Altegris/AACA Opportunistic Real Estate Fund I
RAAIX
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- Altegris/AACA Opportunistic Real Estate Fund I (RAAIX) is an open-end mutual fund that seeks higher risk-adjusted returns than traditional long-only real estate strategies through an opportunistic, long-short investment approach focused on equity securities of real estate investment trusts (REITs), real estate operating companies, and related sectors; it employs leverage, short selling, options, and derivatives to capitalize on opportunities where tenants face limited choices, high barriers to entry and exit, and strong secular demand, targeting sectors such as infrastructure, data centers, retail, industrial, residential, self-storage, specialty, and health care REITs, as well as preferred stocks and common stocks in asset management, electrical equipment, food, leisure facilities, oil and gas producers, and transportation and logistics. The fund offers Class A (RAAAX), Class C (RAACX), and Class I (RAAIX) shares with minimum initial investments of $25,000 for Class A, none specified for Class C, and $100,000 for Class I; it features total annual operating expense ratios of 1.80% for Class A, 2.55% for Class C, and 1.55% for Class I after contractual fee waivers through at least October 31, 2025, and maintains a portfolio turnover rate of approximately 22-44% with net assets of around $44.8 million as of June 30, 2025. Launched on January 8, 2014 as a mutual fund following a predecessor limited partnership managed by sub-adviser American Assets Capital Advisers (AACA) since February 1, 2011, the fund is advised by Altegris Advisors, LLC, headquartered in La Jolla, California, and distributed by Northern Lights Distributors, LLC, with primary operations in the United States and a focus on U.S.-listed securities. In a significant recent development, on May 20, 2025, the Board of Trustees approved the reorganization of the fund into the LDR Real Estate Value-Opportunity Fund, a series of World Funds Trust, pending shareholder approval, with closing anticipated shortly thereafter if approved.