U.S. Real Estate Securities Strategy

U.S. Real Estate Securities Strategy

U.S. Real Estate Securities Strategy

 
 
Summary

The Morgan Stanley U.S. Real Estate Securities Strategy seeks to provide above-average current income and long-term capital appreciation by investing in publicly traded U.S. real estate securities, to achieve core real estate exposure. To help achieve its objective, the strategy combines bottom-up and top-down analyses.

 
 
Investment Approach
Investment Philosophy and Process

The investment process utilizes internal proprietary research to invest in public real estate companies that we believe offer the best relative value relative to their underlying assets and earnings. We utilize a bottom up approach, valuing each security within our investment universe to arrive at a proprietary net asset value and earnings multiple and assessment of forward growth.

Analysts assess real estate specific factors, broader equity factors, as well as Environmental, Social and Governance (ESG) factors in their fundamental bottom-up analysis. These factors are then synthesized into valuation models to arrive at a Net Asset Value (NAV) and an Equity Multiple and forward growth rate for each issuer. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio.

We also incorporate top-down considerations into the portfolio construction process that seek to achieve diversified exposure across regions, countries and/or sectors and integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors.

The investment philosophy and portfolio construction process is focused on three distinct pillars, including relative valuation, risk integration and high conviction position sizing.

  1. Appreciation of relative valuation: Proprietary valuation tool ranks each security in universe on both net asset value and earnings multiple standardized for future growth. The importance of each metric varies by property sector in the final determination of relative value rank.
  2. Integration of risk analysis: Assessment of common factor exposure is important in portfolio construction and we are looking to optimize risk contribution from idiosyncratic factors as opposed to macro components. The team is focused on alpha contribution versus beta in an effort to limit downside and maximize upside capture.
  3. High conviction position sizing: Each security in the portfolio should have relative value support and a fully vetted investment thesis / identification of critical factors; capital is precious and each security is expected to meaningfully contribute; Focus on active share is important for portfolio construction.

Sell discipline is based upon relative valuation ranking and is monitored on a daily basis.

 
Differentiators
Global Presence with Local Resources

The team harnesses local knowledge and expertise of its regional investment professionals based in the U.S., Europe, and Asia, who manage each of the regional portfolios using the same bottom-up driven, fundamental approach to determine relative value. MSIM global platform of shared services and capabilities enables investment team to focus on research and investing.

Long-standing Tenure of Investment Team

Comprised of long-tenured and highly experienced investment professionals. Analysts conduct an average of 1,500 engagements with management teams in our global investment universe on an annual basis and this outreach, coupled with dedicated focus on real estate fundamentals distinguish the team.

Proprietary Research Models

The investment process utilizes internal proprietary research database valuing each security within our investment universe to arrive at a proprietary net asset value and earnings multiple and assessment of forward growth. Analysts assess both real estate factors and equity factors in their fundamental bottom-up analysis to identify the best relative value relative to their underlying assets and earnings.

 
 
 
Research Process: Dual Focus for Value Identification
Bottom-up analysis of real estate specific and broader equity factors, with consideration of ESG factors
 
 
 
 

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リスクについて

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受託資産の運用に係る費用について

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