The Fund invests primarily in REITs and real estate securities that are listed, or soon to be listed, on stock exchanges around the world and will also have some exposure to cash.

Benefits of Investing in the Resolution Capital Global Property Securities Fund

Investing in the Fund offers a number of benefits, including:

• Specialised management and proprietary research - The opportunity to benefit from the     significant expertise and experience of a specialist REIT and real estate securities investment manager and access to Resolution Capital's proprietary global research and database systems;
  
• Access to real estate returns - By investing in listed entities, the Fund gives investors exposure to real estate assets they may not usually access directly as individuals. The Fund offers the opportunity to gain exposure to some of the best real estate assets and managers in the world;
  
• Diversification - By investing in a portfolio of global real estate securities, investors can benefit from improved diversification, divisibility and transparency compared with other forms of real estate investments;
  
• Alignment of interests - Key executives of Resolution Capital are majority owners of the business which provides stability and focus to the investment team;
  
• Liquidity and transaction costs - Listed real estate generally offers investors the ability to liquidate their investments more quickly than many forms of direct real estate investments. Listed real estate also involves substantially less transaction costs than direct real estate; and
  
• Income distributions - The potential to receive income distributions which are generally paid following the end of each half-year period and, unless otherwise instructed, reinvested as additional units in the Fund.
  

Risk Level

Growth

Investor suitability

An investment in the Fund may suit you if you are seeking a medium to long-term investment in global listed REITs and other real estate securities with the potential for income distributions and capital growth.

For investors who are prepared to accept more risk in exchange for potentially higher returns on their investments over the medium to long-term. Growth investors are comfortable with some volatility and the possibility of negative returns.

About the Fund

The Resolution Capital Global Property Securities Fund [the Global Fund'] gives investors exposure to the underlying returns of some of the world's highest quality real estate assets through a professionally managed portfolio of global real estate investment trusts (REITs') and property companies.

Investment style

Resolution Capital is a value-oriented investment manager with the objective of delivering superior risk-adjusted returns over the long-term relative to recognised industry benchmarks. This is achieved through investment in a concentrated portfolio of carefully selected listed real estate securities with an emphasis on avoiding permanent impairment of capital. Securities in which the Fund invests are diversified across a range of real estate sectors and geographic regions, focusing on investments in the developed markets of North America, the U.K, Europe and Asia Pacific.

Investment objective

The Global Fund's investment objective is to exceed the total returns of the Benchmark after fees on a rolling 3 year basis. In doing so, the Global Fund aims to provide Investors with a level of distributable income combined with the potential for long term capital growth sourced from global real estate based revenue streams. Resolution Capital intends to hedge the capital component of the Fund.

How we invest your money

The Fund primarily invests in global listed REITs and real estate securities that derive most of their returns from rental income. The Fund's investments provide exposure to a range of underlying real estate from around the world including office buildings, shopping centres, industrial warehouses, residential communities, hotels and healthcare facilities. The Fund may also have exposure to companies which undertake activities such as real estate development, real estate construction contracting and real estate funds management activities.

Resolution Capital believes that optimum risk-adjusted returns can be achieved through a concentrated portfolio of 30 to 60 stocks. In constructing the portfolio, bottom-up stock analysis is combined with the identification of broader investment and direct real estate market themes.

Resolution Capital adopts a multiple portfolio manager' approach for its global portfolio construction. This approach tests the conviction of individual portfolio managers, encourages greater involvement from the broader investment team and mitigates key person risk.

Resolution Capital intends to mitigate currency risk through hedging the capital component of the Fund's exposure to global real estate securities and may also hedge currency exposure arising from income receivable from global real estate securities at its discretion. From time to time the Fund may accept unhedged or over-hedged exposures, but hedging will not be undertaken in a currency where there is no underlying physical investment. Currency hedging may impact the level of income distributions.

Portfolio Allocation

• 85% - 100% invested in global listed REITs and real estate securities.*

• 0% - 15% invested in cash and short dated money market securities.

*For reasons of investment efficiency, the Fund may gain its exposure by holding units in other Resolution Capital Funds.