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JARIX 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.

Morningstar Rating: Overall

Overall Morningstar rating as of September 30, 2022. Based on risk-adjusted returns. Category: Global Real Estate out of 185 funds.

More Information

NAV

$13.38
10/3/2022

YTD

-27.68%
10/3/2022
at NAV

NAV Disclosure

Downloads

Fact Sheet Flyer Prospectus Summary Prospectus Statement of Additional Information

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

As of 10/3/2022

INCEPTION DATE
08/01/2011
NET ASSETS
$668.3MM
ASSET CLASS
Real Estate, Alternative
MORNINGSTAR CATEGORY
Global Real Estate
BENCHMARK
FTSE EPRA Nareit Developed TR
GROSS EXPENSES
1.26% View Disclosure
NET EXPENSES
1.04% View Disclosure
CUSIP
470258823

Top 10 Holdings

As of 6/30/2022

Portfolio Weighting

Mitsubishi Estate Company, Limited
5.73%
Link Real Estate Investment Trust
5.48%
Cellnex Telecom S.A.
4.73%
Sun Communities, Inc.
4.07%
CBRE Group, Inc. Class A
4.04%
Americold Realty Trust, Inc.
3.87%
UDR, Inc.
3.64%
Japan Hotel REIT Investment Corporation
3.19%
Prologis, Inc.
2.68%
Alexandria Real Estate Equities, Inc.
2.65%

Monthly Returns

As of 9/30/2022

1 MOYTD1 YR3 YR5 YR10 YRSince Inception
Global Real Estate Fund I (JARIX)-13.51%-29.19%-25.36%-2.81%2.07%5.08%5.74%
Morningstar Global Real Estate Category-12.43%-30.25%-24.15%-5.58%-0.47%--
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Daily Pricing and Returns

Performance as of 10/3/2022

NAV CHG % YTD
Global Real Estate Fund I (JARIX) $13.38 2.14 -27.68
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Quarterly Returns

As of 9/30/2022

QTDYTD1 YR3 YR5 YR10 YRSince Inception
Global Real Estate Fund I (JARIX)-15.33%-29.19%-25.36%-2.81%2.07%5.08%5.74%
Morningstar Global Real Estate Category-16.87%-20.93%-14.67%-0.33%2.57%4.84%-
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Calendar Year Performance

 2021202020192018201720162015201420132012
GLOBAL REAL ESTATE FUND I (JARIX)22.40%0.98%31.80%-8.48%
17.32%
7.59%
2.67%
9.71%
3.25%
34.12%
Morningstar Global Real Estate Category22.90%-5.43%23.45%-7.11%
15.12%
1.97%
-0.92%
11.67%
2.92%
31.78%
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Sector Breakdown

As of 6/30/2022

SectorEasterly Global Real Estate FundFTSE EPRA NAREIT DEVELOPED INDEX TR
Specialty38.04%24.68%
Residential19.85%12.33%
Diversified15.46%17.06%
Retail10.41%11.77%
Industrial6.85%13.70%
Office3.93%6.98%
Lodging3.19%2.31%
Net Lease1.43%5.71%
Health Care0.84%5.45%
View Disclosure

Country Breakdown

As of 6/30/2022

Easterly Global Real Estate Fund FTSE EPRA Nareit Developed Index TR
United States49.97%61.87%
Hong Kong12.04%4.79%
Japan10.10%10.00%
Germany7.90%2.41%
United Kingdom7.23%4.54%
Spain4.73%0.34%
Singapore2.82%3.64%
Australia2.14%3.47%
Canada1.78%2.87%
Italy0.73%0.01%
France0.58%0.86%
View Disclosure

Fund Statistics - 3 Year

as of 6/30/2022

Benchmark: FTSE EPRA Nareit Developed TR

Sharpe Ratio

0.28 

Alpha

3.24% 

Upside Capture Ratio

97.43% 

Downside Capture Ratio

85.46% 

Tracking Error

6.33% 

Information Ratio

0.52 

Active Share

78.15% 

View Glossary

Distribution Yield

12 Month Distribution Rate1,3,4Trailing 12 Month YieldSEC 30 Day Yield Unsubsidized2,3SEC 30 Day Yield Subsidized2,3
10.37%2.66%0.75%0.85%

Distribution History

Distribution DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend IncomeDistribution Total
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

Advisor

Easterly Funds

Subadvisor

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.

Inception Date
2016 (Lift out from Ascent Investment Advisors which was founded in 2008)
Headquarters
New York, NY

Portfolio Manager(s)

Andy Duffy

Andy Duffy, CFA

Senior Portfolio Manager
30 Years of Industry Experience

Past Experience
TIAA-CREF
Eagle Asset Management
Hunter Global
Citigroup

Todd Voigt

Todd Voigt, CFA

Portfolio Manager, International
25 Years of Industry Experience

Past Experience
WMD Asset Management
Cohen & Steers Capital Management
Cliffwood Partners

Jordan Sherman

Jordan Sherman

Portfolio Manager, US
20 Years of Industry Experience

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

Colin Trovato

Colin Trovato, CFA

Portfolio Manager, US
15 Years of Industry Experience

Past Experience
TIAA Global Asset Management
Columbia Management
Washington Mutual Bank

Ivailo Petkov

Ivailo Petkov

Portfolio Manager, International
21 Years of Industry Experience

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

Ryan Mannle

Ryan Mannle

Director, Trading and Operations
20 Years of Industry Experience

Past 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 4 4 4 4
# Funds in Category 185 185 171 110

Morningstar Rating as of September 30, 2022
Category: Global Real Estate

© 2022 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.

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