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AS OF 3/31/2015
FACTSHEET
AR Capital Global Real Estate Income Fund
Class A Shares
Class C Shares
Ticker
AIRAX
AIRCX
CUSIP
756076881
756076873
Fund Information
Inception Date
August 11, 2014
Minimum Initial/
Subsequent Investment
$2,500/$250
Dividend Frequency
Quarterly
Fees and Expenses (Class A Shares)
Gross Expense Ratio
2.16%
Expense Reimbursement1
(0.66)%
Net Expense Ratio
1.50%
Investment Objective
The AR Capital Global Real Estate Income Fund’s investment objective is to provide current
income with the potential for capital appreciation. The Fund will invest substantially all (and
under normal market conditions, at least 80%) of its net assets in income producing securities
related to the real estate industry. The Fund will invest at least 40% of its net assets in real estate
securities of companies that are organized or located outside of the U.S. and that principally
invest in non-U.S. markets. Under normal market conditions, the Fund expects to have
investments across different countries and regions, but in no less than three different countries,
including the U.S. The non-U.S. companies in which the Fund invests may include those
located or invested in emerging markets.
A Distinct Approach
In managing the Fund, NFA utilizes differentiated investment strategies:
• Portfolio assets across the entire capital structure, including common equity, preferred
equity, debt and CMBS, among others.
• Investing in different countries across the globe to obtain greater diversification and
potentially higher yields.
• Principal focus on obtaining yield for shareholders.
Performance (as of March 31, 2015)
Monthly Returns
1M
Fees and Expenses (Class C Shares)
Gross Expense Ratio
2.91%
Expense Reimbursement1
(0.66)%
Net Expense Ratio
2.25%
Adviser
Investment Adviser
National Fund Advisors, LLC (“NFA”)
Investment Team
Vikram Khullar, CFA
Portfolio Manager
Christopher Pike, CFA
Co-Portfolio Manager
Vlad Rudnytsky
Senior Analyst
3M
6M
Annualized Returns
Y TD
1Y R Since Inception2
Class A Shares without Sales Charge
-1.8%
1.9%
2.9%
1.9%
-
0.0%
Class A Shares with Max. 4.50% Sales Charge
-6.3%
-2.7%
-1.8%
-2.7%
-
-4.5%
FTSE EPRA/NAREIT Global Index3
-0.2%
4.0%
11.4%
4.0%
-
6.6%
Performance Commentary
At the end of March 31, international investments represented roughly 56% of the Fund’s
net assets, while US investments totaled 29% of total assets; roughly 15% of net assets was in
cash. On March 31, 2015, the Fund’s largest individual investment was Capstead Mortgage
Corp Preferred, representing roughly 9.4% of net assets, followed by Vastned Retail (8.9%) and
Macquarie Mexico Real Estate (6.4%). Within the international allocation, Mexico represented
the largest concentration by region, at 9.3%, followed by Netherlands (8.9%), and Canada
(8.2%).
Year to date, Class A Shares were up 1.9%. In the same period, the FTSE EPRA/NAREIT
Global Index was up 4.0% and the S&P 500 was up 1.0%. Fund underperformance versus the
index was driven largely by our underweight US stance (29% versus index at 50%).
Donald Deichmann
Senior Analyst
Performance data quoted herein represents past performance, and past performance does not guarantee future results. The investment return and principal
value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance
may be lower or higher than the performance data quoted.
(1) NFA, the Fund’s investment adviser (the “Adviser”), has contractually agreed to waive a portion or all of its management fees and pay Fund
expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit other expenses to 0.35% of
average daily net assets of the Fund’s shares (the ‘‘Expense Cap’’). The Expense Cap will remain in effect through at least September 13, 2015,
and may be terminated before that date only by the Board of Trustees of the Realty Capital Income Funds Trust. The Adviser may recoup any
previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid. (2)
Inception date is August 11, 2014. (3) The FTSE EPRA/NAREIT Global Index is designed to track the performance of listed real estate companies
and REITS in both developed and emerging markets.
AS OF 3/31/2015
FACTSHEET
Portfolio Snapshot (3/31/2015)*
Top Holdings
Current Allocation
Company
Sector
Capstead Mortgage Corp Preferred 7.5% Mortgage REITs
Country
North America
USA
Vastned Retail
Retail
Macquarie Mexico Real Estate
Industrial
Mexico
H&R Real Estate
Diversified
Canada
Chimera Investment Corp
Mortgage REITs
Ascendas Real Estate
Industrial
Singapore
Charter Hall Group
Diversified
Australia
Hufvudstaden AB
Diversified
Sweden
Oxford Lane Capital
Closed-end Funds
Hibernia REIT PLC
Diversified
United States
Mexico
Canada
Netherlands
Europe, Middle East & Africa
29.4%
9.3%
8.2%
Netherlands
Sweden
Ireland
France
Finland
Middle East
Germany
Italy
South Africa
Asia & Australia
Australia
Singapore
Japan
USA
5.8%
4.6%
0.6%
South America
Brazil
4.6%
8.9%
3.9%
3.3%
3.1%
1.9%
0.8%
0.3%
0.3%
0.1%
Remaining
Cash
15.0%
Return of
Capital
$
Total
Distribution
$ 0.1112
USA
Ireland
* Portfolio holdings and allocations subject to change without notice and
may not represent current or future portfolio composition or allocations.
Dividend & Capital Gains Distributions
Class A Shares
Date
3/30/2015
Dividend
Income
$ 0.1221
12/22/2014 $ 0.2702
LT Capital
Gain
$
$
-
ST Capital
Gain
$
$
-
Class C Shares
Return of
Capital
$
$
-
Total
Distribution
$ 0.1221
Dividend
Income
$ 0.1112
LT Capital
Gain
$
$ 0.2702
$ 0.2483
$
-
ST Capital
Gain
$
$
-
$
-
$ 0.2483
IMPORTANT DISCLOSURES
NATIONAL FUND ADVISORS, LLC IS AN SEC-REGISTERED INVESTMENT ADVISER THAT ADVISES THE FUND.
Investors should carefully consider the investment objectives, risks, charges and expenses of the AR Capital Global Real Estate Income Fund
before investing. This and other important information is contained within the Fund’s Prospectus, which can be obtained by calling (866) 2719244, or by visiting our website www.arcincomefunds.com. The Fund’s Prospectus should be read carefully before investing. Investing in the
Fund involves risks, including those summarized below.
•
An investment in the Fund is generally subject to market risk, including the possible loss of the entire principal amount invested. An
investment in the Fund represents an indirect investment in the securities owned by the Fund, and accordingly is subject to the risks
associated with those securities.
• Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your
investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any
reinvestment of dividends and distributions.
• The Fund will invest in foreign securities, which may be adversely affected by changes in currency exchange rates; decreased liquidity;
increased volatility; economic, political and social developments; difficulty in enforcing obligations; and the imposition of foreign
withholding taxes on income payable on the foreign securities. In addition, there may be less publicly available information about foreign
issuers than domestic issuers, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping
standards and requirements as domestic issuers. The risks associated with foreign securities can be expected to be greater for investments
in emerging markets.
• The Fund concentrates its investments in real estate securities and its portfolio is substantially impacted by the performance of the real
estate market generally.
• The Fund may invest in medium- and small-capitalization companies, which may be newly formed or have limited product lines, distribution
channels and financial or managerial resources. The risks associated with these investments are generally greater than those associated
with investments in the securities of larger, more-established companies. This may cause the Fund’s net asset value to be more volatile when
compared to investment companies that focus only on large-capitalization companies.
• The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended. This
means that the Fund may invest a greater portion of its assets in a limited number of issuers.
Realty Capital Securities, LLC (member FINRA/SIPC), is the distributor for the AR Capital Global Real Estate Income Fund. Realty Capital
Securities, LLC is located at One Beacon Street, 14th Floor, Boston, MA 02108, phone: 877-373-2522, or visit our website: www.rcsecurities.com.
Shares of the AR Capital Global Real Estate Income Fund are not deposits or obligations of any bank, are not insured by the FDIC or any other agency.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE