Fund Description

The fund invests at least 80% of net assets in equity securities of companies operating in the real estate industry predominantly in the United States, including REITs and companies deriving at least half of assets or revenues from owning, constructing, managing, operating, developing, or selling commercial or residential real estate. It may invest up to 20% in issuers with real estate-related products and services, including brokerage, leasing, advisory, management, landlord software platforms, or companies with significant real estate holdings. It is non-diversified, concentrates primarily in REITs, may invest a small portion of its assets in securities of foreign issuers, developed or developing, and in American, European and Global Depositary Receipts, and uses a bottom-up security selection process that incorporates macro-level views and combines bottom-up analysis with top-down macro overlays.