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Name

As of 04/15/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Global Real Estate Securities Fund

GREZX | Fund

$8.43

$234 M

1.52%

$0.13

1.13%

Vitals

YTD Return

-6.1%

1 yr return

3.3%

3 Yr Avg Return

-3.7%

5 Yr Avg Return

0.9%

Net Assets

$234 M

Holdings in Top 10

22.5%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.13%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 105.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/15/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Global Real Estate Securities Fund

GREZX | Fund

$8.43

$234 M

1.52%

$0.13

1.13%

GREZX - Profile

Distributions

  • YTD Total Return -6.1%
  • 3 Yr Annualized Total Return -3.7%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 1.31%
DIVIDENDS
  • Dividend Yield 1.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Global Real Estate Securities Fund
  • Fund Family Name
    GuideStone Funds
  • Inception Date
    Dec 29, 2006
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Zonavetch

Fund Description

•The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities of real estate investment trusts (“REITs”) and other real estate related companies. The Fund defines a real estate related company as one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate. A REIT is a company dedicated to owning, and usually operating, income-producing real estate or to financing real estate.•A Sub-Adviser generally looks for real estate securities that have the potential to provide superior returns and focuses on companies with the potential for stock price appreciation and a record of paying dividends. A Sub-Adviser may sell a security when it no longer is deemed to meet these criteria or when other opportunities appear more attractive.•The Fund may invest in equity securities of REITs and other real estate related companies located throughout the world and in countries having economies and markets generally considered to be developed but may also invest in equity securities of REITs and other real estate related companies located in emerging markets. The Fund may invest in REITs and other real estate related companies of any size, including small-capitalization companies (companies with holdings greater than $240.1 million but less than $4.6 billion). Equity securities in which the Fund may invest include preferred stock and convertible preferred stock.•Depending on market conditions, the Fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others.•Under normal market conditions, the Fund will invest significantly (at least 40%, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30%) in securities of non-U.S. issuers. An issuer is considered to be from the country or countries where it generates operating income. A single issuer’s geographic exposure, therefore, may be divided between countries, including between the United States and multiple other countries. The Fund will allocate its assets among no less than three countries. In addition, the Fund will consider notional exposure of its derivative investments when determining the percentage of its assets that are invested in non-U.S. issuers.•The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.•The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.•The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Adviser uses different investment techniques to identify securities that it believes would be the most profitable to the Fund over the long term. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund’s portfolio that it manages in accordance with its investment strategies and processes.•In accordance with the Adviser’s Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention (“GuideStone Financial Resources”), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.
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GREZX - Performance

Return Ranking - Trailing

Period GREZX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.1% -12.7% 8.6% 37.43%
1 Yr 3.3% -14.2% 18.4% 24.73%
3 Yr -3.7%* -15.6% 19.8% 38.64%
5 Yr 0.9%* -10.0% 15.7% 38.86%
10 Yr 3.1%* -2.6% 10.6% 40.00%

* Annualized

Return Ranking - Calendar

Period GREZX Return Category Return Low Category Return High Rank in Category (%)
2023 7.7% -16.8% 16.7% 60.00%
2022 -28.0% -43.9% 4.5% 45.56%
2021 21.8% -13.9% 30.7% 40.91%
2020 -7.2% -20.7% 13.7% 52.84%
2019 15.6% 1.0% 26.5% 47.43%

Total Return Ranking - Trailing

Period GREZX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.1% -12.7% 8.6% 37.43%
1 Yr 3.3% -14.2% 18.4% 24.73%
3 Yr -3.7%* -15.6% 19.8% 38.64%
5 Yr 0.9%* -10.0% 15.7% 38.86%
10 Yr 3.1%* -2.6% 10.6% 40.00%

* Annualized

Total Return Ranking - Calendar

Period GREZX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% -14.6% 23.4% 54.05%
2022 -25.9% -39.5% 10.1% 48.89%
2021 29.6% 5.7% 101.8% 19.32%
2020 -4.8% -17.8% 14.7% 52.84%
2019 24.4% 6.7% 37.2% 42.29%

NAV & Total Return History

GREZX - Holdings

Concentration Analysis

GREZX Category Low Category High GREZX % Rank
Net Assets 234 M 4.31 M 9.6 B 55.91%
Number of Holdings 201 5 683 8.47%
Net Assets in Top 10 53.5 M 1.87 M 6.34 B 67.72%
Weighting of Top 10 22.47% 19.3% 64.1% 98.94%

Top 10 Holdings

  1. Prologis Inc. COM USD0.01 3.46%
  2. Prologis Inc. COM USD0.01 3.22%
  3. Equinix, Inc. COM USD0.001 2.72%
  4. Equinix, Inc. COM USD0.001 2.36%
  5. Welltower OP LLC COM USD1 2.01%
  6. AvalonBay Communities, Inc. COM USD0.01 1.95%
  7. Public Storage COM USD0.10 1.87%
  8. Simon Property Group Inc COM USD0.0001 1.86%
  9. Digital Realty Trust Inc. COM STK USD0.01 1.57%
  10. Welltower OP LLC COM USD1 1.46%

Asset Allocation

Weighting Return Low Return High GREZX % Rank
Stocks 		96.21% 2.78% 126.54% 88.36%
Cash 		4.21% 0.00% 10.38% 17.46%
Other 		0.83% -33.49% 102.40% 17.46%
Preferred Stocks 		0.00% 0.00% 7.08% 61.38%
Convertible Bonds 		0.00% 0.00% 0.07% 59.04%
Bonds 		0.00% 0.00% 25.03% 61.38%

Stock Sector Breakdown

Weighting Return Low Return High GREZX % Rank
Real Estate 		99.87% 72.53% 100.00% 17.39%
Consumer Cyclical 		0.12% 0.00% 13.03% 61.41%
Technology 		0.02% 0.00% 4.92% 39.13%
Utilities 		0.00% 0.00% 0.96% 60.33%
Industrials 		0.00% 0.00% 4.91% 65.22%
Healthcare 		0.00% 0.00% 1.54% 63.59%
Financial Services 		0.00% 0.00% 9.53% 66.30%
Energy 		0.00% 0.00% 0.11% 59.24%
Communication Services 		0.00% 0.00% 10.08% 78.80%
Consumer Defense 		0.00% 0.00% 0.18% 60.87%
Basic Materials 		0.00% 0.00% 1.63% 60.33%

Stock Geographic Breakdown

Weighting Return Low Return High GREZX % Rank
US 		60.92% 0.00% 99.38% 69.84%
Non US 		35.29% 0.00% 98.96% 66.67%

GREZX - Expenses

Operational Fees

GREZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.13% 0.11% 33.54% 66.14%
Management Fee 0.68% 0.09% 1.50% 17.55%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.25% N/A

Sales Fees

GREZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

GREZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GREZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 105.00% 1.00% 165.00% 78.69%

GREZX - Distributions

Dividend Yield Analysis

GREZX Category Low Category High GREZX % Rank
Dividend Yield 1.52% 0.00% 5.52% 38.10%

Dividend Distribution Analysis

GREZX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Quarterly

Net Income Ratio Analysis

GREZX Category Low Category High GREZX % Rank
Net Income Ratio 1.31% -0.23% 3.84% 53.51%

Capital Gain Distribution Analysis

GREZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Semi-Annually Annually

Distributions History

View More +

GREZX - Fund Manager Analysis

Managers

David Zonavetch

Start Date

Tenure

Tenure Rank

Aug 31, 2013

8.75

8.8%

David W. Zonavetch has served as a Managing Director and Co-Head of Real Estate Securities for the Americas and Co-Lead Portfolio Manager, DWS, based in Chicago, since February 2017. Mr. Zonavetch has served as a Director and Co-Lead Portfolio Manager for RREEF since September 2013 and as Co-Lead Portfolio Manager - Real Estate Securities since February 2012. Previously, he served as Vice President and Portfolio Manager from February 2007 to February 2012. From February 2007 to February 2012, Mr. Zonavetch was a Vice President and Securities Analyst at RREEF Real Estate. He has nine years of experience in accounting and finance. From 1998 to 2001, Mr. Zonavetch served as a Senior Accountant in Corporate Finance of RREEF Real Estate, and from 2001 to 2003, he served as Securities Accounting Coordinator with RREEF Real Estate’s Securities Group, covering the office and self- storage sectors. From 1995 until joining RREEF Real Estate in 1998, Mr. Zonavetch worked as an analyst for Cendant Mobility Services Corp., a corporate employee relocation company. Mr. Zonavetch holds a B.S. in Finance from the University of Illinois at Urbana-Champaign and is a certified public accountant.

John White

Start Date

Tenure

Tenure Rank

Sep 13, 2013

8.72

8.7%

John is Managing Director and the Lead Portfolio Manager in Heitman's Asia-Pacific Public Real Estate Securities group. He is an equity owner of the firm and a member of Heitman's Management Committee. Along with Jerry Ehlinger and Mark Abramson, he also serves as a Portfolio Manager for the firm's global real estate securities strategies. John has over 20 years of experience in the public and private equity and debt real estate markets across the Asia-Pacific region. Prior to joining Heitman in 2010, John was co-head of real estate securities at Challenger (Heitman's Asian JV partner for real estate securities) for five years; he was also senior investment manager, real estate securities at HSBC Asset Management from 2001. Before moving to investment management, John worked in investment banking as a senior property analyst at HSBC and as a manager-real estate credit at ANZ Banking Group in Australia and in South-East Asia. He began his career as a real estate valuer at Landauer and Chesterton. John received a BBus in Land Economy from University of Western Sydney-Hawkesbury and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is a member of the Royal Institute of Chartered Surveyors, the Asian Public Real Estate Association, the Australian Property Institute and the Financial Services Institute of Australasia.

Chris Robinson

Start Date

Tenure

Tenure Rank

Sep 13, 2013

8.72

8.7%

Joined RREEF and Deutsche Asset & Wealth Management in 2003; previously served as a real estate equities research analyst at ING Investment Management. Over 15 years of investment industry experience. BS, The Australian Catholic University.

Jacques Perdrix

Start Date

Tenure

Tenure Rank

Nov 30, 2017

4.5

4.5%

Senior Vice President Jacques is a Senior Vice President and Co-Lead Portfolio Manager in Heitman's European Public Real Estate Securities group. He also serves on the group's Global Investment Committee and co-manages the group's global real estate securities strategies. Prior to joining Heitman in 2012, Jacques was at Griffin Capital Management where he worked as an analyst and assistant portfolio manager on long-only and long/short equity and fixed income funds covering mid/large-caps on a broad range of sectors and geographies. Previously, Jacques worked at equity long/short hedge fund Gugner Partners as a senior analyst and back-up trader focusing on European small/mid-caps across all sectors. Jacques started his career in 2004 within Citigroup's Investment Banking Division, M&A Financial Institutions Group, in both Paris and London. Jacques, a French national, received a Specialised Master's in Corporate Finance from EM Lyon School of Management and a Master of Science in Management from ESC Grenoble School of Management. He is FSA qualified.

Brandon Pizzurro

Start Date

Tenure

Tenure Rank

Apr 30, 2019

3.09

3.1%

Brandon Pizzurro is the Director of Public Investments and primary Portfolio Manager for all equity, fixed income, real asset, impact, target risk and target date funds within the GuideStone Funds lineup of registered mutual funds. In this capacity, he directs manager research, selection, ongoing monitoring and due diligence and is responsible for leading the analyst research team and investment process of GuideStone Capital Management, LLC. Mr. Pizzurro is also a member of the firm’s Committee on Faith-Based Investing. Mr. Pizzurro joined GuideStone in 2017 as a Senior Investment Analyst, where he performed quantitative and qualitative analysis, including research and recommendations regarding fund structure and composition, on GuideStone’s non-U.S. equity, target risk and target date funds. Prior to assuming his responsibilities at GuideStone, Mr. Pizzurro served as Senior Investment Analyst at First Command Financial Services, where he chaired the Investment Strategy and Research Committee and worked on the team responsible for the firm’s discretionary model portfolio flagship program. Prior to First Command, Mr. Pizzurro was a Financial Consulting Director at 1st Global, where he helped to develop the firm’s discretionary model portfolio program and led the group’s research efforts for alternative investments, including private and public non-traded real estate investment trusts (REITs), hedge fund of funds and private equity fund of funds. Mr. Pizzurro holds a Bachelor of Business Administration degree with a double major in Finance and Real Estate from Baylor University. He is a CERTIFIED FINANCIAL PLANNER™ certificant and a member of both the CFA Institute and the CFA Society of Dallas/Fort Worth.

Charles Harbin

Start Date

Tenure

Tenure Rank

Jan 31, 2020

2.33

2.3%

Mathew Spencer

Start Date

Tenure

Tenure Rank

Jan 31, 2020

2.33

2.3%

Jeffrey Yurk

Start Date

Tenure

Tenure Rank

Jan 31, 2020

2.33

2.3%

Vice President and Assistant Portfolio Manager since July 2009. Assistant Vice President and Securities Analyst from February 2004 to July 2009.

David Spika

Start Date

Tenure

Tenure Rank

Feb 19, 2021

1.28

1.3%

David Spika leads the Investments line of business within GuideStone. In this capacity, he serves as the president of both GuideStone Capital Management, LLC, the investment adviser to GuideStone Funds, and GuideStone Investment Services, which provides investment advisory services to non-profit institutions. He also serves as chief investment officer over all investment-related lines of business. Mr. Spika is a member of the executive leadership team for the parent company, GuideStone Financial Resources, and chairs the firm’s Committee on Faith-Based Investing. Additionally, he makes frequent appearances on CNBC, Fox Business Network and other major business media outlets and is quoted in a variety of financial print media. Mr. Spika joined GuideStone in 2015 as the Global Investment Strategist, where he was responsible for developing and communicating the firm’s macroeconomic outlook while also leading the asset allocation efforts for the GuideStone retirement strategies. Prior to assuming his responsibilities at GuideStone, Mr. Spika served for 12 years as the Senior Vice President and Investment Strategist at Westwood Holdings Group. Before Westwood, he was with Bank of America and predecessor banks for 17 years, primarily as a Portfolio Manager and Investment Specialist. Mr. Spika holds a Bachelor of Business Administration degree in Finance from Texas A&M University. He is a CFA® charterholder and a member of both the CFA Institute and the CFA Society of Dallas/Fort Worth.

Barry McConnell

Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Joined DWS in 2007; previously was a Portfolio Manager for Lehman Brothers; and was an Investment Strategy Analyst at Land Securities.Senior Portfolio Manager Real Estate Securities: London. Effective October 1, 2021, Head of Real Estate Securities for Europe and Lead Portfolio Manager: London.Investment industry experience started in 1999.BEng in Civil Engineering from University of Bristol.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 20.42 7.0 10.42

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