Following a mostly calm ride in 2021, the stock market experienced serious turbulence due to both expected and unexpected factors in the first quarter of 2022.  Persistent inflation, a new Federal Reserve interest rate hiking cycle, and a violent incursion by Russia into Ukraine generated volatility not seen in a year.  The S&P 500 underwent […]

Portfolio Insights

April 18, 2022

Portfolio Insight | 1st Quarter 2022

The S&P 500 Index continued its remarkable run in the fourth quarter, climbing the proverbial wall of worry to close the year on a very high note.  Amid concerns about inflation and supply chains, Federal Reserve tapering, and COVID-19 variants, the index gained 11.0% in the quarter and hit a new all-time high on December […]

Portfolio Insights

January 13, 2022

Portfolio Insight | 4th Quarter 2021

In 2021, REITs produced one of the best calendar year total returns in history, clocking in at +43.1% through December 31 as measured by the MSCI US REIT Index (Bloomberg: RMZ).  Once again, our forecast missed the actual return by more than 1,000 basis points (or bps).  However, the top end of our forecast at […]

REIT Outlook

January 4, 2022

2022 Chilton REIT Forecast | January 2022

It has been exactly one year since we published ‘Essential REIT Evaluation: Retail’, and, looking back on the piece, one could describe it as overly cautious and concerned with the longer term impact of the pandemic on this sector.  However, hindsight is 20/20, and we were working with much different information a year ago.  Just […]

REIT Outlook, Uncategorized

November 9, 2021

Retail REITs: Revisited and Reconsidered | November 2021

Picking up where it left off at the end of the second quarter, the S&P 500 continued hitting new record highs in the third quarter.  Generally positive global vaccination and re-opening efforts, combined with sustained monetary and fiscal stimulus, offset the temporary economic headwinds from a spike in Delta variant COVID-19 cases.  The S&P 500 […]

Portfolio Insights

October 1, 2021

Portfolio Insight | 3rd Quarter 2021

It has been two years since we introduced the Chilton Global Real Estate Strategy in the October 2019 Chilton REIT Outlook.  We are proud that the initial concept of a three-pronged approach to alpha production has worked well, and we believe this process will be repeatable going forward.  As of September 28, 2021, the Chilton […]

REIT Outlook

October 1, 2021

Uneven COVID Response Worldwide Creates Opportunity in Global REITs | October 2021

In September, the MSCI US REIT Index (RMZ) produced a total return of -5.5%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of -6.1%, gross and net of fees. In the third quarter, the RMZ produced a total return of +1.0%, which compared to the Chilton REIT Composite […]

REIT Outlook

September 30, 2021

REIT Commentary | September 2021

Healthcare has been squarely in the spotlight since the beginning of the COVID pandemic in February 2020, and rightly so.  While the world may have yet to agree upon an answer for how to properly address or prevent a pandemic, the past 18 months have solidified healthcare as an essential sector of the economy, as […]

REIT Outlook

September 1, 2021

Healthcare REIT Check-up: Ready for a Boost | September 2021

As of July 31, 2021, the MSCI REIT Index has produced a year-to-date total return of +27.7%, which compares to our 2021 forecast of +13% to +19%.  While the actual return exceeds our expectations, we also believe this is not the time to reduce exposure to publicly traded equity REITs.  Since our initial forecast was […]

REIT Outlook

August 1, 2021

The Cycle Is Just Getting Started | August 2021

Fueled by rapidly dropping global COVID-19 cases and continued monetary and fiscal stimulus, equity markets continued to hit new record highs, with little volatility, in the second quarter.  Economic growth accelerated and the S&P 500 outpaced Q1’s solid return by gaining 8.5% to bring its year-to-date gain to 15.2%. The top performing sectors in the […]

Portfolio Insights

July 19, 2021

Portfolio Insight | 2nd Quarter 2021

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