AAM/Phocas Real Estate Fund

AAM/PHOCAS REAL ESTATE FUND

Class A: APRAX   Class I: APRIX

Objective

The Fund’s objective is to seek to provide long-term total investment return through a combination of capital appreciation and current income.          

WHY REAL ESTATE INVESTMENT TRUSTS (REITs)?

  1. Diversification: Effective portfolio diversifier with the potential to both reduce risk and enhance return 
  2. Income: Historically produced a steady stream of income through a variety of market conditions
  3. Tax-Efficient: Income generated by REITs is generally not taxed at the corporate level, creating greater potential for distributions to shareholders.
  4. Liquidity and Daily Pricing: Unlike direct property ownership, listed REITs are relatively liquid investments that trade on stock exchanges, allowing investors to obtain real time market-based pricing information.
  5. Potential Hedge Against Inflation: Tangible asset classes, like real estate, may act as a hedge against inflation.

Investment PROCESS 

Phocas’ approach is based on the belief that REIT pricing is driven, to different degrees at different times, by where we are in the commercial real estate cycle.

Phocas strives to drive performance through its proprietary research methodology, employing rigorous fundamental, bottom-up security analysis utilizing a proprietary 3-pronged weighted valuation approach. They believe that a focus on core positions best facilitates a successful long-term strategy and reduces turnover. Phocas aims to create long-term value through a concentrated portfolio, diversified across most real estate sectors with maximized risk-adjusted returns.

 



Click to view the prospectus.

Past performance does not guarantee future results. Diversification does not assure a profit and does not eliminate risk.

An investment in the Fund is subject to risks and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, investing in foreign securities, including emerging markets; investing in micro-, small and mid-cap companies; investing in real estate and real estate investment trusts (REITs); and non-diversification risk. The prices of foreign securities may be more volatile than the securities of U.S. issuers because of economic conditions abroad, political developments, and changes in the regulatory environment of foreign countries; these risks are more pronounced for investments in issuers in developing or emerging market countries. Investments in micro-, small- and mid-cap companies involve greater risks including increased price volatility compared to the market or larger companies. Investment in securities of a limited number of issuers (non-diversified) exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. real estate industry (by investing in REITs and other companies that invest in real estate assets), it is particularly vulnerable to the risks of the real estate industry. Declines in real estate values, changes in interest rates, economic downturns, overbuilding and changes in zoning laws and government regulations can have a significant negative effect on companies in the real estate industry. More information about these risks may be found in the Fund’s prospectus. .


Distributed by IMST Distributors, LLC

Fund Facts
Tickers / CUSIPs
Class A:   APRAX / 46141Q 220
Class I:   APRIX / 46141Q 238
Inception Date
  9/30/2006
Minimum Investment
Class A Shares: $2,500 initial
  $500 subsequent
Class I Shares: $25,000 initial
  $5,000 subsequent
Expense Ratio2
Class A:   1.15% net
  2.27% gross
Class I:   0.90% net
  2.52% gross

The Fund’s advisor has contractually agreed to waive certain fees/expenses until April 30, 2028 and may recoup previously waived expenses that it assumed during the previous three-year period.

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