Investment objective & strategy
As of April 29, 2022 · prospectusObjective. The Funds investment objective is to provide a combination of income and long-term growth of capital.
Strategy. The Fund invests primarily in equity securities of companies in the real estate industry, including real estate investment trusts (REITs). Under normal circumstances, the Fund expects to invest at least 80% of its assets in these securities. The Fund considers a company to be in the real estate industry if construction, ownership, management, financing or sales of residential, commercial or industrial real estate account for at least 50% of its gross revenues or net profits. Companies in the real estate industry include those with significant real estate holdings, such as hotel chains and mining, lumber and paper companies. The Fund may invest up to 20% of its assets in equity or debt securities of companies outside the real estate industry. … The Fund invests primarily in equity securities of companies in the real estate industry, including real estate investment trusts (REITs). Under normal circumstances, the Fund expects to invest at least 80% of its assets in these securities. The Fund considers a company to be in the real estate industry if construction, ownership, management, financing or sales of residential, commercial or industrial real estate account for at least 50% of its gross revenues or net profits. Companies in the real estate industry include those with significant real estate holdings, such as hotel chains and mining, lumber and paper companies. The Fund may invest up to 20% of its assets in equity or debt securities of companies outside the real estate industry. For example, the Fund has invested in financial institutions and manufacturers of consumer goods. The debt and fixed income securities in which the Fund may invest may be of any credit quality (including below investment grade securities commonly referred to as junk bonds) and of any maturity. The Fund may invest in securities of issuers of any size. The Fund may invest in the securities of U.S. and foreign issuers. There is no limit on the extent to which the Fund may invest in foreign companies or be exposed to issuers from any particular country. The Fund may, from time to time, invest a significant portion of the Funds assets in a small number of companies. The Funds investment adviser employs a flexible investment style and seeks to take advantage of opportunities as they arise. As a consequence of the Funds investment strategy, the Fund generally has a high rate of portfolio turnover.
Top holdings
As of Sept. 30, 2022 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| YAMANA GOLD INC | — | $18.12M | 5.53% |
| KINROSS GOLD CORP | — | $18.05M | 5.51% |
| ALPHA METALLURGICAL RESOURCES INC | — | $16.42M | 5.01% |
| LENNAR CORP CL A | — | $16.40M | 5.01% |
| PULTEGROUP INC | — | $16.12M | 4.92% |
| B2GOLD CORPORATION | — | $16.10M | 4.92% |
| CONSOL ENERGY INC - W/I | — | $16.08M | 4.91% |
| RYMAN HOSPITALITY PPTYS INC | — | $15.45M | 4.72% |
| DR HORTON INC | — | $14.82M | 4.52% |
| ARCH RESOURCES INC CL A | — | $14.23M | 4.35% |
Portfolio moves
Jun 30, 2022 → Sep 30, 2022How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| CGM Focus Fund | 17% | 1.30% |
| Direxion Daily Metal Miners Bull 2X Shares · MNM | 10% | 0.99% |
| Pioneer Real Estate Shares VCT Portfolio | 9% | 1.35% |
Footnotes
- Net assets and holdings count as of September 30, 2022, from the fund's N-PORT filing.
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