Asset Management

TIAA-CREF Mutual Funds

TIAA-CREF Real Estate Securities Fund (Institutional)TIREX

Daily NAV

 

Day's Change

 

Portfolio Net Assets

 

Gross / Net Expense Ratio

 
Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage and other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.57% of average daily net assets for Institutional Class shares of the Fund.
 
 

Overall Morningstar Rating

 
The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.
 
 

52 Week Range

$13.45
 
0.06 (0.45%)
 
$1.42B
 
0.53% / 0.53%
 
OVERALL
OUT OF 225 FUNDS
 
$11.87 - $14.44
As of close 04/24/2014As of 03/31/2014
As of 03/31/2014
Based on risk adjusted returns
 
08/19/2013
 
 
 
05/21/2013

Hypothetical Growth of $10,000 
The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.
 

03/31/2011 - 03/31/2014

  • 3 Month
  • 6 Month
  • 1 Year
  • 3 Years
  • 5 Years
  • 10 Years

Portfolio Overview

  • Investment Strategy
  • Management Team
  • Share Class

    Institutional Class

  • Dividend Frequency

    Quarterly

  • Redemption Fee

    --

  • Inception Date

    10/01/2002

  • Ticker

    TIREX

  • CUSIP

    87244W797

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry. It typically invests at least 80% of its assets in the securities of companies that own significant real estate assets, such as real estate investment trusts (REITs). The fund is actively managed using a research-oriented investment process with a focus on cash flows and asset values. The fund does not invest directly in real estate. It may invest up to 15% of its assets in real estate securities of foreign issuers and up to 20% in equity (including preferred stock) and debt securities of issuers that are not engaged in or related to the real estate industry.


David Copp

Director, Equity Investments


Brendan Lee

Director, Equity Investments

Performance Returns 
Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.
 

  • Monthly
  • Quarterly

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

 
Portfolio Composition provides details for the investments that constitute a particular fund.
 

Sector Weightings

As of 03/31/2014
% of
Net Assets
Specialized REITs26.04%
Retail REITs20.33%
Residential REITs14.97%
Office REITs11.68%
Diversified REITs9.33%
Industrial REITs8.91%
Mortgage REITs1.49%
Real Estate Services1.33%
Hotels, Resorts & Cruise Lines1.13%
Homebuilding0.90%
Forest Products0.83%
Diversified Real Estate Activities0.72%
Publishing0.37%
Real Estate Development0.11%
Short-Term Investments, Other Assets & Liabilities, Net1.86%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments. Money market instruments and/or futures contracts, if applicable, are excluded. The holdings may not include the fund's entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.
 

As of 03/31/2014
Market Value ($)% of
Net Assets
Simon Property Group, Inc164.0M11.57%
American Tower Corp71.6M5.06%
Prologis, Inc71.5M5.04%
AvalonBay Communities, Inc68.9M4.87%
Boston Properties, Inc57.3M4.04%
Ventas, Inc51.5M3.63%
Equity Residential50.7M3.58%
Vornado Realty Trust49.3M3.48%
General Growth Properties, Inc47.3M3.34%
Public Storage, Inc42.1M2.97%

The risks that the fund is subject to include market risk, company risk, real estate investing risk, real estate securities risk, interest-rate risk, small-cap risk, income volatility risk, credit risk, prepayment and extension risk, and foreign investment risks.

1The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly-traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly-traded equity REITs as a whole. You cannot invest directly in this index.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Key Differentiators

  • One of the top 15 managers of REIT securities in the United States*
  • More than 60 years of real estate investment experience, including REITs since 1995
  • TIAA-CREF’s involvement in all four quadrants of the real estate universe (debt, equity, public and private) affords the investment team access to more real-time information about specific geographic markets and property types to facilitate timely investment decisions ahead of the competition
  • Experienced portfolio management team supported by a centralized research team of sector experts provides a depth of talent with global reach and perspective

*Source: Pension & Investments, October 3, 2011. Rankings are based on data provided as of
June 30, 2011, by each responding asset manager

Morningstar

 
A research company that rates the performance of Mutual Funds and Variable Annuities.
 

Morningstar Rating

  • OVERALL
    OUT OF 225 FUNDS
  • 3 YEAR
    OUT OF 225 FUNDS
  • 5 YEAR
    OUT OF 194 FUNDS
  • 10 YEAR
    OUT OF 145 FUNDS

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Morningstar Stylebox

EQUITY
  • VALUE
  • BLEND
  • GROWTH
  • LARGE
  • MID
  • SMALL

The Morningstar Style Box™ reveals a fund's investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

Morningstar Category

Real Estate

Morningstar Risk Measures

RETURN VS. CATEGORY*AVG
  •  
  •  
  •  
  • LOW
  • AVG
  • HIGH

Investment Risk

 
Investment risk is usually related to the performance of an investment—riskier investments offer potentially higher returns—but are more volatile in the short-term. Beta (past price fluctuations), R-Squared (performance against benchmark index), and Standard Deviation (past volatility) are all used to calculate the degree of risk associated with individual investments.
 
 
LOWER
RISK
HIGHER
RISK

Level of risk is defined using the 3 Year Standard Deviation of the Investment.

Following risk measures below are based on a 3 Year period.

  • Standard Deviation

    15.97
  • R-Squared

    0.99
  • Sharpe Ratio

    0.60
  • Beta

    0.97
LEARN MORE ABOUT INVESTMENT RISK  
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