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Amid Market Turmoil, Nearly $1 Trillion Dollar Investment Fund Nuveen Bullish on Manufactured Housing, Provides Investor Outlook

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Nuveen isa TIAA company,” a.k.a. the “Teachers Insurance and Annuity Association of America-College Retirement Equities Fund.” Nuveen had assets under management (AUM) of “$970 billion USD (December 2017),” per Wikipedia.

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In their annual forecast for 2019, Nuveen’s leadership said as follows.

  • We believe we are in the late innings of the bull market, but the cycle is not over yet. We see market corrections as buying opportunities and continue to emphasize quality growth companies and cyclical sectors. If a recession comes earlier than expected, amid higher rates or inflation, investors would be less willing to pay premium multiples for growth. Market neutral, defensive, quality and yield strategies should become more compelling in such an environment.”

Among one of their bullets on real estate?

  • “…We believe some of the best opportunities exist in alternative sectors, such as data centers and manufactured housing.”

To place that commentary from Nuveen into its broader context, here below is their unedited bulleted outlook on real estate sector in general for 2019.

NuveenRealEstateOutlook2019ManufacturedHousingIndustryDailyBusinessNewsMHProNews

 

  • “Real estate fundamentals are expected to remain solid in 2019, despite the market’s late cycle, rising interest rates and structural change disrupting the office and retail sectors. Positive global growth forecasts and an overall balance of supply and demand continue to support net operating income and property values. Commercial real estate continues to attract capital, with stable income returns generally exceeding those available in fixed income. However, little or no capital appreciation can be expected and putting new capital to work remains challenging.
  • Structural change driven by demographics, technology and consumer trends are creating opportunities to add alpha. We expect global cities benefiting from advanced technology, sustainable development and rising urbanization to outperform through changing market cycles. The upheavals impacting office and retail are generating demand for high-tech buildings with flexible office space and light industrial warehouses. We believe some of the best opportunities exist in alternative sectors, such as data centers and manufactured housing.
  • Residential apartments globally are benefiting from strong demand among middle-income families and millennials priced out of home ownership. Global real estate debt’s stable income returns and lower volatility have offered risk protection for real estate equity portfolios.
  • Risks to the outlook include underestimating the need to “future proof” portfolios by incorporating exposure to emerging new sectors, such as providers of flexible office space and co-living apartment buildings.”

— end of extended quotes from Nuveen —

 

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The Nuveen forecast mirrors several points from recent reports on the Daily Business News on MHProNews.

That said, while there is indeed “…some of the best opportunities…” in “manufactured housing…,” long-time careful readers of this industry-leading trade media know that manufactured home shipments are underperforming.  That means there is strong upside, but it also means that the arguably artificial headwinds that make that underperformance a reality must be understood and addressed.

For more on those factors, see the related reports, linked below the byline and notices, further below. That’s “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” © ## (News , analysis, and commentary.)

 

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

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