We believe a geographically diversified approach to global real estate investing that focuses on businesses with prime assets in strategic locations, outsized growth potential and/or unrecognized embedded value will lead to substantial wealth creation over time.

Investment Approach

1 Commercial Real Estate Focused: The portfolio seeks to add value by investing in commercial real estate companies that have key holdings and value-producing operations benefiting from strong regional and local market dynamics.
2 Leverages Global Economic Growth: Investment in hard asset-backed real estate-related securities benefiting from global economic growth can be a long-term source of wealth creation via both substantial capital appreciation and attractive current income.
3 Experienced Portfolio Manager: The Portfolio Manager spent 20+ years in the real estate development and consulting industry. This hands-on-knowledge provides keen insight into a company's ability to create value for shareholders.

Performance

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees and returns will be reduced by such advisory fees and other contractual expenses as described in the individual contract and Form ADV Part 2A.

Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the deduction of model investment advisory fees based on the maximum fixed fee rate in effect for the respective time period. Actual advisory fees may vary among clients invested in the strategy shown and may be higher or lower than model advisory fees. Composites may include accounts with performance-based fees. Returns for each client will be reduced by such fees and expenses as negotiated in any client contract as discussed in Form ADV Part 2A.

For a complete list of holdings as of the most recently available disclosure period, contact us.

Prior to 2008, net returns shown are net of all fees and expenses.

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