WGPR Managed Account Track Record in Global Listed Real Estate: Comparison with Other Global Asset Classes
Observed results from a managed account, not simulated, during the analyzed period.
This document presents the observed performance track record of the WGPR managed account during the analyzed period, compared against global benchmarks representative of developed market equities, global listed real estate, and global fixed income. The objective is to contextualize the account's historical behavior within a set of asset classes frequently used in internationally diversified portfolios.
Analysis framework
The multi-asset analysis in this document serves as allocation contextualization, and not as a definition of WGPR's primary benchmark. WGPR remains positioned within the global listed real estate universe, predominantly through REITs and eligible equivalents, while the other asset classes are presented as relative behavior references within a diversified developed-market portfolio.
How to interpret the comparisons presented
This page organizes the analysis into three informational levels:
- WGPR
Observed track record in a managed account during the analyzed period. - Primary reference class
Global listed real estate, represented by a passive class benchmark. - Additional allocation references
Developed market global equities and global fixed income, presented as complementary references of relative behavior in diversified portfolios.
Comparisons are for informational and analytical purposes only and do not imply equivalence in mandate, eligible universe, structure, concentration, liquidity, costs, taxation, base currency, jurisdiction, rebalancing frequency, or operational restrictions.
Historical indicators for the period
The indicators below summarize the observed behavior of the WGPR managed account during the analyzed interval and enable comparative reading against the asset classes presented in this document.
Cumulative Return
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Cumulative performance during the analyzed period.
CAGR
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Compound annual growth rate during the period.
Sortino Ratio
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Return-to-downside-risk ratio during the period.
Maximum Drawdown
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Largest cumulative loss observed throughout the analyzed interval.
Capital trajectory (base 100)
The chart presents the historical capital trajectory of WGPR, on a base 100 scale, compared against the selected multi-asset references during the analyzed period. Its objective is to enable visual reading of relative behavior across asset classes under different market conditions, without presupposing equivalence among products, vehicles, or mandates.
Observed risk and annualized return
The risk-return analysis seeks to contextualize WGPR's historical position relative to the asset classes presented during the analyzed period. This is a descriptive reading of observed data, not a projection of future performance.
Visual comparison of selected metrics
The radar chart visually summarizes selected historical metrics between WGPR and the presented references. This reading should be considered alongside the comparative table, the methodology used, and the comparability limitations described in this document.
Normalized for visual purposes only. Does not represent absolute scale and does not replace detailed metrics review and methodology analysis.
Behavior during adverse periods
The maximum drawdown analysis aims to show a relevant dimension of the historical behavior of the analyzed asset classes during periods of higher volatility. This data should be interpreted alongside return, risk, liquidity, investment horizon, and the specific characteristics of each compared reference.
Comparative matrix — WGPR, REET, equities, and fixed income
Period: Sep 23 - Feb 26| Asset | Absolute Return | CAGR (Annualized) | Volatility | Max Drawdown | Sharpe Ratio | Sortino Ratio |
|---|
Calculations based on adjusted closing prices for the period 09/18/2023 to 02/27/2026. Metrics serve as context to position WGPR within the global listed real estate universe and against traditional equity and fixed income asset classes.
Role of introducing real estate in an equity and fixed income portfolio
The comparison below shows the effect of introducing global listed real estate into an equity and fixed income portfolio. REET represents the passive exposure to the asset class, while WGPR represents an active implementation within the same class.
| Asset | Equities + Bonds | Equities + Bonds + REET | Equities + Bonds + WGPR |
|---|---|---|---|
| Equities | 40.6% | 40.9% | 42.5% |
| Bonds | 59.4% | 51.0% | 27.5% |
| REET | – | 8.1% | – |
| WGPR | – | – | 30.0% |
| Total Return | 28.4% | 30.2% | 42.1% |
| Sharpe | 1.3 | 1.4 | 1.7 |
| Info Ratio vs E+B | – | 0.49 | 1.0 |
Result interpretation
REET highlights the role of the asset class. Compared to the portfolio with only equities and bonds, the inclusion of REET increased total return and improved the Sharpe ratio, demonstrating the effect of introducing global listed real estate.
During the analyzed period, the WGPR scenario showed superior return and efficiency metrics compared to the other scenarios. Compared to the base portfolio and the REET alternative, the WGPR scenario delivered higher total return, a superior Sharpe ratio, and a higher Information Ratio versus equities + bonds.
Allocation constraint considered. The optimization was performed with a minimum 40% allocation to equities and a maximum 30% cap for real estate, approximating an institutional allocation policy framework.
Weights correspond to observed allocations between asset classes during the analyzed period. Period: 09/18/2023 to 02/27/2026. Results reflect exclusively the observed period.
WGPR adherence to the global listed real estate class
To assess WGPR's adherence to the real estate asset class, the reference used is REET, as a passive proxy for global listed real estate. The objective is to verify whether WGPR preserves economic exposure to the asset class while differentiating itself through active management.
| Metric vs. REET | Value | Interpretation |
|---|---|---|
| Correlation | 0.70 | Indicates a relevant relationship with the global listed real estate class. |
| Beta | 0.65 | Shows participation in class movements with lower amplitude than REET. |
| Tracking Error | 11.8% p.a. | Reflects active differentiation relative to the passive class benchmark. |
| Information Ratio | 0.57 | Positive excess return per unit of active risk during the period. |
| Alpha | 10.0% p.a. | Annualized excess return relative to REET, adjusted for beta. |
| Upside Capture | 0.70 | Relevant participation in the class's upside movements. |
| Downside Capture | 0.57 | Proportionally lower capture of the class's downside movements. |
Summary
Together, a correlation of 0.70 and a beta of 0.65 suggest that WGPR remains linked to the behavior of global listed real estate, using REET as the class reference. At the same time, tracking error, positive Information Ratio, and positive alpha show that this exposure is not mere passive replication: the metrics of the analyzed period suggest active implementation behavior within the asset class.
Adherence metrics calculated with daily returns, using REET as the passive class reference. Period: 09/18/2023 to 02/27/2026. Results reflect exclusively the analyzed period and do not represent a projection of future performance.
