Services
Market Analysis
Research-led, unprejudiced, long-term perspectives
Our informed investment strategies and decisions rely on a deep understanding of structural themes such as the interactions between the global economic, capital and technological trends, coupled with local real estate market knowledge and supplemented by our in-house proprietary research tools.
We provide asset allocation solutions which are based on the principles of high conviction, investment timing, and extensive diversification. We strongly believe that these three foundations are at the very heart of successful portfolio management.
Our investment approach consists of identifying the drivers of return across geographies and sectors. These drivers range from macroeconomic to investment style. We specialise in matching these specific investment styles to the needs of our clients.
Investor Advisory
Experience, conviction and rigorous due diligence procedures
We help investors navigate their way through the sea of available funds, we search for the most appropriate vehicles which meet our client’s investment objectives, considering market trends and our house views. As part of this process, or as a separate service, we also short list fund managers looking for experience, conviction, motivation, stability of the team and good governance.
Our fund selection process involves a series of distillations from the PFR fund universe, of over 8,000 funds, with the objective of identifying PFR’s investable fund(s) in categories based on style, sector, geography and structure. The distillation involves three levels:
Funds are listed as preferred only after a rigorous due diligence meeting with the manager and a review of the fund materials. We have built a two-dimensional set of selection criteria:
We assess the qualitative aspects of the manager and the fund, such as:
- Physical – Organisation structure, experience, resources
- People – Key professionals, compensation structure
- Process – Investment approach, decision making process, fund strategy
- Procedures – Risk management, asset management, reporting, ESG
We perform a quantitative assessment of the manager and the fund performance such as:
- Structure – Debt, diversification, development exposure, investment concentration
- Income – Occupancy rate, WALB/WALT, lease rollover, tenant concentration, asset quality
- Performance – Risk-adjusted absolute and relative returns metrics, costs and fees
- Liquidity – Primary and secondary mechanism
We undertake a lot of analysis to understand how performance is generated and what level of risk has been taken to generate this performance. The combination of the qualitative and quantitative appraisals allows us to determine whether the manager and the fund are likely to outperform in the future and at what cost.
Strategic Consulting
Independent, unbiased advice based on years of experience
We are well-known throughout the global real estate industry for our independent research and indirect market knowledge. We produce the most comprehensive annual survey of the global real estate fund managers, published by IREI Inc., coupled with our authoritative database of unlisted funds, managers and investors provides our clients invaluable insights into market trends and developments. PFR has worked on research projects with industry bodies like INREV, EPRA, AREF, IPF, III and the ULI, as well as working with pension funds, property companies, actuaries and managers.
Our market knowledge, our research experience and our independence put us in an ideal position to provide advice to managers on business and product development and specification, competitor analysis, M&A advice, and market/client perception surveys. For investors we provide unbiased advice on the setting of strategic and tactical allocations within agreed risk, return objectives. Where we do not provide direct services we will work with partners to offer the best outcome for our clients.
