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Real Estate Securities

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Institutional Strategy > Equities > 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


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


Brian Jones, CFA
Portfolio Manager
30 Years of Industry Experience
23 Years with Neuberger Berman
Steve S. Shigekawa
Senior Portfolio Manager
29 Years of Industry Experience
20 Years with Neuberger Berman