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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 30/09/2024)
Composite Pure Gross Composite Net FTSE Nareit Equity REITs Index
 
3M YTD 1YR 3YR 5YR Since Inception
(09/01/2015)
Composite Pure Gross 16.59 14.53 28.56 3.05 6.48 10.23
Composite Net 15.78 12.05 24.88 0.04 3.38 7.04
FTSE Nareit Equity REITs Index 16.09 15.93 34.74 5.07 4.54 5.41

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary dep ending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.
RETURNS (%) (As of 30/11/2024)
Composite Pure Gross Composite Net FTSE Nareit Equity REITs Index
 
3M YTD 1YR 3YR 5YR Since Inception
(09/01/2015)
Composite Pure Gross 3.46 15.29 23.87 1.68 5.64 10.12
Composite Net 2.70 12.24 20.31 -1.29 2.56 6.93
FTSE Nareit Equity REITs Index 4.00 17.40 29.05 3.20 4.93 5.45

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary dep ending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.
Calendar Year Returns (%)
Composite Pure Gross Composite Net FTSE Nareit Equity REITs Index
2023 2022 2021 2020 2019 2018 2017 2016
Composite Pure Gross 7.35 -23.33 40.23 0.80 37.84 -0.85 7.76 11.07
Composite Net 4.23 -25.63 36.24 -2.15 33.92 -3.75 4.63 7.85
FTSE Nareit Equity REITs Index 13.73 -24.37 43.24 -11.01 21.07 -8.72 1.04 4.63

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary dep ending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Returns-Based Statistics (As of 30/11/2024)

RISK / REWARD
VS. FTSE Nareit Equity REITS Index USD		 3YR 5YR
Information Ratio -0.44 0.15
Alpha -1.50 0.74
Tracking Error 3.35 4.62
Beta 0.97 0.95
R-squared (%) 97.39 95.91
UP/DOWN MARKET CAPTURE (%)
FTSE Nareit Equity REITS Index USD		 3YR 5YR
Up Capture Ratio 92.71 98.01
Down Capture Ratio 99.12 97.04
STANDARD DEVIATION 3YR 5YR
US Real Estate Managed Account 21.03 21.22
FTSE Nareit Equity REITS Index USD 21.32 21.85
SHARPE RATIO 3YR 5YR
US Real Estate Managed Account -0.10 0.15
FTSE Nareit Equity REITS Index USD -0.03 0.11

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
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Rising transactions signaling a recovery for listed real estate

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