Final CNS AR 2020 - Flipbook - Page 19
Below is a summary of our core investment strategies:
U.S. Real Estate Securities includes a wide range of strategies distinguished by concentration, risk profile and income
objective, as well as thematic portfolios designed to provide targeted allocations to specific sectors within the investable real
estate universe. Each strategy invests in a portfolio of common stocks and other securities issued by U.S. real estate
companies, including real estate investment trusts (REITs) and similar REIT-like entities. These strategies are managed by
our dedicated U.S. real estate securities investment team and draw on the broad expertise of our global real estate analysts
and portfolio managers. Investment objectives include total return, capital appreciation and income.
Preferred Securities and Low Duration Preferred Securities invests in diversified portfolios of preferred and debt
securities issued by U.S. and non-U.S. companies. The preferred securities are issued by banks, insurance companies, REITs
and other diversified financial institutions, as well as utility, energy, pipeline and telecommunications companies. A
consistent investment process underlies both our total return preferred securities strategy and our low duration preferred
securities strategy, which seek income and capital preservation.
Global/International Real Estate Securities includes a wide range of strategies distinguished by geography, concentration,
risk profile and income objective, designed to provide allocation exposure to listed real estate globally. Each strategy invests
in a portfolio of common stocks and other securities issued by real estate companies, including REITs and similar REIT-like
entities. These strategies draw on the expertise of our integrated global real estate securities investment team. Investment
objectives include total return, capital appreciation and income.
Global Listed Infrastructure invests in a diversified portfolio of U.S. and non-U.S. securities issued by infrastructure
companies such as utilities, pipelines, toll roads, airports, railroads, marine ports and communications companies located in
developed and emerging markets. The investment objective is total return with a balance of capital appreciation and income.
Real Assets Multi-Strategy invests in a diversified multi-strategy portfolio of listed companies and securities that generally
own or are backed by tangible real assets, including real estate securities, global listed infrastructure, commodities and natural
resource equities, with the objective of achieving attractive total returns over the long term, while providing diversification
and maximizing the potential for real returns in periods of rising inflation.
Midstream Energy and MLPs invests in a diversified portfolio of energy-related master limited partnerships (MLPs) and
securities of companies that derive at least 50% of their revenues or operating income from the exploration, production,
gathering, transportation, processing, storage, refining, distribution or marketing of natural gas, natural gas liquids (including
propane), crude oil, refined petroleum products, coal or and other energy resources. The investment objective is total return
with a balance of capital appreciation and income.
Global Natural Resource Equities invests in companies involved in the production, extraction, or processing of
commodities and natural resources. Specifically, the strategy invests in energy producers, metals and mining companies and
agriculture-based businesses. The investment objective is total return.
In addition, we offer variations on these strategies that may combine multiple strategies in a single portfolio. Individual
portfolios may be customized to comply with client-specific guidelines, benchmarks or risk profiles. Strategies offered in
closed-end funds typically use leverage.
Our Distribution Network
Our distribution network encompasses two major channels, wealth management and institutional. Our wealth
management channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank
trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds,
including defined benefit and defined contribution plans, as well as other financial institutions that access our investment
management services directly or through consultants and other intermediaries.
We compete with a large number of global and U.S. investment managers, commercial banks, broker-dealers, insurance
companies and other financial institutions. Many competing firms are parts of larger financial services companies and attract
business through numerous channels, including retail banking, investment banking and underwriting contacts, insurance
agencies and broker-dealers.