Easterly - Global Real Estate Fund

Investor Summary

Jeffrey A. Kolitch has served as portfolio manager of Baron Real Estate Fund since its inception on December 31, 2009. He joined Baron Capital in 2005 as a Research Analyst and brings 34 years of total research experience. Prior to Baron Capital, Kolitch was a managing director in equity capital markets at Goldman Sachs. He holds an MM from the Kellogg School of Management at Northwestern University and a BS in Economics from The Wharton School of the University of Pennsylvania.

Fund Strategy

Baron Capital's core investment philosophy centers on long-term investments in secular growth companies with durable competitive advantages and strong management teams. The firm states 'We are long-term investors in secular growth businesses with durable competitive advantages that are run by great management teams.' For the Baron Real Estate Fund specifically, the investment approach focuses on a diversified and expansive investment process within the real estate sector, with portfolio manager Jeffrey Kolitch emphasizing that their approach has differentiated the fund in a crowded marketplace of REIT vehicles.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
6.46%	10.05%	11.15%

Executive Summary

The Easterly Global Real Estate Fund delivered a 10.05% net return in Q2 2026, outperforming its benchmark by 247 basis points as global real estate stocks posted significant gains. The fund's outperformance was driven by overweight positions in data centers and healthcare REITs, with NextDC, Goodman Group, and Welltower as top contributors. The fund views the market as transitioning from stabilization to increasing differentiation, where higher-quality, lower-leverage companies with visible internal growth are pulling away from weaker platforms. Interest rate stability in the 4-4.5% range has removed a major headwind, while low construction activity due to higher costs and labor shortages conveys pricing power to existing asset owners. The fund maintains a constructive outlook, favoring sectors with durable structural demand including data centers, senior housing, and industrial/logistics, while actively avoiding self-storage and office due to fundamental challenges. The portfolio's high-conviction approach focuses on 50 companies selected from a 500+ company universe, emphasizing operational resilience, balance sheet flexibility, and attractive valuations.

Core Thesis

The fund pursues a high-conviction, benchmark-agnostic strategy focused on owning the 50 highest-quality global real estate companies, prioritizing sectors with durable structural demand, limited supply, embedded earnings growth, and balance sheet flexibility, particularly data centers, senior housing, and select industrial properties.

Forward Outlook

The fund's outlook for the global real estate market is increasingly constructive despite elevated macroeconomic uncertainty. Real estate fundamentals and earnings growth in most property sectors are healthy and improving, aided by low supply and high construction costs. The fund believes market conditions of higher volatility play to their strength, enabling them to capitalize on market inefficiencies. They expect public and private real estate values to converge as private buyers increasingly turn to listed markets for high-quality portfolios. The portfolio is positioned to benefit when investor attention returns to fundamentals.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 31 2026	2026 Q2	GMG.AX, H78.SI, NXT.AX, PLD, SUI, WELL	Data centers, global, healthcare, interest rates, Logistics, real estate, REITs, supply constraints	NXT.AX GMG.AX WELL PLD H78.SI SUI	Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies.
May 4 2026	2026 Q1	EQIX, GMG.AX, HKL.HK, NTST, SGP.AX, UTG.L	Data centers, global, interest rates, Property, real estate, REITs	HKL.L NTST EQIX UTG.L SGP.AX	Easterly Global Real Estate Fund outperformed in Q1 2026 as interest rate stability removed a key headwind for REITs. The fund favors higher-quality companies in data centers, healthcare, and industrial properties benefiting from supply constraints and structural demand drivers. Market differentiation is increasing, rewarding operational resilience and balance sheet flexibility over broad sector exposure.
Feb 4 2026	2025 Q4	0012.HK, AMT, IRM, PLD, PW.L, UTG.L	Construction, fundamentals, global, interest rates, Property, real estate, REITs, supply	-	Global real estate fundamentals are improving with low supply and high construction costs conveying pricing power to landlords. Interest rate stabilization removes a major REIT headwind. The fund favors property types with supply-demand imbalances including data centers, healthcare, and industrial/logistics while avoiding weakening areas like self-storage and office.
Oct 22 2025	2025 Q3	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	-	Edgewood's concentrated growth strategy underperformed in Q3 due to stock-specific issues, not fundamental deterioration. The firm maintains strong conviction in its AI-heavy portfolio, actively adding to positions during dislocations. Management's personal capital investment in September signals confidence in current holdings and long-term strategy execution.
Jul 30 2025	2025 Q2	DPLM.L, HARV.HE, LOTB.BR, POOL	Compounding, Europe, growth, Quality, Roiic	-	European quality compounder delivered +10.08% YTD despite FX drag, focusing on businesses with >20% incremental returns on invested capital. Portfolio companies grew EBITA per share +14.8% through high-return reinvestment rather than leverage. Manager maintains fully invested positioning in sustainable quality compounders positioned for double-digit long-term returns despite tariff and FX uncertainties.
May 7 2025	2025 Q1	-	compounders, growth, long-term, Quality, volatility	-	Quality-focused manager delivered 4.21% in volatile Q1 2025, with portfolio companies showing 15.0% EBITA growth in 2024. Despite tariff uncertainty and market noise, maintaining business-as-usual approach by intensifying research on existing high-quality compounders rather than chasing new names. Focus remains on company longevity and avoiding emotional market reactions.
Mar 16 2025	2024 Q4	-	-	-
Oct 24 2024	2024 Q3	-	-	-
Aug 9 2024	2024 Q2	-	-	-
Feb 29 2024	2023 Q4	AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V	E-Commerce, Fintech, growth, Logistics, Platforms, software, technology	INPST ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM RBRK ^VIX	Strong Q3 performance driven by platform businesses with structural advantages. Added to InPost, Mercado Libre, and Rubrik during selloffs. Portfolio up 23.4% YTD versus 13.7% for S&P 500. Focus on profitable, growing companies with operating leverage while maintaining moderate risk. Cautiously optimistic outlook with plans to increase cash and reduce holdings to target allocation.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 31 2026

2026 Q2

GMG.AX, H78.SI, NXT.AX, PLD, SUI, WELL

Data centers, global, healthcare, interest rates, Logistics, real estate, REITs, supply constraints

NXT.AX
GMG.AX
WELL
PLD
H78.SI
SUI

Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies.

May 4 2026

2026 Q1

EQIX, GMG.AX, HKL.HK, NTST, SGP.AX, UTG.L

Data centers, global, interest rates, Property, real estate, REITs

HKL.L
NTST
EQIX
UTG.L
SGP.AX

Easterly Global Real Estate Fund outperformed in Q1 2026 as interest rate stability removed a key headwind for REITs. The fund favors higher-quality companies in data centers, healthcare, and industrial properties benefiting from supply constraints and structural demand drivers. Market differentiation is increasing, rewarding operational resilience and balance sheet flexibility over broad sector exposure.

Feb 4 2026

2025 Q4

0012.HK, AMT, IRM, PLD, PW.L, UTG.L

Construction, fundamentals, global, interest rates, Property, real estate, REITs, supply

Global real estate fundamentals are improving with low supply and high construction costs conveying pricing power to landlords. Interest rate stabilization removes a major REIT headwind. The fund favors property types with supply-demand imbalances including data centers, healthcare, and industrial/logistics while avoiding weakening areas like self-storage and office.

Oct 22 2025

2025 Q3

ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX

AI, growth, healthcare, large cap, semiconductors, software, technology

Edgewood's concentrated growth strategy underperformed in Q3 due to stock-specific issues, not fundamental deterioration. The firm maintains strong conviction in its AI-heavy portfolio, actively adding to positions during dislocations. Management's personal capital investment in September signals confidence in current holdings and long-term strategy execution.

Jul 30 2025

2025 Q2

DPLM.L, HARV.HE, LOTB.BR, POOL

Compounding, Europe, growth, Quality, Roiic

European quality compounder delivered +10.08% YTD despite FX drag, focusing on businesses with >20% incremental returns on invested capital. Portfolio companies grew EBITA per share +14.8% through high-return reinvestment rather than leverage. Manager maintains fully invested positioning in sustainable quality compounders positioned for double-digit long-term returns despite tariff and FX uncertainties.

May 7 2025

2025 Q1

compounders, growth, long-term, Quality, volatility

Quality-focused manager delivered 4.21% in volatile Q1 2025, with portfolio companies showing 15.0% EBITA growth in 2024. Despite tariff uncertainty and market noise, maintaining business-as-usual approach by intensifying research on existing high-quality compounders rather than chasing new names. Focus remains on company longevity and avoiding emotional market reactions.

Mar 16 2025

Oct 24 2024

Aug 9 2024

Feb 29 2024

AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V

E-Commerce, Fintech, growth, Logistics, Platforms, software, technology

Strong Q3 performance driven by platform businesses with structural advantages. Added to InPost, Mercado Libre, and Rubrik during selloffs. Portfolio up 23.4% YTD versus 13.7% for S&P 500. Focus on profitable, growing companies with operating leverage while maintaining moderate risk. Cautiously optimistic outlook with plans to increase cash and reduce holdings to target allocation.

QUARTER	THEMES	TAGS
2026 Q2	Data Centers Data centers are a core bullish thesis for the fund, benefiting from strong Cloud Service Provider and AI tenant demand. NextDC announced a significant Microsoft lease with attractive debt financing. Goodman Group's data center development pipeline exceeded expectations. The fund views data centers as having durable structural demand and limited near-term supply.	AI Cloud Microsoft Development Infrastructure
	Senior Care Senior housing fundamentals continued to improve during the quarter, supported by robust demand, limited new supply, rising occupancy, and solid rent growth. Welltower's operating results remained among the strongest in the REIT sector, reinforcing investor confidence in long-term earnings growth. The fund prioritizes this sector due to demographic tailwinds.	Demographics Occupancy Healthcare REITs Supply Constraints
	Logistics The fund maintains exposure to industrial/logistics properties through Goodman Group and Prologis, viewing the sector as benefiting from post-pandemic recovery trends. However, Prologis detracted from performance as investors remained cautious about near-term demand. The fund acknowledges that expectations for industrial fundamentals are normalizing following the unusually strong post-pandemic period.	Industrial REITs Supply Chain E-commerce Development
	Commercial Real Estate The fund views the global REIT market as transitioning from stabilization to increasing differentiation. Public-to-private valuation gaps remain sufficiently wide to support M&A and private equity activity. Low levels of new construction continue to support existing assets across many sectors. The fund expects public and private real estate values to converge as private buyers increasingly turn to listed markets.	REITs Valuations M&A Supply Constraints Capital Markets
	Rates Interest rates have stabilized in the 4-4.5% range on the 10-year Treasury, shedding a major headwind for REITs. This rate stability, coupled with muted new supply, conveys incremental pricing power to owners of existing assets. The fund views the stability of the 10-year Treasury yield as reversing the paradox of higher growth into the virtue of higher growth, rewarding ownership of higher-growth property types.	Treasury Pricing Power Monetary Policy
	Self Storage REITs The self-storage sector continues to face competitive pressure from excess supply and waning pricing power, as well as high mortgage rates limiting housing mobility. The fund maintains a zero weighting in self-storage, actively avoiding the sector. This represents a core bearish view on the property type.	Supply Pricing Power Housing
2026 Q1	Commercial Real Estate Global real estate stocks posted modest gains in Q1 2026 despite volatility from oil price increases and rising bond yields. The fund views the market as transitioning from stabilization to increasing differentiation, favoring higher-quality, lower-leverage companies with visible internal growth and capital access. Public-to-private valuation gaps remain wide enough to support M&A activity.	REITs Property Valuation M&A Fundamentals
	Data Centers Data centers are highlighted as a preferred property type benefiting from durable secular drivers including digital infrastructure demand and AI-related infrastructure needs. Equinix outperformed during the quarter driven by better-than-expected 2026 revenue guidance and strong bookings for high-quality data center capacity.	Digital Infrastructure AI Cloud Capacity Growth
	Rates Interest rates are no longer viewed as a headwind and are now considered a tailwind. With rates stabilizing in the 4-4.5% range on the 10-year Treasury, REITs have shed a major headwind, giving landlords greater confidence to pass through rents and maintain occupancy. Historical analysis shows REITs have delivered strong returns following Fed tightening cycles.	Treasury Fed Tightening Landlords Occupancy
	Logistics Industrial/logistics is mentioned as a preferred property type benefiting from post-pandemic recovery trends and supply-demand imbalances that favor landlords. However, the overweight to Industrial detracted from portfolio returns in Q1 2026.	Industrial Supply Chain Recovery Warehousing
2025 Q4	AI AI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from fewer seats, lower pricing power, and competition from AI-first upstarts.	Artificial Intelligence Software Disruption White Collar Automation
	Software Software companies are experiencing significant declines as the market reassesses AI impacts. The manager notes three vectors affecting valuations: fewer seats due to efficiency gains, lower pricing power from AI competition, and reduced new customer bookings. However, believes some software that cannot be easily replaced may present opportunities.	SaaS Enterprise Software Pricing Power Competition Valuation
	GLP1 Manager sold Novo Nordisk after brief ownership due to competitive disadvantage versus Eli Lilly. While NVO was attractively valued and first to market with oral GLP-1, LLY has superior product and likely sustainable advantage even when bringing similar oral option to market.	Diabetes Pharmaceuticals Competition Oral Delivery
	Home Improvement Floor & Decor represents a compelling long-term opportunity following the Home Depot disruption model. The company is taking market share with higher inventory selection and lower prices. Current margins are depressed but should scale toward low-to-mid teens as store base builds out and sales per store recover.	Retail Flooring Market Share Margins Store Expansion
2025 Q3	AI Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026.	Infrastructure Semiconductors Software Data Centers Computing
	Semiconductors Portfolio includes major semiconductor exposure through NVIDIA, ASML, Broadcom, and Synopsys. ASML maintains ~90% market share in photolithography machines essential for chip manufacturing. NVIDIA continues exponential performance improvements per watt, while Broadcom leads hyperscale custom chip design and Synopsys benefits from AI-generated silicon design.	Chip Design Manufacturing Equipment EDA Foundries
	Cloud ServiceNow is positioned at the forefront of agentic AI revolution through NVIDIA partnership. The company targets consumption-based monetization models to drive robust revenue growth. Intuit launched QuickBooks AI agents showing 80% repeat-user engagement, while Shopify enables agentic e-commerce through OpenAI integration.	SaaS Enterprise Software Automation Platforms Integration
2025 Q2	Quality The manager emphasizes sustainable quality compounding with focus on companies achieving high returns on incremental invested capital (>20/25%). They stress the importance of measuring free cash flow performance, proper capital allocation management, and understanding the ROIIC framework for value creation.	ROIIC Compounding Cash Flow Capital Allocation Value Creation
2025 Q1	Quality The manager focuses on high-quality compounders that delivered 15.0% EBITA per share growth in 2024. They emphasize companies that show resilience and continue thriving through volatile periods, with a focus on business longevity rather than short-term market movements.	Compounders EBITA Resilience Longevity Quality Growth
2023 Q4	E-commerce Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. Manager emphasizes platform businesses with structural advantages as cornerstone of investment philosophy.	Platforms Marketplaces Digital Latin America Fintech
	Fintech Mercado Pago hits 1M POS terminals in Mexico, doubling since September 2024, driving financial inclusion in a country where 40% remain unbanked. Acquired Brazilian firm Nikos to structure and distribute fixed-income securities and grow assets under management.	Payments Financial Inclusion Digital Banking Mexico Brazil
	Cloud Rubrik represents high-growth software business with accelerating revenue growth and positive free cash flow. Manager views it as one of the most attractive high-growth software businesses despite premium valuation, with margin expansion ahead.	Software Data Protection SaaS Growth Margins
	Logistics InPost expanding UK presence with 536 Aldi stores featuring parcel lockers and UK Post Office trial across hundreds of branches. Potential to tap into full 15,000-branch network represents game changer for density and market penetration.	Parcel Lockers Last Mile UK Expansion Density Infrastructure

QUARTER

THEMES

Data Centers

Data centers are a core bullish thesis for the fund, benefiting from strong Cloud Service Provider and AI tenant demand. NextDC announced a significant Microsoft lease with attractive debt financing. Goodman Group's data center development pipeline exceeded expectations. The fund views data centers as having durable structural demand and limited near-term supply.

AI Cloud Microsoft Development Infrastructure

Senior Care

Senior housing fundamentals continued to improve during the quarter, supported by robust demand, limited new supply, rising occupancy, and solid rent growth. Welltower's operating results remained among the strongest in the REIT sector, reinforcing investor confidence in long-term earnings growth. The fund prioritizes this sector due to demographic tailwinds.

Demographics Occupancy Healthcare REITs Supply Constraints

Logistics

The fund maintains exposure to industrial/logistics properties through Goodman Group and Prologis, viewing the sector as benefiting from post-pandemic recovery trends. However, Prologis detracted from performance as investors remained cautious about near-term demand. The fund acknowledges that expectations for industrial fundamentals are normalizing following the unusually strong post-pandemic period.

Industrial REITs Supply Chain E-commerce Development

Commercial Real Estate

The fund views the global REIT market as transitioning from stabilization to increasing differentiation. Public-to-private valuation gaps remain sufficiently wide to support M&A and private equity activity. Low levels of new construction continue to support existing assets across many sectors. The fund expects public and private real estate values to converge as private buyers increasingly turn to listed markets.

REITs Valuations M&A Supply Constraints Capital Markets

Rates

Interest rates have stabilized in the 4-4.5% range on the 10-year Treasury, shedding a major headwind for REITs. This rate stability, coupled with muted new supply, conveys incremental pricing power to owners of existing assets. The fund views the stability of the 10-year Treasury yield as reversing the paradox of higher growth into the virtue of higher growth, rewarding ownership of higher-growth property types.

Treasury Pricing Power Monetary Policy

Self Storage REITs

The self-storage sector continues to face competitive pressure from excess supply and waning pricing power, as well as high mortgage rates limiting housing mobility. The fund maintains a zero weighting in self-storage, actively avoiding the sector. This represents a core bearish view on the property type.

Supply Pricing Power Housing

2026 Q1

Commercial Real Estate

Global real estate stocks posted modest gains in Q1 2026 despite volatility from oil price increases and rising bond yields. The fund views the market as transitioning from stabilization to increasing differentiation, favoring higher-quality, lower-leverage companies with visible internal growth and capital access. Public-to-private valuation gaps remain wide enough to support M&A activity.

REITs Property Valuation M&A Fundamentals

Data Centers

Data centers are highlighted as a preferred property type benefiting from durable secular drivers including digital infrastructure demand and AI-related infrastructure needs. Equinix outperformed during the quarter driven by better-than-expected 2026 revenue guidance and strong bookings for high-quality data center capacity.

Digital Infrastructure AI Cloud Capacity Growth

Rates

Interest rates are no longer viewed as a headwind and are now considered a tailwind. With rates stabilizing in the 4-4.5% range on the 10-year Treasury, REITs have shed a major headwind, giving landlords greater confidence to pass through rents and maintain occupancy. Historical analysis shows REITs have delivered strong returns following Fed tightening cycles.

Treasury Fed Tightening Landlords Occupancy

Logistics

Industrial/logistics is mentioned as a preferred property type benefiting from post-pandemic recovery trends and supply-demand imbalances that favor landlords. However, the overweight to Industrial detracted from portfolio returns in Q1 2026.

Industrial Supply Chain Recovery Warehousing

2025 Q4

AI

AI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from fewer seats, lower pricing power, and competition from AI-first upstarts.

Artificial Intelligence Software Disruption White Collar Automation

Software

Software companies are experiencing significant declines as the market reassesses AI impacts. The manager notes three vectors affecting valuations: fewer seats due to efficiency gains, lower pricing power from AI competition, and reduced new customer bookings. However, believes some software that cannot be easily replaced may present opportunities.

SaaS Enterprise Software Pricing Power Competition Valuation

GLP1

Manager sold Novo Nordisk after brief ownership due to competitive disadvantage versus Eli Lilly. While NVO was attractively valued and first to market with oral GLP-1, LLY has superior product and likely sustainable advantage even when bringing similar oral option to market.

Diabetes Pharmaceuticals Competition Oral Delivery

Home Improvement

Floor & Decor represents a compelling long-term opportunity following the Home Depot disruption model. The company is taking market share with higher inventory selection and lower prices. Current margins are depressed but should scale toward low-to-mid teens as store base builds out and sales per store recover.

Retail Flooring Market Share Margins Store Expansion

2025 Q3

AI

Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026.

Infrastructure Semiconductors Software Data Centers Computing

Semiconductors

Portfolio includes major semiconductor exposure through NVIDIA, ASML, Broadcom, and Synopsys. ASML maintains ~90% market share in photolithography machines essential for chip manufacturing. NVIDIA continues exponential performance improvements per watt, while Broadcom leads hyperscale custom chip design and Synopsys benefits from AI-generated silicon design.

Chip Design Manufacturing Equipment EDA Foundries

Cloud

ServiceNow is positioned at the forefront of agentic AI revolution through NVIDIA partnership. The company targets consumption-based monetization models to drive robust revenue growth. Intuit launched QuickBooks AI agents showing 80% repeat-user engagement, while Shopify enables agentic e-commerce through OpenAI integration.

SaaS Enterprise Software Automation Platforms Integration

2025 Q2

Quality

The manager emphasizes sustainable quality compounding with focus on companies achieving high returns on incremental invested capital (>20/25%). They stress the importance of measuring free cash flow performance, proper capital allocation management, and understanding the ROIIC framework for value creation.

ROIIC Compounding Cash Flow Capital Allocation Value Creation

2025 Q1

Quality

The manager focuses on high-quality compounders that delivered 15.0% EBITA per share growth in 2024. They emphasize companies that show resilience and continue thriving through volatile periods, with a focus on business longevity rather than short-term market movements.

Compounders EBITA Resilience Longevity Quality Growth

2023 Q4

E-commerce

Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. Manager emphasizes platform businesses with structural advantages as cornerstone of investment philosophy.

Platforms Marketplaces Digital Latin America Fintech

Fintech

Mercado Pago hits 1M POS terminals in Mexico, doubling since September 2024, driving financial inclusion in a country where 40% remain unbanked. Acquired Brazilian firm Nikos to structure and distribute fixed-income securities and grow assets under management.

Payments Financial Inclusion Digital Banking Mexico Brazil

Cloud

Rubrik represents high-growth software business with accelerating revenue growth and positive free cash flow. Manager views it as one of the most attractive high-growth software businesses despite premium valuation, with margin expansion ahead.

Software Data Protection SaaS Growth Margins

Logistics

InPost expanding UK presence with 536 Aldi stores featuring parcel lockers and UK Post Office trial across hundreds of branches. Potential to tap into full 15,000-branch network represents game changer for density and market penetration.

Parcel Lockers Last Mile UK Expansion Density Infrastructure

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 31, 2026	Fund Letters	Easterly - Global Real Estate Fund	NXT.AX	NextDC Ltd	Information Technology Services	Specialized REITs	Bull	Australian Securities Exchange	AI infrastructure, Australia, cloud infrastructure, data centers, development pipeline, Equity, hyperscale, Microsoft Lease	Login
Jul 31, 2026	Fund Letters	Easterly - Global Real Estate Fund	GMG.AX	Goodman Group	REIT - Diversified	Industrial REITs	Bull	Australian Securities Exchange	asset management, Australia, data centers, development, Equity, Global Platform, Industrial, Logistics	Login
Jul 31, 2026	Fund Letters	Easterly - Global Real Estate Fund	WELL	Welltower Inc	REIT - Healthcare Facilities	Health Care REITs	Bull	New York Stock Exchange	Demographics, Equity, healthcare, limited supply, occupancy growth, Outpatient Medical, Rent growth, senior housing	Login
Jul 31, 2026	Fund Letters	Easterly - Global Real Estate Fund	PLD	Prologis Inc	REIT - Industrial	Industrial REITs	Neutral	New York Stock Exchange	development pipeline, e-commerce, Equity, Global, Industrial, Logistics, mark-to-market, supply chain	Login
Jul 31, 2026	Fund Letters	Easterly - Global Real Estate Fund	H78.SI	Hongkong Land Holdings Ltd	Real Estate - Development	Diversified Real Estate Activities	Neutral	Singapore Exchange	Asean, Asia, China, Equity, Hong Kong, Office, Residential Development, retail, Singapore	Login
Jul 31, 2026	Fund Letters	Easterly - Global Real Estate Fund	SUI	Sun Communities Inc	REIT - Residential	Specialized REITs	Neutral	New York Stock Exchange	affordable housing, capital allocation, Equity, Manufactured housing, Marinas, North America, Portfolio Repositioning, RV Resorts	Login
May 4, 2026	Fund Letters	Easterly - Global Real Estate Fund	HKL.L	Hong Kong Land Holdings	Other	Real Estate Operating Companies	Bull	New York Stock Exchange	Asia, asset sales, capital allocation, Hong Kong, Office, Real Estate, retail, share repurchase, Singapore, Strategic Transformation	Login
May 4, 2026	Fund Letters	Easterly - Global Real Estate Fund	NTST	NETSTREIT Corp	REIT - Retail	Retail REITs	Bull	New York Stock Exchange	acquisition, defensive, income-oriented, Long Duration, Necessity Retail, Net Lease, REIT, Stable cash flows	Login
May 4, 2026	Fund Letters	Easterly - Global Real Estate Fund	EQIX	Equinix Inc	REIT - Specialty	Specialized REITs	Bull	NASDAQ	AI infrastructure, cloud, data center, digital infrastructure, enterprise, Global Platform, Interconnection, REIT	Login
May 4, 2026	Fund Letters	Easterly - Global Real Estate Fund	UTG.L	Unite Group PLC	REIT - Diversified	Residential REITs	Bear	New York Stock Exchange	affordability, development pipeline, low leverage, market leader, Residential, student housing, UK, University	Login
May 4, 2026	Fund Letters	Easterly - Global Real Estate Fund	SGP.AX	Stockland	REIT - Diversified	Real Estate Operating Companies	Bear	New York Stock Exchange	Australia, Diversified Real Estate, housing market, interest rate sensitivity, Logistics, Master-Planned Communities, Residential Development, retail	Login
Oct 1, 2025	Fund Letters	Easterly - Global Real Estate Fund	INPST	InPost	Industrials	Air Freight & Logistics	Bull	Warsaw Stock Exchange	Automated Parcel Machines, e-commerce, Last-mile Delivery, Logistics, market share, Network Density, Parcel Lockers, strategic investment, UK Expansion	Login
Oct 1, 2025	Fund Letters	Easterly - Global Real Estate Fund	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	Mercado Libre	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	B2B wholesale, digital health, digital payments, E-commerce Platform, Financial Inclusion, Fintech, Latin America, market dominance, Political Resilience, POS Terminals	Login
Oct 1, 2025	Fund Letters	Easterly - Global Real Estate Fund	RBRK	Rubrik	Information Technology	Systems Software	Bull	NYSE	Cloud data management, Data Protection, Enterprise software, Free Cash Flow, growth inflection, High Growth, SaaS, Software, Subscription ARR, Valuation reset	Login
Oct 1, 2025	Fund Letters	Easterly - Global Real Estate Fund	^VIX	Visa	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	antitrust, defensive, financial services, forward earnings, low risk, market outperformance, Monopolization, Payments, Regulatory risk	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 31, 2026

Fund Letters

Easterly - Global Real Estate Fund

NXT.AX

NextDC Ltd

Information Technology Services

Specialized REITs

Bull

Australian Securities Exchange

AI infrastructure, Australia, cloud infrastructure, data centers, development pipeline, Equity, hyperscale, Microsoft Lease

Jul 31, 2026

Fund Letters

Easterly - Global Real Estate Fund

GMG.AX

Goodman Group

REIT - Diversified

Industrial REITs

Bull

Australian Securities Exchange

asset management, Australia, data centers, development, Equity, Global Platform, Industrial, Logistics

Jul 31, 2026

Fund Letters

Easterly - Global Real Estate Fund

WELL

Welltower Inc

REIT - Healthcare Facilities

Health Care REITs

Bull

New York Stock Exchange

Demographics, Equity, healthcare, limited supply, occupancy growth, Outpatient Medical, Rent growth, senior housing

Jul 31, 2026

Fund Letters

Easterly - Global Real Estate Fund

PLD

Prologis Inc

REIT - Industrial

Industrial REITs

Neutral

New York Stock Exchange

development pipeline, e-commerce, Equity, Global, Industrial, Logistics, mark-to-market, supply chain

Jul 31, 2026

Fund Letters

Easterly - Global Real Estate Fund

H78.SI

Hongkong Land Holdings Ltd

Real Estate - Development

Diversified Real Estate Activities

Neutral

Singapore Exchange

Asean, Asia, China, Equity, Hong Kong, Office, Residential Development, retail, Singapore

Jul 31, 2026

Fund Letters

Easterly - Global Real Estate Fund

SUI

Sun Communities Inc

REIT - Residential

Specialized REITs

Neutral

New York Stock Exchange

affordable housing, capital allocation, Equity, Manufactured housing, Marinas, North America, Portfolio Repositioning, RV Resorts

May 4, 2026

Fund Letters

Easterly - Global Real Estate Fund

HKL.L

Hong Kong Land Holdings

Other

Real Estate Operating Companies

Bull

New York Stock Exchange

Asia, asset sales, capital allocation, Hong Kong, Office, Real Estate, retail, share repurchase, Singapore, Strategic Transformation

May 4, 2026

Fund Letters

Easterly - Global Real Estate Fund

NTST

NETSTREIT Corp

REIT - Retail

Retail REITs

Bull

New York Stock Exchange

acquisition, defensive, income-oriented, Long Duration, Necessity Retail, Net Lease, REIT, Stable cash flows

May 4, 2026

Fund Letters

Easterly - Global Real Estate Fund

EQIX

Equinix Inc

REIT - Specialty

Specialized REITs

Bull

NASDAQ

AI infrastructure, cloud, data center, digital infrastructure, enterprise, Global Platform, Interconnection, REIT

May 4, 2026

Fund Letters

Easterly - Global Real Estate Fund

UTG.L

Unite Group PLC

REIT - Diversified

Residential REITs

Bear

New York Stock Exchange

affordability, development pipeline, low leverage, market leader, Residential, student housing, UK, University

May 4, 2026

Fund Letters

Easterly - Global Real Estate Fund

SGP.AX

Stockland

REIT - Diversified

Real Estate Operating Companies

Bear

New York Stock Exchange

Australia, Diversified Real Estate, housing market, interest rate sensitivity, Logistics, Master-Planned Communities, Residential Development, retail

Oct 1, 2025

Fund Letters

Easterly - Global Real Estate Fund

INPST

InPost

Industrials

Air Freight & Logistics

Bull

Warsaw Stock Exchange

Automated Parcel Machines, e-commerce, Last-mile Delivery, Logistics, market share, Network Density, Parcel Lockers, strategic investment, UK Expansion

Oct 1, 2025

Fund Letters

Easterly - Global Real Estate Fund

Mercado Libre

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

B2B wholesale, digital health, digital payments, E-commerce Platform, Financial Inclusion, Fintech, Latin America, market dominance, Political Resilience, POS Terminals

Oct 1, 2025

Fund Letters

Easterly - Global Real Estate Fund

RBRK

Rubrik

Information Technology

Systems Software

Bull

NYSE

Cloud data management, Data Protection, Enterprise software, Free Cash Flow, growth inflection, High Growth, SaaS, Software, Subscription ARR, Valuation reset

Oct 1, 2025

Fund Letters

Easterly - Global Real Estate Fund

^VIX

Visa

Information Technology

Data Processing & Outsourced Services

Bull

NYSE

antitrust, defensive, financial services, forward earnings, low risk, market outperformance, Monopolization, Payments, Regulatory risk

TICKER	COMMENTARY
NXT.AX	NextDC is a leading Australian data center developer benefiting from strong Cloud Service providers and AI tenant demand. During the quarter, the company announced a significant lease with Microsoft, along with attractively priced debt financing to support its data center development pipeline.
GMG.AX	Goodman Group is an Australian-listed owner, developer, and manager of global industrial properties, with a significant data center development pipeline. A majority of its earnings are derived from its asset management platform. Shares advanced during the quarter following better-than-expected results across both its industrial/logistics portfolio and data center development business.
WELL	Welltower is a leading U.S.-based healthcare REIT focused primarily on senior housing, outpatient medical, and other healthcare-related real estate assets. Welltower was a strong contributor during the quarter as senior housing fundamentals continued to improve, supported by robust demand, limited new supply, rising occupancy, and solid rent growth. The company's operating results remained among the strongest in the REIT sector, reinforcing investor confidence in its long-term earnings growth.
PLD	Prologis is a leading global logistics REIT with embedded net operating income growth driven by mark-to-market rent increases and a high-quality development pipeline. Prologis detracted from performance during the quarter as investors remained cautious toward the logistics sector amid concerns about near-term demand. While the company's long-term growth profile remains attractive, expectations for industrial fundamentals continued to normalize following the unusually strong post-pandemic period.
H78.SI	Hongkong Land is a leading owner of office and retail assets primarily located in Hong Kong and Singapore, with residential development activities in China and select ASEAN markets. Shares declined during the quarter as the company entered a blackout period, temporarily suspending its regular share repurchase program.
SUI	Sun Communities is a U.S.-based REIT that owns and operates manufactured housing communities, recreational vehicle resorts, and marinas across North America. Sun Communities detracted during the quarter as investors remained focused on slower growth in its RV and marina businesses, as well as the earnings impact of recent portfolio repositioning activity. While manufactured housing fundamentals remain relatively stable, near-term uncertainty surrounding growth and capital allocation weighed on investor sentiment.

TICKER

COMMENTARY

NXT.AX

NextDC is a leading Australian data center developer benefiting from strong Cloud Service providers and AI tenant demand. During the quarter, the company announced a significant lease with Microsoft, along with attractively priced debt financing to support its data center development pipeline.

GMG.AX

Goodman Group is an Australian-listed owner, developer, and manager of global industrial properties, with a significant data center development pipeline. A majority of its earnings are derived from its asset management platform. Shares advanced during the quarter following better-than-expected results across both its industrial/logistics portfolio and data center development business.

WELL

Welltower is a leading U.S.-based healthcare REIT focused primarily on senior housing, outpatient medical, and other healthcare-related real estate assets. Welltower was a strong contributor during the quarter as senior housing fundamentals continued to improve, supported by robust demand, limited new supply, rising occupancy, and solid rent growth. The company's operating results remained among the strongest in the REIT sector, reinforcing investor confidence in its long-term earnings growth.

PLD

Prologis is a leading global logistics REIT with embedded net operating income growth driven by mark-to-market rent increases and a high-quality development pipeline. Prologis detracted from performance during the quarter as investors remained cautious toward the logistics sector amid concerns about near-term demand. While the company's long-term growth profile remains attractive, expectations for industrial fundamentals continued to normalize following the unusually strong post-pandemic period.

H78.SI

Hongkong Land is a leading owner of office and retail assets primarily located in Hong Kong and Singapore, with residential development activities in China and select ASEAN markets. Shares declined during the quarter as the company entered a blackout period, temporarily suspending its regular share repurchase program.

SUI

Sun Communities is a U.S.-based REIT that owns and operates manufactured housing communities, recreational vehicle resorts, and marinas across North America. Sun Communities detracted during the quarter as investors remained focused on slower growth in its RV and marina businesses, as well as the earnings impact of recent portfolio repositioning activity. While manufactured housing fundamentals remain relatively stable, near-term uncertainty surrounding growth and capital allocation weighed on investor sentiment.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Data Centers

Senior Care

Logistics

Commercial Real Estate

Rates

Self Storage REITs

Commercial Real Estate

Data Centers

Rates

Logistics

AI

Software

GLP1

Home Improvement

AI

Semiconductors

Cloud

Quality

Quality

E-commerce

Fintech

Cloud

Logistics

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Andrew J. Duffy Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Easterly – Global Real Estate Fund