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JERNX

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Global Real Estate Fund

Investing Globally in Real Estate for Growth and Income
NAV As of 12/07/18 $11.61

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
11/28/07 Inception Date
$265.47M Total Net Assets (As of 10/31/18)
GROSS 0.79%
NET 0.79%
Annual Expense Ratio
(Estimated)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Specialty Institutional
(out of 421 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
1.63% Distribution Yield at NAV
(As of 09/30/18)
30 Day SEC Yield (As of 10/31/18)
With Waivers 2.26%
Without Waivers 2.26%
Quarterly Distribution Frequency
Performance (As of 12/07/18)
-0.34% 1 Day Return %
2.11% YTD Return
Category
Global Real Estate
ic_star ic_star ic_star ic_star ic_star
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 – N Shares 0.22% 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 – N Shares -3.04% 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 N Shares that includes periods prior to 1/26/18 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.

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
5/230 8/224 5/198 1/142 1/139
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 1 4 5 1 1
Global Real Estate Category
Rank/Count
1/222 9/215 11/189 1/145 1/138

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. FTSE EPRA/NAREIT GLOBAL INDEX

3 YEAR 5 YEAR
Information Ratio 0.30 0.34
Alpha 1.43 2.11
Tracking Error 3.81 4.34
Beta 0.93 0.85
R-Squared (%) 87.39 83.93

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

3 YEAR 5 YEAR
Up Capture Ratio 93.58 85.65
Down Capture Ratio 83.11 70.61

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Real Estate Fund 10.52 10.07
FTSE EPRA/NAREIT Global Index 10.60 10.82

SHARPE RATIO

3 YEAR 5 YEAR
Global Real Estate Fund 0.43 0.56
FTSE EPRA/NAREIT Global Index 0.32 0.38

ANNUAL FEES & EXPENSES

ESTIMATED

CLASS N SHARES
Management Fees 0.65%
12b-1 Fees -
Other Expenses 0.14%
Total Gross Expenses 0.79%
Waivers 0.00%
Total Net Expenses 0.79%
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 10/31/2018)

% of Fund
Prologis Inc 3.92
Alexandria Real Estate Equities Inc 3.35
VICI Properties Inc 3.25
Goodman Group 2.91
Link REIT 2.84
China Resources Land Ltd 2.73
Deutsche Wohnen SE 2.73
Spirit Realty Capital Inc 2.67
Rexford Industrial Realty Inc 2.66
Mitsui Fudosan Co Ltd 2.59
TOTAL 29.65

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
59
484
Market Capitalization
Weighted Average
$11.96B
$13.95B
Portfolio Turnover Rate
(1-year trailing)
72.25%
-
Price/Earnings Ratio
(1-year forward)
34.97
25.23
Price/Book Ratio
(1-year forward)
1.76
1.83
Earnings Growth Rate
(1-year forward)
5.78%
3.01%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 45.63 48.55
Non-U.S. Developed 43.90 42.04
Non-U.S. Emerging 7.65 9.37
Cash & Equivalents 2.82 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Real Estate 93.93 99.54
Information Technology 1.66 -
Consumer Discretionary 1.59 0.29
Cash & Equivalents 2.82 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
$50B to $100B 3.55 3.60
$10B to $50B 31.72 41.76
$5B to $10B 22.54 21.72
$1B to $5B 32.55 29.84
$500M to $1B 5.38 2.12
$250M to $500M 1.44 0.64

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 46.87 51.16
Europe 21.63 16.03
Asia/Pacific Ex Japan 18.87 20.48
Japan 9.42 10.00
Latin America 0.39 1.17
Cash & Equivalents 2.82 -

Commentary & Literature