by AMER retail (-2.52), and EMEA diversified (-1.6).
- AMER timberland and EMEA specialty are both under 10% of their index weights and EMEA office is at only 27% of its index weight.
Changes from the previous quarter and previous year are shown in the tables and charts above.
- Overall, the majority of property sectors in the AMER and EMEA regions showed modest annual declines, with big gains only in AMER health care and industrial and EMEA diversified and retail. For APAC, gains and losses were distributed more evenly across the sectors, although diversified had a large annual gain.
- AMER health care had the largest quarterly and annual gain in the fourth quarter, up 1.6 percentage points for the quarter and 3.5 percentage points for the year.
- APAC diversified had the second largest annual gain at 2.9 percentage points but only a modest quarterly gain of 0.2 percentage points.
- AMER industrial had the second highest quarterly gain at just over one percentage point, after a year of modest quarterly increases and larger quarterly decreases. The sector was up 0.8 points for the year, the first quarter to show an annual gain in a year.
- For EMEA, diversified had the largest quarterly and annual gains of 0.3 and 0.7 points respectively.
- The largest decline for the quarter was in AMER specialty, down 0.9 percentage points, and for the year in AMER residential, down 3.8 percentage points.
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