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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Easterly - Global Real Estate Fund 2026 Q1 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q1 2026 Letter Analysis

Easterly - Global Real Estate Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Easterly - Global Real Estate Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+1%

YTD+1%

Annualized+6.18%

Positioning StanceNEUTRAL

GeographyGlobal

Digest Analysis

Quick Take

"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."

Executive Summary

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.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

The fund demonstrates moderate-high conviction through its concentrated approach of selecting 50 companies from 500+ in their universe, specific sector preferences, and detailed individual position commentary. However, the diversified global approach and hedged language around macro risks prevent a higher score.

Growth Outlook

65%

BearishBullish

Bullish (65%)

The manager expresses an increasingly constructive outlook for global real estate markets, noting that fundamentals are gradually improving with recovering leasing activity and rising transaction volumes. Despite acknowledging macroeconomic uncertainty and geopolitical stress, the overall tone is optimistic about the sector's trajectory.

Risk Appetite

55%

DefensiveAggressive

Balanced (55%)

The fund maintains selective positioning, preferring higher-quality companies in favored sectors like data centers and healthcare while remaining cautious on office, self-storage, and lodging. This represents a balanced risk appetite - not maximum exposure but constructive positioning in preferred areas.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

The letter describes selective acquisition activity and positioning adjustments but provides no specific cash level changes or major deployment activity. The focus appears to be on rotation and selective positioning rather than significant net deployment or de-risking.

Forward Guidance

70%

CautiousExpansionary

Expansionary (70%)

The manager expresses confidence in their positioning and expects to capitalize on market inefficiencies through their domain expertise. They anticipate continued focus on fundamental research and believe the portfolio is well-positioned for when investor attention returns to fundamentals.

Language Signal

60%

BearishBullish

Balanced (60%)

The language is predominantly positive with terms like 'constructive outlook,' 'increasingly attractive opportunities,' and 'well positioned,' balanced against acknowledgment of risks and uncertainty. The net balance favors optimistic directional language.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The manager acknowledges several specific risks including stagflation concerns, geopolitical tensions, tariff policy uncertainty, and immigration impacts on construction labor. However, these risks are discussed as manageable headwinds rather than systemic threats, and the overall tone remains constructive.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The manager sees selective opportunities in defined property sectors with supply-demand imbalances, particularly data centers, healthcare, and industrial. While not describing a broad opportunity set, they identify multiple attractive areas and express confidence in their ability to find quality investments.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The fund emphasizes long-term structural demand drivers, balance sheet strength, and fundamental research over catalyst-driven investing. References to multi-year themes like demographic tailwinds and digital infrastructure demand suggest a patient, multi-year investment horizon.