The Cohen & Steers International Real Estate Securities Strategy invests in a portfolio composed of REITs and other publicly traded real estate companies located outside of the United States. We screen the universe for real estate securities that we believe have the most attractive total return potential. The portfolio managers for our International Real Estate Securities Strategy have an average of 20 years of investment experience.

Objective
Cohen & Steers International Real Estate Securities Strategy seeks to maximize total return with a balance of capital appreciation and current income by investing in portfolios of non-U.S. real estate securities.

Investment approach
Cohen & Steers employs an integrated, relative value investment process. A proprietary valuation model ranks international securities 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