Aerial view of a shipping yard at sunset.

Annual Principal Real Estate Investor Conference

Key Takeaways

May 13, 2025 | 10 min read

The bottom-line

Principal Asset Management recently hosted our annual Real Estate Investor Conference and Advisory Committee in Scottsdale, AZ from May 7 – 9, 2025. The conference provided Principal with a valuable opportunity to (re)connect with clients and share insights regarding how we are positioning the business in the current market.

The overall tone was pragmatic with participants acknowledging an uncertain macro backdrop, however, most agree that commercial real estate (CRE) total returns in 2025 should continue to rise as income returns help offset potential headwinds to capital returns and history shows that 7% to 8% annual returns over the longer term are reasonable.

Listed REITs are a leading indicator that CRE is relatively well positioned while the debt markets remain open for business supporting valuations. While European investors are allocating away from the U.S. (albeit not selling), Middle Eastern and wealth advisory clients see opportunity given the recent drawdown in valuations and less competition. Investors across the board are taking a back-to-basics approach―selecting good properties in the right global markets to drive attractive fundamental growth and solid returns. Development to core, value-add and opportunistic are emerging as bigger components of portfolios.

The macro backdrop

Seema Shah, Chief Global Strategist for Principal Asset Management, presented the state of the economy and outlined the key themes to watch in 2025. Her view is that the global economy confronts upheaval as the U.S. looks to restructure international trade. Tariffs threaten a sharp deterioration in U.S. economic growth, but the U.S. is likely to avoid a recession. Of all the trade deals, China’s is the only one that would truly move the needle for U.S. growth. The recent announcement that the U.S. and China will temporarily lower tariffs on each other’s products to give the two countries three months to work toward a broader agreement is therefore an important development to monitor. While the Federal Reserve is biased to ease policy, they are in a “wait and see” mode that likely pushes out the timing of cuts and constrains the number of cuts. Global economies are also bracing for tariff impact, but offsetting policy stimulus is coming into play especially in Germany given a combination of defense and infrastructure spending. A global dollar backlash is threatening U.S. assets over the near term, but there aren’t viable alternatives to the greenback and the U.S. will remain a haven over the medium-to-long term.

Using history as a guide for medium-to-long term returns

Rolling annual 10-year unlevered “core” total returns have averaged 8.8% since 1Q 1991 compared to 5.5% over the prior 10-years. We argued that the next 10-years will likely be meaningfully higher than last 10-years given the recent draw down in valuations – 7% to 8% annual returns seem reasonable. This is similar to 1991 to 1992, late 1999 to 2022, and 2013. It’s worth noting that 5-year annual total returns have never turned negative unlike the S&P 500 where returns have dipped to the -5% to -7% range on several occasions. In fact, even if you bought at the peak of the market in 1Q 2008 before the GFC, your 5-year total returns were still 3.5% and the 10-year annual return rose to +6%. Investors that cited higher return targets are increasingly focused on build-to-core, value-add, and opportunistic where returns of +10% can be achieved.

Listed REITs are a leading indicator

Listed REITs have generated year-to-date returns of +1.5% as of May 9, outperforming the S&P by +479bp and the NASDAQ by +841bp. Importantly, real estate is the 5th best of the eleven S&P sectors and was as high as 3rd best earlier in the month. Principal panelists cited four primary reasons for the recent outperformance: 1) Earnings are relatively insulated from the direct impacts of tariffs and other Trump policies while they have strong balance sheets with LTVs of approximately 30%, 2) They are favored by investors in a defensive market rotation given their durable income profile, 3) Valuations relative to equities have grown historically cheap as interest rates rose in recent years and the market favored the growth of the so called Mag 7 and 4) REITs are an important diversifier in portfolios and serve as a hedge against a potential de-risking of America by foreign investors and a U.S. economic recession.

Are investors buying, selling, or holding U.S. CRE?

We heard different perspectives on the attractiveness of the U.S. as an investment destination post tariffs. Most European investors stated that they were not likely to sell U.S. commercial real estate assets, but they were unlikely to allocate more capital to the U.S. over the near term. However, this perspective was not shared by every investor, as Middle Eastern and wealth advisory clients saw the drawdown and reduced competition as a longer-term opportunity to invest in the U.S. at prices perceived to be on sale. The biggest beneficiary of a potential allocation away from the U.S. was European logistics where increasing trade on the continent drives demand for developing modern facilities and well-located older facilities in under supplied markets could offer redevelopment opportunities to value-add investors. Germany was of particular focus partially because of the above-mentioned economic growth potential.

Debt’s time to shine

The attractiveness of debt, both absolute and risk-adjusted, was a topic of discussion over the course of the two-day conference. Conservative loan-to-values on property prices, that have already reset approximately 20%, protect against further declines in unlevered property valuations. And, in the event of foreclosure, the property is owned at a basis that provides options on leasing / redevelopment. Yields are attractive given higher risk-free rates and widening credit spreads. Lender appetite is solid for low-risk, high-quality core commercial mortgage loans, as investors continue to seek safe-haven assets. While apartments and industrial have been favored property types over the past several years, there was discussion about expanding the box to other sectors, including office. Participants argued that $2.5tn of maturing loans by the end of 2028 would provide ample opportunity and rising distress may create opportunities to acquire loan portfolios. For investors that are focused on liquidity, we suggest Single Asset/Single Borrower (SASB) CMBS deals that are effectively liquid private credit. These deals are typically backed by high-quality assets with lower loan-to-values.

Focus on fundamentals vs. financial engineering

The 10-year treasury rates were in a secular decline from 1980 until 2022. In fact, there were only three months (out of a total of 507 months) during this period when the 10-year Treasury wasn’t lower a decade into the future. For instance, the 10-year Treasury rate was lower in January 1990 than it was in January 1980 and the 10-year Treasury rate was lower in January 2000 than in January 1990. Why is this important? Investors were able to constantly refinance into lower and lower interest rates, which was a significant tailwind to cap rate compression and rising valuations. This all changed in 2022 as the Fed embarked on raising interest rates to combat inflation leading the cap rate spread to the risk- free rate to meaningfully tighten. Against this backdrop, many conference participants argued that identifying the right properties in the right markets to drive fundamental growth would be the driver of returns rather than financial engineering.

Property type rundown

Data centers remain a favored segment within commercial real estate, with demand continuing to outpace supply. Development costs are higher than most other property types, requiring longer construction timelines and substantial electrical power capacity. The volume of data being created and consumed is growing faster than digital storage capacity, supporting a strong fundamental outlook for the sector. However, emerging technologies, such as AI innovations like DeepSeek, introduce some uncertainty about whether data growth will sustain its previously projected pace. Hyperscalers have provided stability, though recent signals from major players like Microsoft suggest tempering of enthusiasm. Additionally, there is increasing scrutiny of the significant capital inflows into the sector over the past several years, with questions around whether all investors have acquired the most strategically located and highest-quality assets. As a long-term owner of data centers since 2007, we believe Principal is well positioned to navigate these market cross currents.

Industrial has also been another favored sector over the past several years. Unlevered total returns have risen a cumulative +82% since the end of 2019 (+12% annual return), pushing cap rates lower. While net operating income growth is expected to remain robust over the next couple of years as in-place rents are below market rents, market rent growth has decelerated to 2-3% in many markets. This is leading to debate whether a rising tide still lifts all boats in the industrial sector or if greater selectivity is now required to drive compelling returns.

Retail real estate, especially necessity-based open air shopping centers, have become a more favored property type in recent years. In fact, strip centers generated unlevered total returns of +3% in 2024 according to NCREIF, making the sector one of the better performing property types last year. The vacancy rates for neighborhood and power centers stand near a historical low of 4.5% as of 2Q 2025. This is driven by limited new development of properties over the past 15 years while tenant demand is on solid footing. While the knee jerk reaction is that tariffs are a potential headwind, we heard from conference participants that the favorable supply versus demand backdrop would continue to be a sector tailwind.

Office ‒ There seems to be increasing confidence in properties where you live. Concern is turning to curiosity, and investors attempt to establish the framework by which to think about office investment. Home territory bias coupled with job growth has positive implications for New York and London. People that live in New York like New York office, people that live in London like London office and people that live in Australia like Australian office, but people that live in New York don’t necessarily like London office and vice versa. We believe it’s a healthy start to making the sector more investible as it demonstrates that fundamentals on the ground may be starting to stabilize, but it’s primarily focused on the highest quality cohort, and it requires a longer-term perspective. Medical office, on the other hand, was cited as a property type that is increasingly of interest.

Holistic housing ‒ It’s well understood that the U.S. is underhoused by 1.3 to 1.6 million homes (for sale and for rent) through 2034 in aggregate. This is because there has been chronic underbuilding of housing over the past several decades, coupled with baby boomers living in their houses for longer and adults born in the 1990s / 2000s now entering their prime household formation years. We do not expect this to change over the near term. But two interesting discussions appear to be emerging. First, housing should be viewed holistically across both ownership and the various forms of rentership including apartments, single-family rental, manufactured housing, and student housing. This provides a diverse investment opportunity set. Second, while the U.S. is underhoused in aggregate, there may be a housing mismatch across markets – development has primarily occurred in high population growth markets, but other markets have seen far less development. This theme may grow in importance in the coming years as population migrations begin to shift due to growing pains and diminished affordability in some high growth markets.

Senior housing ‒ The sector has been an area of focus for Principal Real Estate given favorable demand versus supply imbalance driven by an aging U.S. population and unattractive development yields. Occupancy rates now stand at above pre-COVID levels with favorable tailwinds for the foreseeable future. This, coupled with rent growth that is expected to remain in the mid-single digits and decelerating expenses as labor costs continue to improve, drives unlevered IRRs into the +8% range. Investors appear to be taking notice as sector realized +5.7% unlevered total returns over the trailing 4-quarters (2Q24 – 1Q25) according to NCREIF, with independent living rising +8% and assisted living at +3.6%. The performance of listed healthcare REITs is even more impressive, with returns of +28.9% year-over-year compared to +12% for the listed REIT index, +2.5% for the S&P and +1.8% for the NASDAQ. This is important because, as we argued above, public markets are leading indicators.

Real estate

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Index descriptions: The S&P 500 is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. The Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange. Along with the Dow Jones Industrial Average and S&P 500, it is one of the three most-followed stock market indices in the United States. The NCREIF Property Index (NPI) is a quarterly, unleveraged composite total return for private commercial real estate properties held for investment purposes.

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Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Member firms of Principal (collectively, the “Firms”) do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for “Professional Clients” as defined in the Conduct of Business of the Dubai Financial Services Authority’s Rulebook. If you are not a “Professional Client”, you may not access this website and you should select the “Decline” link below.

By selecting the “Accept” button below, and entering this website, you agree to these terms and confirm and represent that you are a “Professional Client”.