Global Inflation
Global Inflation
Germination, Examination & Protection
The A, B and Cs of Mall REITs* Under-Owned by Investors
115 1
110 1
105
100
951
90es
eol
" 1 70 4-26%
difference
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
A Average B/C Average
Footnotes . Data as of December 31. 2015. 'See A. B, C explanation on final page.
Source. FactSet: Deutsche Bank Wealth Management.
Selectivity Important 4 Category REIT Weighting
Mutual Funds Benchmark
Mid-Cap Growth 1.2% 1.6%
Small Growth 1.9% 2.7%
Mid-Cap Blend 4.7% 6.8%
Small Blend 5.9% 8.6%
Small Value 6.6% 14.6%
Large Growth 0.6% 1.4%
Mid-Cap Value 5.3% 12.5%
Large Value 1.5% 4.1%
Large Blend 1.4% 2.8%
5096 -I
3096 1
10% 1f..
-10%
cccc Ge
a .2 2015 Total Return
1 a
Footnotes: Data as of December 31. 2015 FrSEiNAREtT Equity Indices.
Source: FactSet, Deutsche Bank Wealth Management
Deutsche Bank
Wealth Mon Bement Estimated
Underweight
$1 billion
$1 billion
$5 billion
S6 billion
$8 billion
$10 billion
$16 billion
$23 billion
$25 billion
Selectivity is important when investing in REITs. For
example, A class mall REITS outperformed B/C class by
-26% in 2015. In addition, self storage rose —40% while
the broad REIT Index was up only —3% in 2015.
The Raymond James REIT team produced the above
estimates showing how underweight broader equity
mutual fund managers are to REITs relative to their
respective benchmarks.
The $95 billion estimate equates to over 10% of the REIT
Index market capitalization.
Footnotes: Time period As of June 30, 2015
Source- Deutsche Bank Wlealth Management Dow jnnes, Raymond arneS, S&P
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