Real Estate covers REITs (Real Estate Investment Trusts) across all property types: commercial, residential, industrial, data centers, cell towers, and specialty.

Key Holdings: Prologis, American Tower, Equinix, Simon Property Group

Drivers: Interest rates (primary), occupancy rates, rent growth, work-from-home trends

Characteristics: High dividend yields (REITs must distribute 90% of income); rate-sensitive; data center REITs are a structural growth theme