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GIM Global Real Estate Fund Class Z beat the FTSE EPRA/NAREI index in October, thanks to superior stock picking while staying neutral on allocation. European performance lagged, mainly from weak UK picks. We overweight Japanese developers, citing solid fundamentals and rising shareholder returns. U.S. REITs trade about 6 % below NAV, near the long‑term flat average. Earnings are projected to grow 6.5 % in 2025, rising to 7 % in 2026.
