Investment Overview

Differentiated, bottom-up research process
Long-term, strategic orientation
Significant time spent "in the field," touring properties and meeting with local and regional management
Low turnover
Focus on what we believe to be quality companies, with capable management teams, high barriers to entry, strong balance sheets and attractive valuation

Portfolio Construction

Approximately 40-60 positions in the portfolio
Position size and sector weights are measured relative to the Dow Jones U.S. Select Real Estate Securities Index
Position Size - Position sizes are also measured relative to the benchmark
Cash Position - Attempts to remain fully invested at all times during normal market conditions, less than 5% in cash

Investment Team

J. Scott Craig
26 years of industry experience
11 years with Eaton Vance
B.B.A., College of William & Mary
Master of Management, Northwestern University

Benchmark

Dow Jones U.S. Select Real Estate Securities Index