Daily NAV
Symbol
NAV
$
$
Change
$
$
Inception Date
Net Assets (All Classes)
$28.9 M
$28.9 M
Salient Global Real Estate Fund
Overview
Overview
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.
Three Things to Know
- The fund seeks global investment opportunities in real estate companies that we believe have clear, enduring investment value in both international and U.S. markets—places that are centers of global trade, learning and innovation as well as magnets for commerce and population growth
- The experienced team, led by Joel Beam, conducts exhaustive property and company analysis in their actively managed investment process, adjusting the portfolio to reflect changing market fundamentals through sector and geographic rotation
- The strategy’s focus on global REITs and real estate operating companies can complement a portfolio’s global equity or domestic-focused real estate holdings
Process
Objective: The fund seeks total return from both capital appreciation and current income.
- The bottom-up, value-oriented investment approach continuously evaluates investment opportunities by reconciling discounted cash flows and net asset values using conservative cap rate and growth assumptions
- Extensive internal research by the investment team leverages a network of trusted third-party knowledge
- The team constructs concentrated portfolios comprised of high-conviction, benchmark-agnostic investments that are prudently underwritten and actively monitored
Team
Performance
| Aug'211 | Q32 | YTD2 | 1 YR2 | 3 YR2 | 5 YR2 | 10 YR2 |
SINCE INCEPTION2 |
|
|---|---|---|---|---|---|---|---|---|
| Institutional NAV | 1.61 | 3.90 | 19.53 | 36.30 | 5.15 | 6.83 | 6.53 | 3.46 |
| Investor NAV | 1.53 | 3.80 | 19.23 | 35.77 | 4.76 | 6.46 | 6.16 | 4.55 |
| Class A NAV* | 1.53 | 3.89 | 19.20 | 35.76 | 4.74 | 6.42 | 6.11 | 3.11 |
| Class A MOP** | -4.33 | -2.06 | 12.33 | 28.01 | 2.69 | 5.16 | 5.48 | 2.71 |
| Class C NAV† | 1.47 | 3.76 | 18.75 | 34.95 | 4.15 | 5.79 | 5.49 | 2.45 |
| Class C MOP‡ | 0.47 | 2.76 | 17.75 | 33.95 | 4.15 | 5.79 | 4.49 | 2.45 |
| FTSE EPRA/NAREIT Developed Index | 1.31 | 5.20 | 21.50 | 33.34 | 7.56 | 5.57 | 7.55 | — |
1. As of 08/31/2021
2. As of 08/31/2021
The Fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.
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.
* 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.
Total Annual Fund Operating Expenses by Share Class as of 05/01/21: Investor Class: 2.38%; Institutional Class: 2.03%; Class A: 2.43%; Class C: 2.98%. The fund’s investment advisor is contractually obligated to waive 0.25% of the fund’s management fee so that until April 30, 2022, 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, 2022, 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.
Prior to August 21, 2018, Salient Global Real Estate Fund was named Salient International Real Estate Fund and the benchmark was FTSE EPRA/NAREIT Developed ex-U.S. Index.
Calendar Year Performance (%)
| 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Institutional | -10.34 | 21.31 | -10.51 | 21.88 | 0.98 | -3.76 | 1.75 | -3.31 | 54.75 | -14.56 |
| Investor | -9.98 | 20.87 | -10.78 | 21.44 | 0.74 | -4.08 | 1.33 | -3.51 | 54.05 | — |
| Class A | -10.36 | 20.82 | -10.74 | 21.30 | 0.60 | -4.09 | -1.60 | -3.71 | 54.06 | -17.26 |
| Class C | -10.81 | 20.19 | -11.51 | 20.73 | -0.02 | -4.62 | 0.28 | -4.23 | 53.13 | -15.80 |
| FTSE EPRA/NAREIT Developed Index | -9.04 | 21.91 | -5.63 | 10.36 | 4.06 | -0.79 | 15.02 | 3.67 | 27.73 | -6.46 |
Growth of $10,000*** as of 12/31/2020
*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Past performance does not guarantee future results.
Portfolio
Top 10 Holdings (% of Net Assets) as of 06/30/2021
| A | CapitaLand, Ltd | 3.97 |
|---|---|---|
| B | Summit Industrial Income REIT | 3.75 |
| C | Capital & Counties Properties Plc | 3.36 |
| D | Sun Hung Kai Properties, Ltd. | 3.29 |
| E | AvalonBay Communities, Inc. | 3.14 |
| F | SL Green Realty Corp. | 3.11 |
| G | Federal Realty Investment Trust | 3.10 |
| H | Alexandria Real Estate Equities, Inc. | 3.01 |
| I | Great Portland Estates Plc | 3.00 |
| J | Derwent London Plc | 3.00 |
These holdings may not reflect the current or future positions in the portfolio.
Country Allocation (Top Ten) as of 06/30/2021
| A | North America | 44.86 |
|---|---|---|
| B | Asia Pacific | 30.35 |
| C | Europe Ex UK | 13.76 |
| D | United Kingdom | 11.03 |
These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.
Asset Class Correlation as of 02/28/2021
Source: Morningstar. Data for trailing three years (3/1/18 through 2/28/21).
World Stocks- MSCI World Index; Government Bonds- Bloomberg Barclays U.S. Treasury Bond Index; Large Cap Stocks- S&P 500 Index; Small Cap Stocks- Russell 2000 Index
Fund Details as of 06/30/2021
| Annual Portfolio turnover | 29% |
|---|---|
| # of holdings | 42 |
Risk Characteristics as of 06/30/2021
| Beta | 1.16 |
|---|---|
| Correlation | 0.96 |
| Standard Deviation | 23.17 |
Distributions & Tax Information
Distributions
| Share Class | Type | Record Date | Distribution Per Share ($) |
Ex-Dividend / Reinvest / Payable Date |
|---|---|---|---|---|
| Institutional | Income Dividend | 09/24/2021 | 0.04310 | 09/27/2021 |
| Institutional | Income Dividend | 06/23/2021 | 0.07687 | 06/24/2021 |
| Institutional | Income Dividend | 03/24/2021 | 0.11195 | 03/25/2021 |
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.
Tax Information
- Salient Global Real Estate Fund Form 8937 – 2018
- Salient Funds 2019 Capital Loss Carryover
- Salient Funds 2020 Preliminary Capital Gains Distribution Information
- Forward Funds Trust 2020 Capital Gain Distributions Paid
- Salient Funds 2021 Regular Dividend & Capital Gain Calendar
- Salient Funds Non-Dividend Distributions 2020 Tax Year
- Salient Funds QDI and Income Derived from U.S. Government Securities 2020 Tax Year
- Salient Funds 2020 Tax Year 199A Qualified Dividend Information
- Forward Funds Trust Foreign Taxes Paid and Foreign Source Income 2020 Tax Year
Related Resources
Resources
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.
