AAM/Phocas Real Estate Fund




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

Morningstar Ratings as of September 30, 2023
Class I Shares, Real Estate Universe, Based on Risk-Adjusted Returns


230 Funds

230 Funds

213 Funds

153 Funds

Morningstar Rating is for the Class I share class only; other classes may have different performance characteristics. Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results.


  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.


All products shown above may not be available within your firm. Please consult your AAM Representative for more information.

View the AAM/Phocas Real Estate Fund prospectus.  The AAM Funds are distributed by IMST Distributors, LLC.

Mutual fund investing involves risk, including the potential loss of principal. 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.

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

The prices of foreign securities may be more volatile than the securities of U.S. issuers becauseof 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.

©2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% received 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.


Fund Facts
Tickers / CUSIPs
Class A:   APRAX / 46141Q 220
Class I:   APRIX / 46141Q 238
Inception Date
  September 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
  1.68% gross
Class I:   0.90% net
  1.43% gross

2The Fund’s advisor has contractually agreed to waive certain fees/expenses until April 30, 2033 and may recoup previously waived expenses that it assumed during the previous three-year period.