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International Real Estate 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 Guidelines

Number of Holdings 40-60
Individual Holding Market Cap (mil) >$300
Weighted Average Market Cap (bn) Target $5 - $9
Cash <5%
Single Security (positive excess exposure) <500 bps
Annual Turnover <50%

Competitive Advantages

  • Same philosophy, process and style since inception of product
  • Team stability
  • Competitive performance versus Benchmark
  • Additional product capacity exists
  • All REIT trading controlled by our veteran in-house traders (i.e. no outside competing forces such as "wrap" business)
  • Unique investment approach and choice of Benchmark relative to peers
  • On-site Risk Management Department and Risk Committee provide independent oversight of investment process, trading, and the firm's enterprise risk management

Past performance is no guarantee of future results. Benchmark is the FTSE EPRA/NAREIT Developed Rental ex U.S. Index.

Contact

Please direct institutional inquiries to our dedicated Institutional REIT Product Specialist, Barry Cope, at (312) 917-6545.

Global REIT Team

HeadshotGeoffrey P. Dybas, CFA
Group Head - Global Real Estate Securities Senior Portfolio Manager
HeadshotRon She, CFA
Senior Global Analyst
HeadshotEden Levinson
U.S. Analyst
HeadshotTimothy Fitzgerald
Head of Equity Trading
HeadshotBarry Cope
Product Specialist
HeadshotFrank J. Haggerty, Jr., CFA
Portfolio Manager
HeadshotMichael Slater, CFA
Senior Global Analyst
HeadshotKrishna Soma, CFA
U.S. Analyst
HeadshotBrian VanderMeulen
Equity Trader
HeadshotSuzanne Karpick
Client Relations & Business Development