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Name

As of 04/12/2024

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

GLOBAL REAL ESTATE FUND

VGREX | Fund

$6.26

$260 M

0.00%

0.88%

Vitals

YTD Return

-5.1%

1 yr return

3.4%

3 Yr Avg Return

-4.2%

5 Yr Avg Return

-3.2%

Net Assets

$260 M

Holdings in Top 10

35.2%

52 WEEK LOW AND HIGH

$6.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.88%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 76.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/12/2024

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

GLOBAL REAL ESTATE FUND

VGREX | Fund

$6.26

$260 M

0.00%

0.88%

VGREX - Profile

Distributions

  • YTD Total Return -5.1%
  • 3 Yr Annualized Total Return -4.2%
  • 5 Yr Annualized Total Return -3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.83%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    GLOBAL REAL ESTATE FUND
  • Fund Family Name
    VALIC Company
  • Inception Date
    Apr 01, 2008
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Blackburn

Fund Description

The Fund invests, under normal circumstances, at least 80% of its net assets in a diversified portfolio of equity investments in real estate and real estate-related companies. A company is considered a “real estate company” or “real estate-related company” if at least 50% of its net assets, gross income or net profits are attributable to ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein. The Fund invests primarily in real estate investments trusts (“REITs”) and equity securities, including common and preferred stocks and convertible securities. The Fund’s investments in real estate and real estate-related companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.In complying with the 80% investment requirement, the Fund may include synthetic securities that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.The Fund may invest in foreign securities, including securities of issuers in emerging markets. The Fund expects to invest a substantial portion of its assets in foreign securities economically tied to Japan, the United Kingdom, Australia, Hong Kong, Singapore, China, Canada, and Continental Europe. The Fund considers an investment tied economically to a country if the investment is exposed to the economic risks and returns of such country. From time to time, the Fund’s investments with respect to a particular country may comprise asubstantial portion of its investment portfolio.The Fund concentrates its investments in the real estate industry. The Fund’s Subadviser generally focuses on investing the Fund’s assets in equity real estate investment trusts (REITs) as well as similar entities formed under the laws of non-U.S. countries, but may also invest in mortgage REITs, hybrid REITs and other U.S. and foreign real estate-related investments, including emerging market real estate-related investments.The Fund’s Subadviser may invest the Fund’s assets in real estate-related investments of any size. However, issuers of real estate-related investments tend to have small-to-medium capitalizations. The Fund’s Subadviser normally allocates the Fund’s investments across different REIT managers and property types but may from time to time focus the Fund’s investments in any one or a few of these areas. In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.
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VGREX - Performance

Return Ranking - Trailing

Period VGREX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.1% -12.7% 8.6% 44.39%
1 Yr 3.4% -14.2% 18.4% 51.61%
3 Yr -4.2%* -15.6% 19.8% 69.89%
5 Yr -3.2%* -10.0% 15.7% 93.71%
10 Yr -1.6%* -2.6% 10.6% 98.18%

* Annualized

Return Ranking - Calendar

Period VGREX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -16.8% 16.7% 79.46%
2022 -27.1% -43.9% 4.5% 28.33%
2021 13.6% -13.9% 30.7% 77.27%
2020 -10.3% -20.7% 13.7% 80.68%
2019 20.0% 1.0% 26.5% 21.14%

Total Return Ranking - Trailing

Period VGREX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.1% -12.7% 8.6% 44.39%
1 Yr 3.4% -14.2% 18.4% 51.61%
3 Yr -4.2%* -15.6% 19.8% 69.89%
5 Yr -3.2%* -10.0% 15.7% 93.71%
10 Yr -1.6%* -2.6% 10.6% 98.18%

* Annualized

Total Return Ranking - Calendar

Period VGREX Return Category Return Low Category Return High Rank in Category (%)
2023 10.0% -14.6% 23.4% 66.49%
2022 -25.9% -39.5% 10.1% 50.00%
2021 13.6% 5.7% 101.8% 89.20%
2020 -10.3% -17.8% 14.7% 87.50%
2019 20.0% 6.7% 37.2% 88.00%

NAV & Total Return History

VGREX - Holdings

Concentration Analysis

VGREX Category Low Category High VGREX % Rank
Net Assets 260 M 4.31 M 9.6 B 54.84%
Number of Holdings 93 5 683 28.04%
Net Assets in Top 10 87.3 M 1.87 M 6.34 B 55.56%
Weighting of Top 10 35.16% 19.3% 64.1% 74.47%

Top 10 Holdings

  1. Prologis Inc 8.98%
  2. Equinix Inc 6.13%
  3. Sun Communities Inc 3.19%
  4. Digital Realty Trust Inc 2.74%
  5. Welltower Inc 2.56%
  6. Mitsui Fudosan Co Ltd 2.53%
  7. American Homes 4 Rent 2.40%
  8. UNITE Group PLC/The 2.25%
  9. AvalonBay Communities Inc 2.20%
  10. Brixmor Property Group Inc 2.17%

Asset Allocation

Weighting Return Low Return High VGREX % Rank
Stocks 		98.38% 2.78% 126.54% 69.31%
Cash 		1.06% 0.00% 10.38% 60.32%
Bonds 		0.55% 0.00% 25.03% 5.82%
Preferred Stocks 		0.00% 0.00% 7.08% 8.47%
Other 		0.00% -33.49% 102.40% 32.80%
Convertible Bonds 		0.00% 0.00% 0.07% 4.26%

Stock Sector Breakdown

Weighting Return Low Return High VGREX % Rank
Real Estate 		97.11% 72.53% 100.00% 48.91%
Consumer Cyclical 		1.31% 0.00% 13.03% 20.65%
Technology 		0.94% 0.00% 4.92% 21.20%
Communication Services 		0.65% 0.00% 10.08% 42.39%
Utilities 		0.00% 0.00% 0.96% 4.89%
Industrials 		0.00% 0.00% 4.91% 17.93%
Healthcare 		0.00% 0.00% 1.54% 14.13%
Financial Services 		0.00% 0.00% 9.53% 19.02%
Energy 		0.00% 0.00% 0.11% 1.63%
Consumer Defense 		0.00% 0.00% 0.18% 3.26%
Basic Materials 		0.00% 0.00% 1.63% 5.98%

Stock Geographic Breakdown

Weighting Return Low Return High VGREX % Rank
US 		63.69% 0.00% 99.38% 26.46%
Non US 		34.69% 0.00% 98.96% 78.31%

Bond Sector Breakdown

Weighting Return Low Return High VGREX % Rank
Cash & Equivalents 		0.71% 0.00% 100.00% 63.30%
Derivative 		0.00% -0.28% 3.19% 17.55%
Securitized 		0.00% 0.00% 33.47% 5.95%
Corporate 		0.00% 0.00% 99.92% 11.89%
Municipal 		0.00% 0.00% 0.00% 0.54%
Government 		0.00% 0.00% 9.24% 1.08%

Bond Geographic Breakdown

Weighting Return Low Return High VGREX % Rank
US 		0.55% 0.00% 25.03% 5.82%
Non US 		0.00% 0.00% 0.00% 0.53%

VGREX - Expenses

Operational Fees

VGREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.11% 33.54% 83.07%
Management Fee 0.73% 0.09% 1.50% 28.72%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.06% 0.01% 0.25% 40.74%

Sales Fees

VGREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

VGREX 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.

VGREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 76.00% 1.00% 165.00% 55.74%

VGREX - Distributions

Dividend Yield Analysis

VGREX Category Low Category High VGREX % Rank
Dividend Yield 0.00% 0.00% 5.52% 28.04%

Dividend Distribution Analysis

VGREX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Quarterly

Net Income Ratio Analysis

VGREX Category Low Category High VGREX % Rank
Net Income Ratio 1.83% -0.23% 3.84% 28.65%

Capital Gain Distribution Analysis

VGREX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

VGREX - Fund Manager Analysis

Managers

Mark Blackburn

Start Date

Tenure

Tenure Rank

May 01, 2008

14.09

14.1%

Mr. Blackburn is an Invesco Managing Director and a member of the Real Estate Securities Portfolio Management and Research Teams. His current duties include work as Director of Securities Research and a Portfolio Manager. Prior to joining Invesco in 1998, he worked as an Associate Director of Research focusing on equity securities research and recommendations with a regional brokerage firm. He is a member of the National Association of Real Estate Investment Trusts (NAREIT).

Ping-Ying Wang

Start Date

Tenure

Tenure Rank

May 01, 2008

14.09

14.1%

Ms. Wang is an Invesco Senior Director and a Portfolio Manager on the Real Estate Securities Investment Team.Ms. Wang evaluates global real estate companies with a particular focus on Asian and North American countries while managing and performing portfolio risk analysis. In addition to these duties, Ms. Wang formulates investment strategies, spearheads thematic research projects and serves on the Real Estate Securities Management Executive Committee. She holds the Chartered Financial Analyst designation.

Darin Turner

Start Date

Tenure

Tenure Rank

Dec 04, 2009

12.5

12.5%

Darin Turner is a portfolio manager and member of the Real Estate Securities Portfolio Management and Research Team with Invesco Real Estate. His current duties involve evaluating structured real estate securities with a focus on fi xed-income instruments such as commercial mortgage-backed securities, corporate debt and corporate preferred stock. Mr. Turner also provides tenant and credit quality analysis, capital structure analysis and debt pricing analysis for equity portfolios. Mr. Turner joined Invesco in 2005 as an acquisitions analyst.

James Cowen

Start Date

Tenure

Tenure Rank

Oct 01, 2015

6.67

6.7%

Mr. Cowen is a Portfolio Manager with the Invesco Real Estate Global Securities Team. He has 18 years of experience in real estate and has worked for Invesco for 15 years. Prior to joining the team in 2004, he worked in a real estate corporate finance role for Invesco in Europe and as an analyst for a management consulting business based in London. He has a Bachelor and Masters Degree from the University of Manchester and a M.Phil degree from Cambridge University. He is a member of the UK Society of Investment Professionals, UK Securities & Investment Institute and is a UK FSA approved person.

Grant Jackson

Start Date

Tenure

Tenure Rank

Oct 01, 2018

3.67

3.7%

Grant Jackson is a senior director and portfolio manager with Invesco Real Estate’s Global Securities team. Mr. Jackson began his investment career in 2002 and joined Invesco in 2005. Prior to joining Invesco, he worked for PricewaterhouseCoopers Consulting where he was engaged in various technical roles involving data management, database coordination, and application development. Mr. Jackson earned a BS in Mechanical Engineering from the University of Texas at Austin and a MBA from Southern Methodist University’s Cox School of Business. Mr. Jackson is a CFA® charterholder.

Charles (Chip) McKinley

Start Date

Tenure

Tenure Rank

Jan 14, 2022

0.38

0.4%

Chip McKinley, Senior Vice President, is a portfolio manager for global real estate securities portfolios. Prior to joining Cohen & Steers in 2007, Mr. McKinley was a portfolio manager and REIT analyst at Franklin Templeton Real Estate Advisors. Previously, he was with Fidelity Investments. Mr. McKinley holds a BA from Southern Methodist University and an MBA from Cornell University. He is based in New York.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 20.42 7.0 10.42

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