Terra Firma US Concentrated Realty Equity Fund
Fund
TFREX
Price as of:
$16.22
- $0.02
- 0.12%
Primary Theme
fund company
Name
As of 04/18/2024Price
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
Vitals
YTD Return
-9.5%
1 yr return
-0.2%
3 Yr Avg Return
-3.1%
5 Yr Avg Return
N/A
Net Assets
$21.4 M
Holdings in Top 10
68.6%
52 WEEK LOW AND HIGH
$16.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.92%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 20.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/18/2024Price
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
TFREX - Profile
Distributions
- YTD Total Return -9.5%
- 3 Yr Annualized Total Return -3.1%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Semi-Annually
- Net Income Ratio -0.42%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameTerra Firma US Concentrated Realty Equity Fund
-
Fund Family NameTerra Firma Asset Management
-
Inception DateDec 31, 2008
-
Shares Outstanding1206627
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJay Leupp
Fund Description
Under normal circumstances, the Fund invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of U.S. Realty Companies (as defined below), and synthetic instruments related to U.S. Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the Fund’s direct investments in U.S. Realty Companies and include warrants, rights, options and shares of exchange-traded funds (“ETFs”).
The portfolio managers conduct their own research to select the Fund’s investments, based on an analysis of macroeconomic factors, real estate sectors, and individual company attributes. Research on company level attributes may include analysis using numerical or financial measures such as earnings growth potential, price to net asset value (“NAV”) ratios, dividend yield, price to earnings ratios, among others. More qualitative factors at the company level may also include an assessment of the company’s overall business, growth strategy, quality of management, and quality of owned properties.
“Realty Companies” are real estate-related companies of any size and include real estate investment trusts (“REITs”), real estate operating or service companies and companies in the home building, lodging and hotel industries, as well as companies engaged in the natural resources and utility industries, and other companies whose investments, balance sheets or income statements are real estate-intensive (i.e., the company’s actual or anticipated revenues, profits, assets, services or products are related to real estate).
The Fund may invest in issuers of any market capitalization and securities of any maturity, and the Fund’s investments also may include securities purchased in initial public offerings (“IPOs”).
The Fund also may invest up to 20% of its assets in equity and fixed income and debt securities and instruments of companies or entities (which need not be U.S. Realty Companies), including, but not limited to, securities of non-U.S. companies and other investment companies.
The Fund’s investments in preferred stock and convertible and fixed income and debt securities may include securities which, at the time of purchase, are rated below “investment grade” by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the portfolio managers (“junk bonds”).
In addition to purchasing options, the Fund may, but is not required to, write put and covered call options on securities and indexes, for hedging purposes or to seek to increase returns.
The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.
TFREX - Performance
Return Ranking - Trailing
| Period | TFREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -9.5% | -14.8% | 2.0% | 50.00% |
| 1 Yr | -0.2% | -14.1% | 13.6% | 50.39% |
| 3 Yr | -3.1%* | -13.3% | 10.4% | 66.13% |
| 5 Yr | N/A* | -11.8% | 12.9% | 56.59% |
| 10 Yr | N/A* | -2.0% | 13.7% | 46.26% |
* Annualized
Return Ranking - Calendar
| Period | TFREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.6% | -17.6% | 24.6% | 31.89% |
| 2022 | -34.7% | -51.3% | 2.7% | 75.49% |
| 2021 | 46.3% | -7.7% | 52.3% | 3.23% |
| 2020 | N/A | -42.2% | 35.0% | N/A |
| 2019 | N/A | -0.6% | 43.1% | N/A |
Total Return Ranking - Trailing
| Period | TFREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -9.5% | -14.8% | 2.0% | 50.00% |
| 1 Yr | -0.2% | -14.1% | 13.6% | 50.39% |
| 3 Yr | -3.1%* | -13.3% | 10.4% | 66.13% |
| 5 Yr | N/A* | -11.8% | 12.9% | 51.53% |
| 10 Yr | N/A* | -2.0% | 13.7% | 43.78% |
* Annualized
Total Return Ranking - Calendar
| Period | TFREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.4% | -14.0% | 25.0% | 39.76% |
| 2022 | -29.8% | -40.7% | 7.8% | 93.28% |
| 2021 | 46.3% | 7.8% | 54.6% | 14.52% |
| 2020 | N/A | -36.6% | 44.3% | N/A |
| 2019 | N/A | 3.4% | 46.4% | N/A |
NAV & Total Return History
TFREX - Holdings
Concentration Analysis
| TFREX | Category Low | Category High | TFREX % Rank | |
|---|---|---|---|---|
| Net Assets | 21.4 M | 2.26 M | 63.6 B | 93.02% |
| Number of Holdings | 18 | 18 | 513 | 99.63% |
| Net Assets in Top 10 | 15.4 M | 711 K | 30.4 B | 91.88% |
| Weighting of Top 10 | 68.58% | 16.9% | 82.2% | 5.90% |
Top 10 Holdings
- Extra Space Storage Inc 11.72%
- Prologis Inc 10.57%
- Public Storage 9.52%
- Equinix Inc 7.41%
- Alexandria Real Estate Equities Inc 5.51%
- US BANK MMDA - USBFS 2 4.96%
- American Tower Corp 4.74%
- Mid-America Apartment Communities Inc 4.74%
- Essex Property Trust Inc 4.70%
- AvalonBay Communities Inc 4.69%
Asset Allocation
| Weighting | Return Low | Return High | TFREX % Rank | |
|---|---|---|---|---|
| Stocks | 94.96% | 0.00% | 106.01% | 75.28% |
| Cash | 5.04% | -42.50% | 20.74% | 11.44% |
| Preferred Stocks | 0.00% | 0.00% | 31.13% | 91.14% |
| Other | 0.00% | -89.96% | 112.19% | 83.03% |
| Convertible Bonds | 0.00% | 0.00% | 10.95% | 90.00% |
| Bonds | 0.00% | -3.17% | 148.00% | 90.04% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TFREX % Rank | |
|---|---|---|---|---|
| Real Estate | 97.81% | 34.46% | 100.00% | 68.09% |
| Consumer Cyclical | 2.19% | 0.00% | 45.29% | 15.18% |
| Utilities | 0.00% | 0.00% | 3.55% | 90.66% |
| Technology | 0.00% | 0.00% | 12.02% | 92.61% |
| Industrials | 0.00% | 0.00% | 7.39% | 91.05% |
| Healthcare | 0.00% | 0.00% | 0.53% | 90.66% |
| Financial Services | 0.00% | 0.00% | 37.05% | 91.05% |
| Energy | 0.00% | 0.00% | 33.11% | 91.05% |
| Communication Services | 0.00% | 0.00% | 11.61% | 93.00% |
| Consumer Defense | 0.00% | 0.00% | 0.93% | 90.66% |
| Basic Materials | 0.00% | 0.00% | 13.69% | 90.66% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TFREX % Rank | |
|---|---|---|---|---|
| US | 94.96% | 0.00% | 106.01% | 71.59% |
| Non US | 0.00% | 0.00% | 41.39% | 91.14% |
TFREX - Expenses
Operational Fees
| TFREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.92% | 0.07% | 24.62% | 23.88% |
| Management Fee | 0.75% | 0.00% | 1.50% | 60.52% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 62.31% |
| Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
| TFREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| TFREX 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.
| TFREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 20.00% | 0.11% | 380.00% | 19.84% |
TFREX - Distributions
Dividend Yield Analysis
| TFREX | Category Low | Category High | TFREX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 13.37% | 29.15% |
Dividend Distribution Analysis
| TFREX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
| TFREX | Category Low | Category High | TFREX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.42% | -1.14% | 6.05% | 97.01% |
Capital Gain Distribution Analysis
| TFREX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Semi-Annually | Annually | Semi-Annually | Semi-Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Apr 17, 2024 | $0.024 | OrdinaryDividend |
| Mar 20, 2024 | $0.024 | OrdinaryDividend |
| Feb 21, 2024 | $0.024 | OrdinaryDividend |
| Jan 17, 2024 | $0.025 | OrdinaryDividend |
| Dec 20, 2023 | $0.283 | OrdinaryDividend |
| Nov 15, 2023 | $0.024 | OrdinaryDividend |
| Oct 18, 2023 | $0.024 | OrdinaryDividend |
| Sep 20, 2023 | $0.025 | OrdinaryDividend |
| Aug 16, 2023 | $0.025 | OrdinaryDividend |
| Jul 19, 2023 | $0.025 | OrdinaryDividend |
| Jun 21, 2023 | $0.025 | OrdinaryDividend |
| May 17, 2023 | $0.025 | OrdinaryDividend |
| Dec 15, 2022 | $1.292 | OrdinaryDividend |
TFREX - Fund Manager Analysis
Managers
Jay Leupp
Start Date
Tenure
Tenure Rank
Dec 31, 2008
13.42
13.4%
Jay P. Leupp, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Global Real Estate Securities team. He began working in the investment field in 1994. Prior to joining Lazard Asset Management LLC in 2011, Mr. Leupp was the President and Chief Executive Officer of Alesco, which he founded in 2005.Prior to that, he served as Managing Director of Real Estate Equity Research at RBC Capital Markets (“RBC”) from 2002 to 2006. Prior to joining RBC, Leupp served as Managing Director of Real Estate Equity Research at Robertson Stephens & Co., Inc. From 1991 to 1994, he served as Vice President of the Staubach Company. Jay holds an MBA from Harvard University and a bachelor’s degree from Santa Clara University. Jay is a member of the board of directors of Chaminade College Preparatory, Los Angeles; G.W. Williams Company; and United American Bank. He is also a member of the Santa Clara University board of regents; policy board of the Fisher Center for Real Estate at the University of California, Berkeley.
Christopher Hartung
Start Date
Tenure
Tenure Rank
Sep 13, 2018
3.72
3.7%
Christopher Hartung, a Director of Lazard Asset Management LLC, is a portfolio manager/analyst on Lazard's Global Real Estate Securities team. Prior to joining Lazard in 2011, Mr. Hartung was Senior Advisor at Grubb & Ellis Alesco Global Advisors, LLC responsible for alternative investment strategies, capital markets, product development and research. He began working in the investment field in 1990.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.01 | 28.42 | 7.89 | 2.23 |