Name
As of 12/19/2024Price
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
-0.6%
1 yr return
1.8%
3 Yr Avg Return
-4.2%
5 Yr Avg Return
0.4%
Net Assets
$43.9 M
Holdings in Top 10
45.3%
52 WEEK LOW AND HIGH
$12.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.58%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 84.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
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
NRFAX - Profile
Distributions
- YTD Total Return -0.6%
- 3 Yr Annualized Total Return -4.2%
- 5 Yr Annualized Total Return 0.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.51%
- Dividend Yield 2.3%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameAEW Global Focused Real Estate Fund
-
Fund Family NameNatixis Funds
-
Inception DateMay 01, 2013
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGina Szymanski
Fund Description
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in securities, including common stocks and preferred stocks, of real estate investment trusts (“REITs”) and/or real estate-related companies (e.g., real estate operating companies). REITs are generally dedicated to owning, and usually operating, income-producing real estate, or dedicated to financing real estate. The Fund primarily invests in equity REITs, which own or lease real estate and derive their income primarily from rental income. To qualify as a REIT, a company must distribute a significant percentage of its taxable income to shareholders in the form of dividends (at least 90% in the U.S.); this dividend payout ratio is higher than that of non-REIT companies. Real estate-related companies are those companies whose principal activity involves the development, ownership, construction, management or sale of real estate; companies with significant real estate holdings; and companies that provide products or services related to the real estate industry. The Fund intends to meet its investment goal by investing primarily in a portfolio of securities of REITs and real estate companies, including those that are primarily focused on income-producing commercial property and real estate development. Companies in the real estate industry, including REITs and real estate operating companies in which the Fund may invest may have relatively small market capitalizations. The Fund invests in securities of issuers located in no fewer than three regions, North America, Europe and Asia Pacific. Under normal circumstances, the Fund’s regional weightings will be +/- 10% of the regional weightings of the Fund’s benchmark, the FTSE EPRA Nareit Developed Index (Net). Although the Fund does not seek to track any particular index, the Fund will be diversified in terms of geographic and property type exposures, and the FTSE EPRA Nareit Developed Index (Net) may be used as a benchmark for the regional weighting of the Fund’s portfolio. The Fund may invest up to 10% of its assets in securities of companies located in emerging markets. For the purposes of determining whether a particular country is considered an emerging market, the Fund uses the designation set forth by the FTSE EPRA Nareit Emerging Index. The Fund follows a focused investment approach and typically holds 50 to 60 securities.
AEW employs a value-oriented investment strategy designed to identify securities that are priced below what it believes is their intrinsic value. AEW believes that ultimately the performance of real estate equity securities is dependent upon the underlying real estate assets and company management, as well as the overall influence of capital markets.
When selecting investments for the Fund, AEW generally considers the following factors that it believes help to identify those companies whose shares represent the greatest value and price appreciation potential:
Valuation: AEW has developed a proprietary model to assess the relative value of each stock in the Fund’s investment universe. These estimates are formulated by the investment teams in each region based on a detailed analysis of historical trends and expectations for the future for each company’s financial statements. As a first step in its modeling process, AEW inputs projected financial information for each company. After completion of preliminary pro forma statements, the assumptions utilized to create the pro forma statements are generally discussed with representatives from each company. This model is designed to estimate what an issuer’s anticipated cash flows are worth to a stock investor (a capital markets value) and to a direct real estate investor (a real estate value). The capital markets value and real estate value incorporate factors that AEW believes influence the valuation of the cash flows by these different types of investors. These factors are the quantification of a broad array of subjective characteristics that AEW believes are important in the relative valuation process for both sectors and individual stocks. The model helps AEW to identify stocks that it believes trade at discounts to either or both of these model values relative to similar stocks. AEW will generally sell a security once it is considered overvalued or when AEW believes that there is greater relative value in other securities in the Fund’s investment universe.
Price: AEW examines the historic pricing of each company in the Fund’s universe of potential investments. Those stocks that have underperformed in price, either in absolute terms or relative to the Fund’s investment universe in general, are typically of greater interest, provided AEW can identify and disagree with the sentiment that caused the underperformance.
Catalysts: When evaluating a security, AEW also seeks to identify potential catalysts, such as changes in interest rates, regional and local economic conditions and other factors, that in its opinion, could cause the marketplace to re-value the security upwards in the near term. These catalysts can be macro-economic (e.g. interest rate expectations), market-driven or company-specific (e.g. a company’s development pipeline) in nature.
ESG: AEW seeks to identify environmental, social, and governance (“ESG”) factors that it believes are most relevant to real estate investments in the Fund’s investable universe. ESG factors may include, among other things, the environmental performance of buildings, diversity, equity and inclusion policies, corporate giving, and Board diversity. AEW incorporates insights from fundamental research and company meetings alongside third party data and ESG data sourced directly from the issuer into a proprietary ESG risk score, which is an input into AEW’s securities valuation analysis. While AEW considers ESG factors in all buy and sell decisions for the Fund, the ESG profile of an investment will not be prioritized over other considerations in AEW’s investment selection process. The Fund may continue to invest in an issuer with a lower ESG score if AEW believes the investment’s valuation remains attractive as measured by other factors.
NRFAX - Performance
Return Ranking - Trailing
| Period | NRFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.6% | -16.9% | 27.8% | 27.17% |
| 1 Yr | 1.8% | -15.3% | 29.2% | 31.79% |
| 3 Yr | -4.2%* | -19.8% | 2.4% | 31.74% |
| 5 Yr | 0.4%* | -11.6% | 13.6% | 39.26% |
| 10 Yr | 3.1%* | -3.7% | 10.2% | 46.28% |
* Annualized
Return Ranking - Calendar
| Period | NRFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.4% | -16.8% | 16.7% | 8.19% |
| 2022 | -27.5% | -39.5% | 4.5% | 39.52% |
| 2021 | 21.1% | -0.9% | 30.7% | 44.17% |
| 2020 | -9.3% | -19.7% | 13.7% | 77.91% |
| 2019 | 6.5% | 1.0% | 26.5% | 93.83% |
Total Return Ranking - Trailing
| Period | NRFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.6% | -16.9% | 27.8% | 27.17% |
| 1 Yr | 1.8% | -15.3% | 29.2% | 31.79% |
| 3 Yr | -4.2%* | -19.8% | 2.4% | 31.74% |
| 5 Yr | 0.4%* | -11.6% | 13.6% | 39.26% |
| 10 Yr | 3.1%* | -3.7% | 10.2% | 46.28% |
* Annualized
Total Return Ranking - Calendar
| Period | NRFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.2% | -14.6% | 23.4% | 8.19% |
| 2022 | -25.9% | -39.5% | 10.1% | 50.30% |
| 2021 | 27.9% | 5.7% | 101.8% | 36.81% |
| 2020 | -5.8% | -17.8% | 14.7% | 71.78% |
| 2019 | 23.9% | 4.3% | 37.2% | 51.85% |
NAV & Total Return History
NRFAX - Holdings
Concentration Analysis
| NRFAX | Category Low | Category High | NRFAX % Rank | |
|---|---|---|---|---|
| Net Assets | 43.9 M | 4.27 M | 7.48 B | 90.00% |
| Number of Holdings | 59 | 5 | 691 | 71.68% |
| Net Assets in Top 10 | 16.2 M | 2.13 M | 4.55 B | 89.60% |
| Weighting of Top 10 | 45.32% | 20.1% | 63.7% | 22.67% |
Top 10 Holdings
- Prologis Inc 7.16%
- Welltower Inc 6.35%
- Equinix Inc 4.96%
- AvalonBay Communities Inc 4.35%
- Regency Centers Corp 4.30%
- Realty Income Corp 4.10%
- UDR Inc 3.94%
- Extra Space Storage Inc 3.65%
- Broadstone Net Lease Inc 3.39%
- Simon Property Group Inc 3.11%
Asset Allocation
| Weighting | Return Low | Return High | NRFAX % Rank | |
|---|---|---|---|---|
| Stocks | 99.57% | 3.62% | 126.54% | 19.08% |
| Other | 0.93% | -33.49% | 101.32% | 9.25% |
| Preferred Stocks | 0.00% | 0.00% | 7.25% | 62.43% |
| Convertible Bonds | 0.00% | 0.00% | 0.07% | 59.54% |
| Cash | 0.00% | 0.00% | 11.23% | 98.84% |
| Bonds | 0.00% | 0.00% | 22.09% | 61.27% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | NRFAX % Rank | |
|---|---|---|---|---|
| Real Estate | 100.00% | 72.53% | 100.00% | 7.69% |
| Utilities | 0.00% | 0.00% | 0.96% | 61.54% |
| Technology | 0.00% | 0.00% | 4.92% | 76.33% |
| Industrials | 0.00% | 0.00% | 4.91% | 69.23% |
| Healthcare | 0.00% | 0.00% | 1.54% | 67.46% |
| Financial Services | 0.00% | 0.00% | 9.53% | 69.82% |
| Energy | 0.00% | 0.00% | 0.11% | 60.36% |
| Communication Services | 0.00% | 0.00% | 10.08% | 82.84% |
| Consumer Defense | 0.00% | 0.00% | 0.18% | 62.13% |
| Consumer Cyclical | 0.00% | 0.00% | 13.03% | 88.17% |
| Basic Materials | 0.00% | 0.00% | 1.63% | 61.54% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | NRFAX % Rank | |
|---|---|---|---|---|
| US | 65.53% | 0.00% | 102.76% | 24.28% |
| Non US | 34.04% | 0.00% | 99.07% | 69.94% |
NRFAX - Expenses
Operational Fees
| NRFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.58% | 0.10% | 36.96% | 34.10% |
| Management Fee | 0.75% | 0.09% | 1.50% | 39.53% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 37.33% |
| Administrative Fee | N/A | 0.01% | 0.25% | N/A |
Sales Fees
| NRFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.75% | 3.50% | 5.75% | 24.14% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| NRFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 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.
| NRFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 84.00% | 1.00% | 165.00% | 72.62% |
NRFAX - Distributions
Dividend Yield Analysis
| NRFAX | Category Low | Category High | NRFAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.29% | 0.00% | 5.52% | 19.08% |
Dividend Distribution Analysis
| NRFAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| NRFAX | Category Low | Category High | NRFAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.51% | -0.23% | 3.84% | 42.94% |
Capital Gain Distribution Analysis
| NRFAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Quarterly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 26, 2024 | $0.069 | OrdinaryDividend |
| Mar 25, 2024 | $0.218 | OrdinaryDividend |
| Dec 19, 2023 | $0.020 | OrdinaryDividend |
| Sep 26, 2023 | $0.072 | OrdinaryDividend |
| Jun 26, 2023 | $0.037 | OrdinaryDividend |
| Mar 24, 2023 | $0.136 | OrdinaryDividend |
| Dec 21, 2022 | $0.038 | OrdinaryDividend |
| Sep 26, 2022 | $0.038 | OrdinaryDividend |
| Jun 24, 2022 | $0.056 | OrdinaryDividend |
| Mar 24, 2022 | $0.142 | OrdinaryDividend |
| Dec 21, 2021 | $0.527 | OrdinaryDividend |
| Sep 24, 2021 | $0.032 | OrdinaryDividend |
| Jun 24, 2021 | $0.035 | OrdinaryDividend |
| Mar 24, 2021 | $0.201 | OrdinaryDividend |
| Dec 18, 2020 | $0.123 | OrdinaryDividend |
| Sep 24, 2020 | $0.042 | OrdinaryDividend |
| Jun 24, 2020 | $0.025 | OrdinaryDividend |
| Mar 25, 2020 | $0.217 | OrdinaryDividend |
| Dec 18, 2019 | $0.285 | OrdinaryDividend |
| Dec 18, 2019 | $0.208 | CapitalGainShortTerm |
| Dec 18, 2019 | $1.422 | CapitalGainLongTerm |
| Sep 25, 2019 | $0.024 | OrdinaryDividend |
| Jun 25, 2019 | $0.041 | OrdinaryDividend |
| Mar 26, 2019 | $0.035 | OrdinaryDividend |
| Mar 26, 2019 | $0.005 | CapitalGainShortTerm |
| Mar 26, 2019 | $0.195 | CapitalGainLongTerm |
| Dec 19, 2018 | $0.084 | OrdinaryDividend |
| Dec 19, 2018 | $0.004 | CapitalGainShortTerm |
| Dec 19, 2018 | $0.642 | CapitalGainLongTerm |
| Sep 25, 2018 | $0.052 | OrdinaryDividend |
| Jun 26, 2018 | $0.061 | OrdinaryDividend |
| Mar 26, 2018 | $0.031 | OrdinaryDividend |
| Mar 26, 2018 | $0.313 | CapitalGainLongTerm |
| Dec 20, 2017 | $0.054 | OrdinaryDividend |
| Dec 20, 2017 | $0.002 | CapitalGainShortTerm |
| Dec 20, 2017 | $0.998 | CapitalGainLongTerm |
| Sep 28, 2017 | $0.067 | OrdinaryDividend |
| Jun 28, 2017 | $0.044 | OrdinaryDividend |
| Mar 29, 2017 | $0.052 | OrdinaryDividend |
| Mar 29, 2017 | $0.234 | CapitalGainLongTerm |
| Dec 20, 2016 | $0.155 | OrdinaryDividend |
| Dec 20, 2016 | $0.012 | CapitalGainShortTerm |
| Dec 20, 2016 | $0.675 | CapitalGainLongTerm |
| Sep 30, 2016 | $0.059 | OrdinaryDividend |
| Jun 30, 2016 | $0.043 | OrdinaryDividend |
| Apr 07, 2016 | $0.003 | CapitalGainShortTerm |
| Apr 07, 2016 | $0.548 | CapitalGainLongTerm |
| Mar 30, 2016 | $0.113 | OrdinaryDividend |
| Dec 21, 2015 | $0.047 | OrdinaryDividend |
| Dec 21, 2015 | $0.005 | CapitalGainShortTerm |
| Dec 21, 2015 | $1.052 | CapitalGainLongTerm |
| Sep 29, 2015 | $0.070 | OrdinaryDividend |
| Jun 25, 2015 | $0.013 | OrdinaryDividend |
| Apr 08, 2015 | $0.235 | CapitalGainLongTerm |
| Mar 30, 2015 | $0.048 | OrdinaryDividend |
| Dec 18, 2014 | $0.106 | OrdinaryDividend |
| Dec 18, 2014 | $0.020 | CapitalGainShortTerm |
| Dec 18, 2014 | $0.509 | CapitalGainLongTerm |
| Sep 23, 2014 | $0.030 | OrdinaryDividend |
| Jun 19, 2014 | $0.035 | OrdinaryDividend |
| Apr 08, 2014 | $0.731 | CapitalGainLongTerm |
| Mar 20, 2014 | $0.028 | OrdinaryDividend |
| Dec 18, 2013 | $0.094 | OrdinaryDividend |
| Dec 18, 2013 | $0.106 | CapitalGainShortTerm |
| Dec 18, 2013 | $3.587 | CapitalGainLongTerm |
| Sep 24, 2013 | $0.045 | OrdinaryDividend |
| Jun 20, 2013 | $0.053 | OrdinaryDividend |
| Apr 09, 2013 | $0.307 | CapitalGainLongTerm |
| Mar 21, 2013 | $0.057 | OrdinaryDividend |
| Dec 18, 2012 | $0.078 | OrdinaryDividend |
| Dec 18, 2012 | $1.593 | CapitalGainLongTerm |
| Sep 20, 2012 | $0.031 | OrdinaryDividend |
| Jun 21, 2012 | $0.038 | OrdinaryDividend |
| Mar 22, 2012 | $0.025 | OrdinaryDividend |
| Dec 13, 2011 | $0.037 | OrdinaryDividend |
| Sep 22, 2011 | $0.030 | OrdinaryDividend |
| Jun 23, 2011 | $0.030 | OrdinaryDividend |
| Mar 24, 2011 | $0.036 | OrdinaryDividend |
| Dec 14, 2010 | $0.090 | OrdinaryDividend |
| Sep 23, 2010 | $0.025 | OrdinaryDividend |
| Jun 24, 2010 | $0.025 | OrdinaryDividend |
| Mar 25, 2010 | $0.073 | OrdinaryDividend |
| Dec 15, 2009 | $0.052 | OrdinaryDividend |
| Sep 25, 2009 | $0.033 | OrdinaryDividend |
| Jun 26, 2009 | $0.044 | OrdinaryDividend |
| Mar 27, 2009 | $0.083 | OrdinaryDividend |
| Sep 26, 2008 | $0.129 | OrdinaryDividend |
| Apr 14, 2008 | $0.401 | CapitalGainLongTerm |
| Mar 27, 2008 | $0.088 | OrdinaryDividend |
| Dec 21, 2007 | $0.401 | OrdinaryDividend |
| Dec 21, 2007 | $0.083 | CapitalGainShortTerm |
| Dec 21, 2007 | $1.922 | CapitalGainLongTerm |
| Sep 17, 2007 | $0.094 | OrdinaryDividend |
NRFAX - Fund Manager Analysis
Managers
Gina Szymanski
Start Date
Tenure
Tenure Rank
Jan 17, 2017
5.37
5.4%
Ms. Szymanski is a Director of the firm and a Portfolio Manager in the firm’s Real Estate Securities Group for diversified strategies in the U.S. and North America. She is also a member of the Global Securities Allocation Committee. Prior to joining AEW, Ms. Szymanski worked at Putnam Investments for over 15 years where she most recently held the title of Senior Analyst. In this role, she managed the REIT sleeve of Putnam's Research Fund and was a member of the Global Equity Research team where she was focused on stock selection and modeling for the REIT sector, Banks, Insurance and Diversified Financials. Ms. Szymanski has held roles as a Portfolio Member of the Small & Mid Cap Value team focused on Financials, Consumer and Industrials as well as a Portfolio Member of the Quantitative Equity Research team. Prior to joining Putnam Investments, Ms. Szymanski held risk management and forensic accounting roles at CIBC World Markets and Matson, Driscoll & Damico Ltd, respectively. Ms. Szymanski earned an Honors Bachelor of Mathematics in Economics and Business Administration from the University of Waterloo and a Master of Science in Finance from Carnegie Mellon University. She is a CFA charterholder, a member of the CFA Institute and the CFA Society Boston.
Robert Oosterkamp
Start Date
Tenure
Tenure Rank
May 31, 2019
3.0
3.0%
Mr. Oosterkamp is a Director of the firm and serves as Portfolio Manager for Europe and is the Chair of the Global Securities Allocation Committee. He is responsible for the construction of the European component of AEW’s global property securities portfolios and the European mandates. Mr. Oosterkamp, who is based in AEW’s affiliate office in London, joined AEW in 2005 from Kempen Capital Management, where he was a Senior Portfolio Manager for European real estate securities. Mr. Oosterkamp also has held positions with SFS, a pension fund in the Netherlands, and ING Bank. He has 21 years of investment management and analysis experience and is a graduate of the H.E.A.O. Business School in the Netherlands (B.A.) and the University of Amsterdam (M.B.A.)
Milton Low
Start Date
Tenure
Tenure Rank
May 31, 2019
3.0
3.0%
Mr. Low serves as Portfolio Manager with responsibility for the construction of the Asia Pacific component of AEW’s global property securities portfolios. He also serves as a member of the Global Securities Allocation Committee. Previously, Mr. Low was a Portfolio Manager for Asian property securities at LIM Advisors, Ltd. in Hong Kong, where he co-managed an Asian Property Long/Short Fund and a JREIT fund. With 18 years of investment management experience in the Asian equities market, he has also held positions at Prudential Asset Management, most recently as a Portfolio Manager focused on Asia Pacific equities. Mr. Low holds a Bachelor of Business degree from the Royal Melbourne Institute of Technology in Australia and a CFA charterholder. He is also fluent in Mandarin.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 20.42 | 7.13 | 10.42 |