U.S. REIT Separate Account

Investment Philosophy

We believe the value of a REIT extends beyond the value of the underlying real estate. Through fundamental research, we can uncover and exploit inefficiencies in the market. Low turnover contributes to alpha creation and aligns investors with the value creation process within real estate. Style and application should be visible and consistent in the investment process. Our style is Growth At A Reasonable Price (GARP). We have consistently followed this style.

Investment Process

Portfolio Construction Guidlines

Number of Holdings	25-45
Position Cap	10%
Wtd Mkt Cap (bn) Target	$6.5 - $11.5
Sector Exposure vs. FTSE NAREIT Equity Index
Overweighting	100%
Underweighting	100%
Annual Turnover	<50%
Cash	<5%