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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Structural supply constraints and elevated replacement costs are driving landlord pricing power across data centers, industrial logistics, and healthcare real estate, while oversupplied office and self-storage platforms face continued operational deterioration."
The Easterly Global Real Estate Fund (Class I) posted a net return of -6.54% in the third quarter of 2026, underperforming the Bloomberg REIT & Real Estate DM Large, Mid & Small Cap Net Return Index benchmark return of -5.98% by 56 basis points. Year to date, the Fund returned 3.88% net of fees compared to 1.78% for the benchmark, reflecting an outperformance of 210 basis points. Relative underperformance in the quarter was primarily driven by adverse security selection within data centers, industrial, and retail holdings, while positive contributors were led by stock selection in lodging and residential, alongside a zero allocation to timber. The global listed real estate market reversed its early-year rally during the quarter, pressured by rising long-term bond yields, persistent energy inflation, and escalating geopolitical tensions that sparked stagflation concerns. Macro volatility has catalyzed stark performance dispersion across the property sector, marking an end to uniform post-rate shock stabilization. In this environment, structural supply constraints have emerged as a dominant theme, as construction starts sit near historic lows due to labor shortages, elevated input expenses, and the crowding-out of materials and labor by artificial intelligence data center developments. Portfolio positioning continues to emphasize high-quality platforms characterized by low leverage, organic internal growth, and durable pricing power. Top individual quarterly contributors included Hong Kong Land Holdings, Australian diversified developer Stockland, and Japan Hotel REIT. Conversely, major performance detractors included NextDC, Goodman Group, and NETSTREIT Corp., whose operational gains were overshadowed by macro rate pressures. Easterly maintains a constructive long-term stance toward healthcare, industrial logistics, and data centers, while remaining cautious toward office, self-storage, and lower-tier properties.
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