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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 11/16/2018)
$24.44
Total Assets
(as of 10/31/2018)
$950.40 MM
Gross Expense Ratio
(as of 10/31/2018)
1.59%
Net Expense Ratio
(as of 10/31/2018)
1.59%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2018
  • 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 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
-2.70% -0.45% 2.68% 6.56% 10.22% 8.69%
FTSE NAREIT Equity REITs TR Index
-0.78% 1.70% 4.71% 7.65% 11.33% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
-2.70% -0.45% 2.68% 6.56% 10.22% 8.69%
FTSE NAREIT Equity REITs TR Index
-0.78% 1.70% 4.71% 7.65% 11.33% -
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
10/31/2008 0.00 0.00 0.00 0.00
11/30/2008 -22.47 -23.06 3.25 -7.18
12/31/2008 -11.84 -10.44 7.11 -6.19
1/31/2009 -26.62 -25.94 6.16 -14.09
2/28/2009 -41.25 -41.36 5.76 -23.24
3/31/2009 -39.89 -38.98 7.23 -16.52
4/30/2009 -19.46 -20.06 7.74 -8.53
5/31/2009 -17.65 -18.33 8.53 -3.41
6/30/2009 -20.90 -21.38 9.14 -3.22
7/31/2009 -12.73 -13.15 10.90 4.10
8/31/2009 -0.82 -1.52 12.05 7.86
9/30/2009 4.87 4.78 13.23 11.88
10/31/2009 0.34 0.06 13.79 9.80
11/30/2009 7.10 6.98 15.26 16.39
12/31/2009 14.32 14.63 13.46 18.64
1/31/2010 7.71 8.65 15.19 14.37
2/28/2010 14.17 14.45 15.62 17.91
3/31/2010 25.29 26.11 15.48 25.03
4/30/2010 34.14 34.86 16.68 27.00
5/31/2010 27.06 27.39 17.66 16.86
6/30/2010 19.87 20.99 19.51 10.74
7/31/2010 31.69 32.52 20.79 18.50
8/31/2010 29.53 30.68 22.34 13.15
9/30/2010 35.12 36.51 22.47 23.25
10/31/2010 40.63 42.93 22.91 27.94
11/30/2010 37.99 40.13 22.20 27.96
12/31/2010 45.05 46.67 20.88 36.51
1/31/2011 49.55 51.44 21.02 39.75
2/28/2011 57.31 58.43 21.32 44.53
3/31/2011 55.09 55.98 21.39 44.59
4/30/2011 63.86 64.87 22.93 48.87
5/31/2011 66.42 67.16 24.54 47.19
6/30/2011 60.89 61.63 24.17 44.73
7/31/2011 63.69 64.12 26.14 41.79
8/31/2011 53.12 54.82 27.99 34.09
9/30/2011 35.74 37.86 28.92 24.66
10/31/2011 54.89 57.71 29.06 38.29
11/30/2011 49.28 51.75 28.94 37.98
12/31/2011 56.35 58.84 30.36 39.39
1/31/2012 66.26 69.16 31.51 45.64
2/29/2012 64.07 67.35 31.48 51.94
3/31/2012 72.14 75.98 30.75 56.94
4/30/2012 76.92 81.05 32.20 55.95
5/31/2012 67.76 72.82 33.40 46.58
6/30/2012 76.56 82.52 33.45 52.62
7/31/2012 80.02 86.08 35.29 54.74
8/31/2012 79.70 86.12 35.38 58.22
9/30/2012 76.26 82.80 35.57 62.31
10/31/2012 74.77 81.27 35.83 59.32
11/30/2012 74.53 80.75 36.05 60.24
12/31/2012 80.39 87.52 35.86 61.70
1/31/2013 86.33 94.54 34.91 70.08
2/28/2013 87.05 97.00 35.58 72.38
3/31/2013 93.15 102.89 35.69 78.85
4/30/2013 104.90 116.44 37.06 82.30
5/31/2013 92.83 103.62 34.62 86.56
6/30/2013 87.45 99.70 32.54 84.05
7/31/2013 89.29 101.61 32.72 93.42
8/31/2013 76.50 87.56 32.04 87.82
9/30/2013 83.93 93.53 33.29 93.71
10/31/2013 92.68 102.21 34.37 102.61
11/30/2013 84.65 91.71 33.86 108.79
12/31/2013 84.97 92.15 33.11 114.07
1/31/2014 90.92 100.11 35.07 106.67
2/28/2014 101.03 110.15 35.79 116.13
3/31/2014 102.49 111.33 35.56 117.94
4/30/2014 109.17 118.33 36.70 119.55
5/31/2014 113.75 123.59 38.26 124.71
6/30/2014 116.48 126.08 38.33 129.35
7/31/2014 116.24 126.16 37.98 126.19
8/31/2014 121.89 132.83 39.51 135.23
9/30/2014 109.18 118.97 38.56 131.94
10/31/2014 132.45 140.74 39.92 137.60
11/30/2014 136.67 145.47 40.92 143.99
12/31/2014 142.52 150.06 41.05 143.38
1/31/2015 157.66 166.84 44.00 136.07
2/28/2015 150.01 157.55 42.65 149.64
3/31/2015 154.51 161.95 43.31 145.69
4/30/2015 139.27 147.56 42.80 148.05
5/31/2015 138.59 147.25 42.45 151.24
6/30/2015 127.11 135.88 40.90 146.37
7/31/2015 140.87 149.18 41.88 151.53
8/31/2015 126.00 133.76 41.68 136.36
9/30/2015 132.63 140.60 42.64 130.51
10/31/2015 144.49 154.72 42.66 149.95
11/30/2015 143.28 153.39 42.28 150.70
12/31/2015 147.72 158.06 41.82 146.74
1/31/2016 138.38 149.40 43.77 134.50
2/29/2016 136.88 148.36 44.79 134.18
3/31/2016 159.71 173.55 46.12 150.07
4/30/2016 152.87 167.02 46.68 151.04
5/31/2016 159.99 173.50 46.72 155.55
6/30/2016 178.20 192.58 49.36 156.21
7/31/2016 188.45 204.73 50.30 165.66
8/31/2016 178.96 193.55 50.13 166.03
9/30/2016 172.92 188.38 50.04 166.08
10/31/2016 158.08 172.07 48.89 161.23
11/30/2016 152.31 167.49 45.37 170.90
12/31/2016 162.06 180.04 45.58 176.25
1/31/2017 159.74 180.36 45.86 181.49
2/28/2017 169.66 189.92 46.84 192.67
3/31/2017 163.43 183.29 46.77 193.01
4/30/2017 163.86 183.64 47.90 196.02
5/31/2017 160.58 181.45 49.04 200.19
6/30/2017 165.27 187.61 48.89 202.06
7/31/2017 166.86 191.12 49.53 208.27
8/31/2017 169.20 190.38 50.87 209.22
9/30/2017 166.95 190.30 50.15 215.59
10/31/2017 165.89 187.51 50.24 222.96
11/30/2017 172.48 195.30 50.04 232.86
12/31/2017 172.04 194.67 50.73 236.56
1/31/2018 162.75 182.36 49.00 255.83
2/28/2018 144.16 160.59 47.58 242.72
3/31/2018 153.90 170.52 48.53 234.01
4/30/2018 155.78 174.39 47.43 235.29
5/31/2018 162.31 185.22 48.48 243.37
6/30/2018 170.13 197.67 48.30 245.48
7/31/2018 172.91 200.05 48.33 258.34
8/31/2018 180.90 207.84 49.29 270.01
9/30/2018 174.17 200.02 48.32 272.12
10/31/2018 164.69 191.12 47.15 246.68
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

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 11/17/2018

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
-1.77
-0.84
Beta
0.94
0.97
Information Ratio
-1.04
-0.58
R-Squared
97.64
98.07
Sharpe Ratio
0.20
0.50
Standard Deviation
11.79
13.17
Sortino Ratio
0.32
0.82
Tracking Error
1.95
1.88
Distribution Rate
Distribution
2.18%
Adjusted Distribution
1.47%
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 ($)
$0.1345
12-Month Distribution ($)
$0.2788
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 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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