Insights > Insights

Commodities : Market Pulse February 2016

For Institutions/Consultants: Despite trading near seven-year lows, we expect copper prices to head even lower in the short term. But with copper prices this low, few producers are looking for new supply sources, setting up a potentially massive shortage toward the end of the decade.

Real Estate Securities: Viewpoint January 2016
REITs and the Truth About Rising Rates

Still concerned about REIT performance amid rising interest rates? Just look at the facts: REITs have historically delivered strong returns when the Federal Reserve increases rates, as this typically happens when the economy is getting stronger.

MLPs: Market Pulse January 2016
Attractive MLP Valuations Are an Opportunity for Long-Term Investors

MLPs have faced a challenging market environment amid low oil prices and concerns over distribution cuts. But for investors confident in the long-term case for MLPs—namely, predictable cash flows and the continued need for investment in energy infrastructure—we believe current valuations present a compelling long-run opportunity.

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

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

Preferred Securities: Market Pulse December 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.

Real Estate Securities: Viewpoint December 2015
Incorporating ESG Factors Into REIT Investing

Asset managers have increasingly incorporated environmental, social, and governance (ESG) issues into their company analysis. We would like to share our perspectives on these issues as a leading investor in listed real estate companies.

Global Listed Infrastructure: Viewpoint December 2015
To Fix the Economy Fix Our Infrastructure

With the Federal Reserve out of stimulus options and fiscal policy shackled by high debt, we believe a massive infrastructure push may be the best way to accelerate the U.S. economy, driving compelling investment opportunities in infrastructure over the coming decade.

Real Assets: November 2015
A Reality Check for Real Assets

Amidst a challenging environment for commodities and natural resource equities, portfolio manager Vince Childers discusses the landscape for real assets and what needs to happen for a recovery.

Global Listed Infrastructure: Whitepaper October 2015

For Institutions/Consultants: With more institutions allocating to infrastructure, we believe the listed market offers a compelling solution to the rising backlog of capital in the private market, aiding investors in achieving their target infrastructure weightings, providing liquidity, and expanding the range of global investment opportunities.

Real Estate Securities: Viewpoint October 2015
REITs Are a Permanent Allocation

Are you a strategic or a tactical investor? If your goals are long term, we believe REITs should be part of your portfolio at all times, through all types of markets— providing valuable diversification and return potential driven by the distinctive characteristics of commercial real estate.

Global Listed Infrastructure: Viewpoint July 2015
Listed Infrastructure in a Rising-Rate Environment

Rising bond yields have historically presented attractive entry points to the listed infrastructure asset class, while offering active managers an opportunity to add value through subsector selection.

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.

Real Estate Securities: Market Pulse April 2015
Real Estate to Receive a Dedicated Sector Classification

Index providers are set to promote real estate to its own sector category in 2016, significantly raising its profile in the market. With real estate forming the 11th sector, here are 11 ways the move could benefit both investors and the industry.

Real Assets: Whitepaper October 2014

For Institutions/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

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

For Institutions/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.

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 February 2014

For Institutions/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.