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OREYX

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
68382F507
NAV
  • A
(as of 11/20/2018)
$24.66
Total Assets
(as of 10/31/2018)
$950.40 MM
Gross Expense Ratio
(as of 10/31/2018)
1.09%
Net Expense Ratio
(as of 10/31/2018)
1.09%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2018
  • H
as of 09/30/2018
  • H

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
1.15% 3.22% 6.15% 8.85% 7.23% 9.64%
FTSE NAREIT Equity REITs TR Index
2.26% 3.80% 7.79% 9.26% 7.49% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
-2.29% 0.07% 3.20% 7.09% 10.84% 9.33%
FTSE NAREIT Equity REITs TR Index
-0.78% 1.70% 4.71% 7.65% 11.33% -
Gross Expense Ratio: 1.09% | Net Expense Ratio: 1.09%

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 Y 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 36.72% 31.58%
2005 14.64% 12.16%
2006 36.12% 35.06%
2007 -14.43% -15.69%
2008 -38.99% -37.73%
2009 30.51% 27.99%
2010 27.71% 27.96%
2011 8.47% 8.29%
2012 16.05% 18.06%
2013 3.11% 2.47%
2014 31.70% 30.14%
2015 2.63% 3.20%
2016 6.33% 8.52%
2017 4.34% 5.23%

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 Y 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
10/31/2008 0.00 0.00 0.00 0.00
11/30/2008 -22.40 -23.06 3.25 -7.18
12/31/2008 -11.76 -10.44 7.11 -6.19
1/31/2009 -26.55 -25.94 6.16 -14.09
2/28/2009 -41.18 -41.36 5.76 -23.24
3/31/2009 -39.82 -38.98 7.23 -16.52
4/30/2009 -19.38 -20.06 7.74 -8.53
5/31/2009 -17.50 -18.33 8.53 -3.41
6/30/2009 -20.78 -21.38 9.14 -3.22
7/31/2009 -12.52 -13.15 10.90 4.10
8/31/2009 -0.53 -1.52 12.05 7.86
9/30/2009 5.22 4.78 13.23 11.88
10/31/2009 0.60 0.06 13.79 9.80
11/30/2009 7.45 6.98 15.26 16.39
12/31/2009 14.68 14.63 13.46 18.64
1/31/2010 8.14 8.65 15.19 14.37
2/28/2010 14.60 14.45 15.62 17.91
3/31/2010 25.79 26.11 15.48 25.03
4/30/2010 34.65 34.86 16.68 27.00
5/31/2010 27.64 27.39 17.66 16.86
6/30/2010 20.44 20.99 19.51 10.74
7/31/2010 32.37 32.52 20.79 18.50
8/31/2010 30.20 30.68 22.34 13.15
9/30/2010 35.81 36.51 22.47 23.25
10/31/2010 41.41 42.93 22.91 27.94
11/30/2010 38.77 40.13 22.20 27.96
12/31/2010 45.84 46.67 20.88 36.51
1/31/2011 50.43 51.44 21.02 39.75
2/28/2011 58.29 58.43 21.32 44.53
3/31/2011 56.08 55.98 21.39 44.59
4/30/2011 64.96 64.87 22.93 48.87
5/31/2011 67.60 67.16 24.54 47.19
6/30/2011 62.06 61.63 24.17 44.73
7/31/2011 64.87 64.12 26.14 41.79
8/31/2011 54.26 54.82 27.99 34.09
9/30/2011 36.82 37.86 28.92 24.66
10/31/2011 56.06 57.71 29.06 38.29
11/30/2011 50.51 51.75 28.94 37.98
12/31/2011 57.69 58.84 30.36 39.39
1/31/2012 67.72 69.16 31.51 45.64
2/29/2012 65.53 67.35 31.48 51.94
3/31/2012 73.72 75.98 30.75 56.94
4/30/2012 78.60 81.05 32.20 55.95
5/31/2012 69.31 72.82 33.40 46.58
6/30/2012 78.27 82.52 33.45 52.62
7/31/2012 81.74 86.08 35.29 54.74
8/31/2012 81.50 86.12 35.38 58.22
9/30/2012 78.07 82.80 35.57 62.31
10/31/2012 76.56 81.27 35.83 59.32
11/30/2012 76.40 80.75 36.05 60.24
12/31/2012 82.36 87.52 35.86 61.70
1/31/2013 88.43 94.54 34.91 70.08
2/28/2013 89.15 97.00 35.58 72.38
3/31/2013 95.40 102.89 35.69 78.85
4/30/2013 107.33 116.44 37.06 82.30
5/31/2013 95.16 103.62 34.62 86.56
6/30/2013 89.78 99.70 32.54 84.05
7/31/2013 91.64 101.61 32.72 93.42
8/31/2013 78.74 87.56 32.04 87.82
9/30/2013 86.27 93.53 33.29 93.71
10/31/2013 95.18 102.21 34.37 102.61
11/30/2013 87.16 91.71 33.86 108.79
12/31/2013 87.54 92.15 33.11 114.07
1/31/2014 93.54 100.11 35.07 106.67
2/28/2014 103.83 110.15 35.79 116.13
3/31/2014 105.41 111.33 35.56 117.94
4/30/2014 112.15 118.33 36.70 119.55
5/31/2014 116.86 123.59 38.26 124.71
6/30/2014 119.66 126.08 38.33 129.35
7/31/2014 119.50 126.16 37.98 126.19
8/31/2014 125.29 132.83 39.51 135.23
9/30/2014 112.41 118.97 38.56 131.94
10/31/2014 136.03 140.74 39.92 137.60
11/30/2014 140.38 145.47 40.92 143.99
12/31/2014 146.42 150.06 41.05 143.38
1/31/2015 161.83 166.84 44.00 136.07
2/28/2015 154.08 157.55 42.65 149.64
3/31/2015 158.77 161.95 43.31 145.69
4/30/2015 143.34 147.56 42.80 148.05
5/31/2015 142.65 147.25 42.45 151.24
6/30/2015 131.01 135.88 40.90 146.37
7/31/2015 145.12 149.18 41.88 151.53
8/31/2015 130.05 133.76 41.68 136.36
9/30/2015 136.84 140.60 42.64 130.51
10/31/2015 148.87 154.72 42.66 149.95
11/30/2015 147.74 153.39 42.28 150.70
12/31/2015 152.31 158.06 41.82 146.74
1/31/2016 142.84 149.40 43.77 134.50
2/29/2016 141.42 148.36 44.79 134.18
3/31/2016 164.71 173.55 46.12 150.07
4/30/2016 157.77 167.02 46.68 151.04
5/31/2016 165.09 173.50 46.72 155.55
6/30/2016 183.75 192.58 49.36 156.21
7/31/2016 194.24 204.73 50.30 165.66
8/31/2016 184.61 193.55 50.13 166.03
9/30/2016 178.46 188.38 50.04 166.08
10/31/2016 163.48 172.07 48.89 161.23
11/30/2016 157.62 167.49 45.37 170.90
12/31/2016 167.62 180.04 45.58 176.25
1/31/2017 165.26 180.36 45.86 181.49
2/28/2017 175.45 189.92 46.84 192.67
3/31/2017 169.17 183.29 46.77 193.01
4/30/2017 169.60 183.64 47.90 196.02
5/31/2017 166.37 181.45 49.04 200.19
6/30/2017 171.19 187.61 48.89 202.06
7/31/2017 172.92 191.12 49.53 208.27
8/31/2017 175.40 190.38 50.87 209.22
9/30/2017 173.17 190.30 50.15 215.59
10/31/2017 172.09 187.51 50.24 222.96
11/30/2017 178.80 195.30 50.04 232.86
12/31/2017 178.49 194.67 50.73 236.56
1/31/2018 169.02 182.36 49.00 255.83
2/28/2018 150.09 160.59 47.58 242.72
3/31/2018 160.11 170.52 48.53 234.01
4/30/2018 162.14 174.39 47.43 235.29
5/31/2018 168.79 185.22 48.48 243.37
6/30/2018 176.94 197.67 48.30 245.48
7/31/2018 179.76 200.05 48.33 258.34
8/31/2018 188.02 207.84 49.29 270.01
9/30/2018 181.23 200.02 48.32 272.12
10/31/2018 171.56 191.12 47.15 246.68
Date Dividends
6/18/2009 0.1415
9/24/2009 0.1063
3/18/2010 0.0388
6/24/2010 0.1087
9/23/2010 0.0914
12/22/2010 0.0031
3/24/2011 0.0415
6/23/2011 0.0563
9/22/2011 0.0558
12/16/2011 0.0755
3/22/2012 0.1013
6/21/2012 0.0955
9/20/2012 0.1152
12/14/2012 0.1747
3/21/2013 0.0662
6/20/2013 0.1831
9/19/2013 0.1212
12/13/2013 0.0364
3/20/2014 0.0624
6/19/2014 0.1385
9/18/2014 0.1407
12/11/2014 0.1475
12/29/2014 0.0607
3/18/2015 0.06
6/17/2015 0.1418
9/23/2015 0.1926
12/10/2015 0.2089
3/23/2016 0.09
6/22/2016 0.1345
9/21/2016 0.2138
12/8/2016 0.2314
3/22/2017 0.0973
6/21/2017 0.0967
9/20/2017 0.0993
12/7/2017 0.0796
12/27/2017 0.0423
3/21/2018 0.021
6/20/2018 0.0956
9/19/2018 0.1655

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 Y 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 11/20/2018

Date 2013 2014 2015 2016 2017
Short Term 0.1761 0.4868 0.4472
Long Term 0.0032 1.0441 1.5582 2.2193 0.9024
Total Amount of Distribution 0.0032 1.2201 2.0449 2.6665 0.9024
Record Date 12/11/13 12/10/14 12/9/15 12/7/16 12/6/17
Ex Div Date 12/12/13 12/11/14 12/10/15 12/8/16 12/7/17
Pay Date 12/13/13 12/11/14 12/10/15 12/8/16 12/7/17

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

Portfolio

Top Issuers

(77.1% of assets as of 10/31/2018)


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 97.3% 100.0% -2.7%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 13.9% 13.2% 0.8%
Office 12.1% 11.0% 1.1%
Data Centers 11.7% 7.5% 4.2%
Health Care 9.7% 11.8% -2.1%
Industrial 9.1% 9.4% -0.3%
Lodging/Resorts 8.1% 6.5% 1.6%
Free Standing 7.9% 4.7% 3.2%
Regional Malls 6.7% 8.7% -2.0%
Shopping Centers 5.6% 6.1% -0.5%
Self Storage 4.6% 6.4% -1.8%
Manufactured Homes 2.5% 2.0% 0.4%
Specialty 1.6% 5.2% -3.6%
Home Financing 1.3% - -
Infrastructure Reits 1.1% - -
Diversified 1.1% 6.0% -4.9%
Single Family Homes 0.3% 1.5% -1.2%
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 97.3% 100.0% -2.7%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 52.3% 50.5% 1.9%
Large 34.0% 32.8% 1.2%
Small 10.9% 16.7% -5.8%
Analytics
(As of 10/31/2018)

Morningstar 10/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
222
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-1.26
-0.34
Beta
0.94
0.97
Information Ratio
-0.77
-0.30
R-Squared
97.64
98.06
Sharpe Ratio
0.24
0.54
Standard Deviation
11.78
13.16
Sortino Ratio
0.39
0.90
Tracking Error
1.96
1.88
Distribution Rate
Distribution
2.64%
Adjusted Distribution
1.78%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
30.51
29.62
P/E Ratio (NTM)
35.58
36.50
Price/Book
2.22
2.17
Turnover Ratio
84%
-
Dividends
  • D
Est. Frequency
Quarterly
Last Pay Date
9/19/2018
Per Share ($)
$0.1655
12-Month Distribution ($)
$0.4039
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
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. 8. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  9. A. 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. B. 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. C. "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. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  13. E. 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.
  14. F. The performance data quoted represents past performance, which does not guarantee future results.  The investments 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.  Class I shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  15. G. 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.
     
  16. H. 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 Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
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