For Financial Professionals in the US

U.S. Real Estate Managed Account

Our team of real estate specialists use in-depth market knowledge to create a truly active, high-conviction portfolio intentionally different than the benchmark.

Overview

ABOUT THIS PORTFOLIO

An actively managed equity portfolio that seeks compelling outperformance by investing in REITs and real estate related businesses. Our emphasis on local property market knowledge combined with a repeatable, disciplined investment process seeks to provide defensive growth, diversification relative to broad equities and fixed income, and dividends for investors.

WHY INVEST

High-Conviction: An actively managed, all-cap strategy investing in REITs and real estate related securities that seeks defensive growth, diversification relative to broad equities and fixed income, and dividends

Differentiated Approach: A differentiated approach to research and portfolio construction, focused on opportunities across the asset class, including alternative uses of real estate and off-benchmark holdings

Real Estate Expertise: Team of real estate specialists that leverage local insights and industry relationships while seeking to generate attractive risk-adjusted returns

PORTFOLIO MANAGEMENT

Greg Kuhl, CFA

Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

Daniel Greenberger

Daniel Greenberger

Portfolio Manager

Industry since 2006. Joined Firm in 2017.

Performance

RETURNS (%) (As of 08/31/2023)
Composite Pure Gross* Composite Net FTSE Nareit Equity REITs Index
 
3M YTD 1YR 3YR 5YR Since Inception
(09/01/2015)
Composite Pure Gross* 3.65 3.78 -4.46 6.27 7.09 9.36
Composite Net 2.89 1.76 -7.26 3.18 3.98 6.19
FTSE Nareit Equity REITs Index 4.79 5.00 -2.95 6.78 1.83 3.18
RETURNS (%) (As of 06/30/2023)
Composite Pure Gross* Composite Net FTSE Nareit Equity REITs Index
 
3M YTD 1YR 3YR 5YR Since Inception
(09/01/2015)
Composite Pure Gross* 1.06 3.99 -1.07 8.49 7.88 9.60
Composite Net 0.31 2.46 -3.97 5.34 4.75 6.42
FTSE Nareit Equity REITs Index 2.62 5.37 -0.13 8.47 2.58 3.30
Calendar Year Returns (%)
Composite Pure Gross* Composite Net FTSE Nareit Equity REITs Index
2023 2022 2021 2020 2019 2018 2017
Composite Pure Gross* -23.33 40.23 0.80 37.84 -0.85 7.76 11.07
Composite Net -25.63 36.24 -2.15 33.92 -3.75 4.63 7.85
FTSE Nareit Equity REITs Index -24.37 43.24 -11.01 21.07 -8.72 1.04 4.63

RETURNS-BASED STATISTICS (Composite As of 08/31/2023)

RISK / REWARD
VS. FTSE Nareit Equity REITS Index USD		 3YR 5YR
Information Ratio -0.13 1.07
Alpha -0.40 5.02
Tracking Error 3.75 4.85
Beta 0.99 0.95
R-squared (%) 96.53 95.03
UP/DOWN MARKET CAPTURE (%)
VS. FTSE Nareit Equity REITS Index USD		 3YR 5YR
Up Capture Ratio 95.54 108.40
Down Capture Ratio 98.21 91.01
STANDARD DEVIATION 3YR 5YR
US Real Estate Managed Account 20.43 20.38
FTSE Nareit Equity REITS Index USD 20.23 20.91
SHARPE RATIO 3YR 5YR
US Real Estate Managed Account 0.22 0.26
FTSE Nareit Equity REITS Index USD 0.25 0.01

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Public REITs for long-term property exposure
Aug 17, 2023
Timely & Topical

Public REITs for long-term property exposure

Apart from relative valuations, there are other key reasons to favour public over private REITs for forward-looking investors.

6 min read

Commercial real estate: Look beyond the headlines for opportunities within listed property
Jun 27, 2023
Timely & Topical

Commercial real estate: Look beyond the headlines for opportunities within listed property

Important differences between public and private commercial real estate provide grounds for optimism.

10 min read

Research in Action: Publicly traded REITs shine amid bank lending concerns
Apr 26, 2023
Features & Outlooks

Research in Action: Publicly traded REITs shine amid bank lending concerns

With low debt levels, diversified assets, and attractive valuations, public real estate investment trusts appear well positioned.

30 min read