CBRE Group

CBRE Group is the world's largest commercial real estate services and investment firm, advising owners, investors and occupiers on leasing, sales, property management, valuation and project services. Its global scale and diversified revenue streams, including a growing base of recurring facilities and asset management fees, set it apart in a fragmented industry. CBRE pays no dividend, choosing to return capital through share buybacks and to reinvest in acquisitions and its resilient services businesses. It is therefore a growth-oriented holding whose returns come from capital appreciation rather than income, and the modest score reflects the lack of a dividend combined with exposure to the property transaction cycle.