Abstract In Australia, the Retirement Living and Aged Care (RLAC) sector lacks a historic benchmark performance metric. Institutional investors utilising modern portfolio theory require such benchmarks for making future decisions. It has been considered that this lack of a benchmark has hindered investment in the RLAC sector. This paper evaluates historical investment performance of listed entities in the sector and constructs a market capitalisation weighted return index. From this, the historical performance and diversification potential was analysed from 2004 to 2016. Compared to other investments, RLAC had an inferior risk-adjusted performance. Due to this performance, the inclusion of RLAC in a portfolio did not lead to optimisation. The heterogeneity of the sector coupled with changing business models has implications for drawing conclusions from this historical performance.

中文翻译：

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评估澳大利亚退休生活和老年护理资产的投资绩效

摘要在澳大利亚，退休生活和老年护理（RLAC）部门缺乏历史性的基准绩效指标。利用现代投资组合理论的机构投资者需要此类基准来制定未来的决策。人们认为，缺乏基准阻碍了RLAC领域的投资。本文评估了该行业上市公司的历史投资绩效，并构建了市值加权收益指数。因此，分析了2004年至2016年的历史表现和多元化潜力。与其他投资相比，RLAC的风险调整后表现较差。由于这种性能，将RLAC包含在投资组合中并没有导致优化。