Invesco Global Direct Real Estate Fund - People Update

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below, which is established as a segregated fund in accordance with the Insurance Companies Act (Canada).

This is an update only and you don’t need to take any immediate action as a result of this news.

In May 2026, Christopher Belosic transitioned from a portfolio manager (PM) on the Invesco Global Direct Real Estate (GDRE) Fund (the Fund) to a real estate research and analytics role within the Investment Insights team. Belosic joined Invesco Real Estate (IRE) in 2018 as an associate PM for Invesco’s U.S. Core direct real estate strategy. Invesco indicated that this was a voluntary move aligned with his career goals and aspirations.

While Belosic is no longer a named PM, he will continue supporting the Fund and the broader GDRE group by providing top-down strategy and performance insights across U.S. real estate mandates, and working closely with the PMs, strategic analytics, and performance teams. This includes contributing to GDRE’s U.S. Core and Income funds.

Belosic’s prior responsibility for strategy oversight is being taken on by the PM team. This team operates with broad cross-coverage across the global funds and shared knowledge around processes. Tracey Luke will continue as Lead PM on the Fund, with ultimate responsibility for asset allocation decisions between the various underlying funds. Yuwen Cao also remains a PM, but with broader responsibilities across other funds in the GDRE group. 

In addition, Matthew Kampf was appointed as a PM on the Fund. Kampf began his investment management career in 2017 and joined IRE in 2023 where he has been supporting day-to-day portfolio management. Prior to 2023, he served as a senior portfolio analyst for BWE Real Estate Capital. He has also served on the real estate strategy team at Topgolf, along with the asset management team at Prudential (PGIM Real Estate Finance). Invesco indicated that Kampf’s promotion reflects a natural progression and formalization of his current responsibilities and is not related to Belosic’s transition.

Invesco’s succession plan leverages both the existing team and the broader global real estate platform. Invesco identified Luke’s potential successor as Cao, who would continue to be supported by Kampf in the PM role.

The Fund’s investment philosophy and process did not change as a result of these changes.

About the Fund

The Fund’s objective is to provide total returns, including income, from global direct real estate over the long term. Each of the four underlying funds are managed by separate regional teams that primarily invest directly in institutional quality core or income real estate located around the globe.

During normal market conditions, GDRE invests in at least three regions – the US, Europe and Asia Pacific. These underlying funds comprise of two fundamental principles: (1) maximize the predictability and consistency of investment returns and (2) minimize the risk of capital loss. The “Invesco House View” incorporates top-down economic and market research as well as in-depth bottom-up analysis.

The Fund is available to Defined Benefit plans or to Defined Contribution sponsors whose Custom Portfolios allow for investments in non-daily valued/traded funds.

Sun Life GRS Investment Solutions team view

In February 2026, we announced that CI Global Asset Management would be acquiring several Invesco Canada funds. The transaction does not impact the GDRE Fund as the current team will continue to manage it. You can read more on this here.

While unexpected, we take comfort that Belosic’s transition is voluntary and Invesco has put a plan in place to ensure continuity. The team-based structure, cross-product coverage and shared knowledge mitigate key-person risk. In addition, Belosic’s continued involvement in a research capacity enhances strategic insight. Despite losing a PM resource, we are not overly concerned given that the PM team acts as asset allocation decision makers, rather than selecting real estate properties. The PM teams monitor and select real estate properties in the underlying funds. We continue to have confidence in the PM team on the Fund.