Active Share: The percentage of a fund’s portfolio that differs from the benchmark index.

Basis point ("BPS"): A unit of measure used to indicate percentage changes in financial instruments, making it possible to communicate small variations in financial variables.    

Book value: The value of a company's assets after netting out its liabilities. It approximates the total value shareholders would receive if the company were liquidated.    

Capitalization Rate ("Cap Rate"): The capitalization rate (or “cap rate”) is a real estate valuation measure used to compare the return potential of income-producing real estate investments. Although there are many variations, the cap rate is generally calculated as the ratio between the annual rental income produced by a real estate asset relative to the purchase price or current market value.  

CAPE Ratio: Also known as the Shiller P/E or PE 10 Ratio, is an acronym for the Cyclically-Adjusted Price-to-Earnings Ratio. The ratio is calculated by dividing a company’s stock price by the average of the company’s earnings for the last ten years, adjusted for inflation.

Correlation: The statistical relationship between two variables, indicating how one variable moves in relation to another.

Discount to estimates of net asset value: occurs when the market price of a fund is lower than estimates of the per-share value of its underlying assets.

Dividends: The percentage of a company's earnings that is paid to its shareholders as their share of the profits. Dividends are generally paid quarterly, with the amount decided by the board of directors based on the company's most recent earnings.    

Earnings yield: Refers to the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield (the inverse of the P/E ratio) shows the percentage of a company's earnings per share.    

Earnings before interest and taxes (“EBIT”): A measure of a firm's profit that includes all incomes and expenses (operating and non-operating) except interest expenses and income tax expenses.

EBITDA: Short for earnings before interest, taxes, depreciation, and amortization, is an alternate measure of profitability to net income.    

Enterprise multiple: Also known as the EV multiple, is a ratio used to determine the value of a company. The enterprise multiple, which is enterprise value divided by earnings before interest, taxes, depreciation, and amortization (EBITDA), looks at a company the way a potential acquirer would by considering the company's debt.    

Enterprise Value ("EV"): The measure of a company’s total value. It looks at the entire market value rather than just the equity value, so all ownership interests and asset claims from both debt and equity are included.  

Excess Return: Refers to the return from an investment above the benchmark.    

Forward earnings: Forward earnings are an estimate of the next period's earnings of a company, usually till the completion of the current fiscal year and sometimes to the following fiscal year.

Free cash flow ("FCF"): Represents the cash that a company generates after accounting for cash outflows to support its operations and maintain its capital assets.  

FTSE EPRA Nareit Global ex US Index: The FTSE EPRA Nareit Global ex US Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts in both developed and emerging markets. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The index is not a security that can be purchased or sold.  

FTSE EPRA/NAREIT Developed Real Estate Index: The FTSE EPRA/NAREIT Developed Real Estate Index was developed by the European Public Real Estate Association (EPRA), a common interest group aiming to promote, develop, and represent the European public real estate sector, and the North American Association of Real Estate Investment Trusts (NAREIT), the representative voice of the US REIT industry. The index series is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European, and Asian Real Estate markets. The Index is capitalization-weighted. The index is not a security that can be purchased or sold.  

Liquidation value: The net value of a company's physical assets if it were to go out of business and the assets sold. The liquidation value is the value of company real estate, fixtures, equipment, and inventory. Intangible assets are excluded from a company's liquidation value. Readily ascertainable NAV.  

Margin of Safety: The difference between a security's market price and a conservative estimate of intrinsic value.

MSCI ACWI ex USA IMI Core Real Estate Index: The MSCI ACWI ex USA IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 22 Developed Markets (DM) and 24 Emerging Markets (EM) countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties.  The index is not a security that can be purchased or sold.    

MSCI ACWI IMI Core Real Estate Index: The MSCI The MSCI ACWI IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid, and small-cap stocks across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The index is not a security that can be purchased or sold.    

MSCI Investable Market Real Estate 25/50 Index: The MSCI US IMI Real Estate 25/50 Index is designed to capture the large, mid and small cap segments of the U.S. equity universe. All securities in the index are classified in the Real Estate sector as per the Global Industry Classification Standard (GICS®). The index also applies certain investment limits to help ensure diversification limits that are imposed on regulated investment companies under the current US Internal Revenue Code.

MSCI USA All Cap Index: The MSCI USA All Cap Index captures broad US equity coverage. The index includes 3,464 constituents across large, mid, small and micro capitalizations, representing about 99% of the US equity universe.  The index is not a security that can be purchased or sold.    

MSCI USA Index: The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 590 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the U.S..

‍MSCI USA Small Cap Value Index: The MSCI USA Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across the US equity markets.  The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.  The index is not a security that can be purchased or sold.    

MSCI World Index: The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets. The index is not a security that can be purchased or sold.    

MSCI World Value: The MSCI World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets (DM) countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The index is not a security that can be purchased or sold.    

Net asset value ("NAV"): The value of an investment fund that is determined by subtracting its liabilities from its assets.  

Net cash: Refers to the position of a company with regard to its liquidity position. To calculate net cash, a company will need to deduct its current liabilities from its cash balance.  Liabilities are a business’ obligations to transfer assets or provide a service that’s already taken place.  

Net debt-to-EBITDA (earnings before interest depreciation and amortization) ratio: A measurement of leverage, calculated as a company's interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA.    

Net Operating Income ("NOI"): Net operating income shows the profitability of income-generating real estate investments.

Price to Book: Weighted harmonic average of the ratio of current share price to its book value per share of each security holding invested in the portfolio.  

Price to Cash Flow: Weighted harmonic average of the ratio of current share price to its trailing 12-months cash flow per share of each security holding invested in the portfolio.  

Price to Sales: Weighted harmonic average of the ratio of current share price to its trailing 12-months sales per share of each security holding invested in the portfolio.    

Price-to-earnings ratio ("P/E Ratio"): The P/E ratio for valuing a company that measures its current share price relative to its per-share earnings.  

Price-to-NAV: Price to Net Asset Value ratio (also known as price/book). The P/NAV ratio shows the company's share price to the net asset (or book) value per share.  

Price-to-value: The comparison between the amount a security can be purchased for relative to its perceived worth.

REIT: Real Estate Investment Trust.

REOC: Real Estate Operating Company.

Resource conversions: Include mergers, privatizations, spin-outs, recapitalizations, or significant buybacks.    

Return of capital ("ROC"):  A payment that an investor receives as a portion of their original investment and that is not considered income or capital gains from the investment. Note that a return of capital reduces an investor's adjusted cost basis.    

Return on assets ("ROA"): A financial ratio that indicates how profitable a company is relative to its total assets.    

Return on equity ("ROE"): A measure of a company's financial performance. It is calculated by dividing net income by shareholders' equity.    

Russell 2000® Index: The Russell 2000 Index measures the performance of the small cap segment of the US equity market. The index includes approximately 2,000 ofthe smallest companies based on a combination of their market cap and currentindex membership. The Russell 2000 Index is a subset of the Russell 3000®Index, which was designed to represent approximately 98% of the investable US equity market. Semi-annual reconstitution and quarterly IPO inclusions ensure newly eligible companies are represented and that larger stocks do not distort the performance and characteristics of the true US small cap opportunity set. The index is not a security that can be purchased or sold.

Russell 2000® Value Index: The Russell 2000 Value Index measures the performance of US small cap value stocks. The index includes companies with relatively lower price-to-book ratios, lower 2-year I/B/E/S forecast growth and lower historical 5-year sales growth. The index is reconstituted fully in June to ensure accurate representation of the US small cap value style, with updates for parent index membership changes in December and quarterly IPO inclusions in March and September. The index is not a security that can be purchased or sold.

Russell 2000® Quality Factor Index: The Russell 2000 Quality Factor Index is part of the broader Russell 2000 Comprehensive Factor Index, which aims to provide exposure to various common factors that are believed to drive returns in equity markets. The Quality Factor specifically targets companies that exhibit strong fundamentals, such as high profitability and low leverage, which are expected to perform better over time compared to their lower-quality counterparts. The index is not a security that can be purchased or sold.

S&P SmallCap 600® Index: The S&P SmallCap 600 Index seeks to measure the small-cap segment of the U.S. equity market. The index is composed of 600 constituent companies and designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is not a security that can be purchased or sold.  

S&P 500® Index: The S&P 500 Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The index is not a security that can be purchased or sold.

Share repurchase: A transaction whereby a company buys back its own shares from the marketplace.