NCREIF unsmoothed

A portfolio was constructed of 40% stocks 40% bonds and 20% unsmoothed NCREIF

I thought NCREIF in non-investable, is it different for unsmoothed NCREIF? Can someone actually buy unsmoothed NCREIF ?

Its just a calculation method to reflect volatility in ncrief . A way to fix the lag

No you cannot invest in the NCREIF index because it measures an equity investment in a property itself. It would be as if the particular fund physically owned a building (e.g. office, apartment, retail, etc.). The way the book shows, the fund would have 40% in stocks, 40% in bonds, and 20% in physical property. I believe the index shows total return (i.e. rental income and cap gains), but de-levers the return to reduce the effect of leverage.

You rock