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OREIX

Real Estate Fund

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
  • B
(as of 12/18/2018)
$23.34
Total Assets
(as of 11/30/2018)
$993.83 MM
Gross Expense Ratio
(as of 11/30/2018)
0.92%
Net Expense Ratio
(as of 11/30/2018)
0.92%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2018
  • G
as of 09/30/2018
  • G

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-09-30
  • D
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
2.26% 3.80% 7.79% 9.26% 7.49% -
Cumulative
Annualized
ytd as of 2018-11-30
  • D
1 yr 3 yr 5 yr 10 yr since inception
Real Estate Fund (NAV)
2.70% 2.58% 5.21% 9.24% - 7.97%
FTSE NAREIT Equity REITs TR Index
3.93% 3.70% 6.52% 9.82% 14.81% -
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
11/30/2008 0.00 0.00 0.00 0.00
12/31/2008 13.75 16.39 3.73 1.06
1/31/2009 -5.32 -3.75 2.82 -7.45
2/28/2009 -24.10 -23.80 2.43 -17.31
3/31/2009 -22.36 -20.70 3.85 -10.06
4/30/2009 4.07 3.90 4.35 -1.46
5/31/2009 6.49 6.14 5.10 4.05
6/30/2009 2.37 2.18 5.70 4.26
7/31/2009 13.07 12.88 7.41 12.15
8/31/2009 28.58 27.99 8.52 16.20
9/30/2009 35.99 36.18 9.66 20.53
10/31/2009 30.05 30.04 10.20 18.29
11/30/2009 38.95 39.03 11.63 25.39
12/31/2009 48.45 48.97 9.88 27.81
1/31/2010 40.04 41.21 11.56 23.21
2/28/2010 48.35 48.75 11.98 27.03
3/31/2010 62.97 63.90 11.84 34.69
4/30/2010 74.57 75.27 13.01 36.82
5/31/2010 65.45 65.55 13.96 25.90
6/30/2010 56.15 57.25 15.74 19.31
7/31/2010 71.72 72.22 16.98 27.66
8/31/2010 69.03 69.83 18.48 21.90
9/30/2010 76.31 77.42 18.61 32.78
10/31/2010 83.64 85.76 19.03 37.83
11/30/2010 80.23 82.12 18.35 37.85
12/31/2010 89.58 90.62 17.07 47.06
1/31/2011 95.60 96.81 17.21 50.55
2/28/2011 105.83 105.90 17.50 55.71
3/31/2011 103.06 102.71 17.57 55.77
4/30/2011 114.62 114.27 19.06 60.38
5/31/2011 118.14 117.24 20.61 58.57
6/30/2011 110.97 110.06 20.26 55.92
7/31/2011 114.69 113.30 22.17 52.75
8/31/2011 100.99 101.21 23.95 44.45
9/30/2011 78.35 79.16 24.85 34.30
10/31/2011 103.42 104.96 24.99 48.98
11/30/2011 96.24 97.23 24.88 48.65
12/31/2011 105.64 106.43 26.25 50.17
1/31/2012 118.83 119.85 27.36 56.90
2/29/2012 116.09 117.50 27.33 63.68
3/31/2012 126.88 128.71 26.63 69.07
4/30/2012 133.20 135.30 28.04 68.01
5/31/2012 121.17 124.61 29.20 57.91
6/30/2012 132.97 137.20 29.25 64.42
7/31/2012 137.58 141.84 31.03 66.70
8/31/2012 137.27 141.89 31.11 70.46
9/30/2012 132.89 137.58 31.29 74.86
10/31/2012 131.04 135.59 31.55 71.63
11/30/2012 130.83 134.91 31.76 72.63
12/31/2012 138.65 143.71 31.57 74.20
1/31/2013 146.63 152.83 30.65 83.22
2/28/2013 147.67 156.02 31.31 85.71
3/31/2013 155.94 163.68 31.41 92.68
4/30/2013 171.54 181.29 32.74 96.39
5/31/2013 155.73 164.63 30.37 100.98
6/30/2013 148.70 159.54 28.36 98.28
7/31/2013 151.21 162.01 28.53 108.37
8/31/2013 134.44 143.76 27.88 102.34
9/30/2013 144.26 151.52 29.09 108.68
10/31/2013 155.95 162.80 30.13 118.27
11/30/2013 145.42 149.15 29.64 124.93
12/31/2013 146.06 149.73 28.91 130.62
1/31/2014 153.97 160.07 30.81 122.65
2/28/2014 167.59 173.11 31.51 132.83
3/31/2014 169.63 174.65 31.29 134.79
4/30/2014 178.51 183.75 32.39 136.52
5/31/2014 184.86 190.59 33.90 142.08
6/30/2014 188.45 193.82 33.97 147.08
7/31/2014 188.35 193.92 33.63 143.67
8/31/2014 196.00 202.59 35.11 153.42
9/30/2014 179.18 184.58 34.19 149.86
10/31/2014 210.28 212.87 35.51 155.97
11/30/2014 216.05 219.02 36.47 162.85
12/31/2014 224.07 224.99 36.60 162.19
1/31/2015 244.50 246.79 39.47 154.32
2/28/2015 234.28 234.72 38.15 168.93
3/31/2015 240.46 240.44 38.80 164.68
4/30/2015 220.22 221.74 38.30 167.22
5/31/2015 219.43 221.34 37.96 170.66
6/30/2015 204.22 206.55 36.46 165.42
7/31/2015 222.86 223.84 37.41 170.98
8/31/2015 202.97 203.80 37.21 154.63
9/30/2015 212.05 212.69 38.14 148.33
10/31/2015 227.98 231.04 38.16 169.28
11/30/2015 226.62 229.31 37.80 170.08
12/31/2015 232.59 235.38 37.35 165.82
1/31/2016 220.21 224.14 39.24 152.63
2/29/2016 218.36 222.78 40.23 152.29
3/31/2016 249.20 255.51 41.52 169.40
4/30/2016 240.14 247.03 42.06 170.44
5/31/2016 249.82 255.45 42.10 175.30
6/30/2016 274.40 280.25 44.65 176.01
7/31/2016 288.37 296.04 45.56 186.19
8/31/2016 275.77 281.51 45.40 186.59
9/30/2016 267.84 274.79 45.31 186.65
10/31/2016 247.99 253.60 44.20 181.42
11/30/2016 240.33 247.64 40.79 191.84
12/31/2016 253.65 263.95 40.99 197.61
1/31/2017 250.70 264.37 41.26 203.25
2/28/2017 264.16 276.79 42.21 215.29
3/31/2017 255.87 268.18 42.14 215.66
4/30/2017 256.71 268.63 43.24 218.90
5/31/2017 252.35 265.79 44.34 223.39
6/30/2017 258.91 273.79 44.19 225.41
7/31/2017 261.17 278.35 44.81 232.10
8/31/2017 264.56 277.39 46.11 233.12
9/30/2017 261.58 277.29 45.42 239.99
10/31/2017 260.30 273.66 45.50 247.92
11/30/2017 269.38 283.79 45.31 258.59
12/31/2017 269.00 282.97 45.98 262.58
1/31/2018 256.45 266.97 44.30 283.34
2/28/2018 231.49 238.67 42.93 269.21
3/31/2018 244.80 251.58 43.85 259.83
4/30/2018 247.61 256.61 42.78 261.21
5/31/2018 256.48 270.68 43.80 269.91
6/30/2018 267.37 286.86 43.62 272.19
7/31/2018 271.23 289.96 43.66 286.04
8/31/2018 282.21 301.82 44.58 298.61
9/30/2018 273.24 291.62 43.65 300.88
10/31/2018 260.54 280.00 42.51 273.48
11/30/2018 278.32 298.00 43.36 281.09
Date Dividends
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
12/13/2018 0.178

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 12/19/2018

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
-0.98
-0.35
Beta
0.95
0.98
Information Ratio
-0.66
-0.32
R-Squared
97.64
98.14
Sharpe Ratio
0.39
0.69
Standard Deviation
12.09
13.12
Sortino Ratio
0.65
1.18
Tracking Error
1.97
1.81
Distribution Rate
Distribution
2.95%
Adjusted Distribution
1.99%
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
  • E
Est. Frequency
Quarterly
Last Pay Date
12/13/2018
Per Share ($)
$0.1780
12-Month Distribution ($)
$0.4503
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. 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. 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>
  10. 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.
  11. 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.
  12. 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.
  13. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. F. 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.
  15. G. 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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