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NYLIM CBRE Real Estate Class C CRCRX

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Morningstar’s Analysis CRCRX

Will CRCRX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable CRCRX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the CRCRX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of CRCRX’s parent organization’s priorities and whether they’re in line with investors’ interests.

CBRE Listed US Real Estate’s edge against peers has weakened.

Senior Analyst Jodi Lim

Jodi Lim

Senior Analyst

Summary

CBRE Listed US Real Estate's recent portfolio behavior has made its limits more apparent, and its Process Pillar rating has been downgraded to Average from Above Average. The team combines top-down views on sectors and regions with bottom-up stock selection, using proprietary approaches for each. In practice, the approach has become less flexible over time. Management’s scoring approach changes little as markets shift, while the strategy’s tight benchmark-relative limits constrain the expression of the team’s active views. The result is a portfolio that looks sensible but is not especially distinctive, and one with less potent security selection than what management historically maintained.

by Jodi Lim
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