
Investment philosophy
Central to what we do are core beliefs that guide our decision-making process and how we construct and manage our portfolios.
- REITs are correlated to stocks in the short-term but…
- Over the medium to long-term, they perform like real estate.
- The nature of the listed market leads to divergences between stock prices and intrinsic value but…
- Significant discounts to intrinsic value do not happen often.
- There are no shortcuts in a disciplined underwriting process.
- We prioritize on-the-ground research and detailed financial modelling.
- Closet indexing has become more and more prevalent. We believe in high conviction portfolios.
- Tailored strategies to meet desired client outcomes.
- We must stay small to maintain our liquidity advantage.
- A hard cap on assets is necessary in our niche space.

Solutions
While we initially started out with our Concentrated Strategy as our core offering to investors, throughout the years we have added tailored solutions to our roster that aim to meet specific client needs and outcomes.
Concentrated
High conviction, best ideas strategy, focused on real estate securities in developed and emerging markets. Benchmark aware with alpha generation as key objective.
- Benchmark aware
- Alpha generation
- High conviction
- 30-40 securities
Yield
Real estate securities strategy with a primary focus on income returns derived from high quality rental assets. Strategy emphasis on sustainable and growing streams of income.
- Benchmark unaware
- Focus on sustainable and growing yields
- 60-70 securities
ESG Enhanced Yield
An extension of the Yield Strategy, focusing on similar income characteristics, with the addition of an ESG screening process aiming to eliminate poor ESG performers from the investment universe. Also incorporates the use of options to enhance yield and lower volatility.
- Benchmark unaware
- Focus on sustainable and growing yields
- Managed volatility using options
- Positive ESG screens
- 60-70 securities
Bespoke solutions
ESG Real Assets
Exposure to real assets with a focus on using a positive ESG screen and a focus on ESG risk management for listed real estate and infrastructure companies.
- Benchmark aware
- Alpha generation
- Strong focus on ESG factors
- 100 to 120 securities
ESG Infrastructure
Exposure to infrastructure assets with a focus on using a positive ESG screen and a focus on ESG risk management listed infrastructure companies.
- Benchmark aware
- Alpha generation
- Strong focus on ESG factors
- 50 to 70 securities