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Middlefield Real Estate Dividend Class Series A

Real Estate Equity

FundGrade B Click for more information on Fundata’s FundGrade

FundGrade B

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Fundata ESG GradeC Click for more information on Fundata’s ESG Grade

Fundata ESG Grade C

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FundGrade A+® Rating Recipient

FundGrade A+® Rating Recipient

2015

Click for more information on Fundata’s FundGrade

NAVPS
(04-22-2024)
$12.43
Change
$0.17 (1.37%)

As at March 31, 2024

As at March 31, 2024

As at February 29, 2024

Period
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Legend

Middlefield Real Estate Dividend Class Series A

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Fund Returns

Inception Return (June 16, 2011): 7.33%

Fund Returns
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 1.75% 1.66% 12.47% 1.66% 5.06% -6.22% 2.23% 5.24% 2.65% 4.23% 5.39% 4.89% 4.07% 5.95%
Benchmark 2.80% 0.06% 14.73% 0.06% 8.93% -3.29% 3.38% 7.36% 1.37% 3.87% 3.14% 3.10% 3.30% 6.15%
Category Average 2.10% 12.36% 12.36% 0.79% 4.81% -5.98% 1.05% 5.52% 1.26% 3.30% 3.15% 3.14% 2.89% 4.90%
Category Rank 72 / 138 28 / 138 82 / 138 28 / 138 82 / 133 82 / 131 24 / 123 65 / 117 19 / 115 40 / 99 8 / 94 19 / 93 21 / 81 30 / 74
Quartile Ranking 3 1 3 1 3 3 1 3 1 2 1 1 2 2

Monthly Return

Monthly Return
Return % Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Fund 1.14% -4.05% 0.98% 1.48% -0.91% -5.19% -4.79% 8.62% 6.98% -0.45% 0.37% 1.75%
Benchmark 2.01% -3.76% 0.71% 3.22% -0.62% -6.39% -2.07% 8.53% 7.88% -3.79% 1.17% 2.80%

Best Monthly Return Since Inception

10.18% (January 2023)

Worst Monthly Return Since Inception

-13.61% (March 2020)

Calendar Return (%)

Calendar Return
Return % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund 17.09% 15.90% -6.36% 12.82% 3.29% 19.85% -5.36% 34.26% -23.15% 7.32%
Benchmark 30.89% 21.00% 1.59% 1.40% 2.74% 15.42% -11.04% 30.68% -19.44% 10.39%
Category Average 20.48% 11.96% 1.20% 5.38% 0.16% 19.52% -6.93% 27.77% -21.53% 6.48%
Quartile Ranking 4 3 4 1 1 3 2 1 3 3
Category Rank 61/ 74 47/ 79 93/ 93 5/ 94 11/ 99 59/ 107 41/ 117 16/ 123 84/ 123 67/ 133

Best Calendar Return (Last 10 years)

34.26% (2021)

Worst Calendar Return (Last 10 years)

-23.15% (2022)

Asset Allocation

Asset Allocation
Name Percent
Income Trust Units 64.14
Canadian Equity 15.97
US Equity 13.41
International Equity 3.51
Cash and Equivalents 2.97

Sector Allocation

Sector Allocation
Name Percent
Real Estate 83.44
Healthcare 7.82
Financial Services 5.77
Cash and Cash Equivalent 2.97

Geographic Allocation

Geographic Allocation
Name Percent
North America 96.49
Europe 3.51

Top Holdings

Top Holdings
Name Percent
RioCan REIT - Units 7.32
Canadian Apartment Properties REIT - Units 6.91
Boardwalk REIT - Units 6.19
Granite REIT - Units 6.13
Dream Industrial REIT - Units 4.18
SmartCentres REIT - Units 4.14
Choice Properties REIT - Units 4.09
Killam Apartment REIT - Units Cl A 3.68
Blackstone Inc 3.52
Prologis Inc 3.49

Equity Style

Market capitalization is large. Equity style is growth.

Fixed Income Style

Fixed income style data not available
Period: 

Risk vs Return (3 Yr)

Middlefield Real Estate Dividend Class Series A

Median

Other - Real Estate Equity

3 Yr Annualized

Standard Deviation 17.37% 15.63% 13.31%
Beta 1.01% 0.87% 0.79%
Alpha -0.01% 0.01% 0.01%
Rsquared 0.93% 0.88% 0.83%
Sharpe 0.06% 0.12% 0.40%
Sortino 0.06% 0.07% 0.40%
Treynor 0.01% 0.02% 0.07%
Tax Efficiency 11.76% 38.47% 71.19%
Volatility Volatility rating is 10 on a scale of 1 to 10 Volatility rating is 7 on a scale of 1 to 10 Volatility rating is 7 on a scale of 1 to 10

Risk Rating

Rating 10 out of ten

Annualized Key Ratio Period Comparison

Key Ratio
Key Ratio 1 Yr 3 Yr 5 Yr 10 Yr
Standard Deviation 14.59% 17.37% 15.63% 13.31%
Beta 0.88% 1.01% 0.87% 0.79%
Alpha -0.03% -0.01% 0.01% 0.01%
Rsquared 0.89% 0.93% 0.88% 0.83%
Sharpe 0.08% 0.06% 0.12% 0.40%
Sortino 0.34% 0.06% 0.07% 0.40%
Treynor 0.01% 0.01% 0.02% 0.07%
Tax Efficiency 54.71% 11.76% 38.47% 71.19%

Fundata ESG Metrics

Fundata ESG Score

The E, S, and G scores are averaged for each security in the portfolio, to arrive at an ESG score for each security. We take the portfolio weighted average of the ESG scores for each fund and rank them against their peers to arrive at the Fundata ESG Score from 0-100.

Fundata E Score

Three scores under the Environment bucket are averaged to yield the Fundata Environment Score for each fund from 0-100: (1) Pollution Prevention, (2) Environmental Transparency, (3) Resource Efficiency.

Fundata S Score

Six scores under the Social bucket are averaged to yield the Fundata Social Score for each fund from 0-100. (1) Compensation and Satisfaction, (2) Diversity and Rights, (3) Education and Work Conditions, (4) Community and Charity, (5) Human Rights, (6) Sustainability Integration.

Fundata G Score

Three scores under the governance bucket are averaged to yield the Fundata Governance Score for each fund from 0-100: (1) Board Effectiveness, (2) Management Ethics, (3) Disclosure and Accountability.

Powered by OWL Analytics. For more information, please contact Fundata Canada.

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) $14

Fund Codes

FundServ Code Load Code Sales Status
MID600
MID649
MID650

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 Manager(s)

Name Start Date
Dean C. Orrico 06-16-2016
Robert Moffat 01-14-2021

Management and Organization

Fund Manager Middlefield Limited (ML)
Advisor Middlefield Capital Corporation (MCC)
Custodian RBC Investor Services Trust (Canada)
Registrar RBC Investor Services Trust (Canada)
Distributor Middlefield Capital Corporation (MCC)
Auditor Deloitte and Touche LLP

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 2.26%
Management Fee 1.75%
Load Front Fee Only
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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