Adelante utilizes a bottom-up fundamental approach in our security selection process with a primary focus on the value of the underlying assets ("Net Asset Value") of each company. The firm's investment strategies are managed on a team basis.  The firm's portfolio managers, research analysts and in-house trader comprise the portfolio committee, which meets regularly to review events occurring in the investment universe and in the capital markets. Decisions on portfolio construction are made based on proprietary research conducted by analysts and share price movements.

Adelante adheres to specific investment guidelines to achieve performance objectives and to manage portfolio risk. First, we maintain a preference for "core" institutional real estate property types (e.g. apartments, office, industrial and retail), avoiding securities in narrowly focused specialty real estate companies that we believe will not deliver adequate long-term returns commensurate to the level of risk assumed. Second, as a risk control measure, our guidelines limit exposure to both individual companies and property types.  Third, as a diversification measure, Domestic strategies must be exposed to at least three property types; for the Global strategy, accounts must be invested in all three regions: North America, Europe and Asia. Finally, companies with a market capitalization of less than $100 million are screened out to avoid illiquid securities.