Fund Description

The fund uses a bottom-up, relative value approach to select publicly traded real estate securities, guided by a proprietary valuation model incorporating price-to-net asset value, cash flow multiple/growth ratios, and a dividend discount model, supported by quantitative and qualitative analysis. Research evaluates real estate supply/demand, management, strategy, property quality, financial strength, and corporate structure, with attention to risk control, diversification, and liquidity. Under normal conditions, it invests at least 80% of assets in equity securities of real estate companies, including REITs and similar entities, across any market capitalization, and may invest without limit in REITs. It may invest up to 20% in qualifying foreign issuers, including via ADRs, GDRs, and EDRs. It does not seek specific ESG outcomes, though ESG factors may be considered.