| # |
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| As of 9/30/2024 | Quarterly | YTD | 1 Year | 3 Year1 | 5 Year1 | 10 Year1 | Since Inception1,2 |
|---|---|---|---|---|---|---|---|
Aspiriant Risk-Managed Real Assets Fund (XARAX) | 4.81% | 6.45% | 9.78% | 2.40% | 3.80% | 4.80% | 3.19% |
Dow Jones Global Select Real Estate Securities Total Return Gross Index | 15.90% | 12.02% | 29.97% | 1.85% | 2.52% | 4.96% | 3.53% |
Dow Jones Global Select Real Estate Securities Total Return Net Index | 15.61% | 11.12% | 28.59% | 0.82% | 1.53% | 3.96% | 2.54% |
1 Annualized.
2 The Fund commenced investment operations on April 1, 2021, after the conversion of a private fund (the “Private Fund”) into shares of the Fund. The performance prior to the Fund’s inception is for the Private Fund, which commenced operations on January 4, 2007. The returns for the Private Fund reflect its performance prior to the conversion into the Fund. The Private Fund was not registered under the Investment Company Act of 1940 and was not subject to certain restrictions under that Act, but if the Private Fund had been registered, it is possible the performance may have been adversely affected. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Private Fund.
The performance data quoted represents past performance and is not a guarantee of future results. 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 information quoted. To obtain performance information current to the most recent quarter-end, please call 1-877-997-9971.
Each prospective investor in the Fund will be required to certify that it is an “accredited investor” within the meaning of Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”). The criteria for qualifying as an “accredited investor” are set forth in the investor application that must be completed by each prospective investor.
The gross and net expense ratios are 3.85% and 3.52%, respectively.*
The adviser has contractually agreed to waive its advisory fee from 0.50% to 0.17% through August 1, 2025. The arrangement may be terminated only by the board of trustees.
Dow Jones Global Select Real Estate Securities Index is a float-adjusted, market capitalization weighted index that is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate. In order to be included in the index, a company must be both an equity owner and operator of commercial and/or residential real estate, have a minimum total market capitalization of $200 million at its time of inclusion, have at least 75% of its total revenue derived from the ownership and operation of real estate assets, and the liquidity of its stock must be commensurate with that of other institutionally held real estate securities. It is not possible to invest directly in an index.
*Effective 8/1/2024.
Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1.877.997.9971 and should be read carefully prior to investing. An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund.
The Fund operates as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended.
*The Fund commenced investment operations on April 1, 2021, after the conversion of a private fund (the “Private Fund”) into shares of the Fund. The performance prior to the Fund’s inception is for the Private Fund, which commenced operations on January 4, 2007. The returns for the Private Fund reflect its performance prior to the conversion into the Fund. The Private Fund was not registered under the Investment Company Act of 1940 and was not subject to certain restrictions under that Act, but if the Private Fund had been registered, it is possible the performance may have been adversely affected. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Private Fund.
An investment in the Shares is not suitable for you if you need foreseeable access to the money you invest. The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.
The Fund is subject to substantial risks — including market risks, industry concentration risks, strategy risks, valuation risks, and Underlying Manager risks. The Fund allocates its assets to Underlying Managers and invests in Investment Funds that invest in actively traded securities and other financial instruments using a variety of strategies and investment techniques that may involve significant risks. Investment Funds generally will not be registered as investment companies under the Investment Company Act and, therefore, the Fund will not be entitled to the various protections afforded by the Investment Company Act with respect to its investments in Investment Funds. The Investment Manager will not have any control over the Underlying Managers, thus there can be no assurances that an Underlying Manager will manage its Investment Funds in a manner consistent with the Fund’s investment objective.
The Fund intends to offer to repurchase approximately 5% of its outstanding Shares (generally each quarter), and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased. The decision to offer to repurchase Shares is at the sole discretion of the Board and the Board may, under certain circumstances, elect not to offer to repurchase Shares. Various other types of risks are also associated with investments in the Fund, including risks relating to the fund of funds structure of the Fund, risks relating to compensation arrangements and risks relating to industry concentration.
Aspiriant Risk-Managed Real Assets Fund is distributed by Distribution Services, LLC. Aspiriant, LLC serves as the investment adviser (the “Investment Manager”) of the Fund. Distribution Services, LLC and Aspiriant, LLC are unaffiliated. Check the background of this firm on FINRA’s BrokerCheck
Quick Facts
Ticker Symbol
XARAX
CUSIP
04539D103
Inception Date
4/1/2021*
Fund Assets
$188.13 Million
(as of 9/30/2024)
Number of Holdings
35 (as of 9/30/2024)
Dividends
Distributed Annually