Investment objective & strategy
As of Jan. 23, 2026 · prospectusObjective. The fund has a primary investment objective of long-term capital appreciation with a secondary investment objective of income.
Strategy. The fund provides global exposure to the real estate securities market, focusing on owners and operators with recurring rental income. Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by U.S. and non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as real estate investment trusts (REITs) and similar REIT-like entities. The fund, under normal market conditions, will hold at least 40% of its assets in non-U.S. issuers, unless market conditions outside of the U.S. are deemed less favorable by the portfolio manager, in which case the fund would invest at least 30% … The fund provides global exposure to the real estate securities market, focusing on owners and operators with recurring rental income. Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by U.S. and non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as real estate investment trusts (REITs) and similar REIT-like entities. The fund, under normal market conditions, will hold at least 40% of its assets in non-U.S. issuers, unless market conditions outside of the U.S. are deemed less favorable by the portfolio manager, in which case the fund would invest at least 30% of its assets in securities of non-U.S. issuers. Additionally, the fund normally invests in real estate-related securities of issuers in developed countries; however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| WELLTOWER INC | — | $37.46M | 9.33% |
| PROLOGIS INC REIT | — | $26.65M | 6.64% |
| EQUINIX INC | — | $25.50M | 6.35% |
| DIGITAL REALTY TRUST INC | — | $19.19M | 4.78% |
| VENTAS INC REIT | — | $16.02M | 3.99% |
| MITSUI FUDOSAN | — | $12.12M | 3.02% |
| MERLIN PROPERTIE | — | $10.94M | 2.73% |
| SIMON PROPERTY | — | $10.86M | 2.71% |
| MITSUBISHI ESTAT | — | $10.79M | 2.69% |
| AVALONBAY COMMUNITIES INC REIT | — | $9.99M | 2.49% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How 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. |
|---|---|---|
| GLOBAL REAL ESTATE FUND · VGREX | 77% | 0.90% |
| Virtus Duff & Phelps Real Estate Securities Fund · PHRAX, PHRCX, PHRIX, VRREX | 67% | 0.79% |
| Virtus Duff & Phelps Real Estate Securities Series | 67% | 0.85% |
Footnotes
- Expense ratio as of January 23, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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