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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$32.90

$19.5 M

2.78%

$0.92

1.68%

Vitals

YTD Return

-4.9%

1 yr return

9.0%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

2.9%

Net Assets

$19.5 M

Holdings in Top 10

55.9%

52 WEEK LOW AND HIGH

$32.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.68%

SALES FEES

Front Load 5.50%

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$32.90

$19.5 M

2.78%

$0.92

1.68%

APRAX - Profile

Distributions

  • YTD Total Return -4.9%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.87%
DIVIDENDS
  • Dividend Yield 2.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    AAM/Phocas Real Estate Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Aug 27, 2018
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Murray

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of equity real estate investment trusts (“REITs”) and companies of any size market capitalization which primarily own, manage and invest in underlying real estate assets. Therefore, the Fund invests at least 25% of its net assets (i.e., concentrates) in the real estate industry. The Fund seeks to maintain a portfolio with continuous exposure to most of the following real estate sectors: offices, industrial properties, retail, malls, shopping centers, apartments, lodging, storage and specialty and health care facilities. The Fund may invest in securities of non-U.S. issuers that trade on U.S. or foreign exchanges, including foreign securities from emerging markets. The Fund invests primarily in common and preferred stock.

In selecting securities for the Fund’s portfolio, the Fund’s sub-advisor, Phocas Financial Corporation (the “Sub-Advisor”), uses a disciplined process that focuses on the following factors: asset valuation, management quality, prospective growth rates, quality and location of the real estate held, debt leverage and overall balance sheet quality, quality of income streams, conflicts of interest, insider stock ownership, and other factors.

The Sub-Advisor will consider selling a security given one or more of the following circumstances: loss of management focus, management’s inability to increase shareholder value, balance sheet deterioration, exorbitant pricing relative to underlying value, or the Fund requires cash to meet redemption requests.

The Fund is “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds.

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APRAX - Performance

Return Ranking - Trailing

Period APRAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -12.1% 6.0% 78.82%
1 Yr 9.0% -14.5% 29.8% 74.90%
3 Yr -0.8%* -11.1% 10.5% 84.34%
5 Yr 2.9%* -11.3% 15.9% 58.08%
10 Yr N/A* -1.4% 15.0% 17.29%

* Annualized

Return Ranking - Calendar

Period APRAX Return Category Return Low Category Return High Rank in Category (%)
2023 7.2% -17.6% 24.6% 62.35%
2022 -33.2% -51.3% 2.7% 68.90%
2021 39.0% -7.7% 52.3% 13.65%
2020 -2.4% -42.2% 35.0% 8.09%
2019 24.4% -0.6% 43.1% 24.34%

Total Return Ranking - Trailing

Period APRAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -12.1% 6.0% 78.82%
1 Yr 9.0% -14.5% 29.8% 74.90%
3 Yr -0.8%* -11.1% 10.5% 84.34%
5 Yr 2.9%* -11.3% 15.9% 58.08%
10 Yr N/A* -1.4% 15.0% 33.18%

* Annualized

Total Return Ranking - Calendar

Period APRAX Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -14.0% 25.0% 83.53%
2022 -29.6% -40.7% 7.8% 92.13%
2021 43.1% 7.8% 54.6% 30.52%
2020 -0.8% -36.6% 44.3% 12.77%
2019 30.1% 3.4% 46.4% 26.11%

NAV & Total Return History


APRAX - Holdings

Concentration Analysis

APRAX Category Low Category High APRAX % Rank
Net Assets 19.5 M 1.73 M 56.5 B 92.28%
Number of Holdings 27 18 501 94.85%
Net Assets in Top 10 10.9 M 711 K 26.1 B 94.49%
Weighting of Top 10 55.86% 15.7% 82.2% 41.18%

Top 10 Holdings

  1. Prologis, Inc. - REIT 7.57%
  2. Equinix, Inc. - REIT 7.26%
  3. American Tower Corp. - REIT 6.87%
  4. Simon Property Group, Inc. - REIT 5.97%
  5. Rexford Industrial Realty, Inc. - REIT 5.79%
  6. Invitation Homes, Inc. - REIT 4.91%
  7. Extra Space Storage, Inc. - REIT 4.79%
  8. Public Storage - REIT 4.53%
  9. Centerspace - REIT 4.16%
  10. Global Medical REIT, Inc. - REIT 4.02%

Asset Allocation

Weighting Return Low Return High APRAX % Rank
Cash
0.87% -42.50% 20.74% 68.75%
Stocks
0.00% 0.00% 106.01% 98.90%
Preferred Stocks
0.00% 0.00% 31.13% 59.56%
Other
0.00% -89.96% 112.19% 55.51%
Convertible Bonds
0.00% 0.00% 10.95% 54.24%
Bonds
0.00% -3.17% 148.00% 57.72%

APRAX - Expenses

Operational Fees

APRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.68% 0.07% 24.62% 31.60%
Management Fee 0.65% 0.00% 1.50% 34.19%
12b-1 Fee 0.25% 0.00% 1.00% 49.62%
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

APRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 3.00% 5.75% 48.94%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

APRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 50.00%

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.

APRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 0.11% 380.00% 22.53%

APRAX - Distributions

Dividend Yield Analysis

APRAX Category Low Category High APRAX % Rank
Dividend Yield 2.78% 0.00% 13.25% 63.24%

Dividend Distribution Analysis

APRAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Monthly Quarterly

Net Income Ratio Analysis

APRAX Category Low Category High APRAX % Rank
Net Income Ratio 0.87% -1.14% 6.05% 63.20%

Capital Gain Distribution Analysis

APRAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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APRAX - Fund Manager Analysis

Managers

James Murray


Start Date

Tenure

Tenure Rank

Sep 29, 2006

15.68

15.7%

James Murray, CFA. Mr. Murray was one of three original partners at Phocas Financial Corporation starting in June 2005. Mr. Murray has been a member of the Fund’s investment team in 2006. Prior to this, Mr. Murray was the Senior REIT Analyst for Bay Isle Financial Institutional REIT portfolios and a mutual fund and institutional trader from 1999 to 2005. Mr. Murray brings strong analytical and quantitative skills to the research team and portfolio management process, with particularly strong expertise in the area of modeling real estate companies. Prior to that, he spent four years at Charles Schwab, where he supervised that firm's Tax and Dividend Departments. Mr. Murray earned his B.A. degree in Economics from Kenyon College. He holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco.

William Schaff


Start Date

Tenure

Tenure Rank

Sep 29, 2006

15.68

15.7%

William Schaff, Chief Executive Officer and President, founded Phocas Financial Corp. in 2005. Prior to founding Phocas, Mr. Schaff was President of Bay Isle, Portfolio Manager at Janus Capital Management and Lead Portfolio Manager at the Undiscovered Managers organization. He earned an M.S. in Engineering from the University of California, Davis. He also holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 7.9 2.23