India, Jan. 31 -- Portfolio behaviour emerges in financial markets because assets can be split, priced continuously, compared and adjusted incrementally, allowing risk to be managed through distribution rather than conviction alone.

Real estate, by contrast, has historically lacked these features: properties could not be partially acquired, exposure could not be resized after capital was committed, and geographic or asset-type risks were locked in for years, leaving investors with little ability to correct concentration risk even when they recognised it.

This structural rigidity placed property outside the framework used to manage capital across cycles. It also explained why real estate investing lagged behind other asset classes in ado...