| Ticker: | KIFAX |
| Manager: | Team Managed |
| Manager Since: | NA |
| NAV (06/17/2013): | 25.62 |
| Objective: | Equity - Sector Real Est |
| Peer: | RE VL |
| Net Assets ($mil): | 754.62 |
| Inception: | 03/30/2001 |
KIFAX : Description
The fund was incepted in March 2001 and is managed by Kensington Investment Group, Inc. The fund seeks high current income and potential for modest long-term growth of capital. The fund invests primarily in securities of companies in the real estate industry, such as real estate investment trusts, master limited partnerships and other real estate firms. The fund invests at least 80% of its net assets in income-producing securities. The fund may invest in common stock, rights and warrants to purchase securities and limited partnership interests to the extent the fund deems appropriate. The fund distributes dividends quarterly. Capital gains, if any, are distributed annually.
KIFAX : Composition - 05/13
| Stocks | 22.35% |
| Foreign Stocks | 2.45% |
| Cash | 0.00% |
| Bonds | 7.99% |
| Foreign Bonds | 0.00% |
| Preferred | 69.56% |
| Convertible | 7.46% |
| Other | -7.36% |
| Foreign Hedged | 0.00% |
KIFAX : Style Analysis - 05/13
| Large Growth | 0.00% |
| Large Value | 0.00% |
| Small Growth | 0.00% |
| Small Value | 41.13% |
| Foreign Stock | 0.00% |
| Emerging Market | 0.00% |
| Precious Metals | 0.00% |
| Intermediate Bond | 0.00% |
| High Yield Bond | 0.00% |
| Foreign Bond | 0.00% |
KIFAX : Risk Analysis
| Beta v. S&P 500 | 0.15 |
| Beta v. EAFE | 0.18 |
| Beta v. Barclays Agg Bond | 0.57 |
| Alpha 3 Yr | 9.86 |
| Alpha 5 Yr | 7.15 |
| R-Sq 3 Yr | 0.53 |
| R-Sq 5 Yr | 0.50 |
| Std Dev 3 Yr | 6.45 |
| Std Dev 5 Yr | 25.45 |
| Sharpe 3 Yr | 2.23 |
| Sharpe 5 Yr | 0.55 |
KIFAX : Fees
| Expense Ratio | 0.20 |
| % Max Load | 5.75 |
| % Min Load | 0.00 |
| % Deferred Load | NA |
| % Redemption | NA |
| % Max 12 B1 Fee | 0.25 |
| % Max Mgt Fee | 1.00 |
KIFAX : Purchase Choices:
| Min Initial Investment | 4000 |
| Min Subsequent Investment | 100 |
KIFAX : Returns Analysis - Annual
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NAV ($) | 36.76 | 37.07 | 33.69 | 35.89 | 25.14 | 13.18 | 20.13 | 23.26 | 22.03 | 24.43 | 25.62 |
| Total Return (%) | 23.97 | 11.19 | -1.98 | 14.35 | -24.19 | -40.48 | 74.97 | 26.40 | 3.05 | 19.07 | 8.87 |
| Annual Dividend Yield (%) | 6.47 | 6.49 | 6.98 | 6.51 | 9.22 | 17.23 | 10.13 | 8.18 | 8.28 | 6.68 | 5.89 |
| Relative Performance | |||||||||||
| Rel Performance-S&P500(%) | -47.18 | 3.26 | -68.79 | -14.37 | -296.87 | -34.78 | 485.55 | 113.44 | 9.56 | 30.81 | -38.70 |
| Rel Performance-Obj.Ret.(%) | -122.34 | -206.17 | -133.78 | -183.54 | -80.79 | 2.87 | 432.02 | 30.57 | 25.52 | -33.34 | -32.90 |
| Ret.Quintile vs Obj(1 is best) | 5 | 5 | 5 | 5 | 5 | 3 | 1 | 3 | 3 | 3 | 5 |
| Turnover, Yields, and Gains | |||||||||||
| Fund Assets Net($mil) | 474 | 535 | 566 | 484 | 247 | 209 | 321 | 643 | 591 | 755 | 755 |
| Annual Turnover (%) | 49.59 | 37.74 | 16.43 | 20.60 | 87.89 | 66.41 | 138.00 | 93.00 | 73.00 | 53.00 | 0.00 |
| Annual Dividend Paid ($) | 2.56 | 2.62 | 2.51 | 2.48 | 2.46 | 2.41 | 2.16 | 2.02 | 1.93 | 1.73 | 0.35 |
| Annual Capital Gains Paid($) | 0.52 | 0.99 | 0.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
KIFAX : Returns Analysis - Trailing Total Return
| 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | 10 Year | 15 Year | 20 Year | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (through 05/13) | 1.43% | 5.92% | 10.69% | 8.87% | 19.37% | 14.33% | 10.67% | 6.94% | NA | NA |
| Ret. Percentile vs. Obj. (1 is best) | 96 | 89 | 93 | 90 | 44 | 66 | 2 | 89 | NA | NA |
KIFAX : Stock Portfolio Snapshot - 05/13
| Average Price/Earnings | 22.90 |
| Average Price/Book | 0.00 |
| Average EPS Growth | 0.00 |
| Average Market Value | 3,304.00 |
KIFAX : Stock Sector Breakout - 05/13
KIFAX : Top Holdings - 05/13
| Name | Weight | Shares |
|---|---|---|
| ISTAR FINANCIAL INC | 4.26 | 3,459,520 |
| PROLOGIS INC SERIES Q 8.54 NO | 3.94 | 2,180,171 |
| ASHFORD HOSPITALITY TRUST | 3.30 | 2,295,900 |
| CBL & ASSOC PROPERTIES INC | 3.22 | 2,289,109 |
| COMMONWEALTH PROPERTY OFFICE | 2.22 | 2,500,000 |
| WEINGARTEN REALTY INVESTORS | 2.34 | 1,696,163 |
| GLIMCHER REALTY TRUST | 2.30 | 1,630,927 |
| HOSPITALITY PPTY TR | 2.23 | 1,700,000 |
| DUPONT FABROS TECHNOLOGY INC | 2.56 | 1,714,850 |