The Cohen & Steers Asia Pacific Real Estate Securities portfolio is an actively managed portfolio of REITs and other publicly traded real estate companies located in Asia, Australia and New Zealand. We actively cover a universe of 100 real estate companies and employ a bottom-up, relative value portfolio construction methodology . The portfolio managers for our Asia Pacific Real Estate Securities Strategy have an average of 14 years of investment experience.

Objective
Cohen & Steers Asia Pacific Real Estate Securities Strategy seeks to maximize total return with a balance of capital appreciation and current income by investing in publicly traded real estate companies located in Asia, Australia and New Zealand.

Investment approach
Cohen & Steers employs an integrated, relative value investment process. A proprietary valuation model ranks securities in the Asia Pacific region on price-to-net asset value ("NAV"), which we believe is the primary determinant of real estate security valuation, and guides a bottom-up portfolio construction process. Analysts incorporate both quantitative and qualitative analysis in their NAV estimates. The company research process includes an evaluation of management, strategy, property quality, financial strength and corporate structure. In addition to the NAV model, our professionals use secondary valuation tools including cash flow multiple/growth or discounted cash flow models. Judgments with respect to risk control, diversification, liquidity and other factors overlay the model's output and drive the portfolio managers' investment decisions.

Portfolio characteristics