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OREYX

Real Estate Fund

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
68382F507
NAV
  • B
(as of 01/16/2019)
$23.76
Total Assets
(as of 12/31/2018)
$907.22 MM
Gross Expense Ratio
(as of 12/31/2018)
1.09%
Net Expense Ratio
(as of 12/31/2018)
1.09%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 12/31/2018
  • C
as of 12/31/2018
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
-5.75% -5.75% 1.50% 7.16% 11.82% 8.96%
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 (NAV)
-5.75% -5.75% 1.50% 7.16% 11.82% 8.96%
FTSE NAREIT Equity REITs TR Index
-4.62% -4.62% 2.89% 7.90% 12.12% -
Gross Expense Ratio: 1.09% | Net Expense Ratio: 1.09%

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 Y 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 36.72% 31.58%
2005 14.64% 12.16%
2006 36.12% 35.06%
2007 -14.43% -15.69%
2008 -38.99% -37.73%
2009 30.51% 27.99%
2010 27.71% 27.96%
2011 8.47% 8.29%
2012 16.05% 18.06%
2013 3.11% 2.47%
2014 31.70% 30.14%
2015 2.63% 3.20%
2016 6.33% 8.52%
2017 4.34% 5.23%
2018 -5.75% -4.62%

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 Y 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
12/31/2008 0.00 0.00 0.00 0.00
1/31/2009 -16.77 -17.31 -0.88 -8.43
2/28/2009 -33.28 -34.53 -1.26 -18.18
3/31/2009 -31.74 -31.87 0.12 -11.01
4/30/2009 -8.51 -10.73 0.59 -2.49
5/31/2009 -6.38 -8.81 1.32 2.96
6/30/2009 -10.00 -12.21 1.90 3.16
7/31/2009 -0.59 -3.02 3.54 10.97
8/31/2009 13.04 9.97 4.62 14.97
9/30/2009 19.55 17.00 5.72 19.26
10/31/2009 14.33 11.73 6.24 17.05
11/30/2009 22.16 19.45 7.61 24.07
12/31/2009 30.51 27.99 5.93 26.46
1/31/2010 23.12 21.32 7.55 21.92
2/28/2010 30.42 27.80 7.95 25.69
3/31/2010 43.27 40.81 7.82 33.28
4/30/2010 53.47 50.59 8.94 35.38
5/31/2010 45.45 42.24 9.86 24.57
6/30/2010 37.28 35.10 11.58 18.05
7/31/2010 50.97 47.97 12.77 26.32
8/31/2010 48.60 45.91 14.22 20.62
9/30/2010 55.01 52.43 14.34 31.38
10/31/2010 61.44 59.60 14.75 36.38
11/30/2010 58.45 56.47 14.09 36.40
12/31/2010 66.67 63.78 12.86 45.51
1/31/2011 71.96 69.09 12.99 48.96
2/28/2011 80.96 76.90 13.27 54.07
3/31/2011 78.52 74.16 13.34 54.13
4/30/2011 88.68 84.09 14.78 58.69
5/31/2011 91.77 86.65 16.27 56.90
6/30/2011 85.47 80.48 15.93 54.28
7/31/2011 88.75 83.26 17.77 51.14
8/31/2011 76.70 72.87 19.49 42.93
9/30/2011 56.79 53.93 20.36 32.89
10/31/2011 78.84 76.10 20.49 47.41
11/30/2011 72.53 69.45 20.39 47.08
12/31/2011 80.79 77.36 21.71 48.59
1/31/2012 92.39 88.89 22.78 55.25
2/29/2012 89.98 86.87 22.75 61.96
3/31/2012 99.46 96.50 22.08 67.29
4/30/2012 105.02 102.16 23.43 66.24
5/31/2012 94.44 92.97 24.55 56.25
6/30/2012 104.82 103.80 24.60 62.69
7/31/2012 108.87 107.78 26.32 64.95
8/31/2012 108.60 107.82 26.40 68.66
9/30/2012 104.75 104.12 26.57 73.02
10/31/2012 103.12 102.41 26.82 69.82
11/30/2012 102.94 101.83 27.02 70.81
12/31/2012 109.81 109.39 26.84 72.37
1/31/2013 116.83 117.23 25.95 81.29
2/28/2013 117.74 119.97 26.58 83.76
3/31/2013 125.01 126.54 26.69 90.65
4/30/2013 138.72 141.68 27.97 94.32
5/31/2013 124.82 127.36 25.68 98.87
6/30/2013 118.64 122.99 23.74 96.19
7/31/2013 120.85 125.11 23.91 106.18
8/31/2013 106.11 109.43 23.28 100.21
9/30/2013 114.74 116.10 24.44 106.49
10/31/2013 125.02 125.78 25.45 115.98
11/30/2013 115.76 114.06 24.98 122.56
12/31/2013 116.32 114.56 24.27 128.19
1/31/2014 123.28 123.45 26.11 120.30
2/28/2014 135.25 134.65 26.78 130.38
3/31/2014 137.04 135.97 26.56 132.32
4/30/2014 144.86 143.78 27.63 134.03
5/31/2014 150.44 149.66 29.08 139.53
6/30/2014 153.59 152.44 29.15 144.48
7/31/2014 153.50 152.53 28.83 141.10
8/31/2014 160.23 159.98 30.25 150.75
9/30/2014 145.44 144.50 29.37 147.23
10/31/2014 172.78 168.81 30.64 153.27
11/30/2014 177.86 174.09 31.56 160.08
12/31/2014 184.91 179.22 31.69 159.43
1/31/2015 202.86 197.95 34.45 151.64
2/28/2015 193.89 187.57 33.18 166.10
3/31/2015 199.31 192.49 33.80 161.89
4/30/2015 181.52 176.42 33.32 164.41
5/31/2015 180.83 176.08 33.00 167.81
6/30/2015 167.45 163.38 31.55 162.62
7/31/2015 183.84 178.23 32.47 168.13
8/31/2015 166.36 161.01 32.28 151.95
9/30/2015 174.34 168.65 33.17 145.71
10/31/2015 188.34 184.42 33.19 166.44
11/30/2015 187.14 182.93 32.84 167.23
12/31/2015 192.39 188.15 32.41 163.02
1/31/2016 181.51 178.48 34.23 149.97
2/29/2016 179.88 177.32 35.19 149.63
3/31/2016 207.00 205.44 36.43 166.56
4/30/2016 199.03 198.15 36.95 167.60
5/31/2016 207.55 205.39 36.98 172.40
6/30/2016 229.15 226.69 39.45 173.11
7/31/2016 241.43 240.26 40.33 183.18
8/31/2016 230.36 227.78 40.17 183.58
9/30/2016 223.39 222.01 40.09 183.63
10/31/2016 205.94 203.80 39.01 178.46
11/30/2016 199.20 198.68 35.73 188.77
12/31/2016 210.91 212.69 35.92 194.48
1/31/2017 208.32 213.05 36.18 200.06
2/28/2017 220.15 223.72 37.10 211.98
3/31/2017 212.86 216.33 37.03 212.34
4/30/2017 213.60 216.71 38.08 215.55
5/31/2017 209.77 214.27 39.15 219.99
6/30/2017 215.53 221.15 39.01 221.98
7/31/2017 217.52 225.06 39.61 228.61
8/31/2017 220.50 224.24 40.86 229.61
9/30/2017 217.88 224.15 40.19 236.41
10/31/2017 216.76 221.03 40.27 244.26
11/30/2017 224.74 229.73 40.09 254.82
12/31/2017 224.41 229.03 40.73 258.76
1/31/2018 213.37 215.29 39.11 279.31
2/28/2018 191.43 190.97 37.79 265.33
3/31/2018 203.13 202.06 38.68 256.04
4/30/2018 205.60 206.38 37.64 257.41
5/31/2018 213.40 218.48 38.63 266.01
6/30/2018 222.98 232.38 38.46 268.27
7/31/2018 226.37 235.04 38.49 281.97
8/31/2018 236.02 245.23 39.38 294.42
9/30/2018 228.13 236.46 38.48 296.66
10/31/2018 216.97 226.48 37.39 269.55
11/30/2018 232.60 241.95 38.21 277.08
12/31/2018 205.76 213.82 40.75 243.03
Date Dividends
6/18/2009 0.1415
9/24/2009 0.1063
3/18/2010 0.0388
6/24/2010 0.1087
9/23/2010 0.0914
12/22/2010 0.0031
3/24/2011 0.0415
6/23/2011 0.0563
9/22/2011 0.0558
12/16/2011 0.0755
3/22/2012 0.1013
6/21/2012 0.0955
9/20/2012 0.1152
12/14/2012 0.1747
3/21/2013 0.0662
6/20/2013 0.1831
9/19/2013 0.1212
12/13/2013 0.0364
3/20/2014 0.0624
6/19/2014 0.1385
9/18/2014 0.1407
12/11/2014 0.1475
12/29/2014 0.0607
3/18/2015 0.06
6/17/2015 0.1418
9/23/2015 0.1926
12/10/2015 0.2089
3/23/2016 0.09
6/22/2016 0.1345
9/21/2016 0.2138
12/8/2016 0.2314
3/22/2017 0.0973
6/21/2017 0.0967
9/20/2017 0.0993
12/7/2017 0.0796
12/27/2017 0.0423
3/21/2018 0.021
6/20/2018 0.0956
9/19/2018 0.1655
12/13/2018 0.1654

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 Y 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 01/17/2019

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

(83.8% of assets as of 12/31/2018)


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 98.8% 100.0% -1.2%
Equity Sector Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Apartments 17.0% 13.9% 3.1%
Data Centers 11.9% 7.8% 4.2%
Office 10.9% 10.3% 0.6%
Free Standing 9.7% 5.1% 4.5%
Health Care 9.7% 12.5% -2.8%
Industrial 8.6% 9.2% -0.6%
Shopping Centers 5.7% 5.9% -0.2%
Regional Malls 5.0% 8.2% -3.1%
Self Storage 4.7% 6.7% -1.9%
Lodging/Resorts 4.0% 5.8% -1.9%
Specialty 3.7% 5.3% -1.5%
Diversified 3.0% 5.7% -2.7%
Manufactured Homes 2.6% 2.2% 0.4%
Home Financing 1.1% - -
Infrastructure Reits 1.1% - -
Asset Allocation Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Equity 98.8% 100.0% -1.2%
Market Cap Real Estate Fund FTSE NAREIT Equity REITs TR Index Overweight / Underweight
Mid 45.3% 44.1% 1.2%
Large 43.8% 38.2% 5.6%
Small 9.7% 17.6% -7.9%
Analytics
(As of 12/31/2018)

Morningstar 12/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
223
Category
Real Estate
Performance Statistics
3Y
5Y
Alpha
-1.30
-0.54
Beta
0.95
0.98
Information Ratio
-0.70
-0.41
R-Squared
98.01
98.30
Sharpe Ratio
0.09
0.52
Standard Deviation
13.00
13.70
Sortino Ratio
0.14
0.84
Tracking Error
1.97
1.82
Distribution Rate
Distribution
2.74%
Adjusted Distribution
1.85%
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
26.84
27.65
P/E Ratio (NTM)
34.68
35.19
Price/Book
2.08
2.09
Turnover Ratio
84%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
12/13/2018
Per Share ($)
$0.1654
12-Month Distribution ($)
$0.4473
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 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 Y shares are not subject to a sales charge.  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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