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Middlefield Real Estate Dividend Class Series A
Real Estate Equity
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FundGrade A
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FundGrade A+® Rating Recipient
2025, 2015
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|
NAVPS (11-03-2026) |
$14.06 |
|---|---|
| Change |
$0.07
(0.51%)
|
As at September 30, 2026
As at September 30, 2026
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Legend
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Fund Returns
Inception Return (June 16, 2011): 7.42%
| Row Heading | Return | Annualized Return | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Mth | 3 Mth | 6 Mth | YTD | 1 Yr | 2 Yr | 3 Yr | 4 Yr | 5 Yr | 6 Yr | 7 Yr | 8 Yr | 9 Yr | 10 Yr | |
| Fund | -3.20% | -6.90% | 3.95% | 5.43% | 5.00% | 3.38% | 10.78% | 8.79% | 2.47% | 5.82% | 3.73% | 5.02% | 5.99% | 5.81% |
| Benchmark | -3.13% | -5.32% | 6.11% | 9.67% | 8.11% | 5.69% | 13.19% | 10.21% | 4.72% | 8.18% | 3.71% | 5.17% | 5.50% | 4.42% |
| Category Average | -3.24% | -6.54% | 3.53% | 5.17% | 2.75% | 0.95% | 8.75% | 6.23% | 1.25% | 4.54% | 2.13% | 3.66% | 4.04% | 3.49% |
| Category Rank | 55 / 138 | 83 / 138 | 42 / 138 | 68 / 138 | 24 / 137 | 23 / 133 | 30 / 131 | 17 / 126 | 32 / 124 | 36 / 124 | 17 / 116 | 24 / 102 | 12 / 100 | 9 / 96 |
| Quartile Ranking | 2 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 |
Monthly Return
| Return % | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund | -1.26% | 1.60% | -0.72% | 3.35% | 3.26% | -4.96% | 6.37% | 0.95% | 3.97% | 0.72% | -4.51% | -3.20% |
| Benchmark | -0.49% | 2.55% | -3.40% | 2.15% | 7.41% | -5.81% | 5.83% | 0.79% | 5.07% | 1.73% | -3.93% | -3.13% |
Best Monthly Return Since Inception
10.18% (January 2023)
Worst Monthly Return Since Inception
-13.61% (March 2020)
Calendar Return (%)
| Return % | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | -6.36% | 12.82% | 3.29% | 19.85% | -5.36% | 34.26% | -23.15% | 7.32% | 5.35% | 10.63% |
| Benchmark | 1.59% | 1.40% | 2.74% | 15.42% | -11.04% | 30.68% | -19.44% | 10.39% | 10.11% | 4.74% |
| Category Average | 1.20% | 5.38% | 0.16% | 19.52% | -6.93% | 27.77% | -21.53% | 6.48% | 5.17% | 4.31% |
| Quartile Ranking | 4 | 1 | 1 | 3 | 2 | 1 | 3 | 3 | 3 | 1 |
| Category Rank | 94/ 94 | 3/ 96 | 12/ 100 | 62/ 108 | 39/ 118 | 14/ 124 | 87/ 124 | 69/ 126 | 93/ 131 | 9/ 133 |
Best Calendar Return (Last 10 years)
34.26% (2021)
Worst Calendar Return (Last 10 years)
-23.15% (2022)
Asset Allocation
| Name | Percent |
|---|---|
| Income Trust Units | 49.45 |
| US Equity | 22.75 |
| Canadian Equity | 19.07 |
| Cash and Equivalents | 7.53 |
| International Equity | 1.20 |
Sector Allocation
| Name | Percent |
|---|---|
| Real Estate | 76.08 |
| Healthcare | 11.98 |
| Cash and Cash Equivalent | 7.53 |
| Financial Services | 4.41 |
Geographic Allocation
| Name | Percent |
|---|---|
| North America | 98.80 |
| Europe | 1.20 |
Top Holdings
| Name | Percent |
|---|---|
| Cash and Cash Equivalents | 7.53 |
| RioCan REIT - Units | 6.24 |
| Killam Apartment REIT - Units Cl A | 5.50 |
| Extendicare Inc | 4.90 |
| Granite REIT - Units | 4.53 |
| Chartwell Retirement Residences - Units | 4.34 |
| Boardwalk REIT - Units | 4.30 |
| Canadian Apartment Properties REIT - Units | 4.12 |
| Primaris Real Estate Investment Trst Sr A | 4.10 |
| Choice Properties REIT - Units | 4.06 |
Equity Style
Fixed Income Style
Risk vs Return (3 Yr)
Middlefield Real Estate Dividend Class Series A
Median
Other - Real Estate Equity
3 Yr Annualized
| Standard Deviation | 13.53% | 15.57% | 13.55% |
|---|---|---|---|
| Beta | 0.91 | 0.97 | 0.87 |
| Alpha | -0.01 | -0.02 | 0.02 |
| Rsquared | 0.80% | 0.87% | 0.85% |
| Sharpe | 0.58 | 0.04 | 0.34 |
| Sortino | 0.99 | 0.06 | 0.38 |
| Treynor | 0.09 | 0.01 | 0.05 |
| Tax Efficiency | 79.14% | 6.05% | 69.63% |
| Volatility |
|
|
|
Risk Rating
Annualized Key Ratio Period Comparison
| Key Ratio | 1 Yr | 3 Yr | 5 Yr | 10 Yr |
|---|---|---|---|---|
| Standard Deviation | 12.22% | 13.53% | 15.57% | 13.55% |
| Beta | 0.78 | 0.91 | 0.97 | 0.87 |
| Alpha | -0.01 | -0.01 | -0.02 | 0.02 |
| Rsquared | 0.85% | 0.80% | 0.87% | 0.85% |
| Sharpe | 0.27 | 0.58 | 0.04 | 0.34 |
| Sortino | 0.32 | 0.99 | 0.06 | 0.38 |
| Treynor | 0.04 | 0.09 | 0.01 | 0.05 |
| Tax Efficiency | 59.52% | 79.14% | 6.05% | 69.63% |
Fund Details
| Start Date | June 16, 2011 |
|---|---|
| Instrument Type | Mutual Fund |
| Share Class | Commission Based Advice |
| Legal Status | Corporation |
| Sales Status | Open |
| Currency | CAD |
| Distribution Frequency | Monthly |
| Assets ($mil) | $19 |
Fund Codes
| FundServ Code | Load Code | Sales Status |
|---|---|---|
| MID600 | FE | Open |
| MID649 | LSC | Open |
| MID650 | DSC | Open |
Investment Objectives
The Fund’s objectives are to provide a stable level of income and maximize long-term total return. The Fund invests primarily in equities, including real estate investment trusts and common stocks, as well as equity-related and fixed income securities of issuers operating in the real estate sector.
Investment Strategy
In determining which individual investments to include in the portfolio the Manager will consider: a company’s balance sheet, cash flow characteristics, profitability, industry position, future growth potential and management ability. The Investment Advisor may decide to maintain a larger portion of the Fund’s assets in cash and short-term fixed income securities during periods of high market valuations and volatility.
Portfolio Management
| Portfolio Manager |
Middlefield Limited
|
|---|---|
| Sub-Advisor |
- |
Management and Organization
| Fund Manager |
Middlefield Limited (ML) |
|---|---|
| Custodian |
RBC Investor Services Trust (Canada) |
| Registrar |
RBC Investor Services Trust (Canada) |
| Distributor |
Middlefield Limited |
Investment Minimums
| RSP Eligible | Yes |
|---|---|
| PAC Allowed | Yes |
| PAC Initial Investment | 500 |
| PAC Subsequent | 100 |
| SWP Allowed | Yes |
| SWP Min Balance | 1,000 |
| SWP Min Withdrawal | 100 |
Fees
| MER | 2.27% |
|---|---|
| Management Fee | 1.75% |
| Load | Choice of Front or No Load |
| FE Max | 5.00% |
| DSC Max | - |
| Trailer Fee Max (FE) | 1.00% |
| Trailer Fee Max (DSC) | - |
| Trailer Fee Max (NL) | - |
| Trailer Fee Max (LL) | - |
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