Insights > Insights

Real Estate Securities: Market Pulse September 2015
U.S. REIT Valuations Are Attractive

Many U.S. REITs can currently be purchased at prices that are closer to their underlying asset values compared with the higher premiums typically seen in the past four years.

Preferred Securities: Market Pulse August 2015
Managing Interest-Rate Risk in Preferred Securities

After a prolonged bull-market for bonds, we are keenly aware of a potential rise in interest rates. We believe important keys to navigating the potential impact of higher rates on preferred securities is found in structure selection and the active management of credit risk.

Multi Strategy: Macro View July 2015
Third-Quarter Macro View

The global economy is in the midst of a cyclical upswing. We believe this will be generally positive for risk assets and that interest rates and bond yields will move modestly higher.

Preferred Securities: Whitepaper July 2015
The Case for Preferred Securities

Preferred securities offer unique features and benefits, including high income, good relative value, and catalysts for performance stemming from regulatory reforms.

Real Assets: Market Pulse May 2015
The Achilles Heel of the 60/40 Portfolio

The 60% stock/40% bond portfolio has long formed the backbone of traditional asset allocation strategies. But contrary to popular belief, stocks and bonds can jointly underperform, and an investment in real assets may help defend investors when this occurs.

MLPs: Viewpoint January 2015
$50 Oil: A Game Changer for the Midstream Energy & MLP Markets

The steep price declines of many energy commodities have altered the midstream energy investment landscape. Now that rig counts are declining and some basins are becoming less economic to drill, it is more important than ever to understand the fundamentals of master limited partnerships (MLPs).

Real Estate Securities: Viewpoint January 2015
REITs: Building on Success

Real estate securities have staged a substantial recovery since the end of the financial crisis and we expect favorable tailwinds to remain in place as 2015 proceeds.

Real Assets: Market Pulse January 2015
Understanding Oil and the Impact on Real Assets

The decline in oil prices has raised many questions among investors about what it means for the global economy and how different investments might be affected. This report offers our insights on potential scenarios for the oil price cycle and the opportunities and risks in real asset classes.

Real Assets: Whitepaper October 2014
What’s Real is Real

For Instituions/Consultants:This paper extends our research on liquid real assets to include private real estate, timberland, farmland, natural resources and infrastructure. Based on similar diversification, expected return and inflation-sensitivity characteristics, we see maximum portfolio efficiency in a balanced approach to both listed and private real assets.

Commodities : Whitepaper October 2014
The Case for Allocating to Commodities

For Institutions/Consultants: Over the past decade, investors have allocated to commodities to enhance portfolio diversification, hedge against unexpected inflation or event risk and participate in the secular bull market for basic materials. Framing this rationale, we make the case for an actively managed approach grounded in fundamental research.

Real Estate Securities: Whitepaper October 2014
Real Estate Securities The Active Advantage

For Instituions/Consultants:Active managers of real estate securities have outperformed with remarkable consistency over time, using their understanding of global property markets to identify and capitalize on market inefficiencies.

Preferred Securities: Case Study September 2014
Preferred Securities: Investing in CoCos

In the wake of the financial crisis, policymakers redesigned the capital structures of banks to provide a more ready mechanism for bank recapitalization without government bailout funds. “Contingent capital,” or “CoCo” securities are one product of this redesign.

MLPs: Viewpoint September 2014
MLPs and Beyond: The Growing Opportunity in Midstream Energy

We believe investors should access the midstream energy theme through a total return approach that draws from a broad universe of master limited partnerships, non-U.S. companies and businesses taxed as C Corporations (C Corps). Investors can make these investments directly, or choose from a wide variety of commingled vehicles.

Real Estate Securities: Whitepaper August 2014
Introduction to Real Estate Securities

Learn about this unique asset class, including what makes REITs different from other companies, how the global real estate market has evolved and why different types of commercial properties perform the way they do in various economic conditions.

Real Estate Securities: Whitepaper August 2014
The Case for Real Estate Securities

We believe real estate securities have the potential to meaningfully enhance investor returns when included in a diversified portfolio. This paper examines seven key investment characteristics of the asset class, and how they can help investors.

Global Listed Infrastructure: Whitepaper June 2014
Global Infrastructure: The Listed Alternative

For Instituions/Consultants: With more institutions investing in infrastructure, we believe the listed market offers an attractive solution to the increasing backlog of capital in the private market, helping investors to achieve their target allocations, optimize their portfolios and access a wide range of global infrastructure opportunities.

MLPs: Case Studies March 2014
A Case for Midstream Energy

This case study explores the shifting drivers of supply and demand that are reshaping the global oil and gas industry. At the sweet spot of these trends are opportunities in the North American midstream energy sector, based on their growth potential and predictable streams of income.

Global Listed Infrastructure: Whitepaper February 2014
A Case for Global Listed Infrastructure

For Instituions/Consultants: This paper frames the fundamental characteristics and opportunities offered by global listed infrastructure. From an allocation perspective, these securities can provide real assets diversification, serve as a carve-out of global equities, or complement existing direct infrastructure investments.