We aim to deliver strong total returns, not just yield, through exposure to high quality urban infill property assets in high barrier to entry markets in the world’s most bustling cities.
Global Property Securities - On the ground analysis in the world’s most important property markets
- Focus on capital preservation and a strong valuation discipline
- Multiple global offices ensuring global reach and on-the-ground access to major property markets
- Disciplined and rigorous investment process including transparent integration of ESG factors
Why Global Property
A rigorous and active investment process and local property market expertise allows the team to balance global economic and capital market conditions with domestic property market trends.
How we do it
Our investment philosophy is based on the belief that returns of real estate securities are driven by a combination of local real estate fundamentals and capital market conditions.
The Global Property Securities investment process can broadly be divided into six elements— a defined screen focused on market risk (liquidity; financial leverage and quality); detailed industry research including more than 500 company visits per year; relative valuation assessment using a variety of valuation approaches; portfolio construction based on relative value and total return dispersion; liquidity-adjusted portfolio outcomes and finally a negative screen to mitigate concentration risks.
We have a strong valuation discipline and all securities are ranked according to our total return expectations. Factors that are assessed include asset quality, management expertise, strength of the company's capital structure.
A tailored ESG assessment framework is incorporated into our stock screening process and valuation process, the effect of which is to seek to avoid very low quality companies and to prefer better quality companies that are less volatile.
Led by Stephen Hayes, we consist of 10 specialists based in London, New York and Sydney, averaging 19 years of experience.
Our industry experience is enhanced by local knowledge in major global property markets and direct engagement with portfolio company management and board members, along with other stakeholders.
Our team was established in 1994, and since this time we have been managing Australian Real Estate Investment Trusts (REITs). We expanded our capability to include global REITs in 2001. Our global team has investment professionals located across major property markets in the Americas, UK and the Asia Pacific.
Our current head of the team, Stephen Hayes, re-joined in 2012 after having also been with the firm from 1998 to 2006.
Our corporate RI strategy is based upon three strategic pillars of quality, stewardship and engagement.
We have implemented sustainability considerations into our investment process. We believe the consideration of ESG issues will lead to better risk/return outcomes, which will ultimately improve long-term returns for investors. Corporate governance is a particular focus, where board independence as well as respect for shareholder rights is of paramount importance. We also consider any specific sustainability initiatives implemented by a company and the environmental impact of existing assets and developments. A company's history as a good corporate citizen is taken into account, as well as evidence of meaningful contributions it might have made to benefit society more broadly.
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