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OREAX

Real Estate Fund

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Overview

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

Inception Date
March 4, 2002
Investment Style
Real Estate
Fund Index
FTSE NAREIT Equity REITs TR Index
CUSIP
68382F101
NAV
  • A
(as of 09/20/2018)
$24.99
Total Assets
(as of 08/31/2018)
$1.03 BN
Gross Expense Ratio
(as of 08/31/2018)
1.34%
Net Expense Ratio
(as of 08/31/2018)
1.34%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 08/31/2018
  • B
as of 06/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
-0.56% 2.12% 6.23% 7.85% 7.26% 10.14%
FTSE NAREIT Equity REITs TR Index
1.02% 3.50% 8.06% 8.31% 7.94% -
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
-6.28% -3.75% 4.16% 6.58% 6.63% 9.74%
FTSE NAREIT Equity REITs TR Index
1.02% 3.50% 8.06% 8.31% 7.94% -
Cumulative
Annualized
ytd as of 2018-08-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
3.42% 4.59% 7.78% 10.01% 7.10% 10.29%
FTSE NAREIT Equity REITs TR Index
4.47% 6.01% 9.61% 10.42% 7.70% -
Cumulative
Annualized
ytd as of 2018-08-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
-2.52% -1.43% 5.67% 8.72% 6.47% 9.90%
FTSE NAREIT Equity REITs TR Index
4.47% 6.01% 9.61% 10.42% 7.70% -
Gross Expense Ratio: 1.34% | Net Expense Ratio: 1.34%

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.


Year Real Estate Fund FTSE NAREIT Equity REITs TR Index
2003 39.73% 37.13%
2004 36.30% 31.58%
2005 14.14% 12.16%
2006 35.52% 35.06%
2007 -14.78% -15.69%
2008 -39.27% -37.73%
2009 29.97% 27.99%
2010 27.18% 27.96%
2011 8.12% 8.29%
2012 15.65% 18.06%
2013 2.84% 2.47%
2014 31.40% 30.14%
2015 2.39% 3.20%
2016 6.07% 8.52%
2017 4.06% 5.23%

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.


Date Real Estate Fund FTSE NAREIT Equity REITs Index BBG Barclays Agg S&P 500
8/31/2008 0.00 0.00 0.00 0.00
9/30/2008 -0.56 -0.19 -1.34 -8.91
10/31/2008 -31.04 -31.80 -3.67 -24.21
11/30/2008 -46.48 -47.52 -0.54 -29.65
12/31/2008 -39.15 -38.92 3.17 -28.90
1/31/2009 -49.34 -49.49 2.26 -34.89
2/28/2009 -59.43 -60.01 1.88 -41.82
3/31/2009 -58.50 -58.39 3.29 -36.73
4/30/2009 -44.40 -45.48 3.79 -30.67
5/31/2009 -43.10 -44.30 4.54 -26.79
6/30/2009 -45.36 -46.38 5.14 -26.65
7/31/2009 -39.67 -40.77 6.83 -21.10
8/31/2009 -31.40 -32.83 7.94 -18.25
9/30/2009 -27.44 -28.54 9.07 -15.20
10/31/2009 -30.62 -31.76 9.61 -16.78
11/30/2009 -25.90 -27.04 11.03 -11.79
12/31/2009 -20.91 -21.83 9.29 -10.08
1/31/2010 -25.42 -25.90 10.96 -13.32
2/28/2010 -20.97 -21.94 11.38 -10.63
3/31/2010 -13.25 -13.99 11.24 -5.24
4/30/2010 -7.14 -8.02 12.40 -3.74
5/31/2010 -11.97 -13.12 13.34 -11.43
6/30/2010 -16.94 -17.48 15.12 -16.07
7/31/2010 -8.71 -9.62 16.35 -10.18
8/31/2010 -10.21 -10.88 17.85 -14.24
9/30/2010 -6.34 -6.90 17.97 -6.59
10/31/2010 -2.48 -2.52 18.39 -3.03
11/30/2010 -4.30 -4.43 17.71 -3.02
12/31/2010 0.58 0.03 16.44 3.46
1/31/2011 3.74 3.28 16.58 5.91
2/28/2011 9.16 8.05 16.87 9.54
3/31/2011 7.64 6.38 16.93 9.59
4/30/2011 13.76 12.44 18.42 12.83
5/31/2011 15.59 14.00 19.96 11.56
6/30/2011 11.76 10.23 19.61 9.70
7/31/2011 13.70 11.93 21.51 7.46
8/31/2011 6.38 5.59 23.29 1.63
9/30/2011 -5.64 -5.98 24.18 -5.52
10/31/2011 7.62 7.56 24.32 4.81
11/30/2011 3.80 3.50 24.21 4.58
12/31/2011 8.75 8.33 25.57 5.65
1/31/2012 15.67 15.37 26.68 10.38
2/29/2012 14.15 14.14 26.65 15.16
3/31/2012 19.80 20.02 25.95 18.94
4/30/2012 23.17 23.47 27.35 18.20
5/31/2012 16.76 17.86 28.50 11.09
6/30/2012 22.94 24.48 28.55 15.67
7/31/2012 25.34 26.91 30.33 17.28
8/31/2012 25.17 26.93 30.41 19.92
9/30/2012 22.80 24.67 30.59 23.02
10/31/2012 21.76 23.63 30.85 20.75
11/30/2012 21.66 23.27 31.05 21.45
12/31/2012 25.76 27.89 30.87 22.55
1/31/2013 29.95 32.68 29.95 28.90
2/28/2013 30.44 34.35 30.60 30.65
3/31/2013 34.76 38.37 30.71 35.55
4/30/2013 42.98 47.61 32.03 38.16
5/31/2013 34.59 38.87 29.67 41.40
6/30/2013 30.88 36.20 27.67 39.50
7/31/2013 32.16 37.49 27.84 46.60
8/31/2013 23.26 27.92 27.19 42.35
9/30/2013 28.46 31.99 28.39 46.81
10/31/2013 34.60 37.90 29.43 53.56
11/30/2013 29.07 30.75 28.95 58.24
12/31/2013 29.33 31.05 28.22 62.25
1/31/2014 33.47 36.48 30.11 56.64
2/28/2014 40.57 43.32 30.80 63.80
3/31/2014 41.66 44.13 30.58 65.18
4/30/2014 46.31 48.90 31.68 66.40
5/31/2014 49.56 52.49 33.18 70.31
6/30/2014 51.49 54.18 33.25 73.83
7/31/2014 51.37 54.24 32.92 71.43
8/31/2014 55.37 58.79 34.39 78.29
9/30/2014 46.49 49.34 33.47 75.79
10/31/2014 62.78 64.18 34.78 80.08
11/30/2014 65.78 67.41 35.74 84.92
12/31/2014 69.94 70.54 35.87 84.46
1/31/2015 80.57 81.98 38.72 78.92
2/28/2015 75.23 75.65 37.41 89.20
3/31/2015 78.46 78.65 38.05 86.21
4/30/2015 67.82 68.83 37.56 88.00
5/31/2015 67.34 68.63 37.22 90.41
6/30/2015 59.31 60.87 35.73 86.73
7/31/2015 69.04 69.94 36.67 90.64
8/31/2015 58.65 59.42 36.48 79.14
9/30/2015 63.34 64.09 37.40 74.71
10/31/2015 71.63 73.72 37.42 89.44
11/30/2015 70.85 72.81 37.06 90.01
12/31/2015 74.01 75.99 36.62 87.01
1/31/2016 67.47 70.09 38.50 77.73
2/29/2016 66.49 69.38 39.48 77.49
3/31/2016 82.55 86.56 40.76 89.53
4/30/2016 77.77 82.11 41.30 90.27
5/31/2016 82.82 86.53 41.33 93.68
6/30/2016 95.68 99.54 43.87 94.18
7/31/2016 102.92 107.82 44.78 101.34
8/31/2016 96.28 100.20 44.62 101.63
9/30/2016 92.04 96.68 44.53 101.66
10/31/2016 81.70 85.55 43.43 97.99
11/30/2016 77.66 82.43 40.03 105.32
12/31/2016 84.56 90.99 40.23 109.38
1/31/2017 82.93 91.21 40.51 113.35
2/28/2017 89.96 97.72 41.45 121.82
3/31/2017 85.63 93.21 41.38 122.08
4/30/2017 85.92 93.44 42.47 124.36
5/31/2017 83.70 91.95 43.56 127.51
6/30/2017 87.03 96.15 43.42 128.94
7/31/2017 88.22 98.54 44.04 133.64
8/31/2017 89.93 98.04 45.33 134.36
9/30/2017 88.39 97.99 44.64 139.19
10/31/2017 87.64 96.08 44.72 144.77
11/30/2017 92.27 101.40 44.54 152.28
12/31/2017 92.06 100.97 45.20 155.09
1/31/2018 85.53 92.57 43.53 169.69
2/28/2018 72.47 77.72 42.17 159.75
3/31/2018 79.38 84.49 43.08 153.15
4/30/2018 80.78 87.13 42.01 154.12
5/31/2018 85.37 94.52 43.03 160.24
6/30/2018 90.99 103.01 42.85 161.84
7/31/2018 92.94 104.64 42.89 171.59
8/31/2018 98.63 109.94 43.80 180.44
Date Dividends
9/25/2008 0.1369
6/18/2009 0.1318
9/24/2009 0.0938
3/18/2010 0.0256
6/24/2010 0.0905
9/23/2010 0.0748
3/24/2011 0.0247
6/23/2011 0.0382
9/22/2011 0.0367
12/16/2011 0.0555
3/22/2012 0.0839
6/21/2012 0.0758
9/20/2012 0.0979
12/14/2012 0.1564
3/21/2013 0.052
6/20/2013 0.1678
9/19/2013 0.1076
12/13/2013 0.0229
3/20/2014 0.0529
6/19/2014 0.1231
9/18/2014 0.1252
12/11/2014 0.1278
12/29/2014 0.0569
3/18/2015 0.0447
6/17/2015 0.1233
9/23/2015 0.1738
12/10/2015 0.1905
3/23/2016 0.0755
6/22/2016 0.1191
9/21/2016 0.1959
12/8/2016 0.213
3/22/2017 0.0831
6/21/2017 0.0789
9/20/2017 0.0836
12/7/2017 0.0616
12/27/2017 0.0384
3/21/2018 0.0088
6/20/2018 0.0812
9/19/2018 0.1502

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, 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.

$ per share as of 09/20/2018

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

(75.7% of assets as of 08/31/2018)


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 98.8% 100.0% -1.2%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 13.7% 13.1% 0.7%
Office 12.2% 11.3% 0.9%
Data Centers 11.7% 8.3% 3.4%
Health Care 10.2% 11.5% -1.3%
Industrial 9.0% 9.5% -0.5%
Lodging/Resorts 8.6% 6.8% 1.8%
Regional Malls 6.5% 8.4% -1.9%
Shopping Centers 5.6% 6.2% -0.7%
Self Storage 4.5% 6.2% -1.7%
Single Family Homes 4.3% 1.5% 2.7%
Free Standing 4.1% 4.2% -0.1%
Manufactured Homes 3.6% 1.9% 1.7%
Specialty 1.7% 5.0% -3.4%
Diversified 1.2% 6.0% -4.8%
Infrastructure Reits 1.1% - -
Home Financing 1.0% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 98.8% 100.0% -1.2%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 52.6% 51.2% 1.4%
Large 38.0% 34.8% 3.2%
Small 8.3% 14.0% -5.7%
Analytics
(As of 08/31/2018)

Morningstar 08/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
222
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-1.19
-0.13
Beta
0.94
0.97
Information Ratio
-0.91
-0.21
R-Squared
97.59
97.87
Sharpe Ratio
0.62
0.75
Standard Deviation
11.83
13.16
Sortino Ratio
0.31
0.37
Tracking Error
2.00
1.96
Distribution Rate
Distribution
2.43%
Adjusted Distribution
1.64%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
34.58
32.47
P/E Ratio (NTM)
39.95
38.25
Price/Book
2.37
2.35
Turnover Ratio
84%
-
Dividends
  • D
Est. Frequency
Quarterly
Last Pay Date
9/19/2018
Per Share ($)
$0.1502
12-Month Distribution ($)
$0.2735
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
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. 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.
  9. 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.
  10. 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.
  11. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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