Sarah Honold: (00:01)
Like our firm, the Global Real Estate Securities Team is focused on quality, reliability, and are specialists in what they do. Since the strategy's inception, the team has utilized a consistent investment philosophy and process. Portfolio Managers, Geoff Dybas and Frank Haggerty, have been Co-Portfolio Managers for more than 10 years, and are surrounded by a team of experienced real estate securities specialists.
Geoffrey Dybas: (00:23)
We focus our investment efforts on high-quality owner operators, of enduring commercial real estate, with strong management, and solid balance sheets. We believe successful real estate investing requires active management to both identify and take advantage of multi-year value creation opportunities. We're buying the best businesses.
Frank Haggerty: (00:41)
Centrally located in Chicago, our bottom-up investment process benefits from our face-to face interactions, and our ability to conveniently travel on a global basis. Our analysts operate as property sector generalists, which facilitates the cross-sharing of industry knowledge, allows for deeper property sector dives within markets, and more robust debates at our Investment Team meetings. The benefit of our team structure allows for better, faster, and more efficient decision making.
Richard Schiller: (01:05)
We emphasize just how powerful face-to-face communication is, particularly in our weekly Investment Team meetings, in which we collaboratively share and challenge investment ideas.
Geoffrey Dybas: (01:15)
We have a proven and repeatable investment process. First, we identify market and sector opportunities that inform our views. Next, we identify the best businesses within a broad universe to focus on. Then, our analysts determine the intrinsic valuation of each security and provide a formal recommendation. Next, we construct the portfolio. And finally, we exercise our sell discipline.
Ron She: (01:38)
One of the hallmarks of our internal research process, is that we do a lot of self-organized, property tours globally. When you interact with different levels of management teams, you get a sense of who they are, and how they operate. When analyzing management, we look at company background, Board composition, management track record, strategies, governance and ESG-related factors.
Michael Slater: (02:02)
Take advantage of our deep sector dives into each industry, our meetings with management and with industry participants, and we come up with our expectations for a company's internal growth, their external growth, and then we look at how the balance sheet is positioned to fund any growth that that company may have.
Jieren Huang: (02:18)
We look at cash flow for each company very closely, to see what drive their growth internally and externally.
Jason Ren: (02:25)
We analyze stocks on a multi-valuation framework. We look at the stock's valuation through quite a few different lenses. And, we think that this recognizes that not all stocks trade the same.
John Creswell: (02:38)
The success we've enjoyed in the listed real estate market over the last two decades is driven by our firm's culture, our proven process, and our dedicated teams. We look forward to working with you.
This material is intended for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product, nor as an offer to any person in a jurisdiction where unlawful or unauthorized. There is no guarantee that the investment strategy will work under all market conditions or is suitable for all investors. Opinions expressed are deemed to be reasonable and they and the strategy are subject to change without notice. Past results are not indicative of future outcomes.