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Global Real Estate Investments Fund

JARSX - S SHARES JARIX - I SHARES JAREX - A SHARES JACRX - C SHARES

Overview

AT A GLANCE
  • $768.1 M

    Portfolio Assets 04-06-2020
  • $13.33 NAV 4/6/2020
  • 1.37%

    Gross Expenses1
  • 1.19%*

    Net Expenses1
  • 803431 410

    CUSIP
  • 10-26-2009

    Inception Date

*The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least December 31, 2020 for I Shares to ensure that net annual operating expenses will not exceed 1.19%, subject to possible recoupment from the Fund in future years.

87 Million

That’s the estimated number of Americans that own stock in REITs.2
Are your clients in this club?

$1.7 Trillion

That’s the market cap of the global REIT market?4
The U.S. accounts for only 40% of that.
Are you participating globally?

REITs have earned the reputation as an asset class that can help investors achieve greater portfolio diversification. This could be important looking forward, as many experts are suggesting the next ten years may not be as favorable for the stock and bond markets as we’ve experienced in the previous decade; a compelling case for REITs and their low correlation to traditional asset classes.

OUR SOLUTION

The James Alpha Global Real Estate Investments Fund provides a high level of diversification by both property type and geography.

  • The portfolio is more concentrated in higher-growth specialty and diversified property types than other REITs that are more heavily weighted to traditional office, retail and industrial properties.
  • For geographic diversification, the fund has global reach offering investors indirect ownership interest in over 10,000 income producing properties throughout the U.S., Asia-Pacific and Europe.

The fund also is nimble enough to explore small, mid and large cap opportunities, whereas many of the largest REITs focus exclusively on the U.S. market and only the largest property portfolios.

WHICH TYPE OF CLIENT IS THIS FUND SUITABLE FOR?

When considering the James Alpha Global Real Estate Investments Fund, it may be most appropriate for investors seeking:

  • Portfolio diversification with low correlation to major indices
  • Potential for high levels of consistent income – annualized distribution yield of more than 9%
  • Potential hedge against rising inflation

FUND OBJECTIVE

To deliver total return through a combination of current income and capital appreciation by investing in a global portfolio comprised of carefully selected, institutional-quality publicly traded REITs and other real estate securities.

Performance

Daily Prices and Returns as of 4/6/2020
Ticker Share Class NAV Chg % POP YTD
JARSX S 13.45 6.66% -27.65%
JARIX I 13.33 6.64% -27.71%
JAREX A 12.83 6.65% 13.61 -27.78%
JACRX C 12.95 6.58% -27.93%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

The inception date for A Shares was October 26, 2009; Inception for I Shares was August 1, 2011; Inception for C Shares was January 5, 2012; Inception of S Shares was August 17, 2017. All returns are quote as annualized if over 1 year. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and until December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.37% for S Shares, 1.37% for I Shares, 1.62% for A Shares, and 2.37% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 0.99% for S Shares, 1.19% for I Shares, 1.62% for A Shares, and 2.37% for C Shares. 5.75% is the maximum sales charge on purchases of A shares. For more performance numbers current to the most recent month-end please call (888) 814-8180.


Performance as of 3/31/2020
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
JARSX S -22.16% -26.74% -17.46% N/A N/A -2.40%
JARIX I -22.18% -26.79% -17.67% -0.22% 1.07% 5.27%
JAREX A -22.21% -26.83% -18.01% -0.62% 0.61% 6.80%
JACRX C -22.18% -26.93% -18.58% -1.35% -0.10% 5.66%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

The inception date for A Shares was October 26, 2009; Inception for I Shares was August 1, 2011; Inception for C Shares was January 5, 2012; Inception of S Shares was August 17, 2017. All returns are quote as annualized if over 1 year. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and until December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.37% for S Shares, 1.37% for I Shares, 1.62% for A Shares, and 2.37% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 0.99% for S Shares, 1.19% for I Shares, 1.62% for A Shares, and 2.37% for C Shares. 5.75% is the maximum sales charge on purchases of A shares. For more performance numbers current to the most recent month-end please call (888) 814-8180.

Dividend and Capital Gains Distributions: S Shares (JARSX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
09/27/2019 18.98 0.0000 0.3589 0.0000 0.0501 0.4090
06/27/2019 18.49 0.0000 0.3169 0.0000 0.1044 0.4213
03/27/2019 18.42 0.0000 0.2533 0.0000 0.1575 0.4108
12/27/2018 15.95 0.0000 0.0874 0.0000 0.4033 0.4907
09/27/2018 18.79 0.0000 0.3647 0.0000 0.0199 0.3846
06/27/2018 18.85 0.0000 0.2417 0.0000 0.1493 0.3910
03/28/2018 18.22 0.0000 0.0861 0.0000 0.2650 0.3511
12/27/2017 19.11 0.0000 0.4359 0.0000 0.2664 0.7023
09/27/2017 18.81 0.0000 0.3457 0.0000 0.0560 0.4017

Dividend and Capital Gains Distributions: I Shares (JARIX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
09/27/2019 18.84 0.0000 0.3589 0.0000 0.0501 0.4090
06/27/2019 18.37 0.0000 0.3169 0.0000 0.1044 0.4213
03/27/2019 18.32 0.0000 0.2533 0.0000 0.1575 0.4108
12/27/2018 15.87 0.0000 0.0874 0.0000 0.4033 0.4907
09/27/2018 18.72 0.0000 0.3647 0.0000 0.0168 0.3815
06/27/2018 18.79 0.0000 0.2417 0.0000 0.1493 0.3910
03/28/2018 18.18 0.0000 0.0861 0.0000 0.2650 0.3511
12/27/2017 19.08 0.0000 0.4359 0.0000 0.2664 0.7023
09/27/2017 18.81 0.0000 0.3457 0.0000 0.0560 0.4017
06/28/2017 19.03 0.0000 0.2979 0.0000 0.1140 0.4119
03/29/2017 18.43 0.0596 0.2860 0.0000 0.0666 0.4122
12/28/2016 17.80 0.1877 0.4335 0.0000 0.0601 0.6813
09/29/2016 18.82 0.0000 0.2855 0.0000 0.0865 0.3720
06/28/2016 18.72 0.0000 0.2190 0.0000 0.1525 0.3715
03/30/2016 19.03 0.0018 0.2378 0.0000 0.1512 0.3908
12/29/2015 18.70 0.0038 0.4209 0.0000 0.3775 0.8022
09/28/2015 18.68 0.0000 0.3111 0.0000 0.0511 0.3622
06/26/2015 20.11 0.0000 0.3305 0.0000 0.0821 0.4126
03/30/2015 21.38 0.0000 0.3540 0.0000 0.1220 0.4760
12/29/2014 20.20 0.0653 0.4987 0.0000 0.1799 0.7439
09/26/2014 20.10 0.0000 0.3811 0.0000 0.0418 0.4229
06/26/2014 21.30 0.0000 0.3865 0.0000 0.0869 0.4734

Dividend and Capital Gains Distributions: A Shares (JAREX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
09/27/2019 18.20 0.0000 0.3589 0.0000 0.0411 0.4000
06/27/2019 17.78 0.0000 0.3169 0.0000 0.0931 0.4100
03/27/2019 17.74 0.0000 0.2533 0.0000 0.1467 0.4000
12/27/2018 15.39 0.0000 0.0874 0.0000 0.3926 0.4800
09/27/2018 18.17 0.0000 0.3647 0.0000 0.0053 0.3700
06/27/2018 18.26 0.0000 0.2417 0.0000 0.1383 0.3800
03/28/2018 17.68 0.0000 0.0861 0.0000 0.2539 0.3400
12/27/2017 18.58 0.0000 0.4359 0.0000 0.2541 0.6900
09/27/2017 18.34 0.0000 0.3457 0.0000 0.0443 0.3900
06/28/2017 18.58 0.0000 0.2979 0.0000 0.1021 0.4000
03/29/2017 18.01 0.0596 0.2860 0.0000 0.0544 0.4000
12/28/2016 17.41 0.1877 0.4335 0.0000 0.0488 0.6700
09/29/2016 18.43 0.0000 0.2855 0.0000 0.0745 0.3600
06/28/2016 18.35 0.0000 0.2190 0.0000 0.1410 0.3600
03/30/2016 18.68 0.0018 0.2378 0.0000 0.1404 0.3800
12/29/2015 18.38 0.0038 0.4209 0.0000 0.3653 0.7900
09/28/2015 18.38 0.0000 0.3111 0.0000 0.0389 0.3500
06/26/2015 19.81 0.0000 0.3305 0.0000 0.0695 0.4000
03/30/2015 21.08 0.0000 0.3540 0.0000 0.1060 0.4600
12/29/2014 19.93 0.0653 0.4987 0.0000 0.1660 0.7300
09/26/2014 19.85 0.0000 0.3811 0.0000 0.0289 0.4100
06/26/2014 21.06 0.0000 0.3865 0.0000 0.0735 0.4600

Dividend and Capital Gains Distributions: C Shares (JACRX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
09/27/2019 18.37 0.0000 0.3589 0.0000 0.0141 0.3730
06/27/2019 17.94 0.0000 0.3169 0.0000 0.0580 0.3749
03/27/2019 17.90 0.0000 0.2533 0.0000 0.1138 0.3671
12/27/2018 15.53 0.0000 0.0874 0.0000 0.3593 0.4467
09/27/2018 18.33 0.0000 0.3647 0.0000 0.0000 0.3647
06/27/2018 18.45 0.0000 0.2417 0.0000 0.1035 0.3452
03/28/2018 17.86 0.0000 0.0861 0.0000 0.2198 0.3059
12/27/2017 18.76 0.0000 0.4359 0.0000 0.2167 0.6526
09/27/2017 18.51 0.0000 0.3457 0.0000 0.0088 0.3545
06/28/2017 18.75 0.0000 0.2979 0.0000 0.0675 0.3654
03/29/2017 18.17 0.0596 0.2860 0.0000 0.0201 0.3657
12/28/2016 17.56 0.1877 0.4335 0.0000 0.0141 0.6353
09/29/2016 18.58 0.0000 0.2855 0.0000 0.0385 0.3240
06/28/2016 18.49 0.0000 0.2190 0.0000 0.1050 0.3240
03/30/2016 18.82 0.0018 0.2378 0.0000 0.1070 0.3466
12/29/2015 18.51 0.0038 0.4209 0.0000 0.3287 0.7534
09/28/2015 18.50 0.0000 0.3111 0.0000 0.0024 0.3135
06/26/2015 19.93 0.0000 0.3305 0.0000 0.0313 0.3618
03/30/2015 21.20 0.0000 0.3540 0.0000 0.0718 0.4258
12/29/2014 20.05 0.0653 0.4987 0.0000 0.1266 0.6906
09/26/2014 19.96 0.0000 0.3811 0.0000 0.0000 0.3811
06/26/2014 21.17 0.0000 0.3865 0.0000 0.0375 0.4240

Source: James Alpha Advisors, September 2019. Currency: USD.

As of 9/30/2019
Fund Share Class 12 Mo Distribution Yield1,3,4 SEC 30 Day Yield Unsubsidized2,3 SEC 30 Day Yield Subsidized2,3,5 Prospectus
S Shares (JARSX) 9.10% -0.36% -0.02% Download
I Shares (JARIX) 9.16% -0.36% -0.22% Download
A Shares (JAREX) 9.26% -0.76% -0.76% Download
C Shares (JACRX) 8.48% -1.81% -1.81% Download

112-Month Distribution Yield is calculated by adding each fund’s trailing 12-month income distributions, and dividing the sum by the fund’s most recent month ended NAV. A fund may pay distributions in excess of its net investment company taxable income and, to the extent this occurs, the distribution yield quoted will include a return of capital. However, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each calendar year on form 1099-DIV.

2The SEC yield is calculated by dividing annualized net investment income per share during a 30-day period by the maximum offering price per share as of the close of that period. SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities. Since certain distributions received by the funds from real estate investment trusts (REITs) may consist of dividend income, return of capital and capital gains, and the character of these distributions cannot be determined until after the end of the year, the SEC yield has been adjusted for the funds that invest significantly in REITs based on estimates of return of capital and capital gains. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized (Sub.) yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized yields do not reflect fee waivers in effect. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares.

312-Month Distribution Yield will fluctuate from month to month, and is not equivalent to the subsidized or unsubsidized 30-day SEC yield of the fund. You should consult each fund’s prospectus for additional information about the Fund’s dividends and distributions policy.

412-Month Distribution Yield for the Fund may vary significantly year-over-year due to tax adjustments, and are subject to change from the yields quoted. No distribution is guaranteed by the Fund.

5A Shares do not currently have a fee waiver in effect.

The Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance, and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distribution rate at a future time. The distribution rate does not reflect other non-income items.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate, and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Annualized total returns of the open-end funds current to the most recent month-end can be obtained on the performance tab of this site.

Portfolio Manager

Andrew J. Duffy, CFA

Andrew J. Duffy, CFA

(Ranger Global Real Estate Advisors, LLC)

Founded in June 2016, Ranger Global Real Estate Advisors manages public and private global real estate funds for both institutional and retail investors. With a dedicated focus on the publically-traded real estate market, Ranger aims to provide its investors with access to the highest quality, income-producing real estate in the world. Managed by Andrew J. Duffy, CFA, President and Chief Investment Officer, Ranger Global Real Estate Advisors benefits from his more than 20 years of dedicated REIT expertise. Mr. Duffy, amongst other roles, launched and built the public real estate securities platform for TIAA-CREF, eventually managing over $3 billion in assets.

Andrew J. Duffy, CFA serves as the Senior Portfolio Manager of the James Alpha Global Real Estate Investments Fund. Mr. Duffy has more than 20 years of global real estate securities investment experience. Prior to Ranger Global Real Estate Advisors, Mr. Duffy served as the President of Ascent Investment Advisors from February 2009 to May 2016. Previously, he was a Managing Director with Citigroup Principal Strategies, where he managed a long/short portfolio of global real estate securities. From February 2006 until January 2008 he was with Hunter Global Investors, L.P. where he was the Co-Portfolio Manager of the Hunter Global Real Estate Securities Fund.

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Founded in June 2016, Ranger Global Real Estate Advisors manages public and private global real estate funds for both institutional and retail investors. With a dedicated focus on the publically-traded real estate market, Ranger aims to provide its investors with access to the highest quality, income-producing real estate in the world. Managed by Andrew J. Duffy, CFA, President and Chief Investment Officer, Ranger Global Real Estate Advisors benefits from his more than 20 years of dedicated REIT expertise. Mr. Duffy, amongst other roles, launched and built the public real estate securities platform for TIAA-CREF, eventually managing over $3 billion in assets.

Andrew J. Duffy, CFA serves as the Senior Portfolio Manager of the James Alpha Global Real Estate Investments Fund. Mr. Duffy has more than 20 years of global real estate securities investment experience. Prior to Ranger Global Real Estate Advisors, Mr. Duffy served as the President of Ascent Investment Advisors from February 2009 to May 2016. Previously, he was a Managing Director with Citigroup Principal Strategies, where he managed a long/short portfolio of global real estate securities. From February 2006 until January 2008 he was with Hunter Global Investors, L.P. where he was the Co-Portfolio Manager of the Hunter Global Real Estate Securities Fund. Before that he was a Portfolio Manager at TIAA-CREF for over six years, during which time he was responsible for managing over $3 billion in global real estate equity and debt securities held in pension portfolios, college savings plans, mutual funds and the firm’s proprietary general account. Between 1993 and 1999, Mr. Duffy was a Senior Research Analyst at Eagle Asset Management, where he launched and managed a dedicated real estate securities investment program in which he was responsible for fundamental analysis, security selection and portfolio construction.

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Insights

JAMES ALPHA GLOBAL REAL ESTATE INVESTMENTS FUND 2018 SECOND QUARTER MARKET AND FUND PERFORMANCE

JAMES ALPHA GLOBAL REAL ESTATE INVESTMENTS FUND 2018 SECOND QUARTER MARKET AND FUND PERFORMANCE

Performance Commentary Provided by Ranger Global Real Estate Advisors, LLC Second Quarter 2018 Global real estate stocks performed well in the second quarter of 2018, extending the rally that began after the U.S. election in late 2016, as the stimulative effect of tax cuts and regulatory reform in the U.S. and continued accommodative monetary policy…
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AN UPDATE ON FUND PERFORMANCE — AND A LOOK AHEAD – JAMES ALPHA GLOBAL REAL ESTATE INVESTMENTS FUND October 2018

AN UPDATE ON FUND PERFORMANCE — AND A LOOK AHEAD – JAMES ALPHA GLOBAL REAL ESTATE INVESTMENTS FUND October 2018

Provided by Ranger Global Real Estate Advisors, LLC Special Report – October 2018 AN UPDATE ON FUND PERFORMANCE — AND A LOOK AHEAD Year-to-date market conditions have been challenging, driven by macro headlines (escalating trade tensions, diverging monetary policy, and political instability in Turkey and Italy). Despite volatile markets, JARIX’s performance has outpaced the category.…
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A CLOSER LOOK AT JARIX’S PERFORMANCE IN NOVEMBER 2018

A CLOSER LOOK AT JARIX’S PERFORMANCE IN NOVEMBER 2018

Provided by Ranger Global Real Estate Advisors, LLC Special Report – November 2018 During the month of October, the global REIT market lost its focus on industry fundamentals and was instead driven by exogenous factors, notably: Concerns over rising interest rates prompted by U.S. Fed tightening; Escalating trade tensions between the U.S. and China; Geopolitical…
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Documents

Title Release Date Download PDF
Fourth Quarter Fact Sheet December 31, 2019 Download
Q4 2019 Global Real Estate Presentation December 31,2019 Download
Third Quarter Fact Sheet September 30, 2019 Download
Press Release June 30, 2019 Download
Press Release March 31, 2019 Download
Press Release December 31, 2018 Download
Press Release September 30, 2018 Download
Press Release June 30, 2018 Download
Press Release March 31, 2018 Download
Press Release December 31, 2017 Download
Press Release September 30, 2017 Download
Press Release June 30, 2017 Download
Press Release March 31, 2017 Download
Press Release December 31, 2016 Download
Press Release September 30, 2016 Download
Press Release June 30, 2016 Download
Press Release March 31, 2016 Download
Press Release December 31, 2015 Download
Press Release June 30, 2015 Download
Press Release September 30, 2015 Download
Press Release March 31, 2015 Download
Commentary June 30, 2019 Download
Commentary March 31, 2019 Download
Special Report January 31, 2019 Download
Special Report December 31, 2018 Download
Special Report November 30, 2018 Download
Special Report October 31, 2018 Download
Performance Commentary June 30, 2018 Download
Performance Commentary March 31, 2018 Download
Performance Commentary December 31, 2017 Download
Commentary September 30, 2017 Download
Commentary June 30, 2017 Download
Commentary March 31, 2017 Download
Commentary December 31, 2016 Download
Commentary September 30, 2016 Download
Commentary April 30, 2016 Download
Commentary March 31, 2016 Download
Commentary February 28, 2016 Download
Commentary January 31, 2016 Download
Commentary December 31, 2015 Download
Commentary November 30, 2015 Download
Commentary October 31, 2015 Download
Commentary August 31, 2015 Download
Commentary September 30, 2015 Download
Commentary July 31, 2015 Download
Commentary June 30, 2015 Download
Commentary May 31, 2015 Download
Commentary April 30, 2015 Download
Commentary March 31, 2015 Download
Prospectus December 27, 2019 Download

Risks

There is no assurance that the portfolio will achieve its investment objective. The Fund is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment.

Risks of one’s ownership are similar to those associated with direct ownership of real estate, such as changes in real estate values, interest rates, cash flow of underlying real estate assets, supply and demand, and the creditworthiness of the issuer. International investing poses special risks, including currency fluctuations and economic and political risks not found in investments that are solely domestic.

Options involve risk and are not suitable for all investors. Writing a covered call option allows the fund to receive a premium (income) for giving the right to a third party to purchase shares that the Fund owns in a given company at a set price for a certain period of time. There is no guarantee of success for any options strategy. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Investments in lesser-known, small and medium capitalization companies may be more vulnerable to these and other risks than larger, more established organizations.

1 The Fund’s management has contractually waived a portion of its management fees until December 31, 2020 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.37% for S Shares, 1.34% for I Shares, 1.61% for A Shares, and 2.38% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 0.99% for S Shares, 1.19% for I Shares, 1.61% for A Shares, and 2.37% for C Shares. 5.75% is the maximum sales charge on purchases of A shares.

2 Nareit. October 2019. https://www.reit.com/data-research/research/nareit-research/87-million-americans-own-reit-stocks.

3 Investopedia. March 14, 2019. The Average Annual Return for a Long Term Investment in the Real Estate Sector.

4 FTSE Russell as of December 31, 2018. Liquid global real estate market is defined as the FTSE EPRA Nareit Developed Real Estate Index.