Fund Evaluator:
Commonwealth Real Estate Securities (CNREX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
Commonwealth Real Estate Securities Overview
Commonwealth Real Estate Securities (CNREX) is an actively managed U.S. Equity Mid-Cap Blend fund. Commonwealth Intl Series Tr launched the fund in 2004.
The investment seeks long-term capital appreciation and current income. Under normal market conditions, the fund invests at least 80% of its net assets in real estate securities. Investments made by the fund are in issuers in real estate and related industries (i.e., those issuers whose fortunes are impacted by the real estate market). It invests primarily in equity securities (including common stock and preferred stock and securities convertible into common stock) as well as in the debt securities of companies in real estate industries.
About Commonwealth Real Estate Securities (CNREX)
There are 2 members of the management team with an average tenure of 22.67 years: Wesley Yuhnke (2004), Robert Scharar (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI US REIT NR USD index with a weighting of 100%. Commonwealth Real Estate Securities has 50 securities in its portfolio. The top 10 holdings constitute 40.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Commonwealth Real Estate Securities is part of the Equity global asset class and is within the U.S. Equity fund group. Commonwealth Real Estate Securities has 21.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 73.4%. There is 21.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.5% (3.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Commonwealth Real Estate Securities has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $1 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CNREX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Commonwealth Real Estate Securities expense ratio is high compared to funds in the Mid-Cap Blend category. Commonwealth Real Estate Securities has an expense ratio of 2.63%, which is 169% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Commonwealth Real Estate Securities has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 53% for the Mid-Cap Blend category.
Recently, in the month of August 2026, Commonwealth Real Estate Securities returned -1.4%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Commonwealth Real Estate Securities has a trailing yield of 0.44%, which is below the 0.48% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Commonwealth Real Estate Securities Grades
Year to date, the fund has returned 3.0%, 10.6 percentage points worse than the category, which translates into a grade of F. The fund has returned -2.2% over the past year (grade of F), 5.6% over the past three years (grade of F) and 1.4% per year over the past five years (grade of F) and 4.9% per year over the past 10 years (grade of F).
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CNREX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CNREX Return (NAV) | -1.4% | -3.1% | -2.2% | 5.6% | 1.4% | 4.9% |
| CNREX Grade | F | F | F | F | F | F |
| +/- Category | -2.1% | -5.9% | -17.6% | -8.2% | -5.8% | -5.5% |
| Mid-Cap Blend Avg | 0.7% | 2.8% | 15.4% | 13.8% | 7.2% | 10.4% |
| CNREX Tax Cost Ratio | na | na | 0.8% | 0.4% | 0.3% | 0.2% |
CNREX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CNREX Return (NAV) | 3.0% | -2.5% | 6.0% | 23.5% | -23.8% | 33.9% | -2.9% | 28.7% | -14.7% | 14.6% | 7.5% |
| CNREX Grade | F | F | F | A | F | A | F | C | F | D | F |
| +/- Category | -10.6% | -10.5% | -7.6% | 7.1% | -8.6% | 9.6% | -16.3% | 0.1% | -4.5% | -1.6% | -7.0% |
| Mid-Cap Blend Avg | 13.6% | 7.9% | 13.5% | 16.4% | -15.2% | 24.2% | 13.4% | 28.6% | -10.2% | 16.2% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 17.4% |
| Total Risk Index: | 1.43 - High |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (87% Rank) |
| Beta: | 0.96 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $15 Mil |
| Fund Total Assets: | $ 15 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 9% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 22.7 years | |||
| Average Tenure: 22.7 years | |||
| Managers (Year): Yuhnke Wesley (2004), Scharar Robert (2004) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 50 |
| % in Top 10 Holdings: | 40.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.8% |
Portfolio Allocation |
|
| Domestic Stock: | 73.4% |
| Foreign Stock: | 21.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Commonwealth Intl Series Tr |
| Phone Number: | 888-345-1898 |
| Website: | www.commonwealthfunds.com |
| Status: | Open |
| Inception Date: | January 5, 2004 |
| Min. Initial Purchase: | $ 200 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.63% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Commonwealth Real Estate Securities |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
