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Global Real Estate Fund

The Global Real Estate Fund invests opportunistically in higher growth, high-quality liquid global real estate companies across the market capitalization spectrum with more favorable supply-demand metrics and will seek to, over the long term, generate attractive total return
with below-average levels of risk.

Overall Morningstar rating as of September 30, 2024. Based on risk-adjusted returns. Category: Global Real Estate out of 179 funds.

More Information

$15.68
10/4/2024

11.26%
10/4/2024
at NAV

NAV Disclosure

Why This Fund?

  • People: CIO and Portfolio Manager Andrew Duffy has been at the forefront of investing in global listed real estate for over 30 years and is supported by a six-person investment team.
  • Portfolio: Targets owning 50 best ideas through a fundamentally-driven, high-conviction stock selection across the capitalization spectrum.
  • Philosophy: Aims to invest opportunistically in higher-growth, high-quality global listed real estate companies to generate attractive total returns with market-level risk.
  • Process: Carefully engineered investment process developed over three decades that is unconstrained by benchmark limitations and employs performance-boosting overlays (dividend capture and covered call-writing).

Fund Facts

INCEPTION DATE
08/01/2011
NET ASSETS
$322.3MM
ASSET CLASS
Real Estate, Alternative
MORNINGSTAR CATEGORY
Global Real Estate
BENCHMARK
FTSE EPRA Nareit Developed TR
GROSS EXPENSES
1.17% View Disclosure
YTD NET EXPENSES
1.04% View Disclosure
CUSIP
470258823
View Glossary

Top 10 Holdings

Ellington Financial Inc.
7.35%
Link Real Estate Investment Trust
5.64%
Acadia Realty Trust
5.07%
Infrastrutture Wireless Italiane S.p.A.
4.91%
Equinix, Inc.
4.68%
Tritax Big Box REIT PLC
4.40%
Sun Communities, Inc.
4.23%
UNITE Group plc
4.18%
Brixmor Property Group, Inc.
4.16%
Equity LifeStyle Properties, Inc.
4.16%

Monthly Returns

3.80%13.10%27.34%-1.04%3.57%6.37%6.95%
3.36%11.55%28.32%0.08%2.13%4.32%-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (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) until at least December 31, 2024 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.04%, 1.69%, 2.37%, and 0.94%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

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%, 1.42%, 2.17%, 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.

Daily Pricing and Returns

$15.68$0.13$11.26

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (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) until at least December 31, 2024 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.04%, 1.69%, 2.37%, and 0.94%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

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%, 1.42%, 2.17%, 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.

Quarterly Returns

17.41%13.10%27.34%-1.04%3.57%6.37%6.95%
-2.72%-3.52%4.77%-5.02%-0.11%2.28%-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (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) until at least December 31, 2024 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.04%, 1.69%, 2.37%, and 0.94%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

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%, 1.42%, 2.17%, 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.

Calendar Year Performance

202320222021202020192018201720162015201420132012
GLOBAL REAL ESTATE FUND I (JARIX)7.22%-24.18%22.40%0.98%31.80%-8.48%
17.32%
7.59%
2.67%
9.71%
3.25%
34.12%
Morningstar Global Real Estate Category10.24%-25.15%22.90%-5.43%23.45%-7.11%
15.12%
1.97%
-0.92%
11.67%
2.92%
31.78%

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (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) until at least December 31, 2024 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.04%, 1.69%, 2.37%, and 0.94%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

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%, 1.42%, 2.17%, 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.

Sector Breakdown

SectorEasterly Global Real Estate FundFTSE EPRA NAREIT DEVELOPED INDEX TR
Specialty40.44%24.37%
Residential22.99%11.10%
Retail14.87%12.87%
Industrial11.52%15.80%
Diversified6.38%16.13%
Lodging2.29%2.47%
Health Care1.35%6.81%
Office0.16%5.14%
Net Lease0.00%5.31%

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (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) until at least December 31, 2024 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.04%, 1.69%, 2.37%, and 0.94%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

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%, 1.42%, 2.17%, 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.

Country Breakdown

Easterly Global Real Estate Fund FTSE EPRA Nareit Developed Index TR
United States42.60%64.08%
United Kingdom16.81%4.28%
Hong Kong12.36%2.38%
Germany7.88%2.00%
Italy4.91%0.01%
Canada4.47%2.16%
Spain4.02%0.37%
Japan2.90%9.02%
Belgium2.13%1.01%
Singapore1.27%2.97%
Australia0.67%5.98%

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (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) until at least December 31, 2024 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.04%, 1.69%, 2.37%, and 0.94%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

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%, 1.42%, 2.17%, 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.

Fund Statistics - 5 Year

Sharpe Ratio

0.06 

Alpha

1.09% 

Upside Capture Ratio

99.36% 

Downside Capture Ratio

96.07% 

Tracking Error

6.21% 

Information Ratio

0.195 

Active Share

83.58% 

View Glossary

Distribution Yield

12 Month Distribution Rate1,3,4Trailing 12 Month YieldSEC 30 Day Yield Unsubsidized2,3SEC 30 Day Yield Subsidized2,3
2.94%2.94%1.55%1.78%

Distribution History

Distribution DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend IncomeDistribution Total
6/26/202413.51---0.170.17
3/26/202413.66---0.080.08
12/27/202314.45---0.090.09
9/27/202312.71---0.060.06
6/28/202313.50---0.070.07
3/29/202313.29-0.01-0.100.11
12/31/202213.530.030.20--0.23
09/28/202213.10-0.13-0.040.17
06/28/202215.90-0.07-0.090.16
03/29/202218.34-0.18-0.030.21
12/29/202119.010.050.73-0.110.88
09/28/202119.09-0.15-0.220.36
06/28/202119.82-0.32-0.100.41
03/30/202118.64-0.22-0.090.30
12/29/202017.30-0.63--0.63
09/29/202015.38-0.14-0.130.27
06/26/202015.06-0.25-0.060.31
03/27/202013.59-0.15-0.180.33
12/27/201918.76-0.89-0.030.92
09/27/201918.84-0.36-0.050.41
06/27/201918.37-0.32-0.100.42
03/27/201918.32-0.25-0.160.41
12/27/201815.87-0.09-0.400.49
09/27/201818.72-0.37-0.020.38
06/27/201818.79-0.24-0.150.39
03/28/201818.18-0.09-0.270.35
12/27/201719.08-0.44-0.270.70
09/27/201718.81-0.35-0.060.40
06/28/201719.03-0.30-0.110.41
03/29/201718.430.060.29-0.070.41
12/28/201617.800.190.43-0.060.68
09/29/201618.82-0.29-0.090.37
06/28/201618.72-0.22-0.150.37
03/30/201619.03-0.24-0.150.39
12/29/201518.70-0.42-0.380.80
09/28/201518.68-0.31-0.050.36
06/26/201520.11-0.33-0.080.41
03/30/201521.38-0.35-0.120.48
12/29/201420.200.070.50-0.180.74
09/26/201420.10-0.38-0.040.42
06/26/201421.30-0.39-0.090.47

Info


Easterly Investment Partners


Ranger Global Real Estate Advisors
Ranger Global Real Estate Advisors manages public and private global real estate funds for both institutional and individual investors. With a focus on the publicly-traded real estate market, Ranger Global aims to provide its investors with ownership of the highest quality income-producing real estate in the world.


2016 (Lift out from Ascent Investment Advisors which was founded in 2008)

New York, NY

Portfolio Managers

Andy Duffy

Andy Duffy, CFA

Senior Portfolio Manager
32 Years of Industry Experience


TIAA-CREF
Eagle Asset Management
Hunter Global
Citigroup

Todd Voigt

Todd Voigt, CFA

Analyst
27 Years of Industry Experience


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Cohen & Steers Capital Management
Cliffwood Partners

Jordan Sherman

Jordan Sherman

Analyst
22 Years of Industry Experience


Ascent Investment Advisors, LLC
Perennial Real Estate Investment
Satellite Asset Management
Orme Capital Management

Colin Trovato

Colin Trovato, CFA

Analyst
17 Years of Industry Experience


TIAA Global Asset Management
Columbia Management
Washington Mutual Bank

Ivailo Petkov

Ivailo Petkov

Analyst
23 Years of Industry Experience


Grosvenor Fund Management
Grosvenor Real Estate Absolute Return Fund
Goldman Sachs Asset Management (London)

Ryan Mannle

Ryan Mannle

Director, Trading and Operations
22 Years of Industry Experience


Caxton Associates
Drawbridge Global Macro Fund
Lazard Asset Management

Documents

Statement of Additional Information

Download

Easterly Global Real Estate Fund Morningstar Rating

Overall 3-Year 5-Year 10-Year
Morningstar Star Rating 3 2 3 4
# Funds in Category 179 179 172 118

© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Rating is for the I share class only; other classes may have different performance characteristics.

Latest Perspectives

Q2 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.

Learn More

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.

Learn More

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