Fund Description

The fund uses an integrated investment approach combining research, portfolio design, portfolio management, and trading. Using a market capitalization weighted approach, it purchases a broad and diverse set of securities of non-U.S. companies principally engaged in the real estate industry across developed and emerging markets, with a focus on non-U.S. REITs and REIT-like entities, and invests in companies of all sizes. The advisor may adjust or exclude companies based on factors such as free float, price momentum, liquidity, size, relative price, and profitability, and may limit exposure to a country or issuer. Under normal circumstances, at least 80% of net assets are invested in real estate industry securities, and it concentrates in the real estate industry. It may invest in stapled securities, depositary receipts, futures and options on futures, foreign currency exchange transactions, including foreign currency forward contracts, and may lend securities.