Terra Firma US Concentrated Realty Equity Fund Open Shares
TFREX
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
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- U.s. Bancorp Fund Services Llc Milwaukee WI 53202
- IPO Date
- Jun 22, 2020
- CIK
- 0001141819
- Similar Companies
- Business
- Terra Firma US Concentrated Realty Equity Fund Open Shares (TFREX) is a mutual fund that seeks long-term capital appreciation through investments primarily in equity securities of U.S. realty companies, with current income as a secondary objective. The Fund invests at least 80% of its assets in common, convertible, and preferred stocks of U.S. Realty Companies—defined as real estate investment trusts (REITs), real estate operating or service companies, homebuilders, lodging and hotel operators, natural resources and utility firms with real estate-intensive balance sheets or income statements—as well as synthetic instruments including warrants, rights, options, and shares of exchange-traded funds (ETFs) linked to such companies; up to 20% may be allocated to equity, fixed income, or debt securities of other issuers, potentially including non-U.S. companies, investment companies, initial public offerings (IPOs), below-investment-grade securities (junk bonds), and written put or covered call options for hedging or enhanced returns. It operates as a non-diversified fund, concentrating holdings in a limited number of issuers across any market capitalization, with portfolio turnover of 58% as of December 31, 2023, and targets investors via Institutional Class Shares (TFRIX) and Open Class Shares (TFREX), managed by Terra Firma Asset Management, LLC with fee waivers limiting expenses to 1.25% for Open Shares through at least May 1, 2030. The Fund traces its roots to the Grubb & Ellis AGA U.S. Realty Fund (predecessor prior to September 23, 2011) and the Lazard US Realty Equity Portfolio (predecessor from September 23, 2011, to June 19, 2020), with senior portfolio manager Jay P. Leupp overseeing investments since December 2008 and co-portfolio manager Christopher J. Hartung since September 2018; both are partners and co-founders of the Adviser. It is part of the Trust for Professional Managers, with net assets of approximately $17.37 million, a yield of 2.05%, and a year-to-date return of -4.52% as of the latest reporting. Shares are available through U.S. Bank Global Fund Services with minimum initial investments of $2,500 for Open Class and $10,000 (or $0 for certain institutional investors) for Institutional Class, redeemable via mail, wire, or phone on NYSE trading days. In recent developments, the Fund extended its operating expense limitation agreement with Terra Firma Asset Management, LLC through at least May 1, 2030, capping Total Annual Fund Operating Expenses at 1.00% for Institutional Shares and 1.25% for Open Shares (excluding certain costs like taxes, brokerage, and leverage), with potential recoupment of waived fees over three years; this follows prior waivers addressing high other expenses of 1.52%-1.54%. The most recent prospectus update occurred on April 30, 2024, reflecting ongoing portfolio management amid market volatility from inflation, interest rate hikes, geopolitical tensions, and real estate sector challenges. No major acquisitions, funding rounds, new product launches, or strategic alliances were reported in the last 1-2 years, maintaining focus on U.S. realty equity concentration.