For REIT Investors, Look to the Sunbelt
About Matthew Werner
Matt Werner is a Managing Director / Portfolio Manager who leads the Chilton REIT Team along with strategy founder Bruce Garrison. Matt performs analysis, conducts property tours, and meets with REIT management teams in order to assemble a portfolio that seeks to outperform the benchmark, net of all fees and expenses. Matt holds a CFA charter and is a member of the Houston CFA Society, CFA Institute, and the National Association of Real Estate Trusts (NAREIT). Matt holds a BS degree in Finance from Boston College.
About Chilton Capital Management
Chilton Capital Management’s investment team combines real estate industry experience with traditional fundamental security selection techniques to build a diversified real estate portfolio diversified by geography and property type. Founded in 1996, Chilton is an independent, employee-owned organization based in Houston, Texas. Chilton’s real estate-focused investment team is headed by Portfolio Managers Bruce Garrison, CFA, and Matthew Werner, CFA who have a combined experience of 45 plus years within the REIT industry.
About Liberty Street
The Liberty Street Funds offer investors and financial advisors mutual funds sub-advised by independent boutique managers who possess expertise in their asset class. Because Liberty Street focuses on boutique managers, financial advisors can provide value-added strategies in actively managed and less-correlated portfolios to their clients. Through its selective multi-manager family of funds, Liberty Street provides access to timely investment strategies. The Liberty Street Funds are based in New York City, NY, and advised by Liberty Street Advisors, Inc. HRC Fund Associates, LLC, Member FINRA/SIPC, is an affiliate of Liberty Street.
Financial professionals should contact their wholesaler for more information by calling HRC Fund Associates, LLC. Advisors, Inc. at firstname.lastname@example.org or 212-240-9726. Individual investors and shareholders should contact their financial advisor or the Fund at 800-207-7108.
Risks and Other Disclosures
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus with this and other information about The West Loop Realty Fund (the “Fund”), please download here, or call 1-800-207-7108. Read the prospectus carefully before investing.
Holdings are subject to change. Not a recommendation to buy, sell or hold any particular security. To view the fund’s holdings, click here.
An investment in the West Loop Realty Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks:
Market Risk: The market price of a security may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular issuer, company, or asset class.
Real Estate Market: subject to certain risks such as property revaluations, interest rate fluctuations, rental rate fluctuations and operating expenses, increasing vacancies, rising construction costs and potential modifications to government regulations.
REITs: REITs are dependent upon management skills, generally may not be diversified, and are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and tax risks.
COVID-19 Related Market Events: The outbreak of COVID-19 has caused major disruptions to the worldwide economy, including the U.S. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.
Sector Concentration: Focus on the real estate sector may present more risks than if broadly diversified.
Management and Strategy: The evaluation and selection of the Fund’s investments depend on the judgment of the Fund’s Sub-Advisor, which may prove to be incorrect.
Equity: The value of equity securities may fall due to general market and economic conditions, perceptions regarding the real estate industry, or factors relating to specific companies.
Market Capitalization: Small- to medium-sized real estate company shares can be more volatile than large company stocks, and may be subject to more abrupt or erratic market movements.
Growth-Oriented Investment Strategy: Growth securities typically are very sensitive to market movements. When revenues do not meet expectations, the prices of growth securities typically fall.
Non-Diversification: Focus in the securities of fewer issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers.
Interest Rate: Rising interest rates may impact the prices of REITS, and could increase operating costs and reduce the ability of REITs and other real estate companies to carry out acquisitions or expansions in a cost-effective manner.
Tax: investing in a relatively small number of securities may cause the Fund to inadvertently fail to satisfy the tax diversification requirements applicable to regulated investment companies. If the Fund were to fail those requirements, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.
Liquidity: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or it may only be able to sell those investments at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil.
Convertible Securities: Convertible securities are subject to market and interest rate risk and credit risk.
Fixed Income Securities: Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower-rated securities are more volatile than shorter-term and higher-rated securities.
Preferred Stock: The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, and changes in interest rates.
Warrants and Rights: Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security, may lack a liquid secondary market for resale, and their prices may fluctuate as a result of speculation or other factors.
Foreign investment: These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies.
The Fund may not be suitable for all investors. We encourage you to consult with appropriate financial professionals before considering an investment in the Fund.
References to other mutual funds should not be considered an offer to buy or sell these securities.
Dividend yield shows, in percentage terms (dividends divided by stock price) how much a business pays in dividends annually.
FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
The S&P 500® Index consists of 500 large-cap common stocks which together represents approximately 80% of the total U.S. stock market. It is a float-adjusted market-weighted index (stock price times float-adjusted shares outstanding), with each stock affecting the index proportion to its market value.
The views in this material were those of the Fund’s Sub-advisor as of the date written and may not reflect its views on the date this material is first disseminated or any time thereafter. These views are intended to assist shareholders in understanding the Fund’s investment methodology and do not constitute investment advice.
The Fund is distributed by Foreside Fund Services, LLC.
Liberty Street Advisors, Inc. is the advisor to the Fund. The Fund is part of the Liberty Street Family of funds within the Investment Managers Series Trust.