INVESTMENT PHILOSOPHY

• Total Return Focus
• Relative Value
• Own High Conviction Stocks

INVESTMENT FOCUS

• Real Estate
• Healthcare REITs
• REITs
• Residential REITs
• Office REITs
• Retail REITs
• All Market Caps

FUND OVERVIEW

• Global Asset Manager
• High Conviction
• Global Research Team
• Long History of Strategy
• Deep Sector Knowledge
• Deep Sector Knowledge
• Uncorrelated Assets

• Generate 200 basis points of Alpha

INVESTMENT PROCESS

• Demand and Supply Analysis
• Price Conscious
• Bottom-Up Selection

RESEARCH PROCESS

• Fundamental Analysis
• Deep Dive Research
• Property Type and Property Sector Analysis
• Private Market Value Analysis
• Growth Longevity Analysis
• Daily Valuation Analysis
• Consensus Decision Process
• Itertative Analysis Approach

PORTFOLIO CONSTRUCTION

• Total Return Driven
• Geographically Diversified
• Real Estate
• Concentrated
• Benchmark Aware
• Diversified across Markets Caps
• Diversified across Sectors
• High Conviction Stocks

RISK CONTROL

• Position Size
• Constant Reviews
• Stock Selection Process
• Tracking Error Limit of 2%
• Scenario Analysis