April 22, 2026 | U.S. Value Equity

REITs Repriced

After years of underperformance, a rate backdrop and demand for tangible assets create a compelling setup across both deep value and capital-advantaged REITs.

So I think right now with REITS we definitely want significant exposure to the sector. It’s underperformed the past four years. Currently right now, tangible assets do well in times of uncertainty. The rate environment is more stable. We think if you look back historically they’re trading at significant discounts to various multiples and also net asset value. So we’re trying to invest in companies that are both true value—that are trading at discounts and maybe have underperformed—with other ones that are firmly in that growth phase and have a classic capital advantage.

Filmed March 2026

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