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Equity preferences[UBS Global Wealth Management] Sector View: Neutral Strategy: Return of the Jedi. After three years of underperforming the S&P 500, REITs, as measured by the S&P index, are handily beating the broader market through 14 July 2021 with REITs up 26% and beating the S&P 500 by more than 900 basis points. Performance has been broad based across various property types with some catch up YTD performance in those property types more geared towards the economy reopening including retail, office and urban multifamily. Our positioning within the sector: We continue to believe multifamily and industrial are best positioned to capitalize on strong operating fundamentals, demographic and secular growth trends. We are also constructive towers, data centers, single family rentals, manufactured home operators and select office markets. |
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