Adelante’s investment philosophy has remained consistent as the public market for real estate securities has matured in the past fifteen years:

• We believe that real estate securities are efficient vehicles for the allocation of capital to commercial real estate.

• We believe that the best way to invest in real estate securities is to select companies that are trading at or below the private market value of the underlying real estate; other significant metrics include property type and strength of management.
• We believe that the public market for real estate securities is still relatively inefficient; the market consistently presents opportunities to harvest relative value by disciplined trading.