Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in publicly traded equity securities of companies principally engaged in the real estate sector. It normally holds a global portfolio of real estate equities with principal places of business in developed markets of Europe, Australia, Asia and North America (including the United States). The sub-adviser uses top-down real estate research, a relative value valuation model, and bottom-up analysis with regular company contact, supported by sell-side and independent research. Risk management measures valuation, fundamental and factor exposures; securities may be sold for risk management, profit realization, repositioning among specific sectors as a result of CenterSquare's research process, or to pursue more attractive relative value opportunities. The benchmark is the FTSE EPRA/Nareit Developed Index (Net). The fund may invest more than 20% of net assets in certain countries.