Easterly Global Real Estate Fund Class I
JARIX
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- Easterly Global Real Estate Fund Class I (JARIX) is an open-end mutual fund that seeks total return through a combination of current income and capital appreciation by investing primarily in publicly traded global real estate securities, including real estate investment trusts (REITs), real estate operating companies, and other real estate-related equities across various property sectors such as residential, industrial, net lease, self-storage, manufactured home communities, and infrastructure; the fund employs a fundamentally-driven, high-conviction stock selection process targeting approximately 50 best ideas across the market capitalization spectrum, unconstrained by benchmarks, with performance-enhancing overlays including dividend capture and covered call-writing. It maintains a diversified portfolio with significant allocations to U.S. stocks (approximately 45-57%), non-U.S. stocks (33-41%), and cash (6-11%), focused predominantly on the real estate sector (84-87%) while including minor technology exposure, and geographically emphasizes the United States, Australasia, United Kingdom, Eurozone, and Europe ex-Euro regions, with top holdings such as Equinix Inc., Digital Realty Trust Inc., American Homes 4 Rent, and Tritax Big Box REIT Plc. The fund, managed by Senior Portfolio Manager Andrew Duffy since inception, operates in the global real estate category and targets institutional investors with a minimum initial investment of $1,000,000 for Class I shares, featuring a net expense ratio of 1.05% and daily pricing. Launched on August 1, 2011 as a continuation of the James Alpha Global Real Estate Investments Portfolio via a reorganization on March 19, 2021, and advised by Easterly Investment Partners LLC headquartered in the United States, the fund underwent a significant reorganization on March 15, 2024, when Easterly Investment Partners LLC became the investment adviser following the merger of Easterly Funds LLC into Easterly as the surviving entity, approved by shareholders; recent portfolio adjustments include significantly reduced exposure to Hong Kong and the office sector (down to 2.2% as of August 31, 2024), alongside active stock selection and sector positioning shifts in residential overweight and underweights in industrial, net lease, health care, and self-storage.