Fund Evaluator:
Spirit of America Real Estate Inc&Gr Ins (SOIAX)
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Best Performing in Real Estate Over the Last Year
| 25.9% | Nomura Real Estate Securities Y (IRSYX) |
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| 18.7% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 17.4% | PGIM Real Estate Income Z (PRKZX) |
| 17.4% | T. Rowe Price Real Estate (TRREX) |
Fund Details
Spirit of America Real Estate Inc&Gr Ins Overview
Spirit of America Real Estate Inc&Gr Ins (SOIAX) is an actively managed Sector Equity Real Estate fund. Spirit of America launched the fund in 2020.
The investment seeks to provide current income and growth of capital. The fund invests primarily in real estate investment trusts ("REITs") with successful track records. REITs are pooled investment vehicles which invest primarily in income-producing real estate or real estate-related loans or interests. The advisor intends to invest at least 80% of its total assets in equity REITs and the equity securities of real estate industry companies. It may also invest in mortgage-backed securities, investment-grade taxable municipal obligations, master limited partnerships ("MLPs") and short-term investments.
About Spirit of America Real Estate Inc&Gr Ins (SOIAX)
There are 1 members of the management team with an average tenure of 10.71 years: Douglas Revello (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MSCI US REIT NR USD index with a weighting of 100%. Spirit of America Real Estate Inc&Gr Ins has 93 securities in its portfolio. The top 10 holdings constitute 48.5% 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.
Spirit of America Real Estate Inc&Gr Ins is part of the Equity global asset class and is within the Sector Equity fund group. Spirit of America Real Estate Inc&Gr Ins has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.1%. There is 0.0% allocated to foreign stock, and 0.7% 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). Spirit of America Real Estate Inc&Gr Ins has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $16 million in total assets, which is below the $667 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.
SOIAX 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 Spirit of America Real Estate Inc&Gr Ins expense ratio is high compared to funds in the Real Estate category. Spirit of America Real Estate Inc&Gr Ins has an expense ratio of 1.32%, which is 8% higher than its category average, making the fund expense ratio grade a D. 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. Spirit of America Real Estate Inc&Gr Ins has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 78% for the Real Estate category.
Recently, in the month of July 2026, Spirit of America Real Estate Inc&Gr Ins returned 1.6%, which earned it a grade of F, as the Real Estate category had an average return of 2.0%. 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.
Spirit of America Real Estate Inc&Gr Ins has a trailing yield of 10.10%, which is above the 2.02% category average. The fund normally distributes its income semi-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.
Spirit of America Real Estate Inc&Gr Ins Grades
Year to date, the fund has returned 18.2%, 1.7 percentage points better than the category, which translates into a grade of B. The fund has returned 19.7% over the past year (grade of B), 9.6% over the past three years (grade of C) and 2.8% per year over the past five years (grade of C) and 5.0% per year over the past 10 years (grade of C).
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SOIAX 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 |
|
| SOIAX Return (NAV) | 1.6% | 3.2% | 19.7% | 9.6% | 2.8% | 5.0% |
| SOIAX Grade | F | D | B | C | C | C |
| +/- Category | -0.4% | -0.5% | 1.3% | -0.1% | -0.3% | -0.3% |
| Real Estate Avg | 2.0% | 3.7% | 18.4% | 9.8% | 3.1% | 5.3% |
| SOIAX Tax Cost Ratio | na | na | 4.1% | 4.0% | 3.8% | na |
SOIAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SOIAX Return (NAV) | 18.2% | -0.8% | 8.0% | 9.8% | -28.3% | 42.4% | -4.8% | 28.1% | -6.8% | 6.8% | 5.7% |
| SOIAX Grade | B | F | A | F | F | B | C | C | D | B | D |
| +/- Category | 1.7% | -2.1% | 1.5% | -2.6% | -2.1% | 0.6% | -1.1% | -0.5% | -0.8% | 0.1% | -0.5% |
| Real Estate Avg | 16.5% | 1.3% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 15.7% |
| Total Risk Index: | 1.28 - Above Average |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (27% Rank) |
| Beta: | 0.94 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 10.1% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | |
| Total Assets: | $76 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 10.7 years | |||
| Managers (Year): Revello Douglas (2015) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 93 |
| % in Top 10 Holdings: | 48.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 97.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.7% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | Spirit of America |
| Phone Number: | 800-452-4892 |
| Website: |
| Status: | Open |
| Inception Date: | May 1, 2020 |
| Min. Initial Purchase: | $100,000 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.32% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Spirit of America Real Estate Inc & Gr A |
| Min. Subsequent Purchase: | $10,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
