Core open-end funds are one of the most popular avenues for institutional investment into real estate. : Core open-end funds are one of the most popular avenues for institutional investment into real estate. MSCI’s Global Quarterly Property Fund Index tracks the performance of 100 funds with gross assets of $456 billion. An analysis of the data shows that the primary driver of fund returns are the underlying assets, highlighting the importance of properly understanding the asset-level exposures in any vehicle.