Brookfield Global Listed Real Estate Fund Data as of September 30, 2015
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1 FUND DATA Total Net Assets (in millions) 1 $1, Net Asset Value (NAV) Per Share $12.41 AT A GLANCE Symbols CUSIPs Expense Ratio (Gross) 2 Expense Ratio (Net) 2 Class A BLRAX % 1.20% Class C BLRCX % 1.95% Class Y BLRYX % 0.95% INVESTMENT OBJECTIVE The Fund seeks total return through growth of capital and current income. There can be no assurance that the Fund will achieve its investment objective. AVERAGE ANNUAL TOTAL RETURNS AS OF SEPTEMBER 30, 2015 Q Year-To-Date 1 Year 3 Years Inception Class A (Excluding Sales Charge) -2.79% -4.49% 2.97% 9.10% 9.73% Class A (Including Sales Charge) -7.39% -9.01% -1.95% 7.35% 8.17% Class C (Excluding Sales Charge) -2.85% -4.93% 2.29% 8.31% 8.93% Class C (Including Sales Charge) -3.82% -5.87% 1.33% 8.31% 8.93% Class Y -2.65% -4.27% 3.26% 9.35% 13.21% FTSE EPRA/NAREIT Developed Index % -4.16% 3.58% 7.04% 11.26% 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. Performance data current to the most recent month end may be obtained by calling The Fund imposes a 2.00% redemption fee on shares redeemed within 60 days. Performance data does not reflect the imposition of the redemption fee and if it had, performance would have been lower. Performance shown including sales charge reflects the Class A maximum sales charge of 4.75% and the Class C Contingent Deferred Sales Charge (CDSC) of 1.00%. Performance data excluding sales charge does not reflect the deduction of the sales charge or CDSC and if reflected, the sales charge or fee would reduce the performance quoted. Investment performance reflects fee waivers, expenses and reimbursements in effect. In the absence of such waivers, total return and NAV would be reduced. Classes A and C were incepted on May 1, 2012 and Class Y was incepted on December 1, The FTSE EPRA/NAREIT Developed Index references Class A s inception date. MARKET COMMENTARY Global equities struggle in volatile third quarter Global equity markets declined significantly in the third quarter, as the MSCI World Index returned -8.3%. 4 All regions were weak, although North America (-7.2%) and Europe (-8.7%) outperformed Asia Pacific (-13.1%) on a relative basis. 4 Equities started the quarter strongly, as investor fears surrounding the sovereign debt crisis in Greece eased. However, markets declined sharply in mid-august due to the perceived slowdown in China s economic growth. Investor concern about China led to broader contagion across both emerging and developed markets in August and into September, leading to a general risk-off investor sentiment. China and Brazil were particularly weak, as the Shanghai Stock Exchange Index returned -28.6% and the Ibovespa Brasil Sao Paulo Stock Exchange Index (IBOVESPA) returned -15.1% for the quarter, respectively. 5 Many commodity prices plunged alongside equities during the third quarter, with the price per barrel of West Texas Intermediate (WTI) crude oil falling by close to 24%. 6 Across global equity markets, sector performance was negative across most sectors, led by materials (-19.5%) and energy (-17.9%). The utilities sector (+0.3%) was the only positive sector, driven by declining interest rates, while the defensive consumer staples sector (-0.9%) also outperformed. 7 Despite the global turmoil, U.S. economic data appeared fairly resilient. In August, second quarter U.S. GDP was revised up to an annualized rate of 3.7% from the initially reported level of 2.3%. 8 However, the U.S. labor market slowed its growth trajectory, as the economy added only 142,000 jobs in September, while estimates for job growth in both July and August were revised downward. 9 Amidst signs of a slowing U.S. economy and global volatility, the U.S. Federal Reserve (Fed) did not raise interest rates at its September meeting. It is unclear whether the Fed will raise rates this year, though an increase at its October or December meetings is not out of the question. For the quarter, the yield on the U.S. 10-year Treasury declined significantly, ending September 2.06%, compared with 2.35% at the end of June. 10 Real estate securities outperform global equities Real estate securities outperformed broader global equities in the third quarter, with the FTSE EPRA/NAREIT Developed Index (the Benchmark ) returning -1.4%. 3 North America (1.6%) and Europe (3.8%) produced positive returns for the period, while Asia Pacific was negative, returning -10.3%. Within North America, self storage was the strongest performing sector for the quarter, returning 16.2%, followed by residential (6.2%) and retail (3.6%). The hotel sector was the worst performing sector over the three months, returning -13.7%. 3 Fund Performance for the Quarter By sector, self storage was the largest detractor from relative performance, due to a zero weight to the outperforming sector. The self storage sector has continued to outperform on strong reported earnings growth. The office sector also detracted from relative performance due to the combination of an overweight allocation to the underperforming sector and negative stock selection. The sector categorized as other also detracted from relative performance driven by stock Page 1 of 5
2 selection. In contrast, the residential and industrial sectors were the largest contributors to relative performance, both due to positive stock selection. The retail sector contributed modestly to relative performance due to stock selection. By region, the U.S. was the largest detractor from relative performance driven by stock selection. Singapore also detracted from relative performance driven by negative stock selection. The UK also detracted from relative performance due to the combination of an underweight allocation to the outperforming region and negative stock selection. In contrast, Japan was the largest contributor to relative performance due to the combination of an underweight allocation to the underperforming region and positive stock selection. The China/Hong Kong region contributed modestly to relative performance due to positive stock selection. A zero weight to underperforming Canada also contributed modestly to relative performance. By security, an overweight position in Hongkong Land Holdings Limited (H78.SG, office, Hong Kong) 11 was the largest detractor from relative performance due to concerns surrounding a slowdown in Chinese GDP growth rates. A non-benchmark position in Outfront Media, Inc. (OUT, other, U.S.) 11 also detracted from relative performance. A zero position in Public Storage (PSA, self storage, U.S.) 10 was another significant detractor from relative performance. In contrast, overweight positions in outperforming Mid-America Apartment Communities, Inc. (MAA, residential, U.S.) 11 and Vonovia SE (VNA.GY, residential, Germany) 11 were significant contributors to relative performance. Market Activity and Industry News In international news, Chinese sovereign wealth fund China Investment Corporation (CIC) announced that it would purchase Investa Property Group s portfolio of nine Australian office towers for more than $2.45 billion, making it the largest direct real estate transaction in Australia s history. The portfolio, which is 90 percent focused on Melbourne and Sydney, had received significant interest from other sovereign wealth funds as well as from global property owners and investors. Pricing on the transaction indicated an initial yield of approximately 5.0%. The transaction will require approval by the Foreign Investment Review Board before it can be finalized. 12 In Canada, a proposed transaction could create one of Canada s largest residential landlords, as Calgary-based Northern Property Real Estate Investment Trust (NPR-U.CN, residential, Canada) 11 announced that it intends to acquire Toronto-based True North Apartment REIT and a separate portfolio of 4,650 apartments from Starlight Investments Ltd. and a joint venture between Starlight and the Public Sector Pension Investment Board. The deal would result in Northern Property controlling a portfolio of about 25,000 residential units spanning eight provinces and two territories, with a market capitalization of $1.2 billion. 13 Also in Canada, Toronto-based RioCan Real Estate Investment Trust (REI-U.CN, retail, Canada) 12 announced that it was engaging in a strategic review that could result in RioCan selling all or some of its 48 U.S. properties, forming a joint venture or continuing to operate and expand their investment in the assets. The retail properties, located primarily in Texas and the Northeast, are worth C$2.6 billion to C$2.9 billion (approximately $2 billion to $2.2 billion), according to analyst estimates. 14 In September, Strategic Hotels (BEE, hotel, U.S.) 11 announced it was being acquired by Blackstone Group. Affiliates of Blackstone Real Estate Partners VII LP will acquire the company for approximately $6 billion (including assumed debt), valuing the equity at $14.25/share, reflecting a 13% premium to the uninterrupted share price. 15 The announcement did not surprise the market, as the company had announced it was exploring strategic alternatives in August and the offer price was in line with current net asset value (NAV). Also in September, the Macerich Company (MAC, retail, U.S.) 11 announced agreements to form joint ventures to which Macerich will contribute interests in eight U.S. retail assets, with expected cash proceeds to MAC of $2.3 billion. Singapore-based Government Investment Corporation (GIC) will acquire a 40% interest in five assets and Heitman will acquire a 49% interest in three assets. Concurrently with the joint venture announcement, MAC also announced a $1.2 billion share repurchase program. 15 Amid the broad equity market volatility over the three months, at least 17 U.S. REITs announced share buy-back programs totaling approximately $2.8 billion. In addition to the program announced by MAC, 11 share buy-back programs have also been announced by General Growth Properties (GGP, retail), 11 CBL & Associates Properties Inc. (CBL, retail), 11 DiamondRock Hospitality Co. (DRH, hotel) and Equity Commonwealth (EQC, office). Outlook Despite positive performance for the third quarter, the earlier declines in U.S. REITs in 2015 have led to equity markets trading at a discount to private market valuations. We believe that the previous declines were due to broad based equity market weakness rather than a change in real estate fundamentals and that U.S. property market fundamentals are robust. Currently, there is sufficient economic growth to drive a modest increase in demand for space, while at the same time, construction has remained relatively low, limiting new supply. This combination should be positive for growth in property occupancies, rents and cash flows. Although the Fed has not ruled out an increase in U.S. interest rates, it is still broadly anticipated that the rate normalization process will be slow and deliberate, with low nominal rates for the foreseeable future. In our view, a period of slow but steady growth accompanied by moderate rises in interest rates will be supportive for REIT performance in the longer term. Across the globe, we continue to believe that the U.S. is better placed compared to other major countries. While we also continue to see value in Continental Europe and anticipate value opportunities will surface, we remain cautious on the outlook for the United Kingdom. We have mixed views for the Asia Pacific region, where we are actively avoiding exposure to China and limiting exposure to Japan. However, we see value across a select number of Australian real estate companies. Page 2 of 5
3 ASSETS BY COUNTRY 18 Region Portfolio Weight (%) Index Weight (%) United States Germany Australia Hong Kong Japan France United Kingdom Singapore Austria Other Canada Cash Total % 6% 0% -6% -12% TOP RELATIVE COUNTRY POSITIONS 19 Germany Australia United Kingdom Japan ASSETS BY SECTOR 18 Region Portfolio Weight (%) Index Weight (%) Office Retail Residential Diversified Industrial Healthcare Hotel Other Self Storage Cash Total % 6% 0% -6% -12% TOP RELATIVE SECTOR POSITIONS 19 Office Industrial Self Storage Diversified TOP TEN HOLDINGS (%) Name Sector Region (%) Simon Property Group Retail United States 8.7% Prologis Inc. Industrial United States 4.6% SL Green Realty Corp Office United States 3.7% Dexus Property Group Diversified Australia 3.5% Vonovia SE Residential Germany 3.5% Scentre Group Ltd. Retail Australia 3.3% Hongkong Land Holdings Office Hong Kong 3.1% Mitsubishi Estate Co Ltd Office Japan 3.1% Hammerson Plc Retail United Kingdom 2.9% Ventas Inc. Healthcare United States 2.9% The top ten holdings will vary over time and there is no guarantee that the Fund currently holds any of the securities listed. The information above is based on the total assets of the Fund. The holdings listed should not be considered recommendations to purchase or sell a particular security. Page 3 of 5
4 QUARTERLY PERFORMANCE BY SECTOR 20 Top Contributing Sector Residential Bottom Contributing Sector Self Storage QUARTERLY PERFORMANCE BY REGION 20 Top Contributing Country Japan Bottom Contributing Country United States QUARTERLY PERFORMANCE BY SECURITY 20 Top Contributing Securities Security Name Country Sector Mid-America Apartment Communities, Inc. Average Portfolio Weight (%) to Relative Performance to Absolute Performance United States Residential Simon Property Group, Inc. United States Retail Vonovia SE Germany Residential Bottom Contributing Securities Security Name Country Sector Average Portfolio Weight (%) to Absolute Performance Hongkong Land Holdings Limited Hong Kong Office Outfront Media Inc. United States Other Public Storage United States Self Storage IMPORTANT DISCLOSURES A fund s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling or visiting Please read the prospectus carefully before investing. Mutual fund investing involves risk. Principal loss is possible. The Fund will be closely linked to the real estate market. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REITs are dependent upon management skills and generally may not be diversified. REITs are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. The Fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investing in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of nationalization, confiscation or the imposition of restrictions on foreign investment. Debt securities rated below investment grade are commonly referred to as junk bonds and are considered speculative. Increases in interest rates can cause the prices of Fixed Income securities to decline, and the level of current income from a portfolio of Fixed Income securities may decline in certain interest rate environments. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Some securities held may Page 4 of 5
5 be difficult to sell, particularly during times of market turmoil. If the Fund is forced to sell an illiquid asset to meet redemption, the Fund may be forced to sell at a loss. Using derivatives exposes the Fund to additional risks, may increase the volatility of the Fund s net asset value and may not provide the result intended. Since the Fund will invest in securities in the Real Estate industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified. Brookfield Investment Funds are distributed by Quasar Distributors, LLC. 1. Based on total net assets of all share classes in Fund. 2. As reflected in the Fund s current prospectus and assuming a full year of Fund operations. The advisor has contractually agreed to waive fees and/or reimburse fund expenses through May 1, There is no guarantee that such waiver/reimbursement will be continued after that date. 3. The FTSE EPRA/NAREIT Developed Index is a free-float adjusted, liquidity, size and revenue screened index designed to track the performance of listed real estate companies and REITs worldwide. The Index is unmanaged and, unlike the Brookfield Global Listed Real Estate Fund is not affected by cash flows or trading and other expenses. It is not possible to invest directly in an index. 4. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 5. Source: Bloomberg. Note: returns in local currencies. 6. Source: U.S. Energy Information Administration 7. Sector returns are measured by the MSCI World Telecommunication Services Index (gross), the MSCI World Financials Index (gross), the MSCI World Health Care Index (gross), the MSCI World Consumer Discretionary Index (gross), the MSCI World Utilities Index (gross) and the MSCI World Energy Index (gross). Source: Bloomberg. The indices are designed to capture the large and mid cap segments across 23 Developed Markets countries. All securities in the index are classified in the Telecommunications sector, World Financials sector, Health Care sector, Consumer Discretionary sector, Utilities sector and the Energy sector, respectively, as per the Global Industry Classification Standard (GICS). 8. Source: Bureau of Economic Analysis, U.S. Department of Commerce 9. Source: Bureau of Labor Statistics, U.S. Department of Labor; nonfarm payroll employment. 10. Source: U.S. Department of Treasury 11. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. As of September 30, 2015, the Fund held, as a percentage of net assets: CBL & Associates Properties Inc. (1.0%), Hongkong Land Holdings (3.1%), Mid-America Apartment Communities Inc. (1.8%), Mitsui Fudosan Co Ltd (1.0%), Outfront Media (2.5%), Simon Property Group (8.7%), Vonovia SE (3.5%) and Westfield Corp (2.0%) As of September 30, 2015, the Fund did not have any exposure to other specific companies mentioned herein. 12. Source: Source: Source: Source: Source: Source: Sector and country allocations are expressed as a percentage of total investments (by market value), not total assets, and will vary over time. Index weights are based on the FTSE EPRA/NAREIT Developed Index. 19. Calculated by Brookfield Investment Management Inc. using FTSE EPRA/NAREIT Developed Index data. Active weights are expressed relative to the FTSE EPRA/ NAREIT Developed Index. 20. Calculated by Brookfield Investment Management Inc. using FactSet. refers to the change in the Fund s value (excluding cash) over the period. refers to the difference between the change in the Fund s value (excluding cash) relative to the change in the FTSE EPRA/NAREIT Developed Index value over the period. A basis point is a unit that is equal to 1/100 of 1%, and is used to denote the change in a financial instrument. Cash flows refer to the amount of cash generated and used by a company over a given period. The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The Ibovespa Brasil Sao Paulo Stock Exchange Index is an index of about 50 stocks that are traded on the São Paulo Stock, Mercantile & Futures Exchange. It is not possible to invest directly in an index. Earnings growth is not representative of the Fund s future performance. The quoted benchmarks within this report do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in the volatility, and regulatory and legal restrictions between the indices shown and the Fund. Page 5 of 5
Brookfield Global Listed Real Estate Fund Data as of December 31, 2014
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