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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 02/15/2019)
$25.61
Total Assets
(as of 01/31/2019)
$974.87 MM
Gross Expense Ratio
(as of 01/31/2019)
0.92%
Net Expense Ratio
(as of 01/31/2019)
0.92%
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

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr since inception
Real Estate Fund (NAV)
-6.78% -5.55% -5.55% 1.68% 7.37% 6.44%
FTSE NAREIT Equity REITs TR Index
-6.73% -4.62% -4.62% 2.89% 7.90% -
Cumulative
Annualized
3 mo ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr since inception
Real Estate Fund (NAV)
7.40% 11.29% 8.73% 6.71% 8.99% 8.14%
FTSE NAREIT Equity REITs TR Index
7.41% 11.75% 11.23% 7.99% 9.43% -
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%
2018 -5.55% -4.62%

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
1/31/2014 0.00 0.00 0.00 0.00
2/28/2014 5.36 5.01 0.53 4.57
3/31/2014 6.18 5.60 0.36 5.45
4/30/2014 9.73 9.10 1.21 6.23
5/31/2014 12.23 11.73 2.36 8.73
6/30/2014 13.70 12.97 2.41 10.97
7/31/2014 13.66 13.01 2.16 9.44
8/31/2014 16.68 16.35 3.28 13.82
9/30/2014 10.10 9.42 2.58 12.22
10/31/2014 22.37 20.30 3.59 14.97
11/30/2014 24.69 22.66 4.33 18.06
12/31/2014 27.85 24.96 4.42 17.76
1/31/2015 35.92 33.34 6.61 14.22
2/28/2015 31.93 28.70 5.61 20.79
3/31/2015 34.37 30.90 6.10 18.88
4/30/2015 26.42 23.71 5.72 20.02
5/31/2015 26.11 23.56 5.47 21.56
6/30/2015 20.12 17.87 4.32 19.21
7/31/2015 27.49 24.52 5.04 21.71
8/31/2015 19.68 16.81 4.89 14.36
9/30/2015 23.28 20.23 5.60 11.53
10/31/2015 29.63 27.29 5.62 20.94
11/30/2015 29.04 26.62 5.34 21.30
12/31/2015 31.48 28.95 5.00 19.39
1/31/2016 26.58 24.63 6.44 13.46
2/29/2016 25.85 24.11 7.20 13.31
3/31/2016 38.11 36.70 8.18 21.00
4/30/2016 34.52 33.43 8.60 21.47
5/31/2016 38.35 36.67 8.62 23.65
6/30/2016 48.16 46.21 10.58 23.97
7/31/2016 53.69 52.28 11.27 28.54
8/31/2016 48.75 46.69 11.15 28.72
9/30/2016 45.58 44.11 11.08 28.74
10/31/2016 37.77 35.96 10.23 26.40
11/30/2016 34.73 33.67 7.63 31.08
12/31/2016 40.03 39.94 7.78 33.67
1/31/2017 38.87 40.10 7.99 36.20
2/28/2017 44.26 44.88 8.71 41.61
3/31/2017 40.97 41.57 8.66 41.78
4/30/2017 41.31 41.74 9.50 43.23
5/31/2017 39.63 40.65 10.34 45.25
6/30/2017 42.24 43.72 10.23 46.16
7/31/2017 43.19 45.48 10.70 49.16
8/31/2017 44.53 45.11 11.69 49.62
9/30/2017 43.42 45.07 11.16 52.70
10/31/2017 42.91 43.67 11.23 56.27
11/30/2017 46.51 47.57 11.08 61.06
12/31/2017 46.34 47.25 11.59 62.85
1/31/2018 41.47 41.10 10.31 72.17
2/28/2018 31.56 30.22 9.26 65.83
3/31/2018 36.84 35.18 9.96 61.61
4/30/2018 37.96 37.12 9.15 62.23
5/31/2018 41.48 42.53 9.93 66.14
6/30/2018 45.82 48.75 9.79 67.16
7/31/2018 47.41 49.94 9.82 73.38
8/31/2018 51.83 54.50 10.52 79.03
9/30/2018 48.27 50.58 9.81 80.05
10/31/2018 43.22 46.11 8.94 67.75
11/30/2018 50.29 53.03 9.59 71.17
12/31/2018 38.22 40.45 11.61 55.71
1/31/2019 53.81 56.95 12.79 68.19
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 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 7
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
-0.91
-0.24
Beta
0.95
0.98
Information Ratio
-0.64
-0.25
R-Squared
98.35
98.52
Sharpe Ratio
0.44
0.62
Standard Deviation
14.28
14.46
Sortino Ratio
0.75
1.05
Tracking Error
1.98
1.79
Distribution Rate
Distribution
2.95%
Adjusted Distribution
1.99%
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 ($)
$0.1780
12-Month Distribution ($)
$0.4900
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. 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.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  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 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.
  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.
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