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ORECX

Real Estate Fund

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Overview

The Strategy typically invests in real estate securities, primarily real estate investment trusts (REITs).

Inception Date
October 1, 2003
Investment Style
Real Estate
Fund Index
FTSE NAREIT Equity REITs TR Index
CUSIP
68382F309
NAV
  • B
(as of 04/18/2019)
$24.60
Total Assets
(as of 03/31/2019)
$1.04 BN
Gross Expense Ratio
(as of 03/31/2019)
2.09%
Net Expense Ratio
(as of 03/31/2019)
2.09%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 03/31/2019
  • F
as of 03/31/2019
  • F

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • F
Cumulative
Annualized
ytd as of 2019-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
16.18% 16.32% 4.03% 7.41% 16.73% 8.71%
FTSE NAREIT Equity REITs TR Index
16.33% 20.86% 6.13% 9.12% 18.28% -
Cumulative
Annualized
ytd as of 2019-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
15.18% 15.32% 4.03% 7.41% 16.73% 8.71%
FTSE NAREIT Equity REITs TR Index
16.33% 20.86% 6.13% 9.12% 18.28% -
Cumulative
Annualized
ytd as of 2019-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
16.18% 16.32% 4.03% 7.41% 16.73% 8.71%
FTSE NAREIT Equity REITs TR Index
16.33% 20.86% 6.13% 9.12% 18.28% -
Cumulative
Annualized
ytd as of 2019-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
15.18% 15.32% 4.03% 7.41% 16.73% 8.71%
FTSE NAREIT Equity REITs TR Index
16.33% 20.86% 6.13% 9.12% 18.28% -
Gross Expense Ratio: 2.09% | Net Expense Ratio: 2.09%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year Real Estate Fund FTSE NAREIT Equity REITs TR Index
2004 35.26% 31.58%
2005 13.30% 12.16%
2006 34.48% 35.06%
2007 -15.44% -15.69%
2008 -39.70% -37.73%
2009 29.04% 27.99%
2010 26.17% 27.96%
2011 7.29% 8.29%
2012 14.80% 18.06%
2013 2.05% 2.47%
2014 30.42% 30.14%
2015 1.63% 3.20%
2016 5.26% 8.52%
2017 3.28% 5.23%
2018 -6.67% -4.62%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Date Real Estate Fund FTSE NAREIT Equity REITs Index BBG Barclays Agg S&P 500
3/31/2009 0.00 0.00 0.00 0.00
4/30/2009 33.96 31.02 0.48 9.57
5/31/2009 37.09 33.85 1.21 15.70
6/30/2009 31.64 28.85 1.78 15.93
7/31/2009 45.35 42.34 3.42 24.70
8/31/2009 65.28 61.40 4.50 29.20
9/30/2009 74.83 71.73 5.59 34.02
10/31/2009 67.17 63.99 6.11 31.53
11/30/2009 78.54 75.32 7.49 39.42
12/31/2009 90.55 87.86 5.81 42.11
1/31/2010 79.69 78.07 7.42 37.00
2/28/2010 90.43 87.58 7.83 41.25
3/31/2010 109.02 106.68 7.69 49.77
4/30/2010 123.75 121.03 8.81 52.13
5/31/2010 112.10 108.77 9.73 39.99
6/30/2010 100.13 98.30 11.45 32.66
7/31/2010 119.95 117.18 12.64 41.95
8/31/2010 116.35 114.16 14.09 35.54
9/30/2010 125.67 123.73 14.21 47.64
10/31/2010 134.98 134.25 14.62 53.26
11/30/2010 130.58 129.66 13.96 53.28
12/31/2010 142.34 140.38 12.73 63.52
1/31/2011 149.97 148.19 12.86 67.40
2/28/2011 163.02 159.65 13.14 73.13
3/31/2011 159.35 155.63 13.21 73.20
4/30/2011 174.10 170.20 14.64 78.33
5/31/2011 178.50 173.95 16.14 76.31
6/30/2011 169.29 164.89 15.80 73.37
7/31/2011 173.96 168.98 17.64 69.85
8/31/2011 156.33 153.73 19.36 60.62
9/30/2011 127.35 125.93 20.22 49.33
10/31/2011 159.31 158.47 20.35 65.65
11/30/2011 150.09 148.71 20.25 65.28
12/31/2011 162.02 160.32 21.57 66.97
1/31/2012 178.70 177.24 22.64 74.46
2/29/2012 175.05 174.28 22.61 82.00
3/31/2012 188.66 188.41 21.94 87.99
4/30/2012 196.77 196.72 23.29 86.81
5/31/2012 181.34 183.24 24.40 75.58
6/30/2012 196.22 199.12 24.45 82.82
7/31/2012 201.99 204.97 26.17 85.36
8/31/2012 201.60 205.03 26.25 89.53
9/30/2012 195.89 199.60 26.43 94.43
10/31/2012 193.39 197.08 26.67 90.84
11/30/2012 193.12 196.24 26.87 91.95
12/31/2012 203.02 207.33 26.69 93.70
1/31/2013 213.10 218.83 25.81 103.73
2/28/2013 214.30 222.86 26.44 106.49
3/31/2013 224.69 232.51 26.54 114.24
4/30/2013 244.51 254.72 27.82 118.37
5/31/2013 224.29 233.71 25.54 123.47
6/30/2013 215.36 227.29 23.60 120.47
7/31/2013 218.44 230.41 23.77 131.69
8/31/2013 197.00 207.39 23.13 124.98
9/30/2013 209.51 217.18 24.30 132.04
10/31/2013 224.31 231.40 25.30 142.70
11/30/2013 210.99 214.19 24.84 150.10
12/31/2013 211.62 214.92 24.13 156.43
1/31/2014 221.59 227.96 25.96 147.56
2/28/2014 238.70 244.41 26.63 158.89
3/31/2014 241.32 246.35 26.42 161.07
4/30/2014 252.52 257.82 27.48 162.99
5/31/2014 260.35 266.44 28.94 169.17
6/30/2014 265.00 270.52 29.00 174.73
7/31/2014 264.73 270.65 28.68 170.94
8/31/2014 274.36 281.58 30.10 181.78
9/30/2014 252.96 258.86 29.22 177.83
10/31/2014 292.21 294.54 30.49 184.61
11/30/2014 299.43 302.30 31.41 192.27
12/31/2014 309.47 309.83 31.53 191.53
1/31/2015 335.07 337.32 34.29 182.78
2/28/2015 322.20 322.09 33.03 199.03
3/31/2015 329.99 329.30 33.65 194.30
4/30/2015 304.35 305.72 33.17 197.13
5/31/2015 303.20 305.22 32.85 200.95
6/30/2015 283.85 286.58 31.40 195.12
7/31/2015 307.30 308.38 32.31 201.30
8/31/2015 282.27 283.10 32.12 183.13
9/30/2015 293.55 294.31 33.02 176.12
10/31/2015 313.54 317.45 33.04 199.41
11/30/2015 311.65 315.28 32.69 200.30
12/31/2015 319.26 322.93 32.26 195.57
1/31/2016 303.52 308.75 34.08 180.90
2/29/2016 301.15 307.03 35.03 180.52
3/31/2016 339.85 348.31 36.27 199.55
4/30/2016 328.33 337.62 36.79 200.71
5/31/2016 340.49 348.24 36.83 206.11
6/30/2016 371.49 379.51 39.28 206.90
7/31/2016 388.93 399.42 40.17 218.22
8/31/2016 372.92 381.10 40.01 218.67
9/30/2016 362.71 372.63 39.92 218.73
10/31/2016 337.81 345.90 38.85 212.91
11/30/2016 328.07 338.38 35.57 224.50
12/31/2016 344.69 358.95 35.76 230.92
1/31/2017 340.77 359.48 36.03 237.19
2/28/2017 357.70 375.15 36.94 250.58
3/31/2017 347.26 364.29 36.87 250.99
4/30/2017 347.98 364.86 37.92 254.59
5/31/2017 342.61 361.27 38.99 259.58
6/30/2017 350.63 371.36 38.85 261.83
7/31/2017 353.50 377.12 39.44 269.27
8/31/2017 357.62 375.90 40.69 270.40
9/30/2017 353.92 375.78 40.02 278.04
10/31/2017 352.12 371.19 40.11 286.86
11/30/2017 363.27 383.97 39.93 298.73
12/31/2017 362.75 382.94 40.57 303.16
1/31/2018 347.02 362.76 38.95 326.24
2/28/2018 315.56 327.08 37.63 310.53
3/31/2018 332.21 343.35 38.51 300.10
4/30/2018 335.58 349.69 37.48 301.63
5/31/2018 346.63 367.45 38.47 311.31
6/30/2018 360.17 387.85 38.30 313.84
7/31/2018 364.87 391.76 38.33 329.24
8/31/2018 378.59 406.71 39.22 343.23
9/30/2018 367.31 393.84 38.32 345.75
10/31/2018 351.24 379.20 37.23 315.28
11/30/2018 373.37 401.90 38.05 323.74
12/31/2018 335.17 360.61 40.58 285.48
1/31/2019 384.20 414.73 42.08 316.37
2/28/2019 389.28 418.48 41.99 329.74
3/31/2019 406.63 435.84 44.72 338.09
Date Dividends
6/18/2009 0.1138
9/24/2009 0.0702
3/18/2010 0.0031
6/24/2010 0.0581
9/23/2010 0.0446
6/23/2011 0.0013
12/16/2011 0.0206
3/22/2012 0.0504
6/21/2012 0.037
9/20/2012 0.0574
12/14/2012 0.1108
3/21/2013 0.0135
6/20/2013 0.1218
9/19/2013 0.0635
12/13/2013 0.0
3/20/2014 0.0144
6/19/2014 0.0764
9/18/2014 0.0765
12/11/2014 0.0694
12/29/2014 0.0457
3/18/2015 0.0004
6/17/2015 0.07
9/23/2015 0.1204
12/10/2015 0.135
3/23/2016 0.033
6/22/2016 0.0682
9/21/2016 0.1414
12/8/2016 0.1565
3/22/2017 0.0406
6/21/2017 0.0323
9/20/2017 0.0374
12/7/2017 0.0083
12/27/2017 0.0262
6/20/2018 0.0375
9/19/2018 0.1043
12/13/2018 0.0985
3/20/2019 0.0974

There is no guarantee of the payment of any dividend or other distributions at any level.

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 04/18/2019

Date 2014 2015 2016 2017 2018
Short Term 0.1761 0.4868 0.4472
Long Term 1.0441 1.5582 2.2193 0.9024 0.6346
Total Amount of Distribution 1.2201 2.0449 2.6665 0.9024 0.6346
Record Date 12/10/14 12/9/15 12/7/16 12/6/17 12/12/18
Ex Div Date 12/11/14 12/10/15 12/8/16 12/7/17 12/13/18
Pay Date 12/11/14 12/10/15 12/8/16 12/7/17 12/13/18

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Issuers

(83.9% of assets as of 03/31/2019)


Portfolio Holdings Breakdown

Country
Equity Sector
Asset Allocation
Market Cap 6
Country Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
United States 97.9% 100.0% -2.1%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 20.9% 13.8% 7.1%
Office 11.8% 10.6% 1.2%
Health Care 11.6% 12.1% -0.5%
Free Standing 10.6% 5.1% 5.5%
Industrial 8.7% 9.9% -1.2%
Single Family Homes 7.5% 1.6% 5.9%
Shopping Centers 6.8% 5.9% 0.9%
Lodging/Resorts 5.3% 5.7% -0.5%
Data Centers 5.2% 8.1% -3.0%
Specialty 4.9% 5.2% -0.3%
Regional Malls 3.1% 7.7% -4.5%
Home Financing 1.6% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 97.9% 100.0% -2.1%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 56.6% 46.7% 10.0%
Large 36.8% 40.1% -3.3%
Small 4.5% 13.3% -8.8%
Analytics
(As of 03/31/2019)

Morningstar 03/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
225
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-1.79
-1.41
Beta
0.95
0.98
Information Ratio
-1.05
-0.96
R-Squared
98.04
98.51
Sharpe Ratio
0.27
0.51
Standard Deviation
13.33
14.35
Sortino Ratio
0.41
0.85
Tracking Error
1.99
1.78
Distribution Rate
Distribution
1.60%
Adjusted Distribution
1.08%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
31.73
30.56
P/E Ratio (NTM)
38.63
41.56
Price/Book
2.14
2.41
Turnover Ratio
84%
-
Active Share
61.17%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
3/20/2019
Per Share ($)
$0.0974
12-Month Distribution ($)
$0.3376
Distribution Sources
  • E
Net Income
0.00%
Net Profit from Sale
0.00%
Other Capital Sources
100.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Barings LLC.
  2. 2. Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk. Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer.
  3. 3. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less.  These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  4. 4. The FTSE National Association of Real Estate Investment Trusts (NAREIT) Equity REITs Index consists of certain companies that own and operate income-producing real estate that have 75% or more of their respective gross invested assets in the equity or mortgage debt of commercial properties. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  5. 5. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  6. 6. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
  7. 7. The dividend (or distribution) rate is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend rate for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend rate with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase distribution rates.
  8. A. The Morningstar Rating&trade; 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 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. <b>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.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  9. B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  10. C. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.
  11. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  12. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  13. F. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
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