Fund Evaluator:

Knights of Columbus Real Estt I Overview

Knights of Columbus Real Estt I (KCRIX) is an actively managed Sector Equity Real Estate fund. Knights of Columbus Asset Advisors launched the fund in 2019.

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 securities. For purposes of the fund's 80% investment policy, real estate securities include common stocks, preferred stocks and other equity securities issued by real estate companies, including real estate investment trusts (“REITs”) and real estate operating companies (“REOCs”), as well as derivatives and other instruments that have economic characteristics similar to such securities. The fund is non-diversified.

About Knights of Columbus Real Estt I (KCRIX)

There are 4 members of the management team with an average tenure of 2.32 years: James Gaul (2024), Eric Eaton (2024), Douglas Riley (2024), David Hanna (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US 3000 TR USD index with a weighting of 100% and Bloomberg US 3000 REIT TR USD index with a weighting of 100%. Knights of Columbus Real Estt I has 56 securities in its portfolio. The top 10 holdings constitute 55.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Knights of Columbus Real Estt I is part of the Equity global asset class and is within the Sector Equity fund group. Knights of Columbus Real Estt I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0%. There is 0.0% 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). Knights of Columbus Real Estt I has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $169 million in total assets, which is below the $670 million average for the 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.

KCRIX 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 Knights of Columbus Real Estt I expense ratio is high compared to funds in the Real Estate category. Knights of Columbus Real Estt I has an expense ratio of 1.00%, which is 16% 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. Knights of Columbus Real Estt I has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Real Estate category.

Recently, in the month of August 2026, Knights of Columbus Real Estt I returned -2.8%, which earned it a grade of C, as the Real Estate category had an average return of -2.6%. 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.

Knights of Columbus Real Estt I has a trailing yield of 1.65%, which is below the 2.08% category average. The fund normally distributes its income 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.

Knights of Columbus Real Estt I Grades

Year to date, the fund has returned 12.7%, 0.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.5% over the past year (grade of D), 6.5% over the past three years (grade of F) and 1.2% per year over the past five years (grade of D).

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