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TRREX T. Rowe Price Real Estate

  • Fund
  • TRREX
  • Price as of: Dec 05, 2016
  • $27.85
  • + $0.23
  • + 0.83%
  • Category
  • Real Estate

TRREX - Profile

Vitals

  • YTD Return 1.3%
  • 3 Yr Annualized Return 10.3%
  • 5 Yr Annualized Return 10.9%
  • Net Assets $6.12 B
  • Holdings in Top 10 46.1%

52 WEEK LOW AND HIGH

$27.85
$24.76
$31.13

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.76%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 6.60%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$1,000

Investment Themes

CATEGORY

Real Estate
  • Fund Type Open End Mutual Fund
  • Investment Style Real Estate

Distributions

  • YTD Total Return 2.9%
  • 3 Yr Annualized Total Return 10.3%
  • 5 Yr Annualized Total Return 10.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.51%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name T. Rowe Price Real Estate Fund
  • Fund Family Name T. Rowe Price
  • Inception Date Oct 31, 1997
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager David M. Lee

Fund Description

The T. Rowe Price Real Estate Fund (TRREX) is an actively managed fund that bets on commercial real estate in the United States. The fund owns companies that derive at least 50% of their revenues or profits from real estate activities; this includes real estate brokers, REITs, home builders and property managers. The fund does not have a restriction on market-cap size. In addition, TRREX can hold up to 25% of its assets in international firms. Managers use various fundamental screens when choosing the fund’s holdings.

Expenses for the fund are low. As such, TRREX makes an ideal choice for investors looking to add a satellite position in commercial real estate to their portfolios. The fund is managed by T. Rowe Price.

TRREX - Performance

Return Ranking - Trailing

Period TRREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.3% -15.4% 9.7% 22.58% 2
1 Yr 3.1% -40.6% 34.3% 81.53% 5
3 Yr 10.3% * -8.0% 14.3% 27.85% 2
5 Yr 10.9% * 6.6% 14.6% 34.63% 2
10 Yr 4.6% * 0.5% 8.0% 47.49% 3

* Annualized


Return Ranking - Calendar

Period TRREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 2.3% -23.9% 2.4% 0.84% 1
2014 26.6% -3.3% 31.5% 20.35% 2
2013 1.0% -23.2% 27.2% 10.68% 1
2012 14.4% 0.0% 40.4% 39.90% 3
2011 4.9% -12.6% 10.2% 59.88% 4

Total Return Ranking - Trailing

Period TRREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.9% -7.5% 9.7% 29.58% 2
1 Yr 3.1% -19.9% 90.7% 62.65% 4
3 Yr 10.3% * 1.2% 14.3% 24.66% 2
5 Yr 10.9% * 6.6% 14.6% 30.73% 2
10 Yr 4.6% * 0.5% 8.0% 44.13% 3

* Annualized


Total Return Ranking - Calendar

Period TRREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 4.8% -13.5% 12.2% 10.26% 1
2014 32.0% 0.0% 82.5% 64.41% 4
2013 3.7% -28.3% 28.4% 25.25% 2
2012 19.7% 0.0% 117.5% 77.78% 4
2011 8.7% -17.1% 11881.8% 77.16% 4

NAV & Total Return History

TRREX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

TRREX Category Low Category High TRREX % Rank Quintile
Net Assets 6.12 B 3.39 M 60.1 B 1.58% 1
Number of Holdings 38 5 546 17.00% 5
Net Assets in Top 10 2.99 B 711 K 20.7 B 1.19% 1
Weighting of Top 10 46.1% 3.7% 165.9% 15.81% 3

Top 10 Holdings

  1. Simon Property Group Inc 8.77%
  2. AvalonBay Communities Inc 4.88%
  3. Essex Property Trust Inc 3.62%
  4. Public Storage 3.76%
  5. Prologis Inc 5.18%
  6. Equity Residential 4.65%
  7. General Growth Properties Inc 4.51%
  8. Macerich Co 3.60%
  9. Regency Centers Corp 3.57%
  10. SL Green Realty Corp 3.54%

Asset Allocation

Weighting Category Low Category High TRREX % Rank Quintile
Stocks
94.14% 1.09% 100.05% 24.11% 4
Cash
5.14% -109.96% 74.22% 3.16% 1
Convertible Bonds
0.72% 0.00% 5.31% 1.58% 1
Other
0.00% 0.00% 108.20% 15.81% 3
Preferred Stocks
0.00% 0.00% 41.24% 5.53% 2
Bonds
0.00% 0.00% 103.96% 5.14% 2

Stock Sector Breakdown

Weighting Category Low Category High TRREX % Rank Quintile
Real Estate
91.57% 0.00% 100.00% 20.16% 4
Consumer Cyclical
1.54% 0.00% 25.74% 10.28% 2
Basic Materials
1.04% 0.00% 33.61% 7.91% 2
Financial Services
0.00% 0.00% 17.94% 4.35% 1
Healthcare
0.00% 0.00% 4.20% 5.93% 2
Industrials
0.00% -0.78% 11.94% 4.74% 1
Energy
0.00% 0.00% 38.67% 2.37% 1
Communication Services
0.00% 0.00% 15.32% 12.25% 3
Consumer Defense
0.00% 0.00% 0.89% 1.98% 1
Technology
0.00% 0.00% 5.45% 4.35% 1
Utilities
0.00% 0.00% 16.80% 2.37% 1

Stock Geographic Breakdown

Weighting Category Low Category High TRREX % Rank Quintile
US
94.14% 1.00% 100.05% 22.53% 4
Non US
0.00% 0.00% 51.51% 8.70% 2

TRREX - Expenses

Operational Fees

TRREX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.76% 0.10% 11.43% 52.57% 1
Management Fee 0.59% 0.07% 1.31% 11.07% 1
12b-1 Fee 0.00% 0.00% 1.00% 8.72% 1
Administrative Fee 0.15% 0.01% 0.40% 5.71% 4

Sales Fees

TRREX Fees (% of AUM) Category Low Category High TRREX Rank Quintile
Front Load N/A 3.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

TRREX Fees (% of AUM) Category Low Category High TRREX Rank Quintile
Max Redemption Fee 1.00% 0.75% 2.00% 6.98% 2

Turnover Related Fees

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.

TRREX Fees (% of AUM) Category Low Category High TRREX Rank Quintile
Turnover 6.60% 2.28% 880.00% 25.30% 1

TRREX - Distributions

Dividend Yield Analysis

TRREX Category Low Category High TRREX % Rank Quintile
Dividend Yield 0.5% 0.00% 3.78% 9.62% 1

Dividend Distribution Analysis

TRREX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

TRREX Category Low Category High TRREX % Rank Quintile
Net Income Ratio 1.51% -1.42% 10.00% 29.25% 3

Capital Gain Distribution Analysis

TRREX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

TRREX - Managers

David M. Lee

Manager

Start Date

Oct 31, 1997

Tenure

19.01

Tenure Rank

1.3%

David M. Lee is the lead portfolio manager for the T. Rowe Price U.S. Real Estate Strategy and the Global Real Estate Strategy. He is on the Investment Advisory Committee for the firm's Real Assets Strategy with responsibilities for that strategy's real estate securities. Mr. Lee is a vice president of T. Rowe Price Group, Inc. Mr. Lee has 20 years of investment experience, 19 of which have been at T. Rowe Price. Prior to joining the firm in 1993 as a research analyst, Mr. Lee spent six years at IBM as an engineer and as a marketing representative. Mr. Lee earned a B.S. in engineering from the University of Illinois at Urbana–Champaign and an M.B.A. from Stanford University. Mr. Lee also has earned the Chartered Financial Analyst designation.


Tenure Analysis

Category Low

0.2

Category High

22.8

Category Average

7.2

Category Mode

4.8