| Ticker: | KSRAX |
| Manager: | Team Managed |
| Manager Since: | NA |
| NAV (05/22/2013): | 30.8 |
| Objective: | Equity - Sector Real Est |
| Peer: | RE MB |
| Net Assets ($mil): | 35.83 |
| Inception: | 09/15/1999 |
KSRAX : Description
The fund was incepted in September 1999 and is managed by Kensington Investment Group, Inc. The fund seeks total return through a combination of high current income relative to equity investment alternatives, plus long-term growth of capital. The fund invests at least 80% of its net assets in securities of issuers engaged primarily in the real estate business. The fund normally invests a portion of its assets in high quality debt securities. Dividends are usually paid quarterly and capital gains (if any) are distributed at least annually.
KSRAX : Composition - 05/13
| Stocks | 95.62% |
| Foreign Stocks | 8.14% |
| Cash | 0.00% |
| Bonds | 1.98% |
| Foreign Bonds | 0.00% |
| Preferred | 16.62% |
| Convertible | 0.00% |
| Other | -14.22% |
| Foreign Hedged | 0.00% |
KSRAX : Style Analysis - 05/13
| Large Growth | 7.05% |
| Large Value | 0.00% |
| Small Growth | 0.00% |
| Small Value | 5.95% |
| Foreign Stock | 7.05% |
| Emerging Market | 0.00% |
| Precious Metals | 0.00% |
| Intermediate Bond | 0.00% |
| High Yield Bond | 22.62% |
| Foreign Bond | 16.47% |
KSRAX : Risk Analysis
| Beta v. S&P 500 | 0.89 |
| Beta v. EAFE | 0.12 |
| Beta v. Barclays Agg Bond | 1.70 |
| Alpha 3 Yr | 4.09 |
| Alpha 5 Yr | -1.82 |
| R-Sq 3 Yr | 0.73 |
| R-Sq 5 Yr | 0.72 |
| Std Dev 3 Yr | 16.02 |
| Std Dev 5 Yr | 33.05 |
| Sharpe 3 Yr | 1.07 |
| Sharpe 5 Yr | 0.25 |
KSRAX : Fees
| Expense Ratio | 0.87 |
| % Max Load | 5.75 |
| % Min Load | 0.00 |
| % Deferred Load | NA |
| % Redemption | NA |
| % Max 12 B1 Fee | 0.25 |
| % Max Mgt Fee | 1.00 |
KSRAX : Purchase Choices:
| Min Initial Investment | 4000 |
| Min Subsequent Investment | 100 |
KSRAX : Returns Analysis - Annual
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NAV ($) | 45.34 | 51.04 | 46.41 | 54.22 | 34.88 | 13.01 | 17.99 | 22.83 | 22.50 | 27.12 | 30.8 |
| Total Return (%) | 31.83 | 26.67 | 4.75 | 29.46 | -21.80 | -58.77 | 48.17 | 33.34 | 0.81 | 23.05 | 13.08 |
| Annual Dividend Yield (%) | 5.02 | 4.14 | 4.12 | 3.55 | 4.33 | 13.66 | 4.75 | 4.49 | 2.14 | 1.90 | 1.43 |
| Relative Performance | |||||||||||
| Rel Performance-S&P500(%) | 31.40 | 158.00 | -1.36 | 136.65 | -273.03 | -217.71 | 217.57 | 182.77 | -12.81 | 70.64 | 3.40 |
| Rel Performance-Obj.Ret.(%) | -43.76 | -51.43 | -66.35 | -32.52 | -56.95 | -180.06 | 164.04 | 99.90 | 3.15 | 6.49 | 9.20 |
| Ret.Quintile vs Obj(1 is best) | 5 | 5 | 5 | 4 | 5 | 5 | 1 | 1 | 3 | 3 | 3 |
| Turnover, Yields, and Gains | |||||||||||
| Fund Assets Net($mil) | 268 | 402 | 423 | 473 | 208 | 44 | 36 | 48 | 34 | 36 | 36 |
| Annual Turnover (%) | 173.21 | 98.15 | 151.51 | 222.21 | 189.36 | 291.00 | 95.00 | 78.00 | 53.00 | 0.00 | |
| Annual Dividend Paid ($) | 2.49 | 2.39 | 2.23 | 2.18 | 1.87 | 1.90 | 0.90 | 1.08 | 0.51 | 0.54 | 0.01 |
| Annual Capital Gains Paid($) | 1.47 | 3.48 | 4.84 | 3.73 | 6.12 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
KSRAX : 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) | 4.53% | 9.06% | 17.31% | 13.08% | 20.70% | 15.84% | 2.24% | 6.83% | NA | NA |
| Ret. Percentile vs. Obj. (1 is best) | 86 | 67 | 49 | 42 | 41 | 26 | 79 | 91 | NA | NA |
KSRAX : Stock Portfolio Snapshot - 05/13
| Average Price/Earnings | 31.03 |
| Average Price/Book | 2.83 |
| Average EPS Growth | 35.53 |
| Average Market Value | 11,376.00 |
KSRAX : Stock Sector Breakout - 05/13
KSRAX : Top Holdings - 05/13
| Name | Weight | Shares |
|---|---|---|
| SIMON PROPERTY GROUP INC | 4.61 | 22,047 |
| VORNADO REALTY TRUST | 3.41 | 32,237 |
| AVALONBAY COMMUNITIES INC | 3.28 | 18,300 |
| HCP INC | 3.17 | 53,100 |
| PUBLIC STORAGE | 2.61 | 13,600 |
| ASHFORD HOSPITALITY TRUST | 2.68 | 80,700 |
| PROLOGIS | 2.64 | 54,647 |
| VENTAS INC | 2.62 | 30,664 |
| DIGITAL REALTY TRUST INC | 2.87 | 32,000 |