Fund Facts
# of Holdings
Net AUM
Primary Benchmark
Oldest Share Class Inception
REITs: A Portfolio Diversifier
As a distinct asset class, publicly traded real estate investment trusts (REITs) are hard assets with distinctive characteristics. As a total return vehicle, REITs can provide diversification to a broad-based portfolio.
REITs are required to distribute at least 90% of their taxable income to shareholders in a dividend distribution, thereby making income an important component of a REIT's total return. Dividends have historically grown as property cash flows have remained durable and resilient throughout various economic cycles.
Core Real Estate Holding
The Fund holds approximately 40-60 high-quality public equity REITS in what we consider to be the best urban and suburban markets in the United States.
Diversified across the real estate spectrum, the Fund invests primarily in Class A properties including towers, warehousing logistics facilities, single-family residential, office, retail, and hotel subsectors that have compelling valuations.
Investment Management
Reasons to Invest
-
1
Enhanced Risk-Adjusted Returns
Due to a low correlation to the overall market, equity REITs can reduce risk and enhance the returns of an investor’s portfolio. As of 12/31/23, the 10-year correlation based on monthly performance between the S&P 500 and the FTSE Nareit All Equity REITs Index has averaged 0.76. -
2
Exposure to High-Quality Real Estate
The Fund holds primarily high-quality REITs diversified across the real estate spectrum in what we consider to be the best urban and suburban markets in the U.S. -
3
Experienced Management Solely Focused on Real Estate
The Fund is sub-advised by CenterSquare Investment Management, a $15 billion real estate investment firm with approximately 100 employees in 5 offices throughout the world.
Fund Performance (%)
As of 11/30/24
| Class | MTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception |
|---|---|---|---|---|---|---|---|
| Institutional Class | 3.68 | 16.05 | 26.38 | 2.40 | 5.74 | - | 6.15 |
| Investor Class | 3.68 | 15.94 | 26.36 | 2.31 | 5.63 | 6.44 | 8.34 |
| FTSE Nareit All Equity REITs Index | 3.57 | 14.04 | 24.15 | 1.47 | 5.15 | 6.85 | 8.52 |
| S&P 500 Index | 5.87 | 28.07 | 33.89 | 11.44 | 15.77 | 13.35 | 9.01 |
As of 9/30/24
| Class | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception |
|---|---|---|---|---|---|---|---|
| Institutional Class | 17.60 | 15.48 | 36.35 | 3.75 | 5.49 | - | 6.22 |
| Investor Class | 17.57 | 15.38 | 36.33 | 3.64 | 5.38 | 7.65 | 8.38 |
| FTSE Nareit All Equity REITs Index | 16.79 | 14.23 | 34.77 | 3.51 | 5.09 | 8.04 | 8.58 |
| S&P 500 Index | 5.89 | 22.08 | 36.35 | 11.91 | 15.98 | 13.38 | 8.87 |
Expense Ratios (gross/net): Institutional 1.03%/1.02%, Investor 1.12%/1.12%
Cromwell Investment Advisors has agreed to waive its management fees and/or reimburse. Fund expenses to ensure that Total Annual Fund Operating Expenses through at least 4/30/25.
Inception dates for the Institutional Class and Investor Class shares are 2/24/17 and 12/31/97, respectively. Index return since the inception of the Investor Class on 12/31/97.
Hypothetical Growth of $10,000 As of 9/30/24
Performance shown is the performance for the predecessor AMG CenterSquare Real Estate Fund.
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. For performance information through the most recent month end please call 855.625.7333 or visit thecromwellfunds.com. This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund the number years ago as indicated. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.
Effective on 3/7/22, AMG Managers CenterSquare Real Estate Fund, a series of AMG Funds I (the Predecessor Fund), reorganized into the Fund. Performance shown prior to 3/7/22, is that of the Predecessor Fund. The returns for Investor Class shares are the returns of the Predecessor Fund’s Class N shares. Returns of the Investor Class and Institutional Class shares reflect the returns of Classes N and I, respectively, of the Predecessor Fund. Additionally, the Fund has adopted the Financial Statements of the Predecessor Fund. Prior to 2/27/17, outstanding Class S shares of the Predecessor Fund (formerly the Predecessor Fund’s sole share class, which was reclassified and redesignated as Class S on 10/1/16) were renamed Class N shares. The Predecessor Fund had the same investment objectives, strategies and portfolio management team as the Fund as of the date of the reorganization.
Portfolio As of 9/30/24
Sector Weightings
| Sector | Exposure | |
|---|---|---|
| Diversified | 29.8% | |
| Health Care | 15.0% | |
| Warehouse/Industrial | 12.2% | |
| Apartments | 10.9% | |
| Storage | 8.5% | |
| Shopping Centers | 6.3% | |
| Single Tenant | 5.3% | |
| Office Property | 4.3% | |
| Regional Malls | 2.9% | |
| Hotels | 2.4% | |
| Manufactured Homes | 2.3% |
Top 10 Holdings
| Holding | Percent |
|---|---|
| American Tower Corp. | 8.4% |
| Equinix, Inc. | 7.3% |
| Prologis, Inc. | 6.1% |
| Welltower, Inc. | 5.1% |
| Extra Space Storage, Inc. | 3.9% |
| Digital Realty Trust, Inc. | 3.8% |
| Ventas, Inc. | 3.7% |
| UDR, Inc. | 3.4% |
| SBA Communications Corp. | 3.0% |
| Kimco Realty Corp. | 2.7% |
| Total | 47.4% |
Literature
| Document | Download |
|---|---|
| Fact Sheet | |
| Commentary | |
| Holdings |
| Document | Download |
|---|---|
| Summary Prospectus | |
| Prospectus | |
| Annual Report |