CenterSquare Real Estate Fund  (MRESX)

Fund Overview

Fund Overview

Share Class

N

Morningstar | Style Box

V B G L M S

NAV | as of 09/20/2017

$11.09
-$0.03 (-0.27%)

Overall Morningstar Rating



Rated against 230 Real Estate funds as of 08/31/2017

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Quarterly Performance (%) |
vs. Benchmark as of 06/30/2017

Fund Inception 12/31/1997

YTD 1YR 3YR 5YR 10YR INCEP.
MRESX 1.08 -3.23 8.16 9.15 6.94 9.02
Dow Jones U.S. Select REIT Index 1.36 -2.43 8.04 9.00 5.42 9.15
S&P 500 Index 9.34 17.90 9.61 14.63 7.18 6.79

Expense Ratios

  • Gross Expense Ratio: 1.07%
  • Net Expense Ratio: 1.07%
  • Expense Cap Expiration Date: N/A

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Objective

The Fund seeks income and long-term capital appreciation by investing in companies in the real estate industry, including real estate investment trusts (REITs).

Why Consider

  • Provides investors exposure to real estate securities, primarily REITs, which provide investors with exposure to a variety of commercial property sectors and potential diversification benefits
  • The investment process combines top-down sector allocation with bottom-up security analysis which includes a proprietary valuation model
  • Employs a comprehensive risk optimization process that balances active exposures, fundamental valuations, risk metrics and liquidity

Fund Managers

Dean Frankel

Global Co-Head, Real Estate Securities

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Eric Rothman

Portfolio Manager

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Performance

Performance

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Returns & Distributions

as of 06/30/2017

    • Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
      Jun 27, 2017 $0.017500 $0.017500
      Dec 27, 2016 $1.137400 $0.163100 $0.222200 $0.752100
      Sep 27, 2016 $0.027000 $0.027000
      Jun 27, 2016 $0.027000 $0.027000
      Mar 28, 2016 $0.055500 $0.055500
      Dec 28, 2015 $1.172100 $0.045100 $0.156700 $0.970300
      Sep 25, 2015 $0.056000 $0.056000
      Jun 25, 2015 $0.042000 $0.042000
      Mar 26, 2015 $0.042000 $0.042000
      Dec 26, 2014 $0.458200 $0.071000 $0.052100 $0.335100
      Sep 25, 2014 $0.020000 $0.020000
      Jun 25, 2014 $0.030000 $0.030000
      Mar 26, 2014 $0.030000 $0.030000
      Dec 26, 2013 $0.656600 $0.049500 $0.137900 $0.469200
      Sep 25, 2013 $0.022500 $0.022500
      Jun 25, 2013 $0.022500 $0.022500
      Mar 25, 2013 $0.022500 $0.022500
      Dec 26, 2012 $0.283000 $0.035000 $0.087900 $0.160100
      Sep 25, 2012 $0.017500 $0.017500
      Jun 26, 2012 $0.016500 $0.016500
      Mar 27, 2012 $0.035000 $0.035000
      Dec 27, 2011 $0.010400 $0.010400
      Sep 27, 2011 $0.012500 $0.012500
      Jun 27, 2011 $0.010000 $0.010000
      Mar 28, 2011 $0.010000 $0.010000
      Dec 28, 2010 $0.031100 $0.031100
      Sep 27, 2010 $0.010000 $0.010000
      Jun 25, 2010 $0.010000 $0.010000
      Mar 26, 2010 $0.015000 $0.015000
      Dec 28, 2009 $0.038500 $0.038500
      Sep 25, 2009 $0.020000 $0.020000
      Jun 25, 2009 $0.025000 $0.025000
      Mar 26, 2009 $0.025000 $0.025000
      Dec 26, 2008 $0.079000 $0.079000
      Sep 25, 2008 $0.020000 $0.020000
      Jun 25, 2008 $0.020000 $0.020000
      Mar 26, 2008 $0.036000 $0.020000 $0.016000
      Dec 26, 2007 $3.002700 $0.059500 $0.436600 $2.506600
      Sep 25, 2007 $0.025000 $0.025000
      Jun 26, 2007 $0.040000 $0.040000
      Mar 27, 2007 $0.057000 $0.040000 $0.017000
      Dec 26, 2006 $2.330000 $0.040000 $0.280000 $2.010000
      Sep 26, 2006 $0.015000 $0.015000
      Jun 27, 2006 $0.010000 $0.010000
      Mar 28, 2006 $0.010000 $0.010000
      Dec 27, 2005 $2.131000 $0.061000 $0.654000 $1.416000
      Sep 27, 2005 $0.140000 $0.140000
      Jun 27, 2005 $0.080000 $0.080000
      Mar 28, 2005 $0.030000 $0.030000
      Jan 13, 2005 $0.526000 $0.096000 $0.180000 $0.250000
      Dec 17, 2004 $1.318950 $1.318950
      Sep 30, 2004 $0.150000 $0.150000
      Jun 30, 2004 $0.050000 $0.050000
      Mar 31, 2004 $0.100000 $0.100000
      Sep 15, 2003 $0.110000 $0.110000
      Jun 30, 2003 $0.160000 $0.160000
      Mar 31, 2003 $0.160000 $0.160000
      Dec 20, 2002 $0.160000 $0.160000
      Sep 30, 2002 $0.160000 $0.160000
      Jun 28, 2002 $0.090000 $0.090000
      Mar 28, 2002 $0.036000 $0.036000
      Dec 31, 2001 $0.100000 $0.100000
      Sep 28, 2001 $0.050000 $0.050000
      Jun 29, 2001 $0.140000 $0.140000
      Mar 30, 2001 $0.050000 $0.050000
      Dec 29, 2000 $0.140000 $0.140000
      Sep 29, 2000 $0.100000 $0.100000
      Jun 30, 2000 $0.150000 $0.150000
      Mar 31, 2000 $0.110000 $0.110000
      Dec 29, 1999 $0.140000 $0.140000
      Sep 30, 1999 $0.100000 $0.100000
      Jun 30, 1999 $0.120000 $0.120000
      Mar 31, 1999 $0.120000 $0.120000
      Dec 31, 1998 $0.070000 $0.070000
      Dec 15, 1998 $0.068600 $0.068600
      Oct 27, 1998 $0.140000 $0.140000

Growth of $10,000 (Hypothetical)

Since Inception 12/31/1997 to 08/31/2017 = $54,333.79

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown.

Top Holdings (Equity)

Quarter Ending: 06/30/2017

Simon Property Group Inc 7.38%
Prologis Inc 5.96%
AvalonBay Communities Inc 5.42%
Boston Properties Inc 4.66%
Vornado Realty Trust 4.09%
HCP Inc 3.97%
CubeSmart 3.77%
Essex Property Trust Inc 3.75%
Public Storage 3.23%
Douglas Emmett Inc 3.15%
% in Top 10 Holdings 45.38%
View Holding Details Read Important Investment Disclosures

MPT Stats

Month Ending: 08/31/2017

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Investment Allocation

Quarter Ending: 06/30/2017

Investment Approach

Investment Approach

CenterSquare Real Estate Fund

CenterSquare believes real estate securities play an important role in a multi-asset class investment portfolio. CenterSquare recognizes that real estate securities are not simply stocks or real estate. They are hybrid financial investments that must be valued on the basis of a number of meaningful factors, only one of which is the value of the firm’s property portfolio.

To accurately assess the relative value of a REIT security, CenterSquare takes into account critical business and market factors, such as:

  • Company capitalization
  • Position within public capital markets
  • Quality of the management team

Additional Fund Highlight

CenterSquare, founded in 1987, is a boutique real estate investment firm with an average of 20 years industry experience among the senior members of the investment team.

Perspective | Sep 1, 2016

Dynamic Disruption: Technology Reinvents Real Estate

Ecommerce, cloud computing, the Internet of Things, telecommuting, the sharing economy — these trends have impacted every facet of life and real estate is no exception. In this paper, CenterSquare analyses how technological advancements are reshaping the real estate market.
Read More
Perspective | Aug 1, 2017

Market Commentary

CenterSquare's Market Commentary provides insight into key drivers for performance of listed real estate, including macroeconomic factors, fundamental supply and demand factors and secular trends.
Read More

About

About CenterSquare Investment Management

Background

CenterSquare is an investor in, and manager of public, private, global and U.S. real estate investment strategies.

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Founded

1987


Headquarters

Plymouth Meeting, PA


AUM

$8.9B

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