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Critical Facts You Need to Know About Preferred Stocks
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Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
11.8%
1 yr return
29.7%
3 Yr Avg Return
-1.2%
5 Yr Avg Return
3.3%
Net Assets
$22.3 M
Holdings in Top 10
54.8%
Expense Ratio 2.04%
Front Load 5.75%
Deferred Load N/A
Turnover 31.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
$2,500
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Under normal market conditions, the Fund will pursue its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in income-producing equity securities, including common stocks, preferred stocks, convertible securities, rights, and warrants, of publicly traded companies participating in the real estate sector, such as Real Estate Investment Trusts (“REITs”). The Fund’s sub-advisor, Chilton Capital Management LLC (“Chilton” or the “Sub-Advisor”), considers a company to be participating in the real estate sector if, at the time of investment, the company (i) derived at least 50% of its total revenues during its most recent completed fiscal year from the ownership, construction, development, financing, management, renting, leasing or sale of, or (ii) has at least 50% of its assets invested in commercial, industrial or residential real estate. The Sub-Advisor considers a company to be publicly traded if the company’s equity securities are traded on a stock exchange or an over-the-counter market.
While the number of its holdings may vary based upon market conditions and other factors, the Fund expects to invest in a focused portfolio of approximately 20 to 35 investments in REITs and other companies participating in the real estate sector, diversified by property type, geographic location and issuer strategy, in an attempt to maximize projected risk-adjusted returns. The Fund’s portfolio companies may be of any size market capitalization, including small- and mid-capitalization companies. The Fund’s strategy is long-only. The Fund’s portfolio will be allocated across three sub-strategies:
Strategy | Definition | Approximate Range |
Core | Companies with superior balance sheets, established track records, and moderate growth | 40 – 70% |
Value-Add | Companies with moderate operating leverage, established track records, and high growth, both internal and external | 20 – 50% |
Opportunistic | Companies with high operating leverage, unproven or shorter track records, and high growth, both internal and external | 0 – 25% |
The Sub-Advisor’s research process of each investment opportunity begins with fundamental, bottom-up analysis of the security. The process includes estimations of net asset value, review and projections of earnings (“funds from operations” for REITs), balance sheet analyses, and company specific ratio comparisons by type of property, geographic location and peer group. Qualitative factors are also evaluated by the Sub-Advisor and include, as applicable, property visits, REIT management meetings, tenant credit quality, and tenant diversification.
The Sub-Advisor will generally sell all or a portion of a position of the Fund’s portfolio holding when, in the Sub-Advisor’s opinion, the investment hits its price target, the company’s fundamentals or competitive position significantly deteriorate, or the Sub-Advisor identifies a more attractive investment opportunity.
The Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in securities of foreign issuers which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”).
The Fund may also invest up to 20% of its net assets (plus any borrowings for investment purposes) in fixed-income securities with maturities typically between one year and ten years, which may include debt securities that are rated below investment grade, or unrated securities that the Sub-Advisor determines to be of comparable credit quality.
REITs
A majority of the Fund’s total assets will be invested in equity REITs. REITs are publicly traded corporations or trusts that own interests in residential or commercial real estate and land or in real estate related loans or other interests. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains or real estate appreciation. REIT property types include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers, and a variety of health care related facilities. A REIT in the United States is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders (other than net capital gains for each taxable year).
Period | REIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.8% | -11.1% | 22.3% | 28.46% |
1 Yr | 29.7% | -9.3% | 43.6% | 62.31% |
3 Yr | -1.2%* | -11.6% | 5.8% | 89.92% |
5 Yr | 3.3%* | -11.9% | 15.6% | 69.87% |
10 Yr | 6.0%* | -2.4% | 15.5% | 61.31% |
* Annualized
Period | REIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.6% | -17.6% | 24.6% | 18.01% |
2022 | -34.0% | -51.3% | 2.7% | 74.62% |
2021 | 29.2% | -7.7% | 52.3% | 63.53% |
2020 | -6.0% | -42.2% | 35.0% | 26.86% |
2019 | 22.6% | -0.8% | 43.1% | 29.18% |
Period | REIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.8% | -11.1% | 22.3% | 28.46% |
1 Yr | 29.7% | -9.3% | 43.6% | 62.31% |
3 Yr | -1.2%* | -11.6% | 5.8% | 89.92% |
5 Yr | 3.3%* | -11.9% | 15.6% | 69.87% |
10 Yr | 6.0%* | -2.4% | 15.5% | 61.31% |
* Annualized
Period | REIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.1% | -14.0% | 25.0% | 27.20% |
2022 | -33.2% | -40.7% | 7.8% | 96.15% |
2021 | 39.4% | 7.8% | 54.6% | 62.35% |
2020 | -3.2% | -36.6% | 44.3% | 30.58% |
2019 | 29.7% | 3.4% | 46.4% | 27.47% |
REIAX | Category Low | Category High | REIAX % Rank | |
---|---|---|---|---|
Net Assets | 22.3 M | 1.39 M | 61.4 B | 92.52% |
Number of Holdings | 26 | 22 | 519 | 97.33% |
Net Assets in Top 10 | 11.3 M | 1.29 M | 32.8 B | 92.75% |
Weighting of Top 10 | 54.83% | 13.2% | 90.0% | 61.07% |
Weighting | Return Low | Return High | REIAX % Rank | |
---|---|---|---|---|
Cash | 0.47% | -42.50% | 19.87% | 80.92% |
Stocks | 0.00% | 0.00% | 105.52% | 96.95% |
Preferred Stocks | 0.00% | 0.00% | 31.13% | 53.82% |
Other | 0.00% | -89.90% | 107.80% | 57.25% |
Convertible Bonds | 0.00% | 0.00% | 10.95% | 49.43% |
Bonds | 0.00% | -3.17% | 155.83% | 51.91% |
REIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.04% | 0.07% | 28.75% | 21.62% |
Management Fee | 0.85% | 0.00% | 1.50% | 74.81% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 47.66% |
Administrative Fee | N/A | 0.01% | 0.45% | 56.08% |
REIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 3.00% | 5.75% | 20.00% |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
REIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
REIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 31.00% | 0.11% | 380.00% | 37.45% |
REIAX | Category Low | Category High | REIAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.34% | 0.00% | 13.03% | 62.60% |
REIAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | SemiAnnual | Quarterly | Quarterly |
REIAX | Category Low | Category High | REIAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.63% | -1.14% | 6.05% | 75.68% |
REIAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 26, 2024 | $0.049 | OrdinaryDividend |
Mar 26, 2024 | $0.050 | OrdinaryDividend |
Dec 27, 2023 | $0.055 | OrdinaryDividend |
Dec 27, 2023 | $0.073 | CapitalGainLongTerm |
Sep 27, 2023 | $0.050 | OrdinaryDividend |
Jun 28, 2023 | $0.047 | OrdinaryDividend |
Mar 29, 2023 | $0.052 | OrdinaryDividend |
Dec 28, 2022 | $0.047 | OrdinaryDividend |
Sep 28, 2022 | $0.044 | OrdinaryDividend |
Jun 28, 2022 | $0.033 | OrdinaryDividend |
Mar 29, 2022 | $0.030 | OrdinaryDividend |
Dec 29, 2021 | $1.319 | OrdinaryDividend |
Sep 28, 2021 | $0.028 | OrdinaryDividend |
Jun 28, 2021 | $0.033 | OrdinaryDividend |
Mar 29, 2021 | $0.032 | OrdinaryDividend |
Dec 30, 2020 | $0.105 | OrdinaryDividend |
Dec 30, 2020 | $0.216 | CapitalGainLongTerm |
Sep 28, 2020 | $0.024 | OrdinaryDividend |
Jun 26, 2020 | $0.030 | OrdinaryDividend |
Mar 27, 2020 | $0.027 | OrdinaryDividend |
Dec 30, 2019 | $0.042 | OrdinaryDividend |
Dec 30, 2019 | $0.017 | CapitalGainShortTerm |
Dec 30, 2019 | $0.652 | CapitalGainLongTerm |
Sep 26, 2019 | $0.047 | OrdinaryDividend |
Jun 26, 2019 | $0.042 | OrdinaryDividend |
Mar 27, 2019 | $0.043 | OrdinaryDividend |
Dec 28, 2018 | $0.041 | OrdinaryDividend |
Dec 28, 2018 | $0.204 | CapitalGainLongTerm |
Jun 27, 2018 | $0.050 | OrdinaryDividend |
Mar 27, 2018 | $0.034 | OrdinaryDividend |
Dec 28, 2017 | $0.054 | OrdinaryDividend |
Dec 28, 2017 | $0.063 | CapitalGainShortTerm |
Dec 28, 2017 | $0.089 | CapitalGainLongTerm |
Sep 27, 2017 | $0.045 | OrdinaryDividend |
Jun 28, 2017 | $0.063 | OrdinaryDividend |
Mar 29, 2017 | $0.039 | OrdinaryDividend |
Dec 29, 2016 | $0.021 | OrdinaryDividend |
Dec 29, 2016 | $0.034 | CapitalGainShortTerm |
Dec 29, 2016 | $0.454 | CapitalGainLongTerm |
Sep 28, 2016 | $0.026 | OrdinaryDividend |
Jun 28, 2016 | $0.028 | OrdinaryDividend |
Mar 29, 2016 | $0.022 | OrdinaryDividend |
Dec 16, 2015 | $0.039 | OrdinaryDividend |
Dec 16, 2015 | $0.199 | CapitalGainShortTerm |
Dec 16, 2015 | $0.124 | CapitalGainLongTerm |
Sep 28, 2015 | $0.032 | OrdinaryDividend |
Jun 26, 2015 | $0.035 | OrdinaryDividend |
Mar 27, 2015 | $0.018 | OrdinaryDividend |
Dec 16, 2014 | $0.027 | OrdinaryDividend |
Dec 16, 2014 | $0.115 | CapitalGainShortTerm |
Dec 16, 2014 | $0.034 | CapitalGainLongTerm |
Sep 29, 2014 | $0.012 | OrdinaryDividend |
Jun 27, 2014 | $0.030 | OrdinaryDividend |
Mar 28, 2014 | $0.035 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Dec 31, 2013
8.42
8.4%
Mr. Garrison is the senior portfolio manager for the firm's REIT strategy. Prior to joining Chilton Capital Management in 2011 he served as a Director in the Investments Group at Salient Partners. Mr. Garrison began his career in 1972 with Morgan Guaranty Trust Co. His career experience also includes tenure as Managing Director for Kidder Peabody & Co., and Paine Webber (now UBS), where he participated in over $8 billion in financings (primarily equity) involving REITs. In 1993 and 1994, Mr. Garrison was voted Institutional Investor All American for REIT Research, first and second, respectively, and won the Realty Stock Review All-Star Analyst Award in 1992, 1993, and 1994. Mr. Garrison has a BBA and MBA from the University of Texas at Austin. He is a CFA charterholder, a member of the CFA Institute, and the CFA Society of Houston and a member and former governor of the National Association of Real Estate Investment Trusts (NAREIT). He also serves as a Board Member of the Houston S.P.C.A. Mr. Garrison serves on the firm’s Investment Committee.
Start Date
Tenure
Tenure Rank
Dec 31, 2013
8.42
8.4%
Matt Werner is an analyst and portfolio manager for the REIT Strategy and Global Real Estate Strategy. Prior to joining Chilton Capital in 2011, he served as Associate in the Investment Group at Salient Partners performing due diligence on real estate private equity and hedge funds.He has been quited in numerous national publications and has been interviewed as a REIT Expert He has made REIT education a priority speaking ar symposiums and investor associations around the country. Mr. Werner has a BS(Honors) from Boston College,Carroll Scholl of Management and is a CFA chartholder, member of the CFA Institute and the CFA Society of Houston and member of NAREIT.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 28.42 | 8.12 | 2.68 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...