The fund, offered by CIBC’s Renaissance Investments subsidiary, is
sub-advised by New York-based Cohen & Steers Capital Management Inc.
Cohen & Steers is one of the global leaders in real estate investing,
with more than US$52 billion in assets under management, the vast majority
of which is invested in real estate. The firm is well staffed, with more
than 250 employees, and an investment team consisting of more than 50
Chip McKinley, and
Jon Cheigh use an investment process best described as a “relative value” approach, by
which they seek out securities they believe are mispriced when compared
with the underlying assets. To find these, the team uses a mix of top-down
macro analysis and bottom-up security selection.
The top-down view helps shape their outlook for the various geographic
regions and the different market segments. The bottom-up analysis involves
a review of each company’s management, balance sheet, and property
portfolio. To help assess this, they meet with each firm’s management and
conduct site visits for the property portfolio. This all helps shape the
inputs for the firm’s proprietary valuation model that is used to rank the
The fund holds a diversified portfolio, with around 70 names of all sizes,
although it tends to favour mid-cap names. The geographic mix is somewhat
similar to its benchmark. Portfolio turnover is high, averaging more than
100% per year.
Top holdings currently include
AvalonBay Communities Inc. (NYSE: AVB),
Simon Property Group Inc. (NYSE: SPG),
Mitsui Fudosan Co. Ltd. (TYO: 8801),
HCP Inc. (NYSE: HCP), and
Essex Property Trust Inc. (NYSE: ESS).
Given the quality of the investment team and reputation of Cohen &
Steers, along with the investment process used, this global real estate
fund is definitely worth a closer look.
Renaissance Global Real Estate Fund
CIBC Asset Management Inc.
Real Estate Equity
Fundata FundGrade Rating:
Mid Cap Blend
Medium to High
Joseph Harvey since Oct 2010; Chip McKinley since Oct 2010
ATL1255 (front-end load)
Dave Paterson, CFA, is the Director of Research, Investment Funds for
D.A. Paterson & Associates Inc., a consulting firm specializing in providing research and due
diligence on a variety of investment products. He is also the publisher
Dave Paterson’s Top Funds Report,
offering regular commentary and in-depth analysis of Canada’s top
investment funds. He uses a unique analytical approach to identify
funds with strong, risk-adjusted returns, and regularly publishes his
insights and analyses in Fund Library.
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only and is not intended as personalized investment advice.