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Salient Real Estate Fund

Daily NAV

Updated: 6/19/18

Inception Date
May 1, 2008
Net Assets (All Classes)
$15.9 M

The fund is closed to new investments as of June 13, 2018.



The fund seeks total return by investing in high quality public real estate investment trusts (REITs) in the U.S. and real estate operating companies that can be identified as having attractive cash flow, assets and management characteristics. Returns are expected to come from a combination of current income (dividends) and long-term growth of capital.

Three Things to Know

  • Actively managed, value-focused approach investing in high quality U.S companies with the goal of generating real estate driven income and total return
  • Led by Joel Beam, the fund is managed by a tight-knit investment team with more than 20 years of shared history and deep domain expertise
  • Real estate securities provide the benefits of commercial real estate investing without the cost or illiquidity of direct property ownership


Objective: The fund seeks income with capital appreciation as a secondary goal

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

Joel Beam

Managing Director & Senior Portfolio Manager
San Francisco

David McGanney

Head Trader – Real Estate
San Francisco

John Palmer

Associate Portfolio Manager
San Francisco

Taylor Arnold

Investment Analyst

Joshua Panuthos, CFA

Investment Analyst
San Francisco


Performance (%)

  May'181 Q12 YTD2 1 YR2 3 YR2 5 YR2 10 YR2 SINCE
Institutional NAV 3.09 -11.56 -11.56 -13.68 -2.38 3.66 3.18
Investor NAV 3.04 -11.68 -11.68 -14.05 -2.76 3.26 3.65 7.57
Class A NAV* 3.09 -11.64 -11.64 -14.07 -2.79 3.22 11.73
Class A MOP** -2.82 -16.75 -16.75 -19.04 -4.69 2.01 10.97
Class C NAV† 2.94 -11.88 -11.88 -14.59 -3.34 2.65 11.02
Class C MOP‡ 1.94 -12.76 -12.76 -15.39 -3.34 2.65 11.02
S&P 500 Index 2.41 -0.76 -0.76 13.99 10.78 13.31 9.49
FTSE NAREIT Equity REITs Index 3.95 -8.20 -8.20 -4.51 1.08 5.92 6.37

1. As of 05/31/2018
2. As of 03/31/2018

Returns for periods greater than one year are annualized.
* Excludes sales charge.
** Reflects effects of the fund’s maximum sales charge of5.75%.
† 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 (%)

Class A-4.0212.000.8724.612.4418.831.0125.49
Class C-4.4611.340.3627.071.7918.042.7124.71
S&P 500 Index21.8311.961.3813.6932.3916.002.1115.0626.46-37.00
FTSE NAREIT Equity REITs Index5.238.523.2030.142.4718.068.2927.9627.99-37.73

Growth of $10,000*** as of 03/31/2018

*** 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 05/31/2018

Investor DIVIDEND YIELD 2.94
Investor 30-DAY SEC YIELD (%) (REIT ROC Adjusted) 1.92
Institutional DIVIDEND YIELD 4.32
Institutional 30-DAY SEC YIELD (%) (REIT ROC Adjusted) 2.21
Institutional 30-DAY SEC YIELD (UNSUBSIDIZED) (%)
Class A 30-DAY SEC YIELD (%) (REIT ROC Adjusted) 1.82
Class C 30-DAY SEC YIELD (%) (REIT ROC Adjusted) 1.26

Past performance does not guarantee future results.

Expense Ratio as of 05/01/2018

  Gross Net
Investor 1.96% 1.96%
Institutional 1.61% 1.61%
Class A 2.01% 2.01%
Class C 2.56% 2.56%

Top 10 Holdings (% of Net Assets) as of 03/31/2018

A Vanguard REIT ETF 4.51
B Prologis, Inc. 4.03
C American Assets Trust, Inc. 3.29
D AvalonBay Communities, Inc. 3.24
E Taubman Centers, Inc. 2.82
F Paramount Group, Inc. 2.82
G Jernigan Capital, Inc. 2.68
H Vornado Realty Trust 2.65
I Sabra Health Care REIT, Inc. 2.61
J Retail Opportunity Investments Corp. 2.47

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

Property Sector Diversification (%) as of 03/31/2018

A Retail 19.81
B Office 16.39
C Diversified 14.47
D Other 13.90
E Apartments 11.42
F Warehouse/Industrial 7.02
G Health Care 6.02
H Exchange-Traded Funds 5.25
I Storage 3.13
J Mortgage 2.59

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 05/31/2018

Source: Morningstar. Data since inception (05/01/08 through 3/31/18).

Corporate Bonds- Citi U.S. BIG Index; Government Bonds- Barclays U.S. Treasury Index; Large Cap Stocks- S&P 500 Index; Small Cap Stocks- Russell 2000 Index

Fund Details as of 03/31/2018

Annual Portfolio turnover 60%
# of holdings 44

Risk Characteristics as of 03/31/2018

Beta 0.89
Correlation 0.98
Standard Deviation 18.76
Distributions & Tax Information


Share Class Type Record Date Distribution
Per Share ($)
Ex-Dividend /
Reinvest /
Payable Date
Institutional Income Dividend 03/23/2018 0.05000 03/26/2018
Investor Income Dividend 03/23/2018 0.03500 03/26/2018
Class A Income Dividend 03/23/2018 0.03900 03/26/2018
Class C Income Dividend 03/23/2018 0.02500 03/26/2018
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 Real Estate Fund


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.

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.

Investing in lower-rated (“high yield”) debt securities involves special risks in addition to those associated with investments in higher-rated debt securities, including a high degree of credit risk.

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 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.

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.

There is no guarantee the companies in our portfolio will continue to pay dividends.

30-Day SEC Yield (REIT ROC Adjusted) 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. The 30-Day SEC Yield has been adjusted for REIT investment return of capital.

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.

Barclays U.S. Treasury Bond Index measures the public obligations of the U.S. Treasury with a remaining maturity of one year or more.

Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.

Cash flow is a revenue or expense stream that changes a cash account over a given period.

Citigroup U.S. Broad Investment-Grade Bond Index is an unmanaged index generally representative of the performance of investment-grade corporate and U.S. government bonds.

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 NAREIT Equity REITs Index is representative of the tax-qualified REITs listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market. One cannot invest directly in an index.

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.

One cannot invest directly in an index.

Performance figures and other portfolio data shown for periods prior to March 1, 2010, do not reflect the current manager’s performance or strategy.