When you hand your money to a real estate fund manager, you naturally want to know: did my investment grow? Was the manager genuinely skillful, or did they just ride a rising market? And if a friend’s fund did better, was it because of smarter picks or just a riskier strategy? This chapter gives you the tools to answer those questions. By the end, you’ll be able to measure a fund’s return, compare it fairly to others, and break down exactly where the performance came from.