While constructing the portfolio, we closely manage security, property sector and country weightings within the portfolio to protect our total return potential. Maximum potential exposure to a single security is capped at 10%, while the majority of holdings range from one to four percent of the total portfolio. We evaluate each holding to determine its potential effect on performance through its relationship to other stocks in the portfolio and whether it will increase the overall exposure to macroeconomic or capital markets events. In addition, we pay close attention to stock liquidity on an individual security level.

在构建投资组合时，我们通过有效管理投资组合内的证券、资产部门和国家权重，来保护总收益预期。单个证券的最高预期敞口为10%，而大部分持有资产的敞口为1%到4%。我们将对每笔持有资产进行评估，通过其与投资组合中其他股票的关系，确定其对投资效益的影响，以及其是否会增加宏观经济或资本市场带来的总体风险。此外，我们密切关注个别证券层面的股票流动性。

If fundamental factors change or a security becomes overvalued based on our valuation models, we consider reducing that holding’s weighting or an outright sale of the security. Our global listed real estate portfolios have a target tracking error of between 3-6% against the FTSE/EPRA NAREIT benchmark.

若根据我们的估值模型，确定基本因素发生改变或证券估值过高，则我们将考虑减少持仓比重或直接出售该证券。 我们的全球上市房地产投资组合目标对FTSE/EPRA NAREIT基准的跟踪失误率为3%至6%之间。

We believe in our ability to add value through careful stock selection and timely research driven asset allocation. In operating our active investment process we believe it is possible to secure consistent long-term outperformance for our clients within a controlled environment and with acceptable levels of risk.

我们相信，凭借谨慎的股票选择和以及时研究为基础的资产分配，我们可以带来附加价值。在开展主动投资业务过程中，我们相信，可以确保在控制环境和可接受的风险等级下，长期为客户提供始终如一的优秀业绩。

We aim to add value from each stage of our disciplined investment process. The dynamic nature and our flexible approach are key features of this process. Each of the key elements are monitored and reviewed regularly to ensure effectiveness in operation, and to assess impact on portfolio returns.

我们致力于在严格投资过程的各个阶段增加价值。动态的属性和灵活的方法，是该过程的主要特点。我们将对所有关键要素进行定期监控和审查，以确保运营效力，并评估其对投资组合回报的影响。

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