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Last week I asked an industry veteran who works for a company that manages a major core real estate fund about the fund's returns. He answered not surprisingly that the past year has been pretty brutal–the fund lost almost 40% for its investors, a fairly typical result in the competitive set. But he also mentioned that over its nearly 40-year history, the portfolio has recorded about an 8% annualized return just about what advisors promised when they started marketing core funds all those decades ago.

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