HomeStrategiesGlobal Real Estate Fund

(

JERIX

)

Global Real Estate Fund

Investing Globally in Real Estate for Growth and Income

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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

  2. The portfolio managers take an active approach, emphasizing qualitative considerations, in-depth company research and quantitative projections.

    3. High conviction, all-cap portfolio

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

Portfolio Management

Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Greg Kuhl, CFA

Portfolio Manager

Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Featured Insights

Performance

RETURNS

(As of 09/30/2019)
(As of 09/30/2019)
Inception: Nov 28, 2007 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Real Estate Fund – I Shares 4.78% 25.26% 17.41% 11.25% 8.79% 10.22% 6.43%
FTSE EPRA Nareit Global Index 3.45% 19.38% 13.66% 6.91% 7.66% 8.97% 4.07%
FTSE EPRA Nareit Global Net Index 3.23% 18.58% 12.64% 5.98% 6.76% 8.16% -
Inception: Nov 28, 2007 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Real Estate Fund – I Shares 4.78% 25.26% 17.41% 11.25% 8.79% 10.22% 6.43%
FTSE EPRA Nareit Global Index 3.45% 19.38% 13.66% 6.91% 7.66% 8.97% 4.07%
FTSE EPRA Nareit Global Net Index 3.23% 18.58% 12.64% 5.98% 6.76% 8.16% -
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.

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 08/31/19 CLASS I SHARES)

RISK / REWARD
VS. FTSE EPRA NAREIT GLOBAL INDEX

3 YEAR 5 YEAR
Information Ratio 1.36 0.35
Alpha 4.86 2.05
Tracking Error 3.19 4.08
Beta 0.87 0.88
R-Squared (%) 91.42 88.37

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

3 YEAR 5 YEAR
Up Capture Ratio 103.10 87.81
Down Capture Ratio 67.48 73.78

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Real Estate Fund 9.76 11.15
FTSE EPRA Nareit Global Index 10.74 11.96

SHARPE RATIO

3 YEAR 5 YEAR
Global Real Estate Fund 0.89 0.56
FTSE EPRA Nareit Global Index 0.40 0.41

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS I SHARES
Management Fees 0.76%
12b-1 Fees -
Other Expenses 0.20%
Total Gross Expenses 0.96%
Waivers 0.00%
Total Net Expenses 0.96%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the FTSE EPRA Nareit Global Net Index.

TOP HOLDINGS

(As of 08/31/2019)

% of Fund
Prologis Inc 4.28
Alexandria Real Estate Equities Inc 3.72
Goodman Group 3.13
VICI Properties Inc 3.11
Link REIT 3.01
Mitsui Fudosan Co Ltd 2.94
Rexford Industrial Realty Inc 2.92
Americold Realty Trust 2.87
Sun Communities Inc 2.83
Duke Realty Corp 2.57
TOTAL 31.38
View Full Holdings

PORTFOLIO CHARACTERISTICS

(As of 08/31/19)

FUND INDEX
Number of Holdings
Equity Issues
57
476
Market Capitalization
Weighted Average
$12.15B
$15.32B
Portfolio Turnover Rate
(1-year trailing)
55.00%
-
Price/Earnings Ratio
(1-year forward)
43.68
28.63
Price/Book Ratio
(1-year forward)
2.01
1.86
Earnings Growth Rate
(1-year forward)
-3.46%
-3.79%

DEVELOPED VS. EMERGING MARKET

(As of 08/31/19)

% OF FUND % OF INDEX
U.S. 49.96 49.96
Non-U.S. Developed 41.33 40.80
Non-U.S. Emerging 5.41 9.24
Cash & Equivalents 3.30 -

SECTOR ALLOCATION

(As of 08/31/19)

% OF FUND % OF INDEX
Real Estate 93.92 99.53
Information Technology 1.46 -
Consumer Discretionary 1.32 0.32
Cash & Equivalents 3.30 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 08/31/2019)

% OF FUND % OF INDEX
$50B to $100B 4.28 5.52
$10B to $50B 41.72 45.38
$5B to $10B 16.77 21.25
$1B to $5B 31.01 25.67
$500M to $1B 2.92 1.56

REGIONAL ALLOCATION

(As of 08/31/19)

% OF FUND % OF INDEX
North America 51.50 52.68
Asia/Pacific Ex Japan 18.12 20.06
Europe 15.82 14.50
Japan 11.26 10.56
Cash & Equivalents 3.30 -

Commentary & Literature

Literature