The REIT market is very top heavy, the top 25 names make up over half of the market and the top three sectors are just under half. Any index that is market cap-weighted will be heavily concentrated in these names and sectors. Most REIT strategies are very index-like, with active share in the 60% range on average, and heavily concentrated in the largest REITs. This suggests more attractive investments are getting overlooked. Most non-large cap REITs are indeed undervalued compared to the large cap REITs. Is this undervaluation due to higher risks or are these