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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

$9.90

$19.3 M

4.77%

$0.46

1.78%

Vitals

YTD Return

-4.9%

1 yr return

10.8%

3 Yr Avg Return

0.6%

5 Yr Avg Return

5.0%

Net Assets

$19.3 M

Holdings in Top 10

64.1%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.78%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 55.36%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$50,000

IRA

N/A


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

$9.90

$19.3 M

4.77%

$0.46

1.78%

HLRRX - Profile

Distributions

  • YTD Total Return -4.9%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return 5.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.74%
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    LDR Real Estate Value-Opportunity Fund
  • Fund Family Name
    REMSGroup
  • Inception Date
    Dec 01, 2099
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edward Turville

Fund Description

The Fund’s investment objective is pursued through a “Value, Yield-Advantage” strategy (as described in more detail below) through investment in public real estate securities, which may include equity real estate investment trusts (a “REIT” or “REITs”), mortgage REITs, REIT preferreds, and other publicly traded companies whose primary business is in the real estate industry. This strategy often leads to investment in smaller capitalization companies (under $1B).  The composition of the portfolio does not seek to mimic equity REIT indices.

Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry and other real estate related investments. Equity securities can consist of shares of REITs, and securities issued by other companies principally engaged in the real estate industry. Equity securities can also include securities convertible into common stocks where the conversion feature represents, in the Adviser’s view, a significant element of a security’s value, and preferred stocks.

The Fund considers a company to be principally engaged in the real estate industry if it either (i) derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial or residential real estate or (ii) has at least 50% of its assets in real estate or such real estate businesses. These include securities issued by REITs and real estate operating companies. The Fund does not invest in real estate directly.

The Value, Yield-Advantage strategy seeks to invest in companies that in the Adviser’s view have (i) underlying real estate assets that are trading at a discount to the private market value of such assets and (ii) have an above-average dividend yield or strong free cash flow. The Adviser screens its universe of real estate securities for a number of proprietary valuation, income, and balance sheet metrics to identify candidates for investment. This process is combined with in-depth industry and company - specific research to narrow the investment options for the Fund. The Fund may invest in companies without regard to their market capitalization. The Fund’s strategy is an all-cap strategy which means that investments are made without regard to a company’s market capitalization. The Fund’s investment process is indifferent to index weightings, which generally results in a portfolio that is differentiated by company names and percentage exposures. The portfolio of securities in which the Fund invests will normally be U.S. issuers that are considered by the Adviser to be undervalued relative to the value of the underlying real estate.

In executing its investment strategy, the Fund may use leverage, i.e., borrow money for investing, for the purpose of enhancing returns and meeting operating expenses and redemption requests while maintaining investment capacity. When the Fund borrows, it will maintain varying levels of leverage depending on factors such as the price of a particular security relative to the underlying real estate associated with that security and the returns of the security relative to the interest expense of the Fund. The amount of leverage may not exceed 33-1/3% of the Fund’s total assets less its liabilities other than borrowings. The Adviser is most likely to employ the use of leverage during periods when it believes it will obtain a greater return than the cost of borrowing, and when the Adviser believes that the securities are trading at a discount to their underlying real estate value.  Notwithstanding this expectation, the Fund will not use leverage, or will use leverage to a lesser extent, if the Adviser anticipates that leveraged assets in the Fund would result in lower returns to shareholders. The Adviser may also purchase securities for which there is a limited liquid market or companies with limited operating histories.

The Fund may take short positions totaling up to 30% of the Fund’s total assets.  The Adviser is most likely to use shorting to protect accumulated unrealized gains, or to take advantage of special situations where, in the Adviser’s view, the investment’s fundamental outlook is believed poor relative to its current valuation. Short sales may occur if the Adviser determines an event is likely to have downward impact on the market price of a company’s securities. The Adviser may short either individual securities and/or index funds when appropriate.

While both leverage and shorting are permitted, neither is required to execute the Fund’s Value, Yield-Advantage investment process. The Fund is long biased, which means that on a net basis that it will have more exposure to long positions in its portfolio than short positions.

The remainder of the Fund’s assets will be invested in cash or short-term investments or securities of real estate operating companies that may pay little or no dividends.

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HLRRX - Performance

Return Ranking - Trailing

Period HLRRX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -12.1% 6.0% 96.86%
1 Yr 10.8% -14.5% 29.8% 79.61%
3 Yr 0.6%* -11.1% 10.5% 77.91%
5 Yr 5.0%* -11.3% 15.9% 10.48%
10 Yr N/A* -1.4% 15.0% 42.06%

* Annualized

Return Ranking - Calendar

Period HLRRX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -17.6% 24.6% 73.73%
2022 -30.7% -51.3% 2.7% 48.43%
2021 19.6% -7.7% 52.3% 82.33%
2020 -12.2% -42.2% 35.0% 73.62%
2019 28.3% -0.6% 43.1% 3.98%

Total Return Ranking - Trailing

Period HLRRX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -12.1% 6.0% 96.86%
1 Yr 10.8% -14.5% 29.8% 79.61%
3 Yr 0.6%* -11.1% 10.5% 77.91%
5 Yr 5.0%* -11.3% 15.9% 10.48%
10 Yr N/A* -1.4% 15.0% 39.17%

* Annualized

Total Return Ranking - Calendar

Period HLRRX Return Category Return Low Category Return High Rank in Category (%)
2023 10.9% -14.0% 25.0% 67.84%
2022 -21.2% -40.7% 7.8% 12.99%
2021 40.4% 7.8% 54.6% 56.22%
2020 -3.7% -36.6% 44.3% 39.15%
2019 31.7% 3.4% 46.4% 11.50%

NAV & Total Return History


HLRRX - Holdings

Concentration Analysis

HLRRX Category Low Category High HLRRX % Rank
Net Assets 19.3 M 1.73 M 56.5 B 94.59%
Number of Holdings 26 18 501 97.79%
Net Assets in Top 10 14.7 M 711 K 26.1 B 91.18%
Weighting of Top 10 64.09% 15.7% 82.2% 8.46%

Top 10 Holdings

  1. The Real Estate Select Sector SPDR Fund 16.44%
  2. Money Market Fiduciary 8.21%
  3. Healthcare Realty Trust, Inc. 5.61%
  4. Kite Realty Group Trust 5.38%
  5. Healthpeak Properties, Inc. 5.17%
  6. Urban Edge Properties 4.91%
  7. Brixmor Property Group, Inc. 4.89%
  8. Howard Hughes Holdings, Inc. 4.72%
  9. UMH Properties, Inc. 4.54%
  10. Kennedy-Wilson Holdings, Inc. 4.21%

Asset Allocation

Weighting Return Low Return High HLRRX % Rank
Stocks
82.50% 0.00% 106.01% 78.31%
Preferred Stocks
9.02% 0.00% 31.13% 9.93%
Cash
8.48% -42.50% 20.74% 4.04%
Other
0.00% -89.96% 112.19% 54.78%
Convertible Bonds
0.00% 0.00% 10.95% 52.40%
Bonds
0.00% -3.17% 148.00% 55.88%

Stock Sector Breakdown

Weighting Return Low Return High HLRRX % Rank
Real Estate
96.84% 34.46% 100.00% 76.36%
Consumer Cyclical
3.16% 0.00% 45.29% 9.69%
Utilities
0.00% 0.00% 3.55% 49.61%
Technology
0.00% 0.00% 12.02% 63.18%
Industrials
0.00% 0.00% 7.39% 53.88%
Healthcare
0.00% 0.00% 0.53% 50.78%
Financial Services
0.00% 0.00% 37.05% 55.81%
Energy
0.00% 0.00% 33.11% 51.16%
Communication Services
0.00% 0.00% 11.61% 54.26%
Consumer Defense
0.00% 0.00% 0.93% 49.61%
Basic Materials
0.00% 0.00% 13.69% 53.49%

Stock Geographic Breakdown

Weighting Return Low Return High HLRRX % Rank
US
82.50% 0.00% 106.01% 76.10%
Non US
0.00% 0.00% 40.58% 54.78%

HLRRX - Expenses

Operational Fees

HLRRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.78% 0.07% 24.62% 27.14%
Management Fee 0.90% 0.00% 1.50% 81.62%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% 54.05%

Sales Fees

HLRRX 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

HLRRX 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.

HLRRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.36% 0.11% 380.00% 61.26%

HLRRX - Distributions

Dividend Yield Analysis

HLRRX Category Low Category High HLRRX % Rank
Dividend Yield 4.77% 0.00% 13.25% 14.71%

Dividend Distribution Analysis

HLRRX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Quarterly

Net Income Ratio Analysis

HLRRX Category Low Category High HLRRX % Rank
Net Income Ratio 0.74% -1.14% 6.05% 70.63%

Capital Gain Distribution Analysis

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

Distributions History

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HLRRX - Fund Manager Analysis

Managers

Edward Turville


Start Date

Tenure

Tenure Rank

Dec 16, 2002

19.47

19.5%

Edward W. Turville CFA is the firm's Founder, Chairman and Managing Director. Mr. Turville, CFA has been with the firm and its predecessors since inception in 1997, and has an extensive real estate and investment background with over 40 years of cumulative experience in these industries. He has held a number of senior positions with a group of investment firms including: Managing Director – Real Estate Division, Beach Investment Counsel Inc.; Principal – Dalton, Greiner, Hartman, Maher & Co.; and Director of Research, Senior Vice President – Johnson, Lane, Space, Smith & Co. Mr. Turville is a Chartered Financial Analyst charterholder and a graduate of Rice University with a Bachelor of Commerce and a Bachelor of Science in Accounting.

John Webster


Start Date

Tenure

Tenure Rank

Jan 31, 2015

7.33

7.3%

As the firm's President and Director of Research, Mr. Webster directs the firm's Atlanta Office and its research and marketing functions. He has a broad and in-depth background in real estate and real estate investing and has over 30 years experience in the industry. Mr. Webster has served as a real estate loan officer and asset manager for the Bank of Nova Scotia where he was responsible for an institutional portfolio of office, retail, hotel and condominium assets. He also has experience in real estate development and leasing in the industrial and office sectors. Mr. Webster has been with the firm since its inception, and has been a significant contributor to the development of our investment process. He holds a Bachelor of Arts in Public Policy from Duke University and a Masters of Business Administration from Emory University.

Tenure Analysis

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