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Salient International Real Estate Fund

Daily NAV

Updated: 8/18/17

Symbol
KIRYX
NAV
$14.22
Change
$-0.04
Inception Date
Apr 28, 2006
Net Assets (All Classes)
$22.3 M
Overview

Overview

The fund seeks total return by targeting real estate investment trusts (REITs) and real estate companies operating in knowledge-based international centers of commerce. The team uses a bottom-up approach and on-the-ground research to select what they believe are attractively valued companies with superior commercial properties, demonstrated ability to add value and strong appreciation potential.

Three Things to Know

  • While many REIT strategies invest in assets scattered across major regions and countries, Salient zeros in on companies with a focus on prime neighborhoods and growing market segments in key cities of the world
  • The team, led by Joel Beam, conducts exhaustive property and company analysis in their value-focused approach exhaustive property and company analysis and his distinctive “boots on the ground” approach to research
  • A focus on international REITs and real estate operating companies can complement either a portfolio’s international equity or domestic focused real estate holdings

Process

Objective: The fund seeks total return from both capital appreciation and current income.

  • A rigorous, repeatable, bottom-up investment approach
  • Incorporates both quantitative and qualitative analyses of companies with the most risk-adjusted appreciation potential
  • Leverages the team’s real estate experience through active stock selection and adjustments to changing market fundamentals through sector and geographic rotation
Team

Joel Beam

Managing Director & Senior Portfolio Manager
San Francisco

David McGanney

Head Trader, Real Estate
San Francisco

John Palmer

Senior Investment Analyst
San Francisco

Taylor Arnold

Investment Analyst
Houston

Joshua Panuthos, CFA

Investment Analyst
San Francisco

Performance

Performance (%)

  Jul'171 Q22 YTD2 1 YR2 3 YR2 5 YR2 10 YR2 SINCE
INCEPTION2
Institutional NAV 3.51 7.14 10.60 10.49 2.16 4.01 0.35 2.44
Investor NAV 3.48 6.99 10.31 10.10 1.81 3.66 3.65
Class A NAV* 3.42 7.00 10.32 10.10 1.76 3.58 0.01 2.11
Class A MOP** -2.55 0.88 4.00 3.76 -0.23 2.36 -0.58 1.57
Class C NAV† 3.34 6.93 10.11 9.47 1.20 3.01 -0.64 1.44
Class C MOP‡ 2.34 5.93 9.11 8.47 1.20 3.01 -0.64 1.44
FTSE EPRA/NAREIT Developed ex-U.S. Index 2.90 4.97 10.09 6.00 1.42 7.38 0.70

1. As of 07/31/2017
2. As of 06/30/2017

Returns for periods greater than one year are annualized.
* Excludes sales charge.
** Reflects effects of the fund’s maximum sales charge of 5.75%.
† Excludes the effects of the 1% contingent deferred sales charge.
‡ Includes the effects of the 1% contingent deferred sales charge.

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.

Calendar Year Performance (%)

  2016201520142013201220112010200920082007
Institutional0.98-3.761.75-3.3154.75-14.5618.4636.49-51.44-3.38
Investor0.74-4.081.33-3.5154.05
Class A0.60-4.09-1.60-3.7154.06-17.2618.3336.10-51.56-3.59
Class C-0.02-4.620.28-4.2353.13-15.8017.4035.06-51.92-4.36
FTSE EPRA/NAREIT Developed ex-U.S. Index1.97-3.233.226.1438.57-15.3516.0144.56-52.00-0.88

Growth of $10,000*** as of 06/30/2017

*** 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.

Yield as of 07/31/2017

Class A DIVIDEND YIELD 5.59
Class A 30-DAY SEC YIELD (%) 0.24
Class A 30-DAY SEC YIELD (UNSUBSIDIZED) (%)
Class C DIVIDEND YIELD 5.20
Class C 30-DAY SEC YIELD (%) -0.27
Class C 30-DAY SEC YIELD (UNSUBSIDIZED) (%)
Institutional DIVIDEND YIELD 5.90
Institutional 30-DAY SEC YIELD (%) 0.64
Institutional 30-DAY SEC YIELD (UNSUBSIDIZED) (%)
Investor DIVIDEND YIELD 5.60
Investor 30-DAY SEC YIELD (%) 0.30
Investor 30-DAY SEC YIELD (UNSUBSIDIZED) (%)

Past performance does not guarantee future results.

Expense Ratio as of 05/01/2017

  Gross Net
Class A 2.32% 2.32%
Class C 2.87% 2.87%
Institutional 1.92% 1.92%
Investor 2.27% 2.27%
Portfolio

Top 10 Holdings (% of Net Assets) as of 06/30/2017

A Mitsui Fudosan Co., Ltd. 4.75
B Mitsubishi Estate Co., Ltd. 4.40
C Sumitomo Realty & Development Co., Ltd. 4.14
D Derwent London PLC 3.79
E Henderson Land Development Co., Ltd. 3.14
F Swire Properties, Ltd. 3.14
G Workspace Group PLC 3.10
H Beni Stabili SpA 3.01
I Great Portland Estates PLC 2.98
J Gecina SA 2.91

These holdings may not reflect the current or future positions in the portfolio.

Country Allocation (Top Ten) as of 06/30/2017

A United Kingdom 25.80
B Europe ex-UK 25.60
C Japan 21.17
D Hong Kong 16.79
E Singapore 3.77
F Australasia 3.64
G Canada 3.23

These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.

Asset Class Correlation (%) as of 07/31/2017

Source: Morningstar. Data for trailing three years (01/01/14 through 6/30/17).

World Stocks- MSCI World Index; Government Bonds- Barclays U.S. Treasury Bond Index; Large Cap Stocks- S&P 500 Index; Small Cap Stocks- Russell 2000 Index

Fund Details as of 06/30/2017

Annual Portfolio turnover 80%
# of holdings 41

Risk Characteristics as of 06/30/2017

3-YR Beta 0.93
3-YR Correlation 0.91
Standard Deviation 12.17
Distributions & Tax Information

Distributions

Share Class Type Record Date Distribution
Rate
Ex-Dividend /
Reinvest /
Payable Date
Institutional Income Dividend 06/26/2017 $0.077 06/27/2017
Institutional Income Dividend 03/27/2017 $0.215 03/28/2017
Investor Income Dividend 06/26/2017 $0.065 06/27/2017
Investor Income Dividend 03/27/2017 $0.203 03/28/2017
Class A Income Dividend 06/26/2017 $0.063 06/27/2017
Class A Income Dividend 03/27/2017 $0.202 03/28/2017
Class C Income Dividend 06/26/2017 $0.044 06/27/2017
Class C Income Dividend 03/27/2017 $0.185 03/28/2017
Related Resources

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.

Click here for fund-specific risks and definitions.

Fund Specific Risks

Salient International Real Estate Fund

RISKS

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.

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.

Investing in a non-diversified fund involves the risk of greater price fluctuation than a more diversified portfolio.

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.

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.

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.

FTSE EPRA/NAREIT Developed ex-U.S. Index is designed to track the performance of listed real estate companies and REITs worldwide, excluding U.S. companies.

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.

Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.

Performance figures and other portfolio data shown for periods prior to June 15, 2009, do not reflect the current manager’s performance or strategy.