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ORENX

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
68382F408
NAV
  • B
(as of 03/18/2019)
$25.17
Total Assets
(as of 02/28/2019)
$1.01 BN
Gross Expense Ratio
(as of 02/28/2019)
1.59%
Net Expense Ratio
(as of 02/28/2019)
1.59%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 02/28/2019
  • C
as of 12/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
-6.21% -6.21% 0.99% 6.64% 11.21% 8.33%
FTSE NAREIT Equity REITs TR Index
-4.62% -4.62% 2.89% 7.90% 12.12% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
-6.21% -6.21% 0.99% 6.64% 11.21% 8.33%
FTSE NAREIT Equity REITs TR Index
-4.62% -4.62% 2.89% 7.90% 12.12% -
Cumulative
Annualized
ytd as of 2019-02-28
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
12.41% 17.47% 6.59% 7.37% 17.18% 9.06%
FTSE NAREIT Equity REITs TR Index
12.56% 21.40% 8.40% 8.53% 18.36% -
Cumulative
Annualized
ytd as of 2019-02-28
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
12.41% 17.47% 6.59% 7.37% 17.18% 9.06%
FTSE NAREIT Equity REITs TR Index
12.56% 21.40% 8.40% 8.53% 18.36% -
Gross Expense Ratio: 1.59% | Net Expense Ratio: 1.59%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class R shares are not subject to a 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 35.99% 31.58%
2005 13.88% 12.16%
2006 35.14% 35.06%
2007 -15.01% -15.69%
2008 -39.41% -37.73%
2009 29.67% 27.99%
2010 26.88% 27.96%
2011 7.79% 8.29%
2012 15.37% 18.06%
2013 2.54% 2.47%
2014 31.11% 30.14%
2015 2.14% 3.20%
2016 5.79% 8.52%
2017 3.81% 5.23%
2018 -6.21% -4.62%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class R shares are not subject to a 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
2/28/2009 0.00 0.00 0.00 0.00
3/31/2009 2.31 4.06 1.39 8.76
4/30/2009 37.10 36.34 1.88 19.17
5/31/2009 40.18 39.28 2.61 25.83
6/30/2009 34.65 34.08 3.20 26.08
7/31/2009 48.56 48.13 4.86 35.62
8/31/2009 68.83 67.96 5.95 40.52
9/30/2009 78.51 78.70 7.06 45.76
10/31/2009 70.79 70.65 7.59 43.05
11/30/2009 82.30 82.44 8.98 51.63
12/31/2009 94.59 95.49 7.28 54.56
1/31/2010 83.35 85.30 8.92 49.00
2/28/2010 94.33 95.19 9.32 53.62
3/31/2010 113.27 115.07 9.19 62.89
4/30/2010 128.33 130.00 10.33 65.46
5/31/2010 116.28 117.25 11.25 52.25
6/30/2010 104.04 106.35 13.00 44.28
7/31/2010 124.17 126.00 14.21 54.39
8/31/2010 120.48 122.86 15.67 47.42
9/30/2010 130.00 132.82 15.80 60.57
10/31/2010 139.38 143.76 16.21 66.68
11/30/2010 134.89 138.99 15.54 66.70
12/31/2010 146.90 150.15 14.30 77.84
1/31/2011 154.56 158.27 14.43 82.06
2/28/2011 167.77 170.20 14.72 88.30
3/31/2011 163.99 166.01 14.78 88.37
4/30/2011 178.92 181.18 16.24 93.95
5/31/2011 183.28 185.08 17.75 91.76
6/30/2011 173.87 175.65 17.41 88.56
7/31/2011 178.63 179.90 19.27 84.72
8/31/2011 160.64 164.04 21.01 74.69
9/30/2011 131.05 135.11 21.89 62.41
10/31/2011 163.65 168.97 22.03 80.16
11/30/2011 154.11 158.81 21.92 79.76
12/31/2011 166.14 170.89 23.26 81.60
1/31/2012 183.00 188.50 24.34 89.74
2/29/2012 179.28 185.42 24.31 97.94
3/31/2012 193.02 200.13 23.63 104.46
4/30/2012 201.15 208.77 25.00 103.17
5/31/2012 185.56 194.74 26.13 90.96
6/30/2012 200.54 211.27 26.18 98.83
7/31/2012 206.42 217.36 27.92 101.59
8/31/2012 205.89 217.42 28.01 106.13
9/30/2012 200.03 211.77 28.18 111.46
10/31/2012 197.48 209.15 28.44 107.56
11/30/2012 197.08 208.27 28.64 108.76
12/31/2012 207.05 219.82 28.45 110.66
1/31/2013 217.17 231.78 27.56 121.57
2/28/2013 218.39 235.97 28.20 124.58
3/31/2013 228.78 246.01 28.30 133.00
4/30/2013 248.78 269.13 29.60 137.49
5/31/2013 228.24 247.26 27.28 143.05
6/30/2013 219.08 240.58 25.32 139.79
7/31/2013 222.21 243.83 25.49 151.99
8/31/2013 200.44 219.88 24.84 144.69
9/30/2013 213.08 230.06 26.03 152.36
10/31/2013 227.97 244.86 27.05 163.96
11/30/2013 214.31 226.95 26.57 172.01
12/31/2013 214.86 227.71 25.86 178.89
1/31/2014 224.97 241.29 27.71 169.25
2/28/2014 242.19 258.39 28.39 181.57
3/31/2014 244.68 260.41 28.17 183.93
4/30/2014 256.04 272.35 29.26 186.03
5/31/2014 263.84 281.32 30.73 192.75
6/30/2014 268.49 285.57 30.80 198.79
7/31/2014 268.07 285.70 30.47 194.67
8/31/2014 277.70 297.08 31.91 206.46
9/30/2014 256.07 273.44 31.01 202.16
10/31/2014 295.68 310.57 32.30 209.54
11/30/2014 302.85 318.64 33.24 217.87
12/31/2014 312.82 326.47 33.36 217.07
1/31/2015 338.59 355.08 36.16 207.55
2/28/2015 325.56 339.23 34.88 225.23
3/31/2015 333.22 346.74 35.51 220.08
4/30/2015 307.28 322.20 35.02 223.15
5/31/2015 306.12 321.68 34.69 227.31
6/30/2015 286.58 302.28 33.23 220.97
7/31/2015 310.00 324.96 34.15 227.70
8/31/2015 284.69 298.66 33.96 207.93
9/30/2015 295.97 310.33 34.87 200.31
10/31/2015 316.16 334.41 34.89 225.64
11/30/2015 314.11 332.14 34.53 226.61
12/31/2015 321.66 340.10 34.10 221.46
1/31/2016 305.76 325.35 35.94 205.50
2/29/2016 303.21 323.56 36.91 205.09
3/31/2016 342.07 366.52 38.16 225.79
4/30/2016 330.43 355.39 38.69 227.05
5/31/2016 342.54 366.45 38.73 232.93
6/30/2016 373.55 398.98 41.22 233.79
7/31/2016 390.99 419.70 42.11 246.09
8/31/2016 374.83 400.64 41.95 246.58
9/30/2016 364.56 391.82 41.87 246.65
10/31/2016 339.29 364.01 40.78 240.32
11/30/2016 329.48 356.19 37.45 252.93
12/31/2016 346.08 377.60 37.65 259.90
1/31/2017 342.12 378.14 37.92 266.73
2/28/2017 359.00 394.44 38.84 281.29
3/31/2017 348.41 383.15 38.77 281.73
4/30/2017 349.13 383.74 39.84 285.65
5/31/2017 343.55 380.00 40.92 291.08
6/30/2017 351.54 390.51 40.78 293.52
7/31/2017 354.25 396.49 41.38 301.61
8/31/2017 358.22 395.23 42.65 302.84
9/30/2017 354.40 395.10 41.97 311.15
10/31/2017 352.59 390.33 42.05 320.75
11/30/2017 363.81 403.63 41.87 333.65
12/31/2017 363.06 402.55 42.52 338.47
1/31/2018 347.25 381.56 40.88 363.58
2/28/2018 315.61 344.42 39.55 346.49
3/31/2018 332.18 361.36 40.44 335.15
4/30/2018 335.38 367.96 39.40 336.82
5/31/2018 346.49 386.43 40.39 347.33
6/30/2018 359.82 407.66 40.22 350.09
7/31/2018 364.54 411.73 40.25 366.84
8/31/2018 378.14 427.29 41.15 382.05
9/30/2018 366.70 413.90 40.24 384.79
10/31/2018 350.56 398.66 39.14 351.66
11/30/2018 372.58 422.28 39.97 360.86
12/31/2018 334.30 379.32 42.54 319.25
1/31/2019 383.10 435.63 44.05 352.85
2/28/2019 388.20 439.53 43.97 367.39
Date Dividends
6/18/2009 0.1259
9/24/2009 0.0859
3/18/2010 0.0185
6/24/2010 0.0794
9/23/2010 0.0643
3/24/2011 0.0137
6/23/2011 0.0273
9/22/2011 0.0248
12/16/2011 0.0456
3/22/2012 0.0736
6/21/2012 0.0632
9/20/2012 0.084
12/14/2012 0.1397
3/21/2013 0.039
6/20/2013 0.1521
9/19/2013 0.0929
12/13/2013 0.0066
3/20/2014 0.0411
6/19/2014 0.1083
9/18/2014 0.1089
12/11/2014 0.1076
12/29/2014 0.053
3/18/2015 0.0291
6/17/2015 0.1051
9/23/2015 0.1553
12/10/2015 0.172
3/23/2016 0.0614
6/22/2016 0.1019
9/21/2016 0.1774
12/8/2016 0.1938
3/22/2017 0.0691
6/21/2017 0.0645
9/20/2017 0.0683
12/7/2017 0.0436
12/27/2017 0.0343
6/20/2018 0.0665
9/19/2018 0.1345
12/13/2018 0.1311

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 investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
 

$ per share as of 03/19/2019

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

(82.3% of assets as of 02/28/2019)


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 98.2% 100.0% -1.8%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 18.6% 13.8% 4.8%
Office 11.5% 10.6% 0.9%
Health Care 10.1% 12.1% -2.1%
Free Standing 9.8% 5.0% 4.8%
Data Centers 8.6% 7.8% 0.8%
Industrial 7.8% 9.7% -1.9%
Shopping Centers 6.3% 6.0% 0.3%
Single Family Homes 4.5% 1.5% 3.0%
Self Storage 4.5% 6.2% -1.8%
Specialty 4.3% 5.3% -1.0%
Lodging/Resorts 4.1% 6.1% -2.0%
Regional Malls 3.2% 7.9% -4.7%
Manufactured Homes 2.5% 2.2% 0.3%
Home Financing 1.5% - -
Infrastructure Reits 1.1% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 98.2% 100.0% -1.8%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 53.8% 46.4% 7.4%
Large 39.5% 40.0% -0.5%
Small 5.0% 13.6% -8.6%
Analytics
(As of 02/28/2019)

Morningstar 02/28/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
224
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-1.39
-0.92
Beta
0.95
0.98
Information Ratio
-0.91
-0.65
R-Squared
98.33
98.50
Sharpe Ratio
0.43
0.52
Standard Deviation
14.26
14.32
Sortino Ratio
0.72
0.85
Tracking Error
1.99
1.79
Distribution Rate
Distribution
2.21%
Adjusted Distribution
1.49%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
32.19
29.50
P/E Ratio (NTM)
39.34
39.78
Price/Book
2.25
2.32
Turnover Ratio
84%
-
Active Share
58.45%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
12/13/2018
Per Share ($)
$0.1311
12-Month Distribution ($)
$0.3320
Distribution Sources
  • E
Net Income
17.70%
Net Profit from Sale
51.80%
Other Capital Sources
30.50%
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 investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class R shares are not subject to a sales charge.  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.
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