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OREIX

Real Estate Fund

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Overview

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

Inception Date
August 28, 2012
Investment Style
Real Estate
Fund Index
FTSE NAREIT Equity REITs TR Index
CUSIP
68382F606
NAV
  • A
(as of 10/12/2018)
$23.55
Total Assets
(as of 09/30/2018)
$982.22 MM
Gross Expense Ratio
(as of 09/30/2018)
0.92%
Net Expense Ratio
(as of 09/30/2018)
0.92%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 09/30/2018
  • F
as of 09/30/2018
  • F

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)
1.32% 3.38% 6.34% 9.06% - 7.95%
FTSE NAREIT Equity REITs TR Index
1.81% 3.35% 7.64% 9.16% 7.44% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
1.32% 3.38% 6.34% 9.06% - 7.95%
FTSE NAREIT Equity REITs TR Index
1.81% 3.35% 7.64% 9.16% 7.44% -
Gross Expense Ratio: 0.92% | Net Expense Ratio: 0.92%

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.


Year Real Estate Fund FTSE NAREIT Equity REITs TR Index
2013 3.35% 2.47%
2014 32.02% 30.14%
2015 2.84% 3.20%
2016 6.51% 8.52%
2017 4.50% 5.23%

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.


Date Real Estate Fund FTSE NAREIT Equity REITs Index BBG Barclays Agg S&P 500
9/30/2008 0.00 0.00 0.00 0.00
10/31/2008 -30.65 -31.67 -2.36 -16.79
11/30/2008 -46.18 -47.42 0.82 -22.77
12/31/2008 -38.81 -38.80 4.58 -21.94
1/31/2009 -49.06 -49.40 3.66 -28.52
2/28/2009 -59.21 -59.93 3.26 -36.13
3/31/2009 -58.26 -58.31 4.70 -30.54
4/30/2009 -44.09 -45.37 5.20 -23.89
5/31/2009 -42.78 -44.19 5.96 -19.63
6/30/2009 -45.06 -46.28 6.57 -19.47
7/31/2009 -39.33 -40.65 8.29 -13.38
8/31/2009 -31.02 -32.70 9.41 -10.26
9/30/2009 -27.03 -28.40 10.56 -6.91
10/31/2009 -30.23 -31.63 11.10 -8.64
11/30/2009 -25.48 -26.90 12.54 -3.16
12/31/2009 -20.47 -21.67 10.78 -1.29
1/31/2010 -25.00 -25.76 12.47 -4.84
2/28/2010 -20.52 -21.79 12.89 -1.89
3/31/2010 -12.76 -13.83 12.76 4.03
4/30/2010 -6.62 -7.85 13.93 5.67
5/31/2010 -11.48 -12.96 14.89 -2.76
6/30/2010 -16.47 -17.32 16.69 -7.85
7/31/2010 -8.20 -9.45 17.93 -1.40
8/31/2010 -9.70 -10.71 19.45 -5.85
9/30/2010 -5.81 -6.72 19.58 2.55
10/31/2010 -1.93 -2.33 20.00 6.45
11/30/2010 -3.76 -4.24 19.31 6.47
12/31/2010 1.15 0.23 18.03 13.58
1/31/2011 4.33 3.48 18.17 16.28
2/28/2011 9.78 8.26 18.46 20.26
3/31/2011 8.24 6.58 18.53 20.31
4/30/2011 14.40 12.66 20.03 23.87
5/31/2011 16.24 14.22 21.60 22.47
6/30/2011 12.39 10.44 21.24 20.43
7/31/2011 14.34 12.15 23.17 17.98
8/31/2011 6.98 5.79 24.97 11.57
9/30/2011 -5.11 -5.80 25.87 3.73
10/31/2011 8.23 7.77 26.01 15.06
11/30/2011 4.38 3.70 25.90 14.81
12/31/2011 9.36 8.54 27.28 15.98
1/31/2012 16.32 15.59 28.40 21.18
2/29/2012 14.80 14.36 28.37 26.42
3/31/2012 20.48 20.25 27.67 30.58
4/30/2012 23.86 23.71 29.08 29.76
5/31/2012 17.42 18.09 30.25 21.96
6/30/2012 23.63 24.72 30.30 26.99
7/31/2012 26.04 27.15 32.10 28.75
8/31/2012 25.88 27.18 32.19 31.65
9/30/2012 23.49 24.91 32.37 35.05
10/31/2012 22.45 23.87 32.63 32.56
11/30/2012 22.34 23.51 32.84 33.33
12/31/2012 26.47 28.14 32.65 34.54
1/31/2013 30.68 32.93 31.72 41.51
2/28/2013 31.18 34.61 32.38 43.43
3/31/2013 35.51 38.64 32.49 48.81
4/30/2013 43.78 47.90 33.83 51.68
5/31/2013 35.35 39.13 31.44 55.23
6/30/2013 31.62 36.46 29.41 53.14
7/31/2013 32.90 37.76 29.58 60.94
8/31/2013 23.96 28.16 28.92 56.27
9/30/2013 29.18 32.24 30.14 61.18
10/31/2013 35.36 38.17 31.19 68.58
11/30/2013 29.80 31.00 30.70 73.72
12/31/2013 30.06 31.30 29.96 78.12
1/31/2014 34.22 36.74 31.88 71.96
2/28/2014 41.36 43.60 32.59 79.83
3/31/2014 42.45 44.41 32.36 81.34
4/30/2014 47.13 49.19 33.48 82.68
5/31/2014 50.40 52.78 35.00 86.97
6/30/2014 52.34 54.48 35.07 90.83
7/31/2014 52.22 54.54 34.73 88.20
8/31/2014 56.24 59.10 36.21 95.73
9/30/2014 47.31 49.62 35.29 92.98
10/31/2014 63.69 64.50 36.62 97.70
11/30/2014 66.71 67.73 37.59 103.01
12/31/2014 70.90 70.87 37.72 102.50
1/31/2015 81.58 82.33 40.61 96.42
2/28/2015 76.21 75.99 39.28 107.71
3/31/2015 79.46 78.99 39.93 104.43
4/30/2015 68.76 69.16 39.43 106.39
5/31/2015 68.28 68.95 39.09 109.04
6/30/2015 60.21 61.18 37.58 104.99
7/31/2015 69.99 70.27 38.53 109.29
8/31/2015 59.55 59.73 38.33 96.66
9/30/2015 64.26 64.40 39.27 91.80
10/31/2015 72.59 74.05 39.29 107.98
11/30/2015 71.81 73.15 38.92 108.59
12/31/2015 74.98 76.33 38.47 105.30
1/31/2016 68.41 70.42 40.38 95.12
2/29/2016 67.43 69.71 41.38 94.85
3/31/2016 83.58 86.92 42.67 108.07
4/30/2016 78.77 82.46 43.22 108.88
5/31/2016 83.84 86.89 43.26 112.63
6/30/2016 96.78 99.93 45.83 113.18
7/31/2016 104.06 108.23 46.75 121.04
8/31/2016 97.38 100.59 46.59 121.35
9/30/2016 93.12 97.06 46.50 121.39
10/31/2016 82.73 85.91 45.38 117.35
11/30/2016 78.66 82.78 41.94 125.40
12/31/2016 85.60 91.36 42.14 129.86
1/31/2017 83.96 91.58 42.42 134.22
2/28/2017 91.03 98.11 43.38 143.52
3/31/2017 86.67 93.58 43.30 143.80
4/30/2017 86.97 93.82 44.41 146.31
5/31/2017 84.73 92.32 45.52 149.77
6/30/2017 88.08 96.53 45.37 151.33
7/31/2017 89.27 98.93 46.00 156.50
8/31/2017 91.00 98.42 47.31 157.28
9/30/2017 89.45 98.37 46.61 162.59
10/31/2017 88.70 96.46 46.69 168.72
11/30/2017 93.35 101.79 46.50 176.96
12/31/2017 93.14 101.36 47.18 180.04
1/31/2018 86.57 92.94 45.48 196.07
2/28/2018 73.44 78.06 44.10 185.16
3/31/2018 80.39 84.85 45.03 177.91
4/30/2018 81.80 87.49 43.95 178.98
5/31/2018 86.41 94.90 44.97 185.70
6/30/2018 92.06 103.40 44.80 187.46
7/31/2018 94.02 105.03 44.83 198.15
8/31/2018 99.75 110.35 45.76 207.87
9/30/2018 95.04 105.01 44.82 209.62
Date Dividends
12/13/2013 0.0507
3/20/2014 0.0764
6/19/2014 0.1519
9/18/2014 0.1551
12/11/2014 0.1628
12/29/2014 0.0637
3/18/2015 0.072
6/17/2015 0.1561
9/23/2015 0.207
12/10/2015 0.2244
3/23/2016 0.1015
6/22/2016 0.1493
9/21/2016 0.2281
12/8/2016 0.2468
3/22/2017 0.1072
6/21/2017 0.1072
9/20/2017 0.1107
12/7/2017 0.0928
12/27/2017 0.0455
3/21/2018 0.0302
6/20/2018 0.1057
9/19/2018 0.176

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 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.

$ per share as of 10/15/2018

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

(75.6% of assets as of 09/30/2018)


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 98.7% 100.0% -1.3%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 13.9% 13.0% 0.9%
Office 12.1% 11.2% 1.0%
Data Centers 11.2% 8.1% 3.0%
Health Care 10.4% 11.2% -0.8%
Industrial 9.1% 9.9% -0.8%
Lodging/Resorts 8.7% 7.0% 1.7%
Regional Malls 6.4% 8.3% -2.0%
Free Standing 5.5% 4.3% 1.1%
Shopping Centers 5.5% 6.2% -0.6%
Self Storage 4.3% 6.0% -1.8%
Manufactured Homes 3.6% 2.0% 1.6%
Single Family Homes 3.2% 1.5% 1.6%
Specialty 1.7% 5.3% -3.7%
Infrastructure Reits 1.1% - -
Diversified 1.1% 5.9% -4.8%
Home Financing 1.0% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 98.7% 100.0% -1.3%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 52.8% 50.6% 2.2%
Large 37.7% 34.4% 3.2%
Small 8.3% 15.0% -6.7%
Analytics
(As of 09/30/2018)

Morningstar 09/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
222
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-0.83
0.13
Beta
0.94
0.97
Information Ratio
-0.64
-0.06
R-Squared
97.61
98.03
Sharpe Ratio
0.50
0.68
Standard Deviation
11.91
13.16
Sortino Ratio
0.85
1.16
Tracking Error
2.01
1.89
Distribution Rate
Distribution
2.82%
Adjusted Distribution
1.91%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
32.99
31.53
P/E Ratio (NTM)
37.88
36.25
Price/Book
2.31
2.27
Turnover Ratio
84%
-
Dividends
  • D
Est. Frequency
Quarterly
Last Pay Date
9/19/2018
Per Share ($)
$0.1760
12-Month Distribution ($)
$0.4503
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. 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.
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