Fund Evaluator:
Easterly Global Real Estate I (JARIX)
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Fund Details
Easterly Global Real Estate I Overview
Easterly Global Real Estate I (JARIX) is an actively managed Sector Equity Global Real Estate fund. Easterly Funds launched the fund in 2011.
The investment seeks total return through a combination of current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in real estate and real estate-related issuers or investments that provide exposure to real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, it invests at least 40% of its net assets in the securities of issuers located in at least three foreign countries.
About Easterly Global Real Estate I (JARIX)
There are 2 members of the management team with an average tenure of 8.68 years: Peter Zabierek (2025), Andrew Duffy (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and Bloomberg REIT&RE DMLrgMid&SmlCap NR USD index with a weighting of 100%. Easterly Global Real Estate I has 53 securities in its portfolio. The top 10 holdings constitute 41.0% 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.
Easterly Global Real Estate I is part of the Equity global asset class and is within the Sector Equity fund group. Easterly Global Real Estate I has 38.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 58.2%. There is 38.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Easterly Global Real Estate I has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $139 million in total assets, which is below the $209 million average for the Global Real Estate 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.
JARIX 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 Easterly Global Real Estate I expense ratio is high compared to funds in the Global Real Estate category. Easterly Global Real Estate I has an expense ratio of 1.05%, which is 9% lower than its category average, making the fund expense ratio grade a C. 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. Easterly Global Real Estate I has a portfolio turnover rate of 186%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the Global Real Estate category.
Recently, in the month of July 2026, Easterly Global Real Estate I returned 2.8%, which earned it a grade of A, as the Global Real Estate category had an average return of 2.5%. 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.
Easterly Global Real Estate I has a trailing yield of 2.82%, which is above the 2.74% category average. The fund normally distributes its income quarterly and its capital gains quarterly.
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.
Easterly Global Real Estate I Grades
Year to date, the fund has returned 14.3%, 3.3 percentage points better than the category, which translates into a grade of A. The fund has returned 12.9% over the past year (grade of F), 8.0% over the past three years (grade of D) and 0.4% per year over the past five years (grade of D) and 5.2% per year over the past 10 years (grade of B).
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JARIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JARIX Return (NAV) | 2.8% | 3.5% | 12.9% | 8.0% | 0.4% | 5.2% |
| JARIX Grade | A | A | F | D | D | B |
| +/- Category | 0.3% | 1.4% | -2.6% | -0.5% | -0.5% | 1.1% |
| Global Real Estate Avg | 2.5% | 2.1% | 15.4% | 8.5% | 0.9% | 4.1% |
| JARIX Tax Cost Ratio | na | na | 1.3% | 1.1% | 1.7% | 2.8% |
JARIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JARIX Return (NAV) | 14.3% | 5.8% | 0.9% | 7.2% | -24.2% | 22.4% | 1.0% | 31.8% | -8.5% | 17.3% | 7.6% |
| JARIX Grade | A | F | C | F | A | D | B | A | F | B | A |
| +/- Category | 3.3% | -3.5% | 0.3% | -3.2% | 1.7% | -2.2% | 2.7% | 6.3% | -2.7% | 3.4% | 4.5% |
| Global Real Estate Avg | 11.0% | 9.4% | 0.6% | 10.4% | -25.9% | 24.6% | -1.7% | 25.5% | -5.8% | 13.9% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 16.6% |
| Total Risk Index: | 1.35 - High |
| Category Risk Index: | 1.03 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 1.02 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Quarterly |
| Total Assets: | $186 Mil |
| Fund Total Assets: | $ 140 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 186% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.8 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Duffy Andrew (2009), Zabierek Peter (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 53 |
| % in Top 10 Holdings: | 41.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 38.1% |
Portfolio Allocation |
|
| Domestic Stock: | 58.2% |
| Foreign Stock: | 38.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 2.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Easterly Funds |
| Phone Number: | 833-999-2636 |
| Website: |
| Status: | Open |
| Inception Date: | August 1, 2011 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Easterly Global Real Estate A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
