Fund Ticker: GFMRX
Inception Date: April 30, 2013
Peer Group: Morningstar Category—Global Real Estate
Total return (a combination of long-term capital appreciation and current income)
The Gerstein Fisher Multi-Factor® Global Real Estate Securities strategy uses a multi-factor model that provides diversified exposure to global real estate. This strategy is designed to add value over benchmarks and peers by taking greater-than-market index weight in those securities that have smaller market capitalizations, are value oriented, have low leverage, and have positive price momentum.
Increased exposure to stocks with the following characteristics:
*Since inception returns from April 30, 2013.
Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-473-1155.
Total Annual Fund Operating Expense Ratio 1.03%
The Fund imposes a 1.00% redemption fee on shares redeemed within 60 days of purchase. Performance data do not reflect the redemption fee. If they had, returns would be reduced.
The Growth of $10,000 chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on commencement of operations (April 30, 2013). It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance.
The Gerstein Fisher Multi-Factor® Global Real Estate Securities Fund offers investors a differentiated strategy for obtaining exposure to global real estate. Using a quantitative, multi-factor-based approach, the Fund provides investors with intelligently constructed exposure to an asset class that can provide strong diversification benefits within an investor’s overall portfolio.
Fund holdings are subject to change and are not recommendations to buy or sell any security. Current and future holdings are subject to risk.
“Other” countries include Austria, Belgium, Brazil, Germany, Greece, Ireland, Israel, Italy, Netherlands, New Zealand, Philippines, South Africa, Spain, Sweden, Switzerland, Thailand (<1% each).
Beginning in 2016 the Fund’s benchmark for comparison purposes was changed from the FTSE EPRA/NAREIT Developed Index (“Original Benchmark”) to the FTSE EPRA/NAREIT Developed Net Return Index. Original Benchmark returns are as follows: -5.39% QTD, 4.99% YTD, 4.99% 1 Year, 6.78% 3 Year, 3.00% since inception.
Weighted Avg. Market Cap ($MM): Average firm market capitalization weighted by security weight. FTSE EPRA/NAREIT Developed Net Return Index: FTSE EPRA/NAREIT Developed Net Return Index represents equity real estate investment trusts (REITs) and real estate operating companies (REOCs) traded globally. You cannot invest directly in an index. Price/Book: A valuation ratio of a company’s current share price compared to its book value. Price/Earnings (trailing 12 months): A valuation ratio of a company’s current share price compared to its past 12-month earnings. Market Leverage: Long-term debt divided by the sum of long-term debt plus market capitalization. Price Momentum: Total return over the prior 12 months.
*The Advisor has contractually agreed to waive a portion of its management fees and/or reimburse expense through March 30, 2017.
©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Gerstein Fisher Global Real Estate Securities Fund (GFMRX) was rated 5 stars over a 3 year time period (approximately 200 funds in category).
This strategy and mutual fund investing involve risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic, and currency risks, as well as differences in accounting methods. These risks are greater for emerging markets. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. The investment in options is not suitable for all investors. The risks of investments in derivatives include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transactions may not be liquid. The Fund may engage in short sales of securities, which involve the risk that losses may exceed the original amount invested. A REIT’s share price may decline because of adverse developments affecting the real estate industry, including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a REIT will fail to qualify for favorable tax treatment. Unlike mutual funds, ETFs do not necessarily trade at the net asset values of their underlying securities, which means an ETF could potentially trade above or below the value of the underlying portfolios. Additionally, because ETFs trade like stocks on exchanges, they are subject to trading and commission costs, unlike open-end investment companies. High yield debt securities (also known as “junk bonds”) that are rated below investment grade are subject to additional risk factors, such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. Interest rates may go up resulting in a decrease in the value of the securities held by the Fund. Credit risk is the risk that an issuer will not make timely payments of principal and interest.
Diversification does not assure a profit or protect against loss in a declining market.
The Gerstein Fisher Multi-Factor® Real Estate Securities Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company and may be obtained by calling 800-473-1155.
Read the prospectus carefully before investing.
The Gerstein Fisher Multi-Factor® Real Estate Securities Fund is distributed by Quasar Distributors, LLC.
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