ASTON/Harrison Street Real Estate Fund
|Share Class Inception||12/30/1997||9/20/2005|
|Gross Exp Ratio (%)||2.22||1.97|
|Net Exp Ratio (%)||1.37||1.12|
|NAV Change (%)||0.33||0.33|
MSCI U.S. REIT Gross TR Index
FTSE/NAREIT All Equity REIT Index
|Morningstar Category||Real Estate|
Overall Morningstar Rating™
Among 222 Real Estate funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 6/30/14.
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
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.
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.
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 6/30/14)||N Shares||I Shares|
|Origin Of Information||Harrison Street Securities||Harrison Street Securities|
|Total Net Assets (7/29/14)||$12,839,974.93||$691,451.16|
|Alpha (3 yr.)||-1.73||-1.51|
|Beta (3 yr.)||1.01||1.01|
|R-Squared (3 yr.)||98.78||98.8|
|Standard Dev (3 yr.)||16.3||16.33|
|Sharpe Ratio (3 yr.)||0.66||0.68|
|Current Wtd Average P/E (trailing)||NULL||NULL|
|Current Wtd Average P/B (trailing)||NULL||NULL|
|Median Mkt Cap ($Mil)||5,459||5,459|
|Average Wtd Coupon||N/A||N/A|
|Sector Breakdown (as of 6/30/14)|
|Cash Equivalents & Other||0.35%|
|Top 10 Holdings (as of 6/30/14)|
|Company||Ticker||CUSIP||Number of Shares||Market Value||% of Net Assets|
|SIMON PROPERTY GROUP INC||SPG||828806109||8,057||$1,339,717.96||9.91%|
|CROWN CASTLE INTERNATIONAL CORP||CCI||228227104||10,059||$746,981.34||5.53%|
|ESSEX PROPERTY TRUST INC||ESS||297178105||3,436||$635,350.76||4.70%|
|BOSTON PROPERTIES INC||BXP||101121101||4,580||$541,264.40||4.00%|
|LTC PROPERTIES INC||LTC||502175102||11,996||$468,323.84||3.46%|
|AMERICAN REALTY CAPITAL PROPERTIES INC||ARCP||02917T104||36,060||$451,831.80||3.34%|
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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