What is most likely the reason the RE Fund outperformed the Industry Index? Property Type Apartments Hotel Industrial Office Retail Total % of Fund Value 40.0% 20.0% 25.0% 5.0% 10.0% 100.0% RE Fund Industry Index Weighted % of Index Weighted Return Return Value Return Return 11.5% 4.6% 35.0% 12.0% 4.2% 12.0% 2.4% 10.0% 14.0% 1.4% 10.0% 2.5% 30.0% 8.0% 2.4% 4.0% 0.2% 10.0% 6.0% 0.6% 7.5% 0.8% 15.0% 8.0% 1.2% 10.5% 100.0% 9.8% Geographic location O Allocation Selection Cross product