Investment Strategies > Real Estate Securities

Real Estate Securities

A focused, high-conviction strategy that seeks attractive current income and long-term capital growth by investing in a diversified portfolio of real estate securities

Disciplined in-depth research process that balances real estate and securities analysis to determine the optimal portfolio mix among property types
Tactically rotates among property sectors/geographic regions based on economic and regional fundamentals
Experienced co-portfolio managers have worked together since 2003, managing through numerous real estate and economic cycles

Brian Jones, CFA

Portfolio Manager

Steve S. Shigekawa

Senior Portfolio Manager

Overview

Investment Philosophy

Seeks total return through investment in real estate securities, emphasizing both income and capital appreciation

Believe companies with value-added management, operating in high-barrier-to-entry markets, economies of scale and balance sheet strength offer the most attractive upside potential
Seek to identify companies with access to capital and staggered debt maturities
Rotate property sectors/geographic regions based on economic / regional fundamentals
Buy/Sell decisions based upon proprietary fundamental research with an emphasis on team-built valuation model

Investment Process Overview

Focus on experience-based, in-depth credit and industry analyses, disciplined portfolio construction and ongoing portfolio surveillance.

Equity Real Estate Securities Universe

~200 companies

Property Sectors Available in the Public Market

Residential, Office, Retail, Health Care, Industrial, Infrastructure, Lodging, Self Storage, Data Centers, Timber

Market Cap Screen

minimum $300mn

Approved List

~150 securities

Final Portfolio

35 - 45 holdings
Active management
Under 75% turnover
Diversified geographically and by property type
Maximum 5 -10% cash position

Management

Brian Jones, CFA

Portfolio Manager

32 Years of Industry Experience

25 Years with Neuberger Berman

Steve S. Shigekawa

Senior Portfolio Manager

31 Years of Industry Experience

23 Years with Neuberger Berman