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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
  • A
(as of 12/14/2018)
$23.11
Total Assets
(as of 11/30/2018)
$993.83 MM
Gross Expense Ratio
(as of 11/30/2018)
2.09%
Net Expense Ratio
(as of 11/30/2018)
2.09%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2018
  • E
as of 09/30/2018
  • E

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • E
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
0.39% 2.16% 5.09% 7.76% 6.10% 8.46%
FTSE NAREIT Equity REITs TR Index
2.26% 3.80% 7.79% 9.26% 7.49% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
-0.61% 1.19% 5.09% 7.76% 6.10% 8.46%
FTSE NAREIT Equity REITs TR Index
2.26% 3.80% 7.79% 9.26% 7.49% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
1.60% 1.41% 3.98% 7.96% 13.03% 8.45%
FTSE NAREIT Equity REITs TR Index
3.93% 3.70% 6.52% 9.82% 14.81% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
0.60% 0.44% 3.98% 7.96% 13.03% 8.45%
FTSE NAREIT Equity REITs TR Index
3.93% 3.70% 6.52% 9.82% 14.81% -
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%

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
11/30/2008 0.00 0.00 0.00 0.00
12/31/2008 13.70 16.39 3.73 1.06
1/31/2009 -5.35 -3.75 2.82 -7.45
2/28/2009 -24.20 -23.80 2.43 -17.31
3/31/2009 -22.45 -20.70 3.85 -10.06
4/30/2009 3.89 3.90 4.35 -1.46
5/31/2009 6.32 6.14 5.10 4.05
6/30/2009 2.09 2.18 5.70 4.26
7/31/2009 12.72 12.88 7.41 12.15
8/31/2009 28.18 27.99 8.52 16.20
9/30/2009 35.59 36.18 9.66 20.53
10/31/2009 29.64 30.04 10.20 18.29
11/30/2009 38.46 39.03 11.63 25.39
12/31/2009 47.78 48.97 9.88 27.81
1/31/2010 39.35 41.21 11.56 23.21
2/28/2010 47.68 48.75 11.98 27.03
3/31/2010 62.10 63.90 11.84 34.69
4/30/2010 73.52 75.27 13.01 36.82
5/31/2010 64.48 65.55 13.96 25.90
6/30/2010 55.21 57.25 15.74 19.31
7/31/2010 70.58 72.22 16.98 27.66
8/31/2010 67.78 69.83 18.48 21.90
9/30/2010 75.01 77.42 18.61 32.78
10/31/2010 82.23 85.76 19.03 37.83
11/30/2010 78.82 82.12 18.35 37.85
12/31/2010 87.94 90.62 17.07 47.06
1/31/2011 93.85 96.81 17.21 50.55
2/28/2011 103.98 105.90 17.50 55.71
3/31/2011 101.13 102.71 17.57 55.77
4/30/2011 112.57 114.27 19.06 60.38
5/31/2011 115.98 117.24 20.61 58.57
6/30/2011 108.84 110.06 20.26 55.92
7/31/2011 112.46 113.30 22.17 52.75
8/31/2011 98.78 101.21 23.95 44.45
9/30/2011 76.32 79.16 24.85 34.30
10/31/2011 101.10 104.96 24.99 48.98
11/30/2011 93.95 97.23 24.88 48.65
12/31/2011 103.20 106.43 26.25 50.17
1/31/2012 116.13 119.85 27.36 56.90
2/29/2012 113.30 117.50 27.33 63.68
3/31/2012 123.86 128.71 26.63 69.07
4/30/2012 130.15 135.30 28.04 68.01
5/31/2012 118.18 124.61 29.20 57.91
6/30/2012 129.72 137.20 29.25 64.42
7/31/2012 134.20 141.84 31.03 66.70
8/31/2012 133.89 141.89 31.11 70.46
9/30/2012 129.47 137.58 31.29 74.86
10/31/2012 127.52 135.59 31.55 71.63
11/30/2012 127.32 134.91 31.76 72.63
12/31/2012 134.99 143.71 31.57 74.20
1/31/2013 142.81 152.83 30.65 83.22
2/28/2013 143.74 156.02 31.31 85.71
3/31/2013 151.80 163.68 31.41 92.68
4/30/2013 167.17 181.29 32.74 96.39
5/31/2013 151.49 164.63 30.37 100.98
6/30/2013 144.56 159.54 28.36 98.28
7/31/2013 146.95 162.01 28.53 108.37
8/31/2013 130.33 143.76 27.88 102.34
9/30/2013 140.03 151.52 29.09 108.68
10/31/2013 151.51 162.80 30.13 118.27
11/30/2013 141.18 149.15 29.64 124.93
12/31/2013 141.67 149.73 28.91 130.62
1/31/2014 149.40 160.07 30.81 122.65
2/28/2014 162.67 173.11 31.51 132.83
3/31/2014 164.69 174.65 31.29 134.79
4/30/2014 173.38 183.75 32.39 136.52
5/31/2014 179.46 190.59 33.90 142.08
6/30/2014 183.06 193.82 33.97 147.08
7/31/2014 182.85 193.92 33.63 143.67
8/31/2014 190.32 202.59 35.11 153.42
9/30/2014 173.72 184.58 34.19 149.86
10/31/2014 204.16 212.87 35.51 155.97
11/30/2014 209.76 219.02 36.47 162.85
12/31/2014 217.55 224.99 36.60 162.19
1/31/2015 237.40 246.79 39.47 154.32
2/28/2015 227.42 234.72 38.15 168.93
3/31/2015 233.46 240.44 38.80 164.68
4/30/2015 213.58 221.74 38.30 167.22
5/31/2015 212.69 221.34 37.96 170.66
6/30/2015 197.68 206.55 36.46 165.42
7/31/2015 215.87 223.84 37.41 170.98
8/31/2015 196.45 203.80 37.21 154.63
9/30/2015 205.21 212.69 38.14 148.33
10/31/2015 220.70 231.04 38.16 169.28
11/30/2015 219.24 229.31 37.80 170.08
12/31/2015 225.14 235.38 37.35 165.82
1/31/2016 212.93 224.14 39.24 152.63
2/29/2016 211.10 222.78 40.23 152.29
3/31/2016 241.11 255.51 41.52 169.40
4/30/2016 232.17 247.03 42.06 170.44
5/31/2016 241.60 255.45 42.10 175.30
6/30/2016 265.65 280.25 44.65 176.01
7/31/2016 279.17 296.04 45.56 186.19
8/31/2016 266.75 281.51 45.40 186.59
9/30/2016 258.83 274.79 45.31 186.65
10/31/2016 239.52 253.60 44.20 181.42
11/30/2016 231.97 247.64 40.79 191.84
12/31/2016 244.86 263.95 40.99 197.61
1/31/2017 241.82 264.37 41.26 203.25
2/28/2017 254.95 276.79 42.21 215.29
3/31/2017 246.86 268.18 42.14 215.66
4/30/2017 247.41 268.63 43.24 218.90
5/31/2017 243.25 265.79 44.34 223.39
6/30/2017 249.47 273.79 44.19 225.41
7/31/2017 251.69 278.35 44.81 232.10
8/31/2017 254.89 277.39 46.11 233.12
9/30/2017 252.02 277.29 45.42 239.99
10/31/2017 250.62 273.66 45.50 247.92
11/30/2017 259.27 283.79 45.31 258.59
12/31/2017 258.87 282.97 45.98 262.58
1/31/2018 246.67 266.97 44.30 283.34
2/28/2018 222.27 238.67 42.93 269.21
3/31/2018 235.18 251.58 43.85 259.83
4/30/2018 237.80 256.61 42.78 261.21
5/31/2018 246.37 270.68 43.80 269.91
6/30/2018 256.87 286.86 43.62 272.19
7/31/2018 260.51 289.96 43.66 286.04
8/31/2018 271.15 301.82 44.58 298.61
9/30/2018 262.41 291.62 43.65 300.88
10/31/2018 249.94 280.00 42.51 273.48
11/30/2018 267.10 298.00 43.36 281.09
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

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 12/17/2018

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

(78.1% of assets as of 11/30/2018)


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 99.2% 100.0% -0.8%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 15.4% 13.5% 1.9%
Office 12.0% 10.9% 1.1%
Data Centers 11.9% 7.6% 4.3%
Industrial 9.0% 9.4% -0.4%
Health Care 7.9% 12.2% -4.3%
Free Standing 7.9% 4.7% 3.2%
Lodging/Resorts 7.9% 6.3% 1.7%
Regional Malls 6.4% 8.4% -1.9%
Shopping Centers 5.4% 6.0% -0.6%
Self Storage 4.6% 6.4% -1.7%
Specialty 3.5% 5.3% -1.8%
Manufactured Homes 2.4% 2.0% 0.4%
Home Financing 1.2% - -
Infrastructure Reits 1.1% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 99.2% 100.0% -0.8%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 47.0% 46.0% 1.0%
Large 43.8% 39.7% 4.1%
Small 8.4% 14.3% -5.9%
Analytics
(As of 11/30/2018)

Morningstar 11/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
222
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-2.15
-1.53
Beta
0.95
0.98
Information Ratio
-1.29
-1.03
R-Squared
97.66
98.15
Sharpe Ratio
0.30
0.60
Standard Deviation
12.06
13.10
Sortino Ratio
0.48
1.00
Tracking Error
1.97
1.81
Distribution Rate
Distribution
1.70%
Adjusted Distribution
1.15%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
30.49
29.79
P/E Ratio (NTM)
37.42
38.64
Price/Book
2.29
2.27
Turnover Ratio
84%
-
Dividends
  • D
Est. Frequency
Quarterly
Last Pay Date
12/13/2018
Per Share ($)
$0.0985
12-Month Distribution ($)
$0.1763
Distribution Sources
  • D
Net Income
17.70%
Net Profit from Sale
51.80%
Other Capital Sources
30.50%
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.
  12. 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.
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