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JERIX

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Global Real Estate Fund

Investing Globally in Real Estate for Growth and Income
NAV As of 12/14/18 $11.49

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
11/28/07 Inception Date
$280.60M Total Net Assets (As of 11/30/18)
GROSS 0.87%
NET 0.87%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Specialty Institutional
(out of 421 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
4.17% Distribution Yield at NAV
(As of 09/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 2.07%
Without Waivers 2.07%
Quarterly Distribution Frequency
Performance (As of 12/14/18)
-0.26% 1 Day Return %
1.06% YTD Return
Category
Global Real Estate
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201 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

A global equity fund that seeks to provide investors total returns – both capital appreciation and current income – associated with global real estate growth and development. The Fund seeks to own a portfolio of the most compelling real estate equities listed on regulated exchanges throughout the world. These companies will derive the main part of their revenue from the ownership, management and/or development of real estate. Our strategy is long only with the objective of producing strong relative performance while providing genuine exposure to global real estate fundamentals and managing risk by being benchmark aware.

Why Invest in the Fund

    Multi-local presence

  1. Fund managers and analysts based in Europe, Asia and North America provide valuable local expertise in stock selection. Regional investment processes are tailored to each market.
  2. Risk-aware, active management

  3. The portfolio managers take an active approach, emphasizing qualitative considerations, in-depth company research and quantitative projections.
  4. High conviction, all-cap portfolio

  5. A “best ideas” stock portfolio selected from a wide universe, seeking to add value across the market-cap spectrum.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Nov 28, 2007 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Real Estate Fund – I Shares 0.21% 3.34% 8.21% 9.46% 7.82% 8.49% 5.48%
FTSE EPRA/NAREIT Global Index -0.78% -0.79% 2.95% 7.77% 6.17% 6.71% 3.23%
Inception: Nov 28, 2007 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Real Estate Fund – I Shares -3.05% 1.76% 3.53% 7.16% 7.14% 14.25% 5.24%
FTSE EPRA/NAREIT Global Index -2.23% -0.67% 1.14% 6.49% 6.37% 11.99% 3.19%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 2 5 2 1 1
Global Real Estate Category
Rank/Count
6/230 9/224 6/198 2/142 2/139
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 1 5 5 1 1
Global Real Estate Category
Rank/Count
2/222 11/215 12/189 2/145 2/138

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. FTSE EPRA/NAREIT GLOBAL INDEX

3 YEAR 5 YEAR
Information Ratio 0.18 0.18
Alpha 1.15 1.59
Tracking Error 3.84 4.22
Beta 0.92 0.86
R-Squared (%) 87.48 84.78

UP AND DOWN MARKET CAPTURE (%)
VS. FTSE EPRA/NAREIT GLOBAL INDEX

3 YEAR 5 YEAR
Up Capture Ratio 92.44 85.35
Down Capture Ratio 83.71 73.16

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Real Estate Fund 10.59 10.13
FTSE EPRA/NAREIT Global Index 10.73 10.80

SHARPE RATIO

3 YEAR 5 YEAR
Global Real Estate Fund 0.59 0.65
FTSE EPRA/NAREIT Global Index 0.52 0.54

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS I SHARES
Management Fees 0.65%
12b-1 Fees -
Other Expenses 0.22%
Total Gross Expenses 0.87%
Waivers 0.00%
Total Net Expenses 0.87%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the FTSE EPRA/NAREIT Global Index.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Prologis Inc 4.05
Alexandria Real Estate Equities Inc 3.45
Sun Communities Inc 3.32
VICI Properties Inc 3.21
Link REIT 2.89
Mitsui Fudosan Co Ltd 2.83
China Resources Land Ltd 2.82
Goodman Group 2.81
Rexford Industrial Realty Inc 2.72
Deutsche Wohnen SE 2.70
TOTAL 30.80

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
60
485
Market Capitalization
Weighted Average
$12.19B
$14.80B
Portfolio Turnover Rate
(1-year trailing)
70.25%
-
Price/Earnings Ratio
(1-year forward)
31.48
25.41
Price/Book Ratio
(1-year forward)
1.84
1.92
Earnings Growth Rate
(1-year forward)
6.62%
4.48%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 46.63 48.80
Non-U.S. Developed 43.40 41.34
Non-U.S. Emerging 7.89 9.82
Cash & Equivalents 2.08 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Real Estate 94.62 99.55
Information Technology 1.73 -
Consumer Discretionary 1.57 0.27
Cash & Equivalents 2.08 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
$50B to $100B 3.00 3.50
$10B to $50B 33.39 43.80
$5B to $10B 23.57 21.85
$1B to $5B 30.46 27.85
$500M to $1B 6.11 2.06
$250M to $500M 1.39 0.59

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 47.87 51.32
Europe 20.65 15.26
Asia/Pacific Ex Japan 19.48 21.18
Japan 9.55 9.98
Latin America 0.37 1.09
Cash & Equivalents 2.08 -

Commentary & Literature