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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

West Loop Realty Fund

REIAX | Fund

$12.75

$22.7 M

1.76%

$0.22

1.85%

Vitals

YTD Return

-3.5%

1 yr return

11.2%

3 Yr Avg Return

-1.9%

5 Yr Avg Return

1.8%

Net Assets

$22.7 M

Holdings in Top 10

54.8%

52 WEEK LOW AND HIGH

$12.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.85%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 31.00%

Redemption Fee N/A


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

West Loop Realty Fund

REIAX | Fund

$12.75

$22.7 M

1.76%

$0.22

1.85%

REIAX - Profile

Distributions

  • YTD Total Return -3.5%
  • 3 Yr Annualized Total Return -1.9%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.63%
DIVIDENDS
  • Dividend Yield 1.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    West Loop Realty Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Dec 31, 2013
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bruce Garrison

Fund Description

Under normal market conditions, the Fund will pursue its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in income-producing equity securities, including common stocks, preferred stocks, convertible securities, rights, and warrants, of publicly traded companies participating in the real estate sector, such as Real Estate Investment Trusts (“REITs”). The Fund’s sub-advisor, Chilton Capital Management LLC (“Chilton” or the “Sub-Advisor”), considers a company to be participating in the real estate sector if, at the time of investment, the company (i) derived at least 50% of its total revenues during its most recent completed fiscal year from the ownership, construction, development, financing, management, renting, leasing or sale of, or (ii) has at least 50% of its assets invested in commercial, industrial or residential real estate. The Sub-Advisor considers a company to be publicly traded if the company’s equity securities are traded on a stock exchange or an over-the-counter market.

While the number of its holdings may vary based upon market conditions and other factors, the Fund expects to invest in a focused portfolio of approximately 20 to 35 investments in REITs and other companies participating in the real estate sector, diversified by property type, geographic location and issuer strategy, in an attempt to maximize projected risk-adjusted returns. The Fund’s portfolio companies may be of any size market capitalization, including small- and mid-capitalization companies. The Fund’s strategy is long-only. The Fund’s portfolio will be allocated across three sub-strategies:

Strategy Definition Approximate Range
Core Companies with superior balance sheets, established track records, and moderate growth 40-70%
Value-Add Companies with moderate operating leverage, established track records, and high growth, both internal and external 20-50%
Opportunistic Companies with high operating leverage, unproven or shorter track re-cords, and high growth, both internal and external 0-25%

The Sub-Advisor’s research process of each investment opportunity begins with fundamental, bottom-up analysis of the security. The process includes estimations of net asset value, review and projections of earnings (“funds from operations” for REITs), balance sheet analyses, and company specific ratio comparisons by type of property, geographic location and peer group. Qualitative factors are also evaluated by the Sub-Advisor and include, as applicable, property visits, REIT management meetings, tenant credit quality, and tenant diversification.

The Sub-Advisor will generally sell all or a portion of a position of the Fund’s portfolio holding when, in the Sub-Advisor’s opinion, the investment hits its price target, the company’s fundamentals or competitive position significantly deteriorate, or the Sub-Advisor identifies a more attractive investment opportunity.

The Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in securities of foreign issuers which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”).

The Fund may also invest up to 20% of its net assets (plus any borrowings for investment purposes) in fixed-income securities with maturities typically between one year and ten years, which may include debt securities that are rated below investment grade, or unrated securities that the Sub-Advisor determines to be of comparable credit quality.

Real Estate Investment Trusts (REITs)

A majority of the Fund’s total assets will be invested in equity REITs. REITs are publicly traded corporations or trusts that own interests in residential or commercial real estate and land or in real estate related loans or other interests. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains or real estate appreciation. REIT property types include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers, and a variety of health care related facilities. A REIT in the United States is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders (other than net capital gains for each taxable year).

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REIAX - Performance

Return Ranking - Trailing

Period REIAX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.5% -12.1% 6.0% 89.80%
1 Yr 11.2% -14.5% 29.8% 76.86%
3 Yr -1.9%* -11.1% 10.5% 92.77%
5 Yr 1.8%* -11.3% 15.9% 79.48%
10 Yr 5.4%* -1.4% 15.0% 66.01%

* Annualized

Return Ranking - Calendar

Period REIAX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% -17.6% 24.6% 18.43%
2022 -34.0% -51.3% 2.7% 73.23%
2021 29.2% -7.7% 52.3% 65.46%
2020 -6.0% -42.2% 35.0% 26.81%
2019 22.6% -0.6% 43.1% 30.09%

Total Return Ranking - Trailing

Period REIAX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.5% -12.1% 6.0% 89.80%
1 Yr 11.2% -14.5% 29.8% 76.86%
3 Yr -1.9%* -11.1% 10.5% 92.77%
5 Yr 1.8%* -11.3% 15.9% 79.48%
10 Yr 5.4%* -1.4% 15.0% 66.01%

* Annualized

Total Return Ranking - Calendar

Period REIAX Return Category Return Low Category Return High Rank in Category (%)
2023 13.1% -14.0% 25.0% 28.63%
2022 -33.2% -40.7% 7.8% 96.06%
2021 39.4% 7.8% 54.6% 63.86%
2020 -3.2% -36.6% 44.3% 30.21%
2019 29.7% 3.4% 46.4% 28.32%

NAV & Total Return History


REIAX - Holdings

Concentration Analysis

REIAX Category Low Category High REIAX % Rank
Net Assets 22.7 M 1.73 M 56.5 B 93.82%
Number of Holdings 27 18 501 94.12%
Net Assets in Top 10 13 M 711 K 26.1 B 93.75%
Weighting of Top 10 54.78% 15.7% 82.2% 47.43%

Top 10 Holdings

  1. SBA Communications Corp. - REIT 7.15%
  2. Ventas, Inc. - REIT 6.29%
  3. Prologis, Inc. - REIT 6.17%
  4. Digital Realty Trust, Inc. - REIT 5.66%
  5. AvalonBay Communities, Inc. - REIT 5.59%
  6. Public Storage - REIT 5.51%
  7. Equinix, Inc. - REIT 5.08%
  8. American Tower Corp. - REIT 4.63%
  9. American Homes 4 Rent - REIT 4.54%
  10. Camden Property Trust - REIT 4.17%

Asset Allocation

Weighting Return Low Return High REIAX % Rank
Cash
1.18% -42.50% 20.74% 58.82%
Stocks
0.00% 0.00% 106.01% 97.43%
Preferred Stocks
0.00% 0.00% 31.13% 47.43%
Other
0.00% -89.96% 112.19% 45.96%
Convertible Bonds
0.00% 0.00% 10.95% 39.11%
Bonds
0.00% -3.17% 148.00% 44.12%

REIAX - Expenses

Operational Fees

REIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.85% 0.07% 24.62% 25.28%
Management Fee 0.85% 0.00% 1.50% 72.43%
12b-1 Fee 0.25% 0.00% 1.00% 44.27%
Administrative Fee N/A 0.01% 0.45% 56.08%

Sales Fees

REIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 3.00% 5.75% 17.02%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

REIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

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.

REIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 31.00% 0.11% 380.00% 38.34%

REIAX - Distributions

Dividend Yield Analysis

REIAX Category Low Category High REIAX % Rank
Dividend Yield 1.76% 0.00% 13.25% 48.53%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

REIAX Category Low Category High REIAX % Rank
Net Income Ratio 0.63% -1.14% 6.05% 75.09%

Capital Gain Distribution Analysis

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

Distributions History

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REIAX - Fund Manager Analysis

Managers

Bruce Garrison


Start Date

Tenure

Tenure Rank

Dec 31, 2013

8.42

8.4%

Mr. Garrison is the senior portfolio manager for the firm's REIT strategy. Prior to joining Chilton Capital Management in 2011 he served as a Director in the Investments Group at Salient Partners. Mr. Garrison began his career in 1972 with Morgan Guaranty Trust Co. His career experience also includes tenure as Managing Director for Kidder Peabody & Co., and Paine Webber (now UBS), where he participated in over $8 billion in financings (primarily equity) involving REITs. In 1993 and 1994, Mr. Garrison was voted Institutional Investor All American for REIT Research, first and second, respectively, and won the Realty Stock Review All-Star Analyst Award in 1992, 1993, and 1994. Mr. Garrison has a BBA and MBA from the University of Texas at Austin. He is a CFA charterholder, a member of the CFA Institute, and the CFA Society of Houston and a member and former governor of the National Association of Real Estate Investment Trusts (NAREIT). He also serves as a Board Member of the Houston S.P.C.A. Mr. Garrison serves on the firm’s Investment Committee.

Matthew Werner


Start Date

Tenure

Tenure Rank

Dec 31, 2013

8.42

8.4%

Matt Werner is an analyst and portfolio manager for the REIT Strategy and Global Real Estate Strategy. Prior to joining Chilton Capital in 2011, he served as Associate in the Investment Group at Salient Partners performing due diligence on real estate private equity and hedge funds.He has been quited in numerous national publications and has been interviewed as a REIT Expert He has made REIT education a priority speaking ar symposiums and investor associations around the country. Mr. Werner has a BS(Honors) from Boston College,Carroll Scholl of Management and is a CFA chartholder, member of the CFA Institute and the CFA Society of Houston and member of NAREIT.

Tenure Analysis

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