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ASTON/Harrison Street Real Estate Fund

CUSIP 00078H62000080Y108
Share Class Inception 12/30/19979/20/2005
Gross Exp Ratio (%) 2.221.97
Net Exp Ratio (%) 1.371.12
NAV Change (%) 0.15 0.23
Dividend Frequency Annual
Benchmarks MSCI U.S. REIT Gross TR Index
Morningstar Category Real Estate

Overall Morningstar Rating

ASTON/Harrison Street Real Estate  Shares received a Morningstar rating.

Among 236 Real Estate funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 1/31/15.

Portfolio Managers

Reagan  Pratt
Reagan Pratt

Reagan Pratt

Reagan  Pratt

Co-Portfolio Manager since June 2011. Mr. Pratt is Principal and Portfolio Manager as well as a member of the Board of Managers of HSS. Mr. Pratt founded HSS in 2005, in association with TIC and Mr. Kammert. From 2001 through 2004, Mr. Pratt was a portfolio manager with Heitman Real Estate Securities LLC. Mr. Pratt is responsible for managing the public real estate securities portfolios of HSS and the day-to-day operation of HSS. Mr. Pratt has a bachelor’s degree in economics and geography from the University of Guelph (Ontario, Canada) and a Master of Science Business Administration (Urban Land Economics) from the University of British Columbia (British Columbia, Canada).

James  Kammert, CFA
James Kammert, CFA

James Kammert, CFA

James  Kammert, CFA

Co-Portfolio Manager since June 2011. Mr. Kammert is Principal and Portfolio Manager as well as a member of the Board of Managers of HSS. Mr. Kammert founded HSS in March 2005, in association with TIC and Mr. Pratt. Along with Mr. Pratt, Mr. Kammert is responsible for managing the public real estate securities portfolios of HSS. Mr. Kammert joined HSS in August 2005. From 2003 through mid-2005, Mr. Kammert was Director of Research for European Investors, Inc. Prior to joining European Investors, Mr. Kammert was Vice President and co-head of Goldman Sachs & Co.’s U.S. REIT research team for over four years. Mr. Kammert graduated from Lafayette College with a BA in Economics & Business and earned his MBA from the University of Chicago. Mr. Kammert holds the CFA designation and is a CPA.

Investment Strategy

The ASTON/Harrison Street Real Estate Fund focuses on finding attractive investment opportunities in public real estate securities using proprietary bottom-up research and a blend of two valuation techniques.

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

Risk Considerations

The Fund is classified as non-diversified and may be more susceptible to risk than funds that invest more broadly. In addition REITs may decline from deteriorating economic conditions, changes in the value of the underlying property, and defaults by borrowers. Small- and mid-cap equities are considered riskier than large-cap equities due to greater potential volatility and less liquidity.

Fund Stats (as of 12/31/14) N SharesI Shares
Origin Of Information Harrison Street SecuritiesHarrison Street Securities
Sales Load NoneNone
Total Net Assets (3/5/15)$12,910,860.15$764,588.47
Turnover N/AN/A
Minimum Investment 2,5001,000,000
Alpha (3 yr.) -1.46-1.18
Beta (3 yr.) 0.990.99
R-Squared (3 yr.) 98.3598.34
Standard Dev (3 yr.) 12.6112.57
Sharpe Ratio (3 yr.) 1.141.16
Current Wtd Average P/E (trailing) 0.000.00
Current Wtd Average P/B (trailing) 0.000.00
Median Mkt Cap ($Mil) 5,9995,999
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 1/31/15)
Health Care
Office Properties
Self Storage
Cash Equivalents & Other
Top 10 Holdings (as of 1/31/15)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
SIMON PROPERTY GROUP INC SPG 828806109 7,981 $1,585,505.46 10.82%
AMERICAN TOWER CORP AMT 03027X100 9,458 $916,953.10 6.26%
VENTAS INC VTR 92276F100 10,287 $821,005.47 5.60%
WEYERHAEUSER CO WY 962166104 20,069 $719,473.65 4.91%
EQUITY RESIDENTIAL EQR 29476L107 9,020 $700,042.20 4.78%
BOSTON PROPERTIES INC BXP 101121101 4,685 $650,278.00 4.44%
UDR INC UDR 902653104 19,476 $647,771.76 4.42%
MID-AMERICA APARTMENT COMMUNITIES INC MAA 59522J103 7,672 $608,543.04 4.15%
PROLOGIS INC PLD 74340W103 13,450 $607,133.00 4.14%
SOVRAN SELF STORAGE INC SSS 84610H108 6,259 $593,040.25 4.05%
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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