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Sam Miklosko

Warehousing and Logistics

Investment Strategy

The stock market is irrational and mostly overpriced and since we can't control market volatility then as investors we have to be prepared to profit from it.
I like dividend paying stocks, primarily REITs, and generally hold long term. After considering an issues credit rating/debt, cash flow and valuation a clearer picture emerges on which to act.

I prefer to keep trades to a minimum with a condensed and focused income generating portfolio. This has enabled me to consistently outperform the broader market with less volatility and above average yields. 


Funds
(REIT) REIT Opportunity Fund
MODEL INCEPTION (04/03/2009) AVG. ANNUAL RETURN S&P TOTAL RETURN Actions
9+ YRS 15.51% 15.74% View Fund Stats Track Fund
RETURN PERIOD (As Of: 06/30/2018) AVG. ANNUAL RETURN S&P TOTAL RETURN ACHIEVEMENTS
5 YRS 7.84% 16.37% Fund has a 5 year track record.  
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Achievements
Articles

REIT Opportunity Fund

REIT | Price History
REIT | Fund Positions by Styles
Color Name Allocation Today
Unclassified Market Cap : Unclassified Style 78.58% -1.22%
Micro Cap : Growth 10.84% -1.10%
Small Cap : Value 10.59% -0.29%
REIT | Fund Information

The information below pertains to model data only.

Fund Manager: Total Model Net Assets:
Sam Miklosko $3,826,088.63
Inception: Ticker Symbol: # of Securities:
April 03, 2009 REIT 9
Description:

Traditionally investors in hard real estate have enjoyed stable returns of 7-14% and with CAP rates falling to the single digits around the country we now have returns comparable to REITs with the added benefit of liquidity. While we don't see many equity REITs with double digit yields we can find growing REITs with yields of 6%+ and increasing dividends!
  
ETFs such as the Schwab US REIT ETF (SCHH) gives us a yield sub 3% and the Vanguard REIT ETF (VNQ) yields just barely over 4%. So if the US inflation is a targeted 2% and global inflation is north of 3% income investors have little hope in beating out inflation let alone draw downs on retirement portfolios and definitely gives very little for reinvestment. Investors are then reliant upon inflation adjusted earnings to grow dividends for which the usual REIT ETF will not suffice. As a matter of practicality other sectors in the market can achieve this quite better than real estate operations but with little to no yield. This poses quite the conundrum for income investors as they are then put into a position of having to sell off assets to make up the difference thereby reducing their ability to compound their earnings.   
 

The solution is opportunistic in nature. Specifically, after market corrections and pull-backs are when we see quality REITs and stocks go on sale. Some more than others and at different times. Though the average investor disdains volatility we can secure the best opportunities and value because of it. 
  

When screening for potential new purchases I first like to look at top line revenue, either large or growing. REITs though, require further analysis beyond this measure alone as we have to consider cash flow from operations (FFO) which basically adds back depreciation and amortization expenses to earnings and the adjusted funds from operations (AFFO) which, in essence, is a trust's FFO with adjustments made for recurring capital expenditures used to maintain assets. The issue with AFFO is that there is no standard of reporting which leaves FFO as the best way to generally relate cash flow to earnings leaving the consideration of debt and plan for growth as the last bit of detail to scrutinize.
 

When a purchase is made it is with the intent of holding long term. Consideration is always given to opportunity costs, potential tax liabilities and rebound potential. I am inclined to hold onto a fundamentally stable declining asset with the consideration that a new non correlating issue can be added into the portfolio to provide stability and maintain a reliable income stream. 

Finally, situation depending, I prefer to stay in the market and scale up or average down quality positions.


REIT | Turnover
Last Month 6.83%
Last 3 Months 46.29%
Last 6 Months 339.04%
Last 12 Months 555.33%
REIT | 5 Most and Least Profitable
5 MOST PROFITABLE 5 LEAST PROFITABLE
Position Symbol Gains
1 MAA $392,334.54
2 SBRA $249,448.03
3 ELS $245,393.47
4 SUI $237,004.96
5 ACC $214,800.56
Position Symbol Gains
1 CBL -$339,343.68
2 HME -$323,873.68
3 CCP -$244,059.17
4 OHI -$178,559.23
5 RASF -$85,497.70
REIT | Skill Metrics
All Positions
Winning % 58.33%
Avg. Gain/Loss Ratio 1.23
REIT | Recent Returns
Period Returns S&P 500 Returns Returns VS S&P 500
Last 7 Days -0.63% 0.00% -0.63%
Last 30 Days -3.17% 1.98% -5.15%
Last 3 Months 2.92% 5.40% -2.48%
Last 6 Months 1.84% -0.17% 2.01%
Last 12 Months -8.44% 15.49% -23.93%
Last 2 Years -4.08% 0.00% -4.08%
Last 3 Years 12.91% 41.00% -28.09%
Last 5 Years 36.50% 83.19% -46.69%
Since Inception 282.61% 304.08% -21.47%
(Annualized) 15.51% 16.19% -0.68%
Data as of: 07/21/2018
REIT | Recent Returns vs Major Indexes
Beating Today MTD QTD YTD
REIT -0.00% -3.14% -3.14% 0.88%
S&P 500 -0.09% 3.07% 3.07% 0.00%
NASDAQ -0.07% 0.00% 0.00% 0.00%
REIT | Fund Positions by Sectors and Industries
Color Name Allocation Today
Real Estate 68.71% -0.96%
Financials 21.42% -0.69%
Unallocated 9.86% -2.82%
REIT | Alpha/Beta VS. S&P 500
Alpha 0%
Beta 0
R-Squared 0
REIT | 5 Best and Worst Returns
5 BEST 5 WORST
Position Symbol Inception Return
1 GNL 20.00%
2 APTS 10.88%
3 CIO 10.54%
4 ACRE 5.98%
5 IRT 5.50%
Position Symbol Inception Return
1 FPI -9.57%
2 CLNY -5.60%
3 EARN -3.50%
4 CORR -0.97%
5 IRT 5.50%