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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
  • A
(as of 12/14/2018)
$23.67
Total Assets
(as of 11/30/2018)
$993.83 MM
Gross Expense Ratio
(as of 11/30/2018)
1.59%
Net Expense Ratio
(as of 11/30/2018)
1.59%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2018
  • B
as of 09/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
0.79% 2.71% 5.63% 8.31% 6.64% 8.99%
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)
0.79% 2.71% 5.63% 8.31% 6.64% 8.99%
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)
2.06% 1.89% 4.50% 8.50% 13.61% 8.98%
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)
2.06% 1.89% 4.50% 8.50% 13.61% 8.98%
FTSE NAREIT Equity REITs TR Index
3.93% 3.70% 6.52% 9.82% 14.81% -
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%

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
11/30/2008 0.00 0.00 0.00 0.00
12/31/2008 13.72 16.39 3.73 1.06
1/31/2009 -5.35 -3.75 2.82 -7.45
2/28/2009 -24.22 -23.80 2.43 -17.31
3/31/2009 -22.47 -20.70 3.85 -10.06
4/30/2009 3.89 3.90 4.35 -1.46
5/31/2009 6.23 6.14 5.10 4.05
6/30/2009 2.03 2.18 5.70 4.26
7/31/2009 12.57 12.88 7.41 12.15
8/31/2009 27.94 27.99 8.52 16.20
9/30/2009 35.27 36.18 9.66 20.53
10/31/2009 29.42 30.04 10.20 18.29
11/30/2009 38.14 39.03 11.63 25.39
12/31/2009 47.46 48.97 9.88 27.81
1/31/2010 38.94 41.21 11.56 23.21
2/28/2010 47.26 48.75 11.98 27.03
3/31/2010 61.61 63.90 11.84 34.69
4/30/2010 73.02 75.27 13.01 36.82
5/31/2010 63.89 65.55 13.96 25.90
6/30/2010 54.62 57.25 15.74 19.31
7/31/2010 69.87 72.22 16.98 27.66
8/31/2010 67.08 69.83 18.48 21.90
9/30/2010 74.29 77.42 18.61 32.78
10/31/2010 81.40 85.76 19.03 37.83
11/30/2010 78.00 82.12 18.35 37.85
12/31/2010 87.10 90.62 17.07 47.06
1/31/2011 92.90 96.81 17.21 50.55
2/28/2011 102.91 105.90 17.50 55.71
3/31/2011 100.05 102.71 17.57 55.77
4/30/2011 111.36 114.27 19.06 60.38
5/31/2011 114.67 117.24 20.61 58.57
6/30/2011 107.53 110.06 20.26 55.92
7/31/2011 111.14 113.30 22.17 52.75
8/31/2011 97.51 101.21 23.95 44.45
9/30/2011 75.09 79.16 24.85 34.30
10/31/2011 99.79 104.96 24.99 48.98
11/30/2011 92.56 97.23 24.88 48.65
12/31/2011 101.67 106.43 26.25 50.17
1/31/2012 114.45 119.85 27.36 56.90
2/29/2012 111.64 117.50 27.33 63.68
3/31/2012 122.05 128.71 26.63 69.07
4/30/2012 128.21 135.30 28.04 68.01
5/31/2012 116.39 124.61 29.20 57.91
6/30/2012 127.75 137.20 29.25 64.42
7/31/2012 132.20 141.84 31.03 66.70
8/31/2012 131.80 141.89 31.11 70.46
9/30/2012 127.36 137.58 31.29 74.86
10/31/2012 125.43 135.59 31.55 71.63
11/30/2012 125.12 134.91 31.76 72.63
12/31/2012 132.68 143.71 31.57 74.20
1/31/2013 140.35 152.83 30.65 83.22
2/28/2013 141.27 156.02 31.31 85.71
3/31/2013 149.14 163.68 31.41 92.68
4/30/2013 164.30 181.29 32.74 96.39
5/31/2013 148.73 164.63 30.37 100.98
6/30/2013 141.79 159.54 28.36 98.28
7/31/2013 144.16 162.01 28.53 108.37
8/31/2013 127.67 143.76 27.88 102.34
9/30/2013 137.25 151.52 29.09 108.68
10/31/2013 148.53 162.80 30.13 118.27
11/30/2013 138.18 149.15 29.64 124.93
12/31/2013 138.60 149.73 28.91 130.62
1/31/2014 146.26 160.07 30.81 122.65
2/28/2014 159.31 173.11 31.51 132.83
3/31/2014 161.19 174.65 31.29 134.79
4/30/2014 169.80 183.75 32.39 136.52
5/31/2014 175.71 190.59 33.90 142.08
6/30/2014 179.23 193.82 33.97 147.08
7/31/2014 178.92 193.92 33.63 143.67
8/31/2014 186.21 202.59 35.11 153.42
9/30/2014 169.82 184.58 34.19 149.86
10/31/2014 199.84 212.87 35.51 155.97
11/30/2014 205.27 219.02 36.47 162.85
12/31/2014 212.83 224.99 36.60 162.19
1/31/2015 232.35 246.79 39.47 154.32
2/28/2015 222.48 234.72 38.15 168.93
3/31/2015 228.28 240.44 38.80 164.68
4/30/2015 208.63 221.74 38.30 167.22
5/31/2015 207.75 221.34 37.96 170.66
6/30/2015 192.94 206.55 36.46 165.42
7/31/2015 210.69 223.84 37.41 170.98
8/31/2015 191.51 203.80 37.21 154.63
9/30/2015 200.06 212.69 38.14 148.33
10/31/2015 215.36 231.04 38.16 169.28
11/30/2015 213.81 229.31 37.80 170.08
12/31/2015 219.53 235.38 37.35 165.82
1/31/2016 207.48 224.14 39.24 152.63
2/29/2016 205.55 222.78 40.23 152.29
3/31/2016 234.99 255.51 41.52 169.40
4/30/2016 226.17 247.03 42.06 170.44
5/31/2016 235.35 255.45 42.10 175.30
6/30/2016 258.85 280.25 44.65 176.01
7/31/2016 272.06 296.04 45.56 186.19
8/31/2016 259.82 281.51 45.40 186.59
9/30/2016 252.03 274.79 45.31 186.65
10/31/2016 232.89 253.60 44.20 181.42
11/30/2016 225.45 247.64 40.79 191.84
12/31/2016 238.03 263.95 40.99 197.61
1/31/2017 235.03 264.37 41.26 203.25
2/28/2017 247.83 276.79 42.21 215.29
3/31/2017 239.80 268.18 42.14 215.66
4/30/2017 240.34 268.63 43.24 218.90
5/31/2017 236.11 265.79 44.34 223.39
6/30/2017 242.17 273.79 44.19 225.41
7/31/2017 244.22 278.35 44.81 232.10
8/31/2017 247.23 277.39 46.11 233.12
9/30/2017 244.34 277.29 45.42 239.99
10/31/2017 242.96 273.66 45.50 247.92
11/30/2017 251.47 283.79 45.31 258.59
12/31/2017 250.90 282.97 45.98 262.58
1/31/2018 238.91 266.97 44.30 283.34
2/28/2018 214.94 238.67 42.93 269.21
3/31/2018 227.50 251.58 43.85 259.83
4/30/2018 229.92 256.61 42.78 261.21
5/31/2018 238.34 270.68 43.80 269.91
6/30/2018 248.44 286.86 43.62 272.19
7/31/2018 252.02 289.96 43.66 286.04
8/31/2018 262.32 301.82 44.58 298.61
9/30/2018 253.65 291.62 43.65 300.88
10/31/2018 241.42 280.00 42.51 273.48
11/30/2018 258.11 298.00 43.36 281.09
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 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
-1.66
-1.04
Beta
0.95
0.98
Information Ratio
-1.03
-0.73
R-Squared
97.68
98.15
Sharpe Ratio
0.34
0.64
Standard Deviation
12.07
13.12
Sortino Ratio
0.55
1.07
Tracking Error
1.96
1.81
Distribution Rate
Distribution
2.21%
Adjusted Distribution
1.49%
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 ($)
$0.1311
12-Month Distribution ($)
$0.2788
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 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.
     
  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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