NYLI CBRE Real Estate Class R6 VREQX

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.