RCL's investment philosophy has not changed. ESG considerations are an integral part of RCL’s investment philosophy. Our process is focuses on identifying and exploiting companies which have the following three key attributes:
- High barrier property markets where landlords have the best potential for long term pricing power;
- Strong balance sheets which can successfully withstand and exploit market cycles; and
- Management teams with skill, discipline and alignment.
We don’t invest in companies with poor governance, unless that’s the only way to get exposure to the underlying real estate sector. Our portfolio is heavily skewed towards companies with strong ESG credentials.
Our quarterly commentary indicates changes in the portfolio, as well as the rationale for such moves. We identify and report adverse changes in corporate governance – both in structure and in policy – when they occur.
We also maintain current versions of our RI policy on our website.