Fund Description

The fund follows a bottom-up, relative value investment strategy that focuses on publicly traded real estate securities. It employs a proprietary valuation model to assess relative valuation using metrics such as price-to-net asset value, cash flow multiples, growth ratios, and a dividend discount model. Analysts conduct both quantitative and qualitative evaluations, considering factors like commercial real estate supply and demand, management quality, and financial strength. Under normal conditions, at least 80% of the fund's total assets are invested in equity securities of real estate companies, including REITs. It maintains flexibility in market capitalization and may invest up to 20% in foreign issuers that meet similar criteria.