INVESTMENT PHILOSOPHY

• Total Return Focus
• Capital Protection
• Inflation Protection

• Seek Return and Inflation Protection

INVESTMENT FOCUS

• Real Estate
• REITs
• TIPS

INVESTMENT PROCESS

• Relative Values
• Bottom-Up Selection
• Macro Analysis
• Maximize Information Ratio
• Managing Beta and Alpha in REITs and TIPS
• Forward Looking Returns based Ranking
• Uncorrelated Active Positions

RESEARCH PROCESS

• Fundamental Analysis
• Bottom-up Selection
• Expected Return Calculation
• Information Ratio
• Sharpe Ratio Ranking

PORTFOLIO CONSTRUCTION

• Diversified
• Real Estate
• Benchmark Aware
• Focus on Sharpe and Information Ratio
• 1- to 5-year TIPS

RISK CONTROL

• Risk Report
• Risk|Reward Ratio Focused
• Position Size
• Risk Analysis Review
• Portfolio Aggregate Risk
• Sharpe Ratio Ranking Driven