Top performer
David Copp & Brendan Lee
TIAA-Cref Real Estate Securities
It’s been a difficult year for real estate. The spread of the coronavirus has wreaked havoc on property including retail, hotels, and office space.
But not all property types are getting smashed. The funds that loaded up on cell towers, data center landlords, and logistics companies have been relative winners, while those that avoided them have suffered.
Among these winners are David Copp and Brendan Lee of the TIAA-CREF Real Estate Securities fund. They topped Citywire’s risk-adjusted ranking in the Real Estate category after being awarded a 1.22 manager ratio for their three-year performance to the end of July.
Copp has managed the fund since the end of 2005, and Lee joined him in mid-2006. The pair came into 2020 with cell tower companies American Tower and Crown Castle International as their first and fourth largest holdings. Logistics and light industrial firm Prologis, another beneficiary of ecommerce, was their second largest.
Copp told Citywire in June that he became apprehensive about economically sensitive property types a few years ago and had been adjusting the fund’s portfolio to move it from office buildings to cell towers and data centers.
Category giant
Jason Yablon & Tom Bohjalian
Cohen & Steers Realty Shares
Jason Yablon and Tom Bohjalian manage the most assets of all the portfolio managers in this category. Their three funds, the Cohen & Steers Realty Shares, the Cohen & Steers Inst. Realty Shares, and the Cohen & Steers Real Estate Securities, contain more than $14.5bn altogether. Their manager ratio clocks in at 1.13, not far behind top performers Copp and Lee.
Their largest fund is the $5.7bn Cohen & Steers Realty Shares fund, and Yablon and Bohjalian also came into the year with American Tower as their number one holding.
The pair hold SBA Communications, another cell tower Reit, as their sixth largest holding. Data center Reit Equinix was their second largest.
As of June 30, the portfolio didn’t look too different from the end of 2019. One exception is Simon Property Group, the country’s largest shopping mall operator. Yablon and Bohjalian upped exposure, which moved it from the 31st position in their portfolio to ninth.
They also exited positions in office Reits Boston Properties and Empire State Realty Trust (the latter focuses on New York City). Those holdings weren’t large, although the managers initiated the entire position in Empire State at the end of 2019.
September 29, 2020 at 01:00AM
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Cell towers top real estate category amid property's plummet - Citywire USA
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