The fund seeks total return by targeting a globally diversified portfolio of real estate investment trusts (REITs) and real estate companies across sectors and developed economies. The strategy’s bottom-up, value-oriented approach to stock selection emphasizes superior property location and quality, strong prospects for appreciation in property rents and values, and managements teams’ track records for adding value.
Objective: The fund seeks total return from both capital appreciation and current income.
|Dec'201||Q42||YTD2||1 YR2||3 YR2||5 YR2||10 YR2||
|Class A NAV*||2.26||18.02||-10.36||-10.36||-1.12||3.36||3.78||2.03|
|Class A MOP**||-3.61||11.23||-15.49||-15.49||-3.06||2.14||3.16||1.61|
|Class C NAV†||2.22||17.95||-10.81||-10.81||-1.74||2.75||3.16||1.37|
|Class C MOP‡||1.22||16.95||-11.69||-11.69||-1.74||2.75||3.16||1.37|
|FTSE EPRA/NAREIT Developed Index||3.51||13.26||-9.04||-9.04||1.52||3.74||5.44||—|
1. As of 12/31/2020
2. As of 12/31/2020
Total Annual Fund Operating Expenses by Share Class as of 05/01/20: Investor Class: 2.06%; Institutional Class: 1.71%; Class A: 2.11%; Class C: 2.66%. The fund’s investment advisor is contractually obligated to waive 0.25% of the fund’s management fee so that until April 30, 2021, the fund’s management fee will be 0.75%. Additionally, under an expense limitation agreement, the investment advisor has contractually agreed to waive its management fee and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the fund’s total operating expenses at 1.50% for Investor Class, 1.15% for Institutional Class, 1.55% for Class A and 2.10% for Class C shares, excluding certain expenses, such as taxes, brokerage commissions, interest, short dividend expense, any acquired fund fees and expenses, litigation and extraordinary expenses. This expense limitation agreement expires on April 30, 2021, and may only be modified or terminated by a majority vote of the independent trustees. The advisor is permitted to recover waived expenses for a period of up to three years.
The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained on this website. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
|FTSE EPRA/NAREIT Developed Index||21.91||-5.63||10.36||4.06||-0.79||15.02||3.67||27.73||-6.46||19.63|
*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Past performance does not guarantee future results.
|B||Sun Hung Kai Properties, Ltd.||4.14|
|C||Alexandria Real Estate Equities, Inc.||3.80|
|D||Chatham Lodging Trust||3.35|
|E||Summit Industrial Income REIT||3.30|
|G||Brookfield Property Partners LP||3.22|
|H||Granite Real Estate Investment Trust||3.15|
|I||Great Portland Estates Plc||3.09|
These holdings may not reflect the current or future positions in the portfolio.
|C||Europe Ex UK||16.52|
These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.
Source: Morningstar. Data for trailing three years (1/1/18 through 12/31/20).
World Stocks- MSCI World Index; Government Bonds- Bloomberg Barclays U.S. Treasury Bond Index; Large Cap Stocks- S&P 500 Index; Small Cap Stocks- Russell 2000 Index
|Annual Portfolio turnover||21%|
|# of holdings||47|
|Share Class||Type||Record Date||Distribution
Per Share ($)
A final determination of the tax character of distributions paid by the fund will not be known until the completion of the fund’s fiscal year and there can be no assurance as to the portions of the fund’s distributions that will constitute return of capital and/or dividend income. The final determination of the tax character of distributions paid by the fund will be reported to shareholders in the January after fiscal year-end on form 1099-DIV. Please consult your tax advisor for proper treatment on your tax return.
On August 22, 2018, Salient Global Real Estate Fund acquired Salient Tactical Real Estate Fund.
You should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from this website. It should be read carefully before investing.
There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.
Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.
Concentration in a particular industry will involve a greater degree of risk than a more diversified portfolio.
Debt securities are subject to interest rate risk. If interest rates increase, the value of debt securities generally declines. Debt securities with longer durations tend to be more sensitive to changes in interest rates and more volatile than securities with shorter durations.
Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.
Investing in exchange-traded funds (ETFs) will subject a fund to substantially the same risks as those associated with the direct ownership of the securities or other property held by the ETFs.
Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.
Mortgage and asset-backed securities are debt instruments that are secured by interests in pools of mortgage loans or other financial instruments. Mortgage-backed securities are subject to, among other things, prepayment and extension risks.
Investing in the real estate industry or in real estate-related securities involves the risks associated with direct ownership of real estate which include, among other things, changes in economic conditions (e.g., interest rates), the macro real estate development market, government intervention (e.g., property taxes) or environmental disasters. These risks may also affect the value of equities that service the real estate sector.
Investing in smaller companies generally will present greater investment risks, including greater price volatility, greater sensitivity to changing economic conditions and less liquidity than investing in larger, more mature companies.
30-Day SEC Yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.
30-Day Unsubsidized SEC Yield is computed by dividing the net investment income per share earned during the period, excluding expense waivers or reimbursements, by the maximum offering price per share on the last day of the period.
Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.
Bloomberg Barclays U.S. Treasury Index measures the public obligations of the U.S. Treasury with a remaining maturity of one year or more.
Cap rate is the rate of return on a real estate investment property based on the income that the property is expected to generate. The cap rate is used to estimate the investor’s potential return on his or her investment.
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g., depreciation) and interest expense to pretax income.
Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.
Discounted cash flow (DCF) is a valuation method used to estimate the attractiveness of an investment opportunity.
FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITs worldwide.
MSCI World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed markets.
Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable U.S. equity market.
S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy.
Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.
Valuation is the process of determining the value of an asset or company based on earnings and the market value of assets.
One cannot invest directly in an index.