For the longest time, this was the go-to real estate fund in Canada. It was consistently one of the best performers in the space, handily outpacing its peer group between 2009 and 2011. However, since 2012, performance has lagged substantially, as investors piled into the fund chasing its former glory. The fund essentially became a victim of its own success. Now at $1.2 billion in assets, the managers have invested about half the fund outside of Canada as they look for suitable opportunities. I have noticed an uptick in performance in the past three months, but I’m worried that the size of the fund will continue to be a drag. Given my concerns, I would likely take a pass on this fund for now.