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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 January 31, 2024. Based on risk-adjusted returns. Category: Global Real Estate out of 179 funds.

More Information

$14.08
2/29/2024

-4.02%
2/29/2024
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
08/17/2017
NET ASSETS
$431MM
ASSET CLASS
Real Estate, Alternative
MORNINGSTAR CATEGORY
Global Real Estate
BENCHMARK
FTSE EPRA Nareit Developed TR
GROSS EXPENSES
1.11% View Disclosure
NET EXPENSES
0.94% View Disclosure
CUSIP
470258617

Top 10 Holdings

Link Real Estate Investment Trust
6.72%
American Homes 4 Rent
6.23%
Ellington Financial, Inc.
5.29%
Sun Communities, Inc.
5.20%
UDR, Inc.
4.61%
Acadia Realty Trust
3.54%
Cellnex Telecom S.A.
2.97%
DigitalBridge Group, Inc.
2.96%
Prologis, Inc.
2.92%
Independence Realty Trust, Inc.
2.77%

Monthly Returns

-3.89%-3.89%-6.94%-1.03%2.56%5.10%3.43%
-0.03%-4.19%1.69%-1.57%0.63%-

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 Shares was 10/26/2009; 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.

Daily Pricing and Returns

$14.08 0.72 -4.02

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 Shares was 10/26/2009; 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.

Quarterly Returns

12.61%7.33%7.33%-0.06%5.93%5.49%4.12%
15.09%10.24%10.24%0.68%3.58%3.68%-

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 Shares was 10/26/2009; 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.

Calendar Year Performance

202320222021202020192018
GLOBAL REAL ESTATE FUND R6 (JARSX)7.33%-24.11%22.56%1.19%32.08%-8.19%
Morningstar Global Real Estate Category10.24%-25.52%22.90%-5.43%23.45%-7.11%

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 Shares was 10/26/2009; 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.

Sector Breakdown

SectorEasterly Global Real Estate FundFTSE EPRA NAREIT DEVELOPED INDEX TR
Residential24.4%10.8%
Retail16.2%13.4%
Diversified9.6%16.5%
Industrial8.5%14.8%
Lodging4.9%2.7%
Office3.9%5.8%
Health Care0.7%5.8%
Net Lease0.0%5.5%
Specialty31.9%24.9%

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 Shares was 10/26/2009; 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.

Country Breakdown

Easterly Global Real Estate Fund FTSE EPRA Nareit Developed Index TR
United States54.28%62.98%
Hong Kong13.16%3.62%
United Kingdom11.18%4.32%
Japan8.30%9.66%
Germany4.90%2.19%
Spain3.22%0.39%
Singapore2.02%3.52%
Canada1.50%2.50%
France1.45%1.61%

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 Shares was 10/26/2009; 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.

Fund Statistics - 5 Year

Sharpe Ratio

0.22% 

Alpha

0.92% 

Upside Capture Ratio

99.10% 

Downside Capture Ratio

96.16% 

Tracking Error

6.24% 

Information Ratio

0.13% 

Active Share

76.08% 

View Glossary

Distribution Yield

12 Month Distribution Rate1,3,4Trailing 12 Month YieldSEC 30 Day Yield Unsubsidized2,3SEC 30 Day Yield Subsidized2,3
2.26%2.22%1.13%1.35%

Distribution History

Distribution  DateDistribution  NAVLong-Term 
Capital Gain
Short-Term 
Capital Gain
Return of  CapitalDividend  IncomeDistribution  Total
12/27/202314.69---0.090.09
9/27/202312.92---0.060.06
6/28/202313.72---0.070.07
3/29/202313.50-0.01-0.100.11
12/31/202213.740.030.20--0.23
9/28/202213.30-0.13-0.040.17
6/28/202216.13-0.07-0.100.17
3/29/202218.60-0.18-0.030.21
12/29/202119.270.050.72-0.110.88
9/28/202119.34-0.15-0.220.36
6/28/202120.07-0.31-0.090.41
3/30/202118.85-0.22-0.080.30
12/29/202017.34-0.63--0.63
9/29/202015.54-0.14-0.130.27
6/26/202015.21-0.25-0.060.31
3/27/202013.71-0.15-0.180.33
12/27/201918.91-0.89-0.030.92
9/27/201918.98-0.36-0.050.41
6/27/201918.49-0.32-0.100.42
3/27/201918.42-0.25-0.160.41
12/27/201815.95-0.09-0.400.49
9/27/201818.79-0.360.020.38
6/27/201818.85-0.240.150.39
3/28/201818.22-0.090.270.35
12/27/201719.11-0.440.270.70
9/27/201718.81-0.350.060.40

Info


Easterly Funds


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 Manager(s)

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


WMD Asset Management
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 4 4
# Funds in Category 179 179 179 118

© 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 R6 share class only; other classes may have different performance characteristics.

Latest Perspectives

Q4 2023 Global Real Estate Commentary

Despite the lingering macroeconomic uncertainty and geopolitical stress capturing headlines, our outlook for the global real estate market is increasingly constructive. Real estate fundamentals and earnings growth in most property sectors remain healthy amidst an environment characterized by low supply paired with high construction costs.

Learn More

2024 Outlook: Global Real Estate

Looking ahead into 2024, the consensus estimated growth of earnings for Global REITs is +4.3%, while the MSCI World Index is projected to have earnings growth of +4.8%.

Learn More

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Get in Touch

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

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