Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
The Fund seeks to achieve its investment objective by investing in the “real assets” asset class, which includes the following categories:
•
real estate securities;
•
infrastructure securities; and
•
natural resources securities (collectively, “Real Asset Securities”).
Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in Real Asset Securities (the “80% Policy”). The Fund may purchase both equity and fixed income securities. The Fund actively trades portfolio securities. The Fund may invest in securities of companies or issuers of any size market capitalization. The Fund will invest in companies or issuers located throughout the world and there is no limitation on the Fund’s investments in foreign securities or in emerging markets.
The Fund may change the 80% Policy without shareholder approval. The Fund will provide shareholders with written notice at least 60 days prior to the implementation of any change to the 80% Policy.
In managing the Fund, the Adviser will determine the Fund’s strategic asset allocation. The Fund has flexibility in the relative weightings given to each of these categories. In addition, the Fund may, in the future, invest in additional investment categories other than those listed herein, to the extent consistent with the Fund’s investment objective.
The Fund may invest in common, convertible and preferred stock, restricted (“144A”) or private securities, asset-backed securities (“ABS”) including ABS that are backed by interest in real estate or land, mortgage-backed securities (“MBS”) of any kind, interests in loans and/or whole loan pools of mortgages, mortgage real estate investment trusts (“mortgage REITs”), investment grade fixed income securities, high yield fixed income securities (“junk bonds”), collateralized loan obligations (“CLOs”), bank loans (including participations, assignments, senior loans, delayed funding loans and revolving credit facilities), open-end and closed-end
investment companies, including exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”), and securities issued and/or guaranteed by the U.S. Government, its agencies or instrumentalities or sponsored corporations, as described in this Prospectus. The Fund may invest in fixed income securities of any maturity. The Fund’s investments in MBS may include residential MBS (“RMBS”) or commercial MBS (“CMBS”).
The Fund defines a real estate security as any security tied to a company or issuer that (i) derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management, or sale of commercial, industrial, or residential real estate and similar activities, or (ii) commits at least 50% of its assets to activities related to real estate.
For purposes of selecting investments in real estate securities, the Fund defines the real estate sector broadly. It includes, but is not limited to, the following:
•
real estate investment trusts (“REITs”);
•
real estate operating companies (“REOCs”);
•
firms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining, and agriculture companies; and
•
debt securities, including securitized obligations, which are predominantly supported by real estate assets.
REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the United States is generally not taxed on income distributed to shareholders so long as it meets tax-related requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders.
REOCs are real estate companies that have not elected to be taxed as REITs and therefore are not required to distribute taxable income and have fewer restrictions on what they can invest in.
The Fund defines an infrastructure security as any security tied to a company or issuer that (i) derives at least 50% of its revenue or profits, either directly or indirectly, from infrastructure assets, or (ii) commits at least 50% of its assets to activities related to infrastructure.
For purposes of selecting investments in infrastructure securities, the Fund defines the infrastructure sector broadly. It includes, but is not limited to, the physical structures, networks, and systems of:
•
transportation;
•
energy;
•
water and sewage; and
•
communication.
Infrastructure securities also includes master limited partnerships (“MLPs”).
From time to time, the Fund may invest in stapled securities to gain exposure to infrastructure companies in Australia. A stapled security, which is widely used in Australia, is a security that is comprised of two parts that cannot be separated from one another. The two parts of a stapled security are a unit of a trust and a share of a company. The resulting security is influenced by both parts and must be treated as one unit at all times, such as when buying or selling the security.
The Fund defines a natural resources security as any security tied to a company or issuer that (i) derives at least 50% of its revenues, profits, or value, either directly or indirectly, from natural resources assets, including, but not limited to:
•
timber and agriculture;
•
metals, including, but not limited to, precious metals, such as gold, silver, and platinum; ferrous and nonferrous metals, such as iron, aluminum, and copper; and metals such as uranium and titanium; and
•
energy, including the exploration, production, processing, and manufacturing of hydrocarbon-related and chemical-related products; and
•
commodities and commodity-linked assets and securities to gain exposure to the commodities markets without investing directly in physical commodities; or
(ii) provides supporting services to such natural resources companies or issuers.
For purposes of investments in natural resources assets, the Fund may use commodities and commodity-linked assets and securities to gain exposure to the commodities markets without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural products, industrial metals, livestock, and precious metals.
The Fund may use futures and options on securities, indices, commodities, and currencies, forward foreign currency exchange contracts, swaps, and other derivatives. A derivative is a security or instrument whose value is determined by reference to the value or the change in value of one or more securities, currencies, indices, or other financial instruments. The Fund may use derivatives for a variety of purposes, including:
•
as a hedge against adverse changes in the market prices of securities, interest rates or currency exchange rates;
•
as a substitute for purchasing or selling securities;
•
to increase the Fund’s return as a non-hedging strategy that may be considered speculative; and
•
to manage the Fund’s portfolio characteristics.
Outside of its investments in real asset securities, the Fund may invest up to 20% of its net assets in equities or fixed income securities other than the types described above, including in Treasury Inflation Protected Securities (“TIPS”) and other inflation-linked fixed income securities.
Asset allocation decisions will be made by Larry Antonatos and Gaal Surugeon. The Adviser employs a top-down macroeconomic perspective complemented by a bottom-up sector valuation methodology when determining asset allocation. For security selection, the Adviser utilizes a fundamental, bottom-up, value-based selection methodology, taking into account short-term considerations, such as temporary market mispricing, and long-term considerations, such as values of assets and cash flows. The Adviser also draws upon the expertise and knowledge within Brookfield Asset Management ULC and its affiliates, which provides extensive owner/operator insights into industry drivers and trends. The Adviser takes a balanced approach to investing, seeking to mitigate risk through diversification, credit analysis, economic analysis and review of sector and industry trends. The Adviser uses proprietary research to select individual securities that it believes can add value from income and/or the potential for capital appreciation. The proprietary research may include an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics and other factors. The Fund may sell a security that becomes overvalued or no longer offers an attractive risk/reward profile. A security may also be sold due to changes in portfolio strategy or cash flow needs.
No assurance can be given that the Fund’s investment objective will be achieved. The Fund’s policy of concentration in investments offering exposure to real assets, which includes real estate securities, infrastructure securities and natural resource securities as defined in this Prospectus, is a fundamental policy of the Fund. This fundamental policy may not be changed without the approval of the holders of a majority of the Fund’s outstanding voting securities, as defined in the 1940 Act.
iShares GSCI Commodity Dynamic Roll Strategy ETF2.46%
First American Treasury Obligations Fund2.02%
NextEra Energy Inc1.92%
Sempra1.90%
PGE Corp1.74%
NiSource Inc1.70%
Equinix Inc1.64%
CMS Energy Corp1.64%
CenterPoint Energy Inc1.64%
Asset Allocation
Weighting
Return Low
Return High
RASAX % Rank
Stocks
74.81%
-45.72%
98.42%
1.04%
Bonds
18.94%
-39.76%
93.84%
89.35%
Preferred Stocks
3.89%
-0.03%
14.00%
8.14%
Cash
2.37%
-97.12%
185.58%
64.09%
Convertible Bonds
0.17%
0.00%
25.49%
55.11%
Other
0.00%
-1.25%
197.12%
44.68%
Stock Sector Breakdown
Weighting
Return Low
Return High
RASAX % Rank
Real Estate
40.29%
0.00%
90.14%
4.88%
Utilities
28.97%
0.00%
40.29%
1.70%
Industrials
15.73%
0.09%
32.39%
6.79%
Energy
12.57%
0.00%
38.61%
20.17%
Communication Services
1.65%
0.00%
28.59%
91.93%
Technology
0.45%
0.00%
39.48%
92.14%
Consumer Cyclical
0.34%
0.00%
20.84%
94.06%
Healthcare
0.00%
0.00%
30.30%
95.12%
Financial Services
0.00%
0.00%
30.34%
95.75%
Consumer Defense
0.00%
0.00%
31.85%
97.66%
Basic Materials
0.00%
0.00%
60.23%
98.94%
Stock Geographic Breakdown
Weighting
Return Low
Return High
RASAX % Rank
US
50.28%
-4.82%
95.75%
8.98%
Non US
24.53%
-46.69%
57.06%
11.90%
Bond Sector Breakdown
Weighting
Return Low
Return High
RASAX % Rank
Corporate
57.07%
0.00%
99.90%
21.71%
Cash & Equivalents
2.02%
0.10%
100.00%
17.95%
Derivative
0.00%
0.00%
41.88%
71.19%
Securitized
0.00%
0.00%
83.28%
84.34%
Municipal
0.00%
0.00%
31.28%
65.14%
Government
0.00%
0.00%
98.64%
94.36%
Bond Geographic Breakdown
Weighting
Return Low
Return High
RASAX % Rank
US
18.94%
-177.12%
87.76%
82.88%
Non US
0.00%
-39.00%
137.36%
82.25%
RASAX - Expenses
Operational Fees
RASAX Fees (% of AUM)
Category Return Low
Category Return High
Rank in Category (%)
Expense Ratio
1.70%
0.16%
2.71%
44.26%
Management Fee
0.75%
0.00%
1.70%
66.17%
12b-1 Fee
0.25%
0.00%
1.00%
35.86%
Administrative Fee
0.15%
0.01%
0.70%
74.21%
Sales Fees
RASAX Fees (% of AUM)
Category Return Low
Category Return High
Rank in Category (%)
Front Load
4.75%
0.00%
5.75%
66.67%
Deferred Load
N/A
1.00%
5.50%
N/A
Trading Fees
RASAX Fees (% of AUM)
Category Return Low
Category Return High
Rank in Category (%)
Max Redemption Fee
N/A
2.00%
2.00%
14.29%
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
Mr. Antonatos has 29 years of industry experience and is a Portfolio Manager for the Public Securities Group’s Real Asset Solutions team. In this role he oversees the portfolio construction process, including execution of asset allocation. Larry joined Brookfield in 2011 as Product Manager for the firm’s equity investment strategies. Prior to joining Brookfield, he was a portfolio manager for a U.S. REIT strategy for 10 years. He also has investment experience with direct property, CMBS, and mortgage loans. Larry earned a Master of Business Administration degree from the Wharton School of the
Gaal Surugeon
Start Date
Tenure
Tenure Rank
Nov 30, 2020
1.5
1.5%
Gaal Surugeon has 13 years of industry experience and is a Portfolio Manager for the Public Securities Group’s Real Asset Solutions team. He is responsible for portfolio construction and asset allocation for the firm’s diversified real asset portfolios. Prior to joining the firm in 2019, Gaal was an Executive Director at Oppenheimer Asset Management where he served as manager of the firm’s multi-asset portfolios and Director of Asset Allocation and Research. Prior to that, he was an Associate Economist at Decision Economics, Inc. Gaal holds the Chartered Financial Analyst designation and is a member of the CFA Society Chicago. He earned a Bachelor of Arts in Economics from the University of Michigan.
