Fund Performance | Ticker Symbol | Geographic Composition | Correlations | Top Ten Holdings
Investment Objective
Kensington Global Real Estate Fund seeks total return from both capital appreciation and current income through investing in a portfolio of U.S. and international real estate equities.
Investment Strategy
The fund has a primary focus on high quality real estate companies in North America, Asia/Pacific and Europe. Under normal market conditions, the fund will invest at least 40% of its portfolio in real estate companies outside of the U.S.
Fund Performance
quarter ending 3/31/08
| YTD | 1-Year | Since Inception (12/29/06) |
||
|---|---|---|---|---|
| Kensington Global Real Estate Fund 1 |
-3.89% | -16.73% | -11.21 | |
| with load 2 | -9.42% | -21.53% | -15.33% | |
| FTSE EPRA/NAREIT Global Real Estate Index 3 |
-5.63% | -17.25% | -9.85% | |
| Expense Ratio as of 12/31/07 4 1.54% net operating expenses; 2.64% gross | ||||
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the fund may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please go the fund's NAV & Yield Info page. Performance data shown does not reflect the 1.00% redemption fee imposed on shares held less than 75 days. If it did, total returns would be reduced.
All returns shown based on A share class.
Results shown do not take into account income or capital gain taxes. Dividends reinvested.
1 Performance data shown is that of the A Share at NAV and does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted.
2 Performance data shown reflects the Class A maximum sales charge of 5.75%.
3 Source: Bloomberg. The FTSE EPRA/NAREIT Global Real Estate Index is designed to track the performance of listed real estate companies and REITs worldwide, excluding U.S. companies. The series acts as a performance measure of the overall market. An investor cannot invest directly in an index.
4 The Adviser has contractually agreed, until December 31, 2010, to waive fees and/or reimburse the fund certain expenses (excluding brokerage costs, interest, taxes and dividend and extraordinary expenses) to maintain Total Fund Operating Expenses for Class A shares at 1.50%.
Ticker Symbols
| Ticker Symbol | CUSIP Number | |
|---|---|---|
| A share | KGFAX | 490088887 |
| B share | KGFBX | 490088879 |
| C share | KGFCX | 490088861 |
| Y share | KGFYX | 490088853 |
Geographic Composition (% of Portfolio Holdings)
as of 3/31/08
Portfolio holdings subject to change. Due to rounding, values may not total 100%.
* Emerging Markets includes Brazil 2.65% and Malaysia 0.76%.
**Foreign Currency includes European Euro 2.24%, Hong Kong Dollars 1.02%, Japanese Yen 0.43%, Singapore Dollars 0.40%, Polish Zloty 0.19%, Canadian Dollars 0.18%, Australian Dollars 0.13%, Norwegian Kroner 0.13%, British Pounds 0.01% and Brazilian Real 0.01%.
Asset Class Correlation
10-year correlation relative to Global Real Estate Stocks ended 3/31/08
Source: Callan Associates, Inc.
Correlation coefficients are based on monthly return data. A correlation coefficient is a measure of the interdependence of two random variables that ranges in value from −1 to +1, indicating perfect negative correlation at −1, absence of correlation at zero, and perfect positive correlation at +1.
Global Real Estate Stocks – FTSE EPRA/NAREIT Global Real Estate Index; U.S. REITs – FTSE NAREIT Composite Index; Global Equities – MSCI World Index; World Government Bonds – Citigroup World Government Bond Index.
The FTSE EPRA/NAREIT Global Real Estate Index is designed to track the performance of listed real estate companies and REITs worldwide. The index acts as a performance measure of the overall market.
The FTSE NAREIT Composite Index is an unmanaged index consisting of approximately 200 Real Estate Investment Trust stocks. The index does not reflect the deduction of expenses associated with a mutual fund.
The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance.
The Citigroup World Government Bond Index is a market weighted index of world government fixed income securities in which the total market value of the constituent countries is at least $20 billion.
An investor cannot invest directly in an index.
Top Ten Holdings
as of 3/31/08
| Company | Country | % of Portfolio |
|---|---|---|
| Cash USD | -- | 11.11% |
| Unibail-Rodamco | France | 5.26% |
| Foreign Currency* | -- | 4.74% |
| Simon Property Group, Inc. | United States | 3.87% |
| British Land Company PLC | United Kingdom | 3.08% |
| Capital & Regional Property | United Kingdom | 2.54% |
| Mitsubishi Estate Company, Ltd. | Japan | 2.41% |
| Ventas, Inc. | United States | 2.10% |
| Equity Residential | United States | 2.07% |
| Maguire Properties, Inc. | United States | 2.04% |
*Foreign Currency includes European Euro 2.24%, Hong Kong Dollars 1.02%, Japanese Yen 0.43%, Singapore Dollars 0.40%, Polish Zloty 0.19%, Canadian Dollars 0.18%, Australian Dollars 0.13%, Norwegian Kroner 0.13%, British Pounds 0.01% and Brazilian Real 0.01%.
Portfolio holdings subject to change.
For more info on Kensington's international real estate securities mutual fund offerings, please call 1-800-253-2949.
Investment Considerations Investors should be aware of the risks involved with investing in a non-diversified fund concentrating in real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The fund may also invest in small or relatively new or unseasoned companies, which involve additional risks. Investments in foreign securities involve additional risks such as greater volatility and political, economic and currency risks and differences in accounting methods. These risks are discussed in the fund's prospectus. By itself the fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments. There is no guarantee that the investment objective will be achieved.
Risks to Consider Investments in the Kensington Funds are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. By itself, the funds do not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments. There is no guarantee that the investment objective will be achieved.
An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. Please read the prospectus carefully before investing. You may also request a prospectus directly from this website.
The Kensington Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Kensington Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
The Kensington Funds are distributed by Quasar Distributors, LLC.