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JARIX

Global Real Estate Fund

The Global Real Estate Fund will target owning 50 best ideas. The Fund is focused on higher-growth specialty and other property types, seeking high active share and diversification by both property type and geography, as well as across the market cap spectrum.

Morningstar Rating™

Overall Morningstar rating as of March 31, 2024. Based on risk-adjusted returns. Category: Global Real Estate out of 179 funds.

Fund Inception Date
08/01/2011
Benchmark
FTSE EPRA Nareit Developed TR


Annualized Returns (as of 3/31/2024)

1 YR 4.56%
3 YR -3.82%
5 YR 1.92%
10 YR 4.89%
Since Inception 5.97%

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The Fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

Inception for I Shares was 8/1/2011; Inception for C Shares was 1/5/2012; Inception of S Shares was 8/17/2017. The S Shares were converted to R6 Shares on 3/19/2021.

All returns are quoted as annualized if over 1 year. Returns for the Fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until December 31, 2024 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.17%, 1.42%, 2.17%, and 1.17%, respectively; total annual operating expenses after the expense reduction/reimbursement are 1.04%, 1.42%, 2.17% and 0.94% respectively. 5.75% is the maximum sales charge on purchases of A Shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2024 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the Fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.04%, 1.69%, 2.37% and 0.94% respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

JSVIX

Income Opportunities Fund

The Income Opportunities Fund seeks to provide a high level of income and total return with low sensitivity to interest rates and credit spreads by taking advantage of opportunities in the multisector bond market.

Morningstar Rating™

Overall Morningstar rating as of March 31, 2024. Based on risk-adjusted returns. Category: Multisector Bond out of 315 funds.

Fund Inception Date
08/21/2018
Benchmark
Bloomberg US Aggregate Bond Index


Annualized Returns (as of 3/31/2024)

1 YR 6.52%
3 YR 0.89%
5 YR 4.72%
Since Inception 4.95%

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

Inception date was August 21, 2018. Returns for the fund’s first year are since fund inception.

All returns are quoted as annualized if over 1 year. Returns for the fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until March 31, 2025 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.61%, 1.86%, 2.61%, and 1.61%, respectively; total annual operating expenses after the expense reduction/reimbursement are 1.55%, 1.80%, 2.55%, and 0.96%, respectively. 2.00% is the maximum sales charge on purchases of A Shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2025 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.48%, 1.73%, 2.48%, and 0.89%, respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

JDIEX

Hedged Equity Fund

The Hedged Equity Fund is a purpose-built strategy that seeks to provide limited drawdowns during significant equity market downturns.

Morningstar Rating™

Overall Morningstar rating as of March 31, 2024. Based on risk-adjusted returns. Category: Options Trading out of 230 funds.

Fund Inception Date
08/03/2015
Benchmark
S&P 500 TR


Annualized Returns (as of 3/31/2024)

1 YR 15.90%
3 YR 8.08%
5 YR 8.15%
Since Inception 6.43%

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The Fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

The inception date for A, C and I Shares was 7/31/2015; Inception date for S Shares was 8/17/2017. S Shares were converted to R6 Shares on 3/19/2021.

All returns are quoted as annualized if over 1 year. Returns for the Fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until December 31, 2024 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.78%, 2.03%, 2.78% and 1.78% respectively; total annual operating expenses after the expense reduction/reimbursement are 1.44%, 1.69%, 2.44% and 1.18% respectively. 5.75% is the maximum sales charge on purchases of A shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2024 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.25%, 1.50%, 2.25% and 0.99% respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

Perspectives

Q1 2024 Hedged Equity Commentary

2024 began with optimism due to market expectations of 6 Fed eases for the year. However, strong economic growth and labor data gave little indication a recession was a possibility. As December Fed minutes were analyzed and inflation readings came in, it became clear that the market was getting ahead of itself in terms of easing expectations.

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Q1 2024 Global Real Estate Commentary

Global real estate stocks posted losses in the first quarter of 2024, as multiple exogenous factors weighed on the capital markets (e.g., central banks slowing the pace of monetary policy tightening, the war in Ukraine, China’s muted recovery, the looming risk of a U.S. government shut-down and the growing tension in the Middle East). Notwithstanding this host of geopolitical and macroeconomic concerns, investors instead focused on the prospect of a transition from central bank tightening to easing along with an expectation that a “soft landing” appeared increasingly likely.

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News & Media Mentions

The thoughts and opinions expressed in the articles are solely those of the author. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussion is designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio.

Lipper Award Winner

Our Income Opportunities Fund, managed by industry veteran Jay Menozzi, won a Lipper Fund Award this year for the second year in a row for outstanding performance over the 3-year period ending December 31, 2022. The award recognizes the fund’s historically strong risk-adjusted performance out of 128 share classes in the U.S. Mortgage Funds category. Learn more about Jay and his process.

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For questions or inquiries, please feel free to contact us by completing the form below.

For media inquiries, please contact press@easterlyfunds.com.