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Aston/Fortis Real Estate Fund

 NI
CUSIP00078H62000080Y108
TickerARFCXAARIX
Share Class Inception12/30/19979/20/2005
Gross Exp Ratio (%)1.951.7
Net Exp Ratio (%)1.371.12
NAV7.997.94
% Change 1.40 1.40
Benchmark MSCI U.S. REIT Gross TR Index
Morningstar Category Real Estate
Regarding the Net Expense Ratio: The Adviser contractually waived management fees and/or reimbursed expenses through February 28, 2011.


There is a redemption fee of 2% (as a percentage of the amount redeemed) on shares that are sold or exchanged within 90 calendar days of purchase.

Overall Morningstar Rating™

Aston/Fortis Real Estate Fund Shares received a Morningstar rating.

Among 237 Real Estate funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 7/31/10.

View Entire Rating

Fund Resources

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Portfolio Managers

Joseph Pavnica
Joseph Pavnica

Joseph Pavnica

Joseph Pavnica

Mr. Pavnica is the Head of American Property, having joined the property team of Fortis and its predecessors in March 2001, and been employed by a predecessor firm from 1997 to 2001. During his tenure, Mr. Pavnica has been responsible for analyzing and providing investment recommendations for various property sectors including: retail, multi-family, hotels, industrial, and self-storage. Mr. Pavnica received his BS in Accounting from St. Joseph's College and his MBA from Indiana University Northwest.

James Hardman
James Hardman

James Hardman

James Hardman

Mr. Hardman joined Fortis and its predecessors and/or affiliates in April 2005 as an investment analyst. During his tenure, he has been responsible for analyzing and providing recommendations for the diversified, healthcare, industrial, lodging, office, self-storage, and net lease sectors. From May 2000 to April 2005, Mr. Hardman worked as an investment and strategy analyst for Security Capital Research & Management, where he conducted detailed valuation analysis, performed fundamental research, and designed and implemented portfolio management tools. Prior to that, he was a real estate consultant for Ernst & Young Real Estate Advisory Group from May 1998 to April 2000. Mr. Hardman has a BS degree in Accounting and Finance from Indiana University.

  1. Overview
  2. Holdings
  3. Performance
  4. Quarterly Commentary

Investment Strategy

The Aston/Fortis Real Estate Fund combines both top-down and bottom-up research with a long-term investment horizon to construct a portfolio that maintains the characteristics of direct real estate ownership.

If you are an investment professional, login or register here for access to Aston’s research content. Discover the unique qualities that differentiate our Subadvisers at both the firm and strategy levels.  

Objective

The Fund seeks total return through a combination of growth and income.

Main Risks

All investments are subject to risks and investing in sector-specific mutual funds may entail greater risks than investments in funds diversified across sectors. Because such a fund may invest in a limited number of industries within a sector such as real estate, the fund may be subject to a greater level of market risk and may be more volatile. Risks also include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers.

Note: Real estate funds are non-diversified and may be more susceptible to risk than funds that invest more broadly. Risks include declines from deteriorating economic conditions, changes in the value of the underlying property, and defaults by borrowers.

Fund Stats (as of 6/30/10) NI
Sales LoadNoneNone
Total Fund Assets30,955,123.0730,955,123.07
Turnover9393
Minimum Investment2,5001,000,000
Alpha (3 yr.)-0.84-1.08
Beta (3 yr.)0.940.94
R-Squared (3 yr.)0.990.99
Standard Dev (3 yr.)38.2138.18
Sharpe Ratio (3 yr.)-0.04-0.04
Current Wtd Average P/E (trailing)1212
Current Wtd Average P/B (trailing)2.352.35
Median Mkt Cap ($Mil)4,6684,668
Turnover is based on a rolling 12-month average. Alpha measures the difference between a fund’s actual returns and its expected performance, given its level of risk. Beta is a measure of risk which shows a fund’s volatiliy relative to an index. R-Squared is the percentage of a fund’s movement that can be explained by movements in its benchmark index. Sharpe Ratio is a risk-adjusted measure used to determine reward per unit of risk.

Sector Breakdown (as of 7/31/10)
Retail		27.63%
Residential		19.92%
Office Properties		18.42%
Health Care		9.64%
Self Storage		8.82%
Hotels		5.69%
Diversified		4.54%
Cash Equivalents & Other		3.12%
Industrials		2.23%
Top Ten Holdings (as of 7/31/10)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
SIMON PROPERTY GROUP INC SPG 828806109 49,745 $4,438,248.90 13.06%
PUBLIC STORAGE PSA 74460D109 30,523 $2,994,916.76 8.82%
EQUITY RESIDENTIAL EQR 29476L107 61,169 $2,804,598.65 8.26%
BOSTON PROPERTIES INC BXP 101121101 33,160 $2,715,804.00 7.99%
AVALONBAY COMMUNITIES INC AVB 53484101 21,534 $2,263,008.06 6.66%
FEDERAL REALTY INVS TRUST FRT 313747206 23,286 $1,820,732.34 5.36%
NATIONWIDE HEALTH PPTYS INC NHP 638620104 46,204 $1,728,953.68 5.09%
ESSEX PROPERTY TRUST INC ESS 297178105 14,765 $1,551,949.15 4.57%
HOST HOTELS & RESORTS INC HST 44107P104 107,123 $1,536,143.82 4.52%
DOUGLAS EMMETT INC DEI 25960P109 91,269 $1,442,962.89 4.25%
Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost.

As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.

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