Salient Select Income Fund Investor Class
FFSLX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 244 California Street San Francisco CA 94111
- IPO Date
- Jan 2, 2019
- CIK
- 0000889188
- Similar Companies
- Business
- Salient Select Income Fund Investor Class (FFSLX) is an open-end mutual fund that seeks high current income and potential for modest long-term capital growth through investments primarily in senior securities and high-income equities issued by real estate investment companies, including real estate investment trusts (REITs). The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in income-producing securities such as preferred stocks, convertible preferred stocks, debt securities, REIT preferred shares, high-yielding REIT common stocks, master limited partnerships, and other senior real estate securities; it may also utilize portfolio leverage, invest in small-capitalization REITs, and adjust allocations among preferred stocks, common stocks, and bonds in response to market conditions. The portfolio employs a bottom-up investment approach incorporating quantitative and qualitative analyses of issuers' cash flows, assets, and management, with sector and geographic rotation, active stock selection, and a focus on risk-adjusted appreciation potential across property sectors like retail, lodging/resorts, diversified, single-family residential, specialized, infrastructure, data centers, and self-storage. Originally managed by Salient Partners L.P., founded in 2002 and headquartered in Houston, Texas, with additional offices in San Francisco, the fund's asset management business was acquired by Westwood Holdings Group, Inc. in November 2022, integrating it into Westwood's multi-asset platform and expanding distribution across institutional, intermediary, RIA, and wealth management channels. This acquisition increased Westwood's assets under management by approximately 33% to $16.3 billion, adding Salient's real estate strategies—including the Select Income Fund with about $449 million in assets at the time—and enhancing offerings in real assets and alternatives available through mutual funds and separately managed accounts. Post-acquisition, the fund operates as Westwood Salient Select Income Fund, maintaining its REIT-focused strategy while benefiting from Westwood's Dallas headquarters and broader operational synergies. The fund targets income-oriented investors seeking exposure to U.S. public real estate companies, with a diversified portfolio emphasizing larger capitalization issuers featuring fortress balance sheets, low leverage (typically 45% or less), stable fixed charge coverage ratios around 3.0x, and high-quality tenancy; it operates primarily in the U.S. market but considers geographic rotations within real estate sectors. As of late 2023, senior securities comprised about 69% of the portfolio (yielding approximately 7.30%), common stocks 28.6% (yielding 5.25%), with net exposure at 97.6% and modest cash holdings; top holdings included preferred stocks from Kimco Realty, RLJ Lodging Trust, Pebblebrook Hotel Trust, LXP Industrial Trust, and common stocks like Outfront Media. In the fourth quarter of 2023, the Institutional Class shares delivered a total return of 9.92%, outperforming the ICE BofAML Fixed Rate Preferred Securities Index (6.64%) and MSCI REIT Preferred Index (8.66%), driven by strong contributions from lodging/resorts and retail sectors amid REIT merger activity such as Realty Income's acquisition of Spirit Realty Capital.