Sector | Industry Specific

Investing in real estate goes beyond the brick and mortar.

Real Estate Securities
Fund

Ticker: CNREX
Inception Date: 01/05/2004

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Mutual Fund Overview: Invest in Real Estate Securities Worldwide

With a broader focus, the Real Estate Securities Fund includes Real Estate Investment Trusts (REITs), publicly traded real estate development companies, real estate management companies, building supply companies, timber companies, real property holdings, and other publicly-traded companies involved in real estate related activities.

We believe there is a convincing case for investing in real estate securities since there are a variety of personal investment options that extend beyond brick and mortar. The Fund generally considers a business to be a real estate company when it derives at least 50% of its revenue from real estate related activities or has at least 50% of its assets in real estate.

Consistent with the Fund’s investment objectives, certain securities will be selected for the potential for high current return while others will be chosen for their long-term capital appreciation potential. However, there are many consistent real estate securities fund benefits including:

  • • Long-term capital appreciation potential;
  • • Dividend yield opportunity;
  • • Access to a variety of property types;
  • • Portfolio diversification; and
  • • All-encompassing real estate.

We believe investing in real estate and real estate related securities worldwide provides a solid opportunity for investors to bring it home.

Investment Objective

The Commonwealth Real Estate Securities Fund seeks to provide long-term capital appreciation and current income. Our strategic process includes investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.

The Real Estate Securities Fund invests primarily in equity securities without regard to capitalization, common and preferred stock, and securities convertible into common stock. It also invests in debt instruments of these companies.

Real Estate Investment Trusts (REITs) own and in most cases operate income-producing real estate. Some REITs also engage in financing real estate. A REIT is not taxed on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets and income.

Fund Performance

Review the Real Estate Securities Fund daily, monthly, and quarterly pricing and performance.

Fund Investment Holdings

Holdings as of 9/30/23

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Tecnoglass Inc6.1%
James Hardie Ind Plc Adr5.3%
Lennox Intl Inc5.1%
Lowe'S Cos Inc4.4%
Dr Horton Inc4.3%
Intercontinental Hotels3.7%
Feder-Gt Obl-I 73.7%
Grupo Aeroportuario - Adr3.6%
Lennar Corp-A3.6%
Iron Mountain Inc.3.5%
Alexandria Real3.3%
American Tower-A3.3%
Digital Realty3.3%
Sba Communications Corp3.2%
Extra Space Stor2.4%
Fannie Mae 2.5% 2/05/242.4%
Nvr Inc2.4%
Ladder Capital Corp2.3%
Summit Materials, Inc.2.2%
Wp Carey Inc1.9%
Prologis Inc1.8%
Stag Industrial Inc1.7%
SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Techtronic I - Adr1.7%
Cemex Sab-Sp Adr1.6%
Harleysville Financial1.6%
Kajima Corp - Adr1.6%
Kite Realty Group1.6%
Crown Castle Inc1.5%
Global Self Storage Inc1.5%
Avalonbay Commun1.4%
Cyrela Brazil Realty1.4%
Brasilagro-Cia Bra1.3%
Hannon Armstrong1.3%
Charter Hall Education1.3%
Equinix Inc1.2%
Gladstone Land Corp1.1%
National Retail1.1%
Redwood Trust1.1%
Weyerhaeuser Co1.1%
Crh Plc1.1%
Texas Capital Ba0.9%
Ares Comm Real Estate0.8%
Lend Lease Corp Ltd - Adr0.3%
Australian Dollar0.0%

Portfolio holdings will change due to ongoing management of the Fund. Reference to specific securities or sectors should not be construed as recommendations by the Fund, the advisor, or the distributor.

Distributions

Record date of December 15, 2022 the Ex-Dividend/Reinvestment and Payable Date of December 16, 2022.

Ordinary Investment Income Per Share: $0.0000
Short-Term Capital Gain Per Share: $0.0000
Long-Term Capital Gain Per Share: $0.1070

Minimums

The minimum initial investment is $200 and there is no minimum for subsequent investments.

Risk

Learn about the principal risks of investing in the Real Estate Securities Fund, which includes market, foreign security, and geographic risk.