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OREAX

Real Estate Fund

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
  • B
(as of 02/15/2019)
$25.33
Total Assets
(as of 01/31/2019)
$974.87 MM
Gross Expense Ratio
(as of 01/31/2019)
1.34%
Net Expense Ratio
(as of 01/31/2019)
1.34%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • C
as of 12/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
-5.96% -5.96% 1.25% 6.91% 11.49% 9.46%
FTSE NAREIT Equity REITs TR Index
-4.62% -4.62% 2.89% 7.90% 12.12% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
-11.37% -11.37% -0.73% 5.65% 10.83% 9.07%
FTSE NAREIT Equity REITs TR Index
-4.62% -4.62% 2.89% 7.90% 12.12% -
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
11.27% 8.32% 6.27% 8.53% 14.77% 10.10%
FTSE NAREIT Equity REITs TR Index
11.75% 11.23% 7.99% 9.43% 15.54% -
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (with sales charge)
4.87% 2.09% 4.19% 7.25% 14.10% 9.72%
FTSE NAREIT Equity REITs TR Index
11.75% 11.23% 7.99% 9.43% 15.54% -
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%
2018 -5.96% -4.62%

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
1/31/2009 0.00 0.00 0.00 0.00
2/28/2009 -19.92 -20.82 -0.38 -10.65
3/31/2009 -18.07 -17.61 1.01 -2.82
4/30/2009 9.75 7.95 1.49 6.48
5/31/2009 12.32 10.28 2.23 12.44
6/30/2009 7.86 6.16 2.81 12.66
7/31/2009 19.09 17.28 4.47 21.18
8/31/2009 35.42 32.98 5.55 25.56
9/30/2009 43.24 41.49 6.66 30.24
10/31/2009 36.96 35.11 7.18 27.82
11/30/2009 46.28 44.45 8.57 35.49
12/31/2009 56.12 54.78 6.87 38.10
1/31/2010 47.22 46.71 8.51 33.14
2/28/2010 56.02 54.55 8.91 37.26
3/31/2010 71.25 70.29 8.78 45.54
4/30/2010 83.31 82.11 9.91 47.84
5/31/2010 73.77 72.01 10.83 36.04
6/30/2010 63.97 63.38 12.57 28.92
7/31/2010 80.21 78.94 13.77 37.95
8/31/2010 77.26 76.45 15.24 31.72
9/30/2010 84.89 84.34 15.36 43.48
10/31/2010 92.52 93.00 15.77 48.93
11/30/2010 88.92 89.22 15.11 48.95
12/31/2010 98.55 98.06 13.87 58.91
1/31/2011 104.80 104.48 14.00 62.67
2/28/2011 115.49 113.93 14.28 68.25
3/31/2011 112.48 110.62 14.35 68.31
4/30/2011 124.57 122.63 15.80 73.30
5/31/2011 128.18 125.71 17.31 71.34
6/30/2011 120.63 118.25 16.97 68.48
7/31/2011 124.46 121.61 18.82 65.06
8/31/2011 110.01 109.05 20.56 56.09
9/30/2011 86.27 86.15 21.43 45.12
10/31/2011 112.46 112.96 21.56 60.98
11/30/2011 104.90 104.91 21.46 60.62
12/31/2011 114.67 114.48 22.79 62.26
1/31/2012 128.34 128.42 23.87 69.54
2/29/2012 125.35 125.98 23.84 76.87
3/31/2012 136.50 137.63 23.16 82.69
4/30/2012 143.15 144.47 24.53 81.54
5/31/2012 130.50 133.36 25.66 70.63
6/30/2012 142.69 146.45 25.71 77.66
7/31/2012 147.42 151.27 27.44 80.13
8/31/2012 147.10 151.32 27.52 84.18
9/30/2012 142.42 146.84 27.70 88.94
10/31/2012 140.37 144.77 27.95 85.46
11/30/2012 140.16 144.07 28.15 86.53
12/31/2012 148.26 153.22 27.97 88.23
1/31/2013 156.53 162.69 27.07 97.98
2/28/2013 157.50 166.01 27.71 100.67
3/31/2013 166.02 173.96 27.81 108.19
4/30/2013 182.25 192.26 29.11 112.21
5/31/2013 165.69 174.94 26.80 117.17
6/30/2013 158.37 169.66 24.84 114.25
7/31/2013 160.90 172.23 25.01 125.16
8/31/2013 143.33 153.27 24.37 118.63
9/30/2013 153.58 161.33 25.55 125.49
10/31/2013 165.71 173.04 26.57 135.86
11/30/2013 154.80 158.87 26.09 143.04
12/31/2013 155.31 159.46 25.38 149.20
1/31/2014 163.48 170.21 27.23 140.58
2/28/2014 177.50 183.76 27.91 151.59
3/31/2014 179.64 185.36 27.69 153.70
4/30/2014 188.82 194.81 28.77 155.58
5/31/2014 195.24 201.92 30.23 161.58
6/30/2014 199.05 205.27 30.30 166.98
7/31/2014 198.82 205.38 29.97 163.30
8/31/2014 206.71 214.39 31.41 173.83
9/30/2014 189.18 195.67 30.52 169.99
10/31/2014 221.34 225.07 31.80 176.58
11/30/2014 227.25 231.46 32.74 184.02
12/31/2014 235.48 237.66 32.86 183.31
1/31/2015 256.45 260.31 35.65 174.80
2/28/2015 245.91 247.76 34.37 190.60
3/31/2015 252.29 253.71 34.99 186.00
4/30/2015 231.28 234.28 34.51 188.74
5/31/2015 230.35 233.87 34.19 192.46
6/30/2015 214.49 218.51 32.72 186.80
7/31/2015 233.70 236.47 33.65 192.80
8/31/2015 213.19 215.64 33.45 175.14
9/30/2015 222.44 224.88 34.36 168.33
10/31/2015 238.81 243.94 34.38 190.97
11/30/2015 237.27 242.15 34.02 191.83
12/31/2015 243.50 248.46 33.59 187.23
1/31/2016 230.60 236.77 35.43 172.97
2/29/2016 228.67 235.36 36.39 172.61
3/31/2016 260.37 269.37 37.64 191.10
4/30/2016 250.93 260.56 38.17 192.23
5/31/2016 260.89 269.31 38.20 197.48
6/30/2016 286.29 295.07 40.69 198.25
7/31/2016 300.58 311.48 41.58 209.24
8/31/2016 287.46 296.38 41.42 209.68
9/30/2016 279.10 289.41 41.33 209.74
10/31/2016 258.70 267.38 40.25 204.09
11/30/2016 250.72 261.19 36.93 215.35
12/31/2016 264.34 278.14 37.13 221.58
1/31/2017 261.13 278.57 37.40 227.68
2/28/2017 274.99 291.48 38.32 240.69
3/31/2017 266.44 282.53 38.25 241.09
4/30/2017 267.03 283.00 39.31 244.59
5/31/2017 262.63 280.05 40.39 249.44
6/30/2017 269.20 288.36 40.25 251.62
7/31/2017 271.55 293.10 40.85 258.85
8/31/2017 274.93 292.10 42.11 259.95
9/30/2017 271.90 292.00 41.44 267.38
10/31/2017 270.42 288.22 41.52 275.95
11/30/2017 279.56 298.75 41.34 287.48
12/31/2017 279.13 297.90 41.98 291.79
1/31/2018 266.25 281.28 40.35 314.22
2/28/2018 240.47 251.87 39.02 298.95
3/31/2018 254.11 265.28 39.91 288.81
4/30/2018 256.87 270.51 38.87 290.30
5/31/2018 265.93 285.14 39.86 299.70
6/30/2018 277.02 301.94 39.69 302.16
7/31/2018 280.87 305.16 39.72 317.13
8/31/2018 292.11 317.48 40.62 330.72
9/30/2018 282.87 306.89 39.72 333.17
10/31/2018 269.70 294.82 38.61 303.57
11/30/2018 287.83 313.52 39.44 311.79
12/31/2018 256.54 279.51 42.00 274.61
1/31/2019 296.70 324.09 43.51 304.63
Date Dividends
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
12/13/2018 0.1486

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 02/16/2019

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

(82.9% of assets as of 01/31/2019)


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 98.2% 100.0% -1.8%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 17.9% 13.7% 4.2%
Office 11.3% 10.4% 0.8%
Health Care 10.1% 12.7% -2.6%
Free Standing 9.8% 5.1% 4.7%
Data Centers 9.3% 7.5% 1.9%
Industrial 8.0% 9.7% -1.7%
Shopping Centers 6.4% 6.0% 0.4%
Regional Malls 4.9% 8.0% -3.0%
Self Storage 4.7% 6.3% -1.7%
Specialty 4.1% 5.4% -1.3%
Lodging/Resorts 3.9% 5.9% -2.0%
Single Family Homes 3.1% 1.5% 1.6%
Manufactured Homes 2.5% 2.1% 0.3%
Home Financing 1.2% - -
Infrastructure Reits 1.1% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 98.2% 100.0% -1.8%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 54.0% 48.0% 6.0%
Large 41.3% 39.8% 1.5%
Small 2.9% 12.2% -9.2%
Analytics
(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
224
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-1.32
-0.66
Beta
0.95
0.98
Information Ratio
-0.87
-0.50
R-Squared
98.36
98.51
Sharpe Ratio
0.42
0.59
Standard Deviation
14.27
14.45
Sortino Ratio
0.69
0.99
Tracking Error
1.98
1.79
Distribution Rate
Distribution
2.49%
Adjusted Distribution
1.68%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
31.71
30.60
P/E Ratio (NTM)
38.68
39.22
Price/Book
2.31
2.35
Turnover Ratio
84%
-
Active Share
57.09%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
12/13/2018
Per Share ($)
$0.1486
12-Month Distribution ($)
$0.3888
Distribution Sources
  • E
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. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  9. B. 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. C. 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. D. "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. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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