ISA Portfolio View 2023

The art and science of portfolio construction matters most when
market conditions change suddenly. This has never been truer than
in the past few years, which saw major pivots in capital markets
as policymakers shifted from trying to stimulate the economy at
the start of the pandemic, to applying the breaks to prevent
inflation running out of control. The speed and unpredictability
of these changes highlights the importance of planning ahead by
thinking carefully about how to create portfolios that can be
expected to be resilient. Foundational concepts of portfolio
management such as diversification and risk management should be
considered alongside an investor’s objectives and values to
devise a strategy for their portfolio.


It is with these factors in mind that we release first edition of
LaSalle’s ISA Portfolio View, which seeks
to answer five foundational questions about real estate: 


 Why real estate lays out the case
for property exposure in a multi-asset context? 
 

 Why global considers the benefits
of expanding horizons beyond an investor’s domestic
market? 
 

 Why be sector smart tries to make
sense of the recent changes in relative sector performance with
an eye to building resilient portfolios? 
 

 Why be quadrant smart addresses
the interplay among the “four quadrants” of real
estate? 
 

 Why manage risk explores
the importance of—and our approach to—managing investment
risk? 
 



In many ways the ISA Portfolio View is the continuation
of a longstanding strand of LaSalle’s analysis that would
typically form the latter chapters of the Investment
Strategy Annual. In this new standalone edition, we draw from a
deep pool of experts from around the firm, acknowledging the
interconnectedness of real estate opportunities: across borders,
across sectors, and across quadrants. We welcome your questions
and feedback.





Contributors:


Brian Klinksiek


Global Head of Research and Strategy


Eduardo Gorab


Head of Global Portfolio Research and Strategy