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An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment.
U.S. REITs: FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. FTSE Nareit Equity REITs Index is a free-float adjusted, market capitalization-weighted index of all tax-qualified REITs, excluding infrastructure and timber, with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. U.S. stocks: S&P 500 Index is an unmanaged index of 500 large-cap stocks that is frequently used as a general measure of stock market performance. Emerging market (EM) stocks: MSCI Emerging Market Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Global stocks: MSCI World Index (net) is a free-float-adjusted index that measures performance of large- and mid-capitalization companies representing developed market countries. International stocks: MSCI EAFE Index (net) is an equity index which captures large and mid-capitalization companies in developed market countries excluding the U.S. and Canada. U.S. Bonds: Barclays Capital U.S. Aggregate Bond Index is a broad-market measure of the U.S. dollar-denominated investment-grade fixed-rate taxable bond market, and includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.
The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any market forecast made in this commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an offer for a particular security. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.
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Risks of Investing in Real Estate Securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and be less liquid than larger companies.
No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved.
Fred Reish and Bruce Ashton, the authors of this analysis, are partners in the Benefits & Executive Compensation Practice Group of Faegre Drinker Biddle & Reath LLP. They are not affiliated with Cohen & Steers but have been compensated by us to provide this discussion. Cohen & Steers has also provided factual descriptions, charts, and investment information for their analysis.
The summary of law and analysis by the authors contained in this white paper are current as of May 2020, are general in nature, and do not constitute a legal opinion of the authors that may be relied on by third parties. Readers should consult their own legal counsel for information on how these issues apply to their individual circumstances and to determine if there have been any relevant developments since the date of this paper.
Cohen & Steers Capital Management, Inc., (Cohen & Steers) is a registered investment advisory firm that provides investment management services to corporate retirement, public and union retirement plans, endowments, foundations and mutual funds. Cohen & Steers U.S. registered open-end funds are distributed by Cohen & Steers Securities, LLC, and are only available to U.S. residents.