Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-4.9%
1 yr return
3.4%
3 Yr Avg Return
-2.3%
5 Yr Avg Return
2.9%
Net Assets
$19.5 M
Holdings in Top 10
55.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 22.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$25,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
APRIX - Profile
Distributions
- YTD Total Return -4.9%
- 3 Yr Annualized Total Return -2.3%
- 5 Yr Annualized Total Return 2.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.12%
- Dividend Yield 0.5%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameAAM/Phocas Real Estate Fund
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST
-
Inception DateOct 02, 2006
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Murray
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of equity real estate investment trusts (“REITs”) and companies of any size market capitalization which primarily own, manage and invest in underlying real estate assets. Therefore, the Fund invests at least 25% of its net assets (i.e., concentrates) in the real estate industry. The Fund seeks to maintain a portfolio with continuous exposure to most of the following real estate sectors: offices, industrial properties, retail, malls, shopping centers, apartments, lodging, storage and specialty and health care facilities. The Fund may invest in securities of non-U.S. issuers that trade on U.S. or foreign exchanges, including foreign securities from emerging markets. The Fund invests primarily in common and preferred stock.
In selecting securities for the Fund’s portfolio, the Fund’s sub-advisor, Phocas Financial Corporation (the “Sub-Advisor”), uses a disciplined process that focuses on the following factors: asset valuation, management quality, prospective growth rates, quality and location of the real estate held, debt leverage and overall balance sheet quality, quality of income streams, conflicts of interest, insider stock ownership, and other factors.
The Sub-Advisor will consider selling a security given one or more of the following circumstances: loss of management focus, management’s inability to increase shareholder value, balance sheet deterioration, exorbitant pricing relative to underlying value, or the Fund requires cash to meet redemption requests.
The Fund is “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds.
APRIX - Performance
Return Ranking - Trailing
Period | APRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -4.9% | -14.8% | 3.0% | 16.21% |
1 Yr | 3.4% | -13.9% | 16.8% | 17.00% |
3 Yr | -2.3%* | -13.7% | 10.5% | 48.18% |
5 Yr | 2.9%* | -11.7% | 13.3% | 30.84% |
10 Yr | 5.4%* | -1.9% | 13.7% | 30.46% |
* Annualized
Return Ranking - Calendar
Period | APRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.2% | -17.6% | 24.6% | 63.24% |
2022 | -33.3% | -51.3% | 2.7% | 69.05% |
2021 | 39.0% | -7.7% | 52.3% | 13.36% |
2020 | -2.5% | -42.2% | 35.0% | 8.58% |
2019 | 24.7% | -0.6% | 43.1% | 20.54% |
Total Return Ranking - Trailing
Period | APRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -4.9% | -14.8% | 3.0% | 16.21% |
1 Yr | 3.4% | -13.9% | 16.8% | 17.00% |
3 Yr | -2.3%* | -13.7% | 10.5% | 48.18% |
5 Yr | 2.9%* | -11.7% | 13.3% | 30.84% |
10 Yr | 5.4%* | -1.9% | 13.7% | 30.46% |
* Annualized
Total Return Ranking - Calendar
Period | APRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.9% | -14.0% | 25.0% | 81.82% |
2022 | -29.5% | -40.7% | 7.8% | 91.27% |
2021 | 43.3% | 7.8% | 54.6% | 27.53% |
2020 | -0.7% | -36.6% | 44.3% | 12.02% |
2019 | 30.5% | 3.4% | 46.4% | 25.00% |
NAV & Total Return History
APRIX - Holdings
Concentration Analysis
APRIX | Category Low | Category High | APRIX % Rank | |
---|---|---|---|---|
Net Assets | 19.5 M | 2.26 M | 63.6 B | 94.16% |
Number of Holdings | 27 | 18 | 513 | 94.81% |
Net Assets in Top 10 | 10.9 M | 711 K | 30.4 B | 94.81% |
Weighting of Top 10 | 55.86% | 16.9% | 82.2% | 42.22% |
Top 10 Holdings
- Prologis, Inc. - REIT 7.57%
- Equinix, Inc. - REIT 7.26%
- American Tower Corp. - REIT 6.87%
- Simon Property Group, Inc. - REIT 5.97%
- Rexford Industrial Realty, Inc. - REIT 5.79%
- Invitation Homes, Inc. - REIT 4.91%
- Extra Space Storage, Inc. - REIT 4.79%
- Public Storage - REIT 4.53%
- Centerspace - REIT 4.16%
- Global Medical REIT, Inc. - REIT 4.02%
Asset Allocation
Weighting | Return Low | Return High | APRIX % Rank | |
---|---|---|---|---|
Cash | 0.87% | -42.50% | 20.18% | 60.00% |
Stocks | 0.00% | 0.00% | 106.01% | 98.52% |
Preferred Stocks | 0.00% | 0.00% | 31.13% | 52.22% |
Other | 0.00% | -89.96% | 112.19% | 54.44% |
Convertible Bonds | 0.00% | 0.00% | 10.95% | 46.84% |
Bonds | 0.00% | -3.17% | 148.00% | 53.33% |
APRIX - Expenses
Operational Fees
APRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.43% | 0.07% | 28.75% | 40.07% |
Management Fee | 0.65% | 0.00% | 1.50% | 34.44% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
APRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
APRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | 28.57% |
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.
APRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 22.00% | 0.11% | 380.00% | 21.91% |
APRIX - Distributions
Dividend Yield Analysis
APRIX | Category Low | Category High | APRIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.52% | 0.00% | 13.33% | 72.59% |
Dividend Distribution Analysis
APRIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Quarterly |
Net Income Ratio Analysis
APRIX | Category Low | Category High | APRIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.12% | -1.14% | 6.05% | 43.07% |
Capital Gain Distribution Analysis
APRIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.043 | OrdinaryDividend |
Dec 22, 2023 | $0.248 | OrdinaryDividend |
Sep 28, 2023 | $0.170 | OrdinaryDividend |
Jul 03, 2023 | $0.199 | OrdinaryDividend |
Mar 30, 2023 | $0.182 | OrdinaryDividend |
Dec 23, 2022 | $1.477 | OrdinaryDividend |
Sep 29, 2022 | $0.152 | OrdinaryDividend |
Jul 01, 2022 | $0.135 | OrdinaryDividend |
Mar 30, 2022 | $0.099 | OrdinaryDividend |
Sep 29, 2021 | $0.130 | OrdinaryDividend |
Jul 01, 2021 | $0.119 | OrdinaryDividend |
Mar 30, 2021 | $0.085 | OrdinaryDividend |
Sep 29, 2020 | $0.114 | OrdinaryDividend |
Jul 01, 2020 | $0.108 | OrdinaryDividend |
Mar 30, 2020 | $0.091 | OrdinaryDividend |
Dec 30, 2019 | $1.093 | OrdinaryDividend |
Sep 27, 2019 | $0.139 | OrdinaryDividend |
Jul 01, 2019 | $0.147 | OrdinaryDividend |
Mar 28, 2019 | $0.126 | OrdinaryDividend |
Dec 29, 2017 | $0.326 | OrdinaryDividend |
Dec 30, 2016 | $0.345 | OrdinaryDividend |
Dec 31, 2015 | $0.361 | OrdinaryDividend |
Dec 31, 2014 | $0.025 | OrdinaryDividend |
Dec 30, 2013 | $0.189 | OrdinaryDividend |
Dec 17, 2012 | $0.187 | OrdinaryDividend |
Dec 15, 2011 | $0.053 | OrdinaryDividend |
Dec 21, 2010 | $0.188 | OrdinaryDividend |
Dec 17, 2009 | $0.274 | OrdinaryDividend |
Dec 18, 2008 | $0.174 | OrdinaryDividend |
Dec 31, 2007 | $0.066 | ExtraDividend |
Dec 20, 2007 | $0.205 | OrdinaryDividend |
APRIX - Fund Manager Analysis
Managers
James Murray
Start Date
Tenure
Tenure Rank
Sep 29, 2006
15.68
15.7%
James Murray, CFA. Mr. Murray was one of three original partners at Phocas Financial Corporation starting in June 2005. Mr. Murray has been a member of the Fund’s investment team in 2006. Prior to this, Mr. Murray was the Senior REIT Analyst for Bay Isle Financial Institutional REIT portfolios and a mutual fund and institutional trader from 1999 to 2005. Mr. Murray brings strong analytical and quantitative skills to the research team and portfolio management process, with particularly strong expertise in the area of modeling real estate companies. Prior to that, he spent four years at Charles Schwab, where he supervised that firm's Tax and Dividend Departments. Mr. Murray earned his B.A. degree in Economics from Kenyon College. He holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco.
William Schaff
Start Date
Tenure
Tenure Rank
Sep 29, 2006
15.68
15.7%
William Schaff, Chief Executive Officer and President, founded Phocas Financial Corp. in 2005. Prior to founding Phocas, Mr. Schaff was President of Bay Isle, Portfolio Manager at Janus Capital Management and Lead Portfolio Manager at the Undiscovered Managers organization. He earned an M.S. in Engineering from the University of California, Davis. He also holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 28.42 | 7.88 | 2.23 |