Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-7.5%
1 yr return
1.0%
3 Yr Avg Return
-5.4%
5 Yr Avg Return
-1.5%
Net Assets
$63.2 M
Holdings in Top 10
40.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.71%
SALES FEES
Front Load 5.50%
Deferred Load N/A
TRADING FEES
Turnover 117.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PREAX - Profile
Distributions
- YTD Total Return -7.5%
- 3 Yr Annualized Total Return -5.4%
- 5 Yr Annualized Total Return -1.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.06%
- Dividend Yield 1.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NamePACE Global Real Estate Securities Investments
-
Fund Family NameUBSASSETMT
-
Inception DateDec 18, 2006
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMabel Lung
Fund Description
Principal investments
The fund seeks to achieve its objective by investing primarily in real estate investment trusts ("REITs") and other real-estate related securities. Under normal market circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in securities of companies in the real estate industry, which may include common shares, preferred shares, initial public offerings ("IPOs") and units of beneficial interest in real estate companies (inclusive of REITs). The fund invests in such securities of companies with varying market capitalizations.
The fund will consider real estate securities to be those securities issued by companies principally engaged in the real estate industry, defined to mean those companies which (1) derive at least 50% of their revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or (2) invest at least 50% of their assets in such real estate.
The fund may invest in the securities of issuers located in a number of different countries throughout the world. Under normal market circumstances, the fund will maintain exposure to real estate related securities of issuers in the US and in at least three countries outside the US. The amount invested outside the US may vary, and at any given time, the fund may have a significant exposure to non-US securities depending upon an investment advisor's investment decisions.
Management process
The fund employs a "manager of managers" structure. UBS AM, the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the fund's subadvisor(s). The relative value of each subadvisor's share of the fund's assets may change over time.
UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence
meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the fund, subject to the board's approval.
In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.
The subadvisor utilizes a strategy that involves focusing on investments in equity REITs as well as similar entities formed under the laws of non-US countries, and the subadvisor may also invest in mortgage REITs, hybrid REITs and other US and foreign real estate-related investments, including emerging market real estate-related investments.
PREAX - Performance
Return Ranking - Trailing
Period | PREAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -7.5% | -14.0% | 5.2% | 96.13% |
1 Yr | 1.0% | -14.6% | 16.8% | 65.75% |
3 Yr | -5.4%* | -16.6% | 18.4% | 74.12% |
5 Yr | -1.5%* | -10.2% | 15.5% | 78.11% |
10 Yr | 1.7%* | -2.9% | 10.4% | 74.29% |
* Annualized
Return Ranking - Calendar
Period | PREAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.6% | -16.8% | 16.7% | 19.55% |
2022 | -28.3% | -43.9% | 4.5% | 52.30% |
2021 | 28.9% | -13.9% | 30.7% | 3.53% |
2020 | -13.4% | -20.7% | 13.7% | 83.53% |
2019 | 14.9% | 1.0% | 26.5% | 50.30% |
Total Return Ranking - Trailing
Period | PREAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -7.5% | -14.0% | 5.2% | 96.13% |
1 Yr | 1.0% | -14.6% | 16.8% | 65.75% |
3 Yr | -5.4%* | -16.6% | 18.4% | 74.12% |
5 Yr | -1.5%* | -10.2% | 15.5% | 78.11% |
10 Yr | 1.7%* | -2.9% | 10.4% | 74.29% |
* Annualized
Total Return Ranking - Calendar
Period | PREAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.9% | -14.6% | 23.4% | 46.37% |
2022 | -27.8% | -39.5% | 10.1% | 96.55% |
2021 | 32.7% | 5.7% | 101.8% | 7.06% |
2020 | -11.2% | -17.8% | 14.7% | 90.59% |
2019 | 20.4% | 6.7% | 37.2% | 86.98% |
NAV & Total Return History
PREAX - Holdings
Concentration Analysis
PREAX | Category Low | Category High | PREAX % Rank | |
---|---|---|---|---|
Net Assets | 63.2 M | 4.31 M | 9.6 B | 76.11% |
Number of Holdings | 60 | 5 | 683 | 66.12% |
Net Assets in Top 10 | 25.5 M | 1.87 M | 6.34 B | 79.78% |
Weighting of Top 10 | 40.15% | 19.3% | 64.1% | 38.46% |
Top 10 Holdings
- Prologis, Inc. 9.50%
- Equinix, Inc. 6.76%
- Extra Space Storage, Inc. 3.57%
- Equity LifeStyle Properties, Inc. 3.45%
- State Street Navigator Securities Lending Government Money Market Portfolio 3.41%
- Mitsui Fudosan Co. Ltd. 3.16%
- Sun Communities, Inc. 2.75%
- Federal Realty Investment Trust 2.58%
- Goodman Group 2.54%
- Universal Health Services, Inc. 2.44%
Asset Allocation
Weighting | Return Low | Return High | PREAX % Rank | |
---|---|---|---|---|
Stocks | 98.66% | 2.78% | 126.54% | 55.74% |
Cash | 4.98% | 0.00% | 10.38% | 15.30% |
Preferred Stocks | 0.00% | 0.00% | 7.08% | 26.78% |
Other | 0.00% | -33.49% | 102.40% | 46.99% |
Convertible Bonds | 0.00% | 0.00% | 0.07% | 20.33% |
Bonds | 0.00% | 0.00% | 25.03% | 26.23% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PREAX % Rank | |
---|---|---|---|---|
Real Estate | 95.63% | 72.53% | 100.00% | 82.02% |
Communication Services | 3.33% | 0.00% | 10.08% | 7.30% |
Healthcare | 1.05% | 0.00% | 1.54% | 9.55% |
Utilities | 0.00% | 0.00% | 0.96% | 23.60% |
Technology | 0.00% | 0.00% | 4.92% | 53.37% |
Industrials | 0.00% | 0.00% | 4.91% | 35.39% |
Financial Services | 0.00% | 0.00% | 9.53% | 33.15% |
Energy | 0.00% | 0.00% | 0.11% | 20.22% |
Consumer Defense | 0.00% | 0.00% | 0.18% | 21.91% |
Consumer Cyclical | 0.00% | 0.00% | 13.03% | 75.84% |
Basic Materials | 0.00% | 0.00% | 1.63% | 24.72% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PREAX % Rank | |
---|---|---|---|---|
US | 63.12% | 0.00% | 99.38% | 38.80% |
Non US | 35.54% | 0.00% | 98.96% | 60.66% |
PREAX - Expenses
Operational Fees
PREAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.71% | 0.11% | 33.54% | 29.51% |
Management Fee | 0.70% | 0.09% | 1.50% | 21.43% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 18.52% |
Administrative Fee | 0.10% | 0.01% | 0.25% | 66.67% |
Sales Fees
PREAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.50% | 3.50% | 5.75% | 48.39% |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
PREAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | 83.02% |
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.
PREAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 117.00% | 1.00% | 165.00% | 78.53% |
PREAX - Distributions
Dividend Yield Analysis
PREAX | Category Low | Category High | PREAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.28% | 0.00% | 5.63% | 89.07% |
Dividend Distribution Analysis
PREAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
PREAX | Category Low | Category High | PREAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.06% | -0.23% | 3.84% | 68.72% |
Capital Gain Distribution Analysis
PREAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 15, 2023 | $0.081 | OrdinaryDividend |
Dec 16, 2022 | $0.041 | OrdinaryDividend |
Dec 17, 2021 | $0.241 | OrdinaryDividend |
Dec 17, 2020 | $0.167 | OrdinaryDividend |
Dec 18, 2019 | $0.364 | OrdinaryDividend |
Dec 18, 2018 | $0.232 | OrdinaryDividend |
Dec 18, 2017 | $0.272 | OrdinaryDividend |
Dec 19, 2016 | $0.303 | OrdinaryDividend |
Dec 18, 2015 | $0.193 | OrdinaryDividend |
Dec 19, 2013 | $0.121 | OrdinaryDividend |
Dec 19, 2012 | $0.259 | OrdinaryDividend |
Dec 20, 2011 | $0.137 | OrdinaryDividend |
Dec 17, 2010 | $0.389 | OrdinaryDividend |
Dec 18, 2009 | $0.486 | OrdinaryDividend |
Dec 18, 2008 | $0.063 | OrdinaryDividend |
Dec 22, 2006 | $0.042 | OrdinaryDividend |
PREAX - Fund Manager Analysis
Managers
Mabel Lung
Start Date
Tenure
Tenure Rank
Dec 31, 2006
15.42
15.4%
• Mabel has been an integral member in portfolio management of Multi-Asset and Multi-Component Portfolios since 2000 when UBS Asset Management launched the UBS Multi-Asset Managed Accounts Program. • Recognizing the importance of after-tax investment results to US private clients, Mabel led her team to launch Personalized Tax Management in 2011 as a tax overlay investment service to multi-asset portfolios. • Mabel has significant experience in manager selection, overseeing $30 billion of assets for institutional and private clients globally through open architecture of best-in-class managers in liquid strategies, combined with a keen focus on risk-aware and holistic portfolio construction. • Mabel joined the firm in 1984, after her graduate study in business administration and has held various positions in finance, treasury, strategic and business planning, prior to joining the asset management division of the firm in 1995. • Prior to business school, she was a corporate finance analyst at an investment banking firm.
Fred Lee
Start Date
Tenure
Tenure Rank
Dec 31, 2009
12.42
12.4%
Fred Lee, CFA, as the Head of Portfolio Construction & Quantitative Research within the MMS team since January 2009, oversees the portfolio construction process in determining the specific allocations to individual managers. He also leads the team responsible for the quantitative assessment of managers. Mr. Lee is located in the London office of UBS AM, which he joined in 2006 as a Risk Analyst where he provided risk assessment and monitoring for all client portfolios and enhanced proprietary risk models. Prior to joining UBS AM, Mr. Lee worked as a consultant for MSCI Barra providing advice to large investment managers across Europe on the interpretation and use of risk models and analytics.
Mayoor Joshi
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
Mayoor Joshi is an Analyst within the MMS team, focusing on equity investment strategies. Mr. Joshi is part of the team responsible for manager selection, due diligence, portfolio construction, risk management, investment oversight, and performance of equity portfolios. Mr. Joshi joined UBS AM in April 2014. Previously, he was a Managing Director at Rocaton Investment Advisors, an institutional investment consulting firm, for seven years focusing on manager research.
Gina Toth
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
Gina Toth, CFA, is a Portfolio Manager within the MMS team at UBS AM, focusing on fixed income and multi-asset investment strategies, including liquid alternatives. She is part of the team responsible for manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of multi-asset strategies. Ms. Toth joined the firm in March 2013. Previously, she worked at AllianceBernstein as a Senior Portfolio Manager in New York and Sydney, specializing in multi-asset portfolios, asset allocation and custom solutions for the institutional, high-net worth and retail channels, encompassing both traditional and non-traditional asset classes. She also spent 14 years in New York and London as a fixed income portfolio manager for US and global portfolios.
Richard Gable
Start Date
Tenure
Tenure Rank
Mar 12, 2021
1.22
1.2%
Richard R. Gable, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). Rick covers the real estate sector and manages the firm's real estate investment trust portfolios. Rick joined MFS in 2011. Previously, he was a managing director and portfolio manager for 13 years for Sun Capital Advisers, a division of Sun Life Financial. While at Sun Capital, he managed several MFS real estate investment trust portfolios through a sub-advisory relationship between MFS and Sun Capital. He also served as an analyst for Mellon Bank for 4 years. He has worked in t
Chris Andersen
Start Date
Tenure
Tenure Rank
May 31, 2021
1.0
1.0%
Christopher is Head of Portfolio Management, Americas House View Portfolios for UBS Asset Management. In his role, Christopher is responsible for leading the portfolio management activities of portfolios offered to UBS Wealth Management clients that are aligned with UBS Wealth Management House Views. In that capacity, he leads a team of portfolio managers responsible for the House View Portfolios, which implement the House View’s strategic and tactical asset allocations, with passive and active pooled vehicles and individual securities. Christopher is deputy-chair and a voting member of the Managed Account Solutions Investment Committee. The Investment Committee reviews and approves investment strategies, prior to implementation, in the House View portfolios. Prior to moving to UBS Asset Management in November 2020, Christopher was promoted to Head of Portfolio Construction Americas for UBS Global Wealth Management in 2018. Christopher led the portfolio management activities of the team of portfolio managers responsible for the UBS Managed Portfolios (renamed as House View Portfolios). Christopher chaired the Investment Management Investment Committee (IMIC) and was a member of the Investment Management Research Committee (IMRC). Prior to joining UBS in 2012, Christopher spent 15 years with New York Life Investment Management (NYLIM) overseeing the company’s Investment Consulting Group. In this role, he was responsible for the independent oversight of investment activities of the Mainstay Funds, as well as manager selection across asset allocation strategies, sub-advisory mandates and NYLIM's mutual fund M&A activities. Christopher received a B.A. in economics and German from Binghamton University. Christopher holds the Chartered Financial Analyst® (CFA) designation and is a member of the CFA Society New York. He is FINRA Series 7, 24 and 63 licensed.
Ed Eccles
Start Date
Tenure
Tenure Rank
May 31, 2021
1.0
1.0%
Ed serves as a Portfolio Manager and Co-Head of Strategy Research, Americas House View Portfolios for UBS Asset Management. In his role, Ed is responsible for managing portfolios offered to UBS Wealth Management clients that are aligned with UBS Wealth Management House Views. As Co-Head of Strategy Research, Ed is responsible for directing due diligence efforts for active and passive equity and liquid alternative strategies that are included in portfolios. Ed is a voting member of the Managed Account Solutions Investment Committee. The Investment Committee reviews and approves investment strategies, prior to implementation, in the House View portfolios. Prior to joining Asset Management in November 2020, Ed was a Portfolio Manager in the Investment Management group of UBS Global Wealth Management., where he was responsible for strategy selection, portfolio construction and management of multi-managed strategies. Ed's investment responsibilities also extended to broader asset allocation and portfolio construction work. Ed was a member of the Investment Management Investment Committee (IMIC) and was a member of the Investment Management Research Committee (IMRC). Prior to joining UBS in 2018, Ed worked at Oppenheimer Asset Management where he held roles as a senior alternatives analyst before being promoted to Director of Investment Manager Research. While at Oppenheimer, Ed was also a portfolio manager for a Liquid Alternative managed portfolio. Prior to joining Oppenheimer, Ed worked at Morgan Stanley as an investment manager research analyst. Ed received a B.A. in economics from the University of Massachusetts, at Amherst. Ed holds the Chartered Alternative Investment Analyst (CAIA) designation and is FINRA Series 7 and 66 licensed.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 20.42 | 7.11 | 10.42 |