Leading commercial real estate service company Jones Lang LaSalle Incorporated (JLL) contributed positively to performance during the third quarter, aided by the company’s strong second quarter financial report, coupled with broad-based strength across its business. We expect JLL to continue benefiting from structural and secular tailwinds: the outsourcing of commercial real estate, the institutionalization of commercial real estate, and opportunities to increase market share in a highly fragmented market. Looking forward, we continue to believe we are in the early days of a rebound in commercial real estate sales and leasing activity. We believe JLL may generate annual earnings per share growth of mid- to high teens in the next few years, and the company is currently valued at a discounted multiple of less than 15 times our estimate for next year’s earnings versus 17 to 18 times during prior early cycle periods.

We purchased one position during the quarter: Jones Lang LaSalle Inc. Jones Lang LaSalle is one of the largest commercial real estate service providers in the world, serving both investors in and corporate occupiers of real estate. It provides leasing brokerage, M&A and investment advisory services, as well as property and project management services. To complement its core business, the company also owns LaSalle, one of the largest global real estate investment management businesses in the world. Jones Lang LaSalle is a secular grower in a consolidating industry, is broadly diversified by geography, asset class and line of service, and has an inherently variable cost structure that has allowed it to generate free cash flow in both good and bad times.

We purchased one position during the quarter: Jones Lang LaSalle Inc. Jones Lang LaSalle is one of the largest commercial real estate service providers in the world, serving both investors in and corporate occupiers of real estate. It provides leasing brokerage, M&A and investment advisory services, as well as property and project management services. To complement its core business, the company also owns LaSalle, one of the largest global real estate investment management businesses in the world. Jones Lang LaSalle is a secular grower in a consolidating industry, is broadly diversified by geography, asset class and line of service, and has an inherently variable cost structure that has allowed it to generate free cash flow in both good and bad times.

We purchased one position during the quarter: Jones Lang LaSalle Inc. Jones Lang LaSalle is one of the largest commercial real estate service providers in the world, serving both investors in and corporate occupiers of real estate. It provides leasing brokerage, M&A and investment advisory services, as well as property and project management services. To complement its core business, the company also owns LaSalle, one of the largest global real estate investment management businesses in the world. Jones Lang LaSalle is a secular grower in a consolidating industry, is broadly diversified by geography, asset class and line of service, and has an inherently variable cost structure that has allowed it to generate free cash flow in both good and bad times.

Jones Lang LaSalle Inc. is one of the largest commercial real estate service providers globally, catering to both investors and corporate occupiers. The company offers a range of services including leasing brokerage, M&A and investment advisory, as well as property and project management. It also owns LaSalle, a major global real estate investment management firm. Jones Lang LaSalle is positioned as a secular grower in a consolidating industry, with diversification across geography, asset class, and service lines, and an adaptable cost structure that enables it to generate free cash flow in various market conditions.

Jones Lang LaSalle Inc. is one of the largest commercial real estate service providers globally, serving both investors and corporate occupiers. The company offers a range of services including leasing brokerage, M&A and investment advisory, as well as property and project management. It is positioned as a secular grower in a consolidating industry, with a diversified portfolio across geography, asset class, and service lines. Its variable cost structure enables it to generate free cash flow in various market conditions, reinforcing our positive outlook on its growth potential.

Jones Lang LaSalle Inc. is one of the largest commercial real estate service providers globally, serving both investors and corporate occupiers. The company offers a range of services including leasing brokerage, M&A and investment advisory, as well as property and project management. It is positioned as a secular grower in a consolidating industry, with broad diversification across geography, asset class, and service lines. Its variable cost structure enables it to generate free cash flow in various market conditions, reinforcing our positive outlook on its growth potential.

Jones Lang LaSalle Inc. is one of the largest commercial real estate service providers globally, serving both investors and corporate occupiers. The company offers a range of services including leasing brokerage, M&A and investment advisory, as well as property and project management. It is positioned as a secular grower in a consolidating industry, with broad diversification across geography, asset class, and service lines. Its variable cost structure enables it to generate free cash flow in various market conditions, reinforcing our positive outlook on its growth potential.

Jones Lang LaSalle Inc. is one of the largest commercial real estate service providers in the world, serving both investors in and corporate occupiers of real estate. The company is a secular grower in a consolidating industry, broadly diversified by geography, asset class, and line of service. Its inherently variable cost structure has allowed it to generate free cash flow in both good and bad times, making it a resilient investment. We believe that its strong market position and diversified service offerings will continue to drive growth.

Jones Lang LaSalle Inc. is one of the largest commercial real estate service providers in the world, serving both investors in and corporate occupiers of real estate. The company is a secular grower in a consolidating industry, broadly diversified by geography, asset class, and line of service. Its inherently variable cost structure has allowed it to generate free cash flow in both good and bad times, making it a resilient investment. We believe that its strong market position and diversified service offerings will continue to drive growth.