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Real Estate Fund

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Real Estate Fund

Mutual Fund | Equities

Real Estate Fund

YTD RETURN

0.00%

Overview
A concentrated portfolio of U.S. real estate securities seeking total return, emphasizing both current income and long-term capital appreciation

Why Invest

Distinct Approach

High-conviction portfolio typically focused on 30–45 securities with tactical rotation among property sectors/geographical regions based on economic/regional fundamentals

Consistent, Focused Investment Process

Balances real estate analysis with fundamental security analysis, through a combination of top-down selection of property sectors with bottom-up security selection in an effort to optimize portfolio mix

Experienced Investors

Co-portfolio managers have an average of over 25 years of industry experience and have worked together on the portfolio since 2003

Performance and Exposure

Top 10 Holdings

As of 12/31/2023

Portfolio holdings are expressed as a percentage and are calculated by taking the market value of each holding and dividing it by the Fund's NAV. Portfolio holdings and other characteristics are current as of the date shown and are subject to change.

Fund Facts

 

For Institutional Class, Class A, Class C, Class R6, and Class R3 total (net) expense represents, and for Trust Class gross expense represents, the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses are capped (excluding interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap through 8/31/2026 for Class A at 1.22%, Class C at 1.97%, Class R3 at 1.47%, Class R6 at 0.76%, Institutional Class at 0.86% and Trust Class at 1.40% (each as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectuses dated December 19, 2022, as amended and supplemented.

Beta is a measure of market-related risk (expressed between 0-1%) of a portfolio compared to that of the overall market, as represented by an index. The lower the beta the lower the sensitivity to the movements of the market, as represented by the index.

Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk.

Active Share measures the percentage of mutual fund assets that are invested differently from the benchmark, and will range between 0% and 100%, Funds with an active share below 20% are likely to be pure index funds, while those with an active share between 20% and 60% are considered to be closet index funds.

30-day SEC yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, the SEC yields may have been lower. A negative 30-Day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per-share distribution may still be paid to shareholders. The unsubsidized 30-day SEC Yields for Class A, Class C, Class E, Class R6, Class R3, Institutional Class and Trust Class are 2.27%, 1.51%, 3.58%, 2.73%, 2.01%, 2.64% and 2.28% respectively.

Portfolio Management Team
Brian Jones, CFA
Portfolio Manager
New York
Steve S. Shigekawa
Senior Portfolio Manager
New York
Brian Jones, CFA, Portfolio Manager
Brian C. Jones, CFA, Managing Director, joined the firm in 1999. Brian is a Co-Portfolio Manager for the Real Estate Securities group. Previously, he was a research associate at UBS Warburg, Thornton Investment Management and The Dreyfus Corporation, where he began his career in 1993. Brian received a BA from Harvard University. He has also been awarded the Chartered Financial Analyst designation.
Steve S. Shigekawa, Senior Portfolio Manager
Steve Shigekawa, Managing Director, joined the firm in 2002. Steve is a Senior Portfolio Manager for the Real Estate Securities group. Previously, he was a research associate at Prudential Securities, an intern at Cohen & Steers Capital Management, and an associate at Wilshire Associates, where he spent four years. He received a BA from the University of California at Los Angeles and an MBA from New York University.
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