Brookfield Real Assets Income Fund (RA)

Summary

The Brookfield Real Assets Income Fund (RA) invests in real asset-related securities. It focuses on securitized debt, especially mortgage-backed securities and also includes corporate bonds, infrastructure equities, and more.

Investment Thesis

RA has more bonds and fewer stocks than other real asset funds and is also more focused on securitized debt, while other funds lean toward corporate bonds. It is a great high income CEF as long as you are comfortable with the state of the securitized debt market. If you are not, then consider an alternative like JRI instead.

Statistics

Management

  • Total Assets: $888.5 million
  • Total Holdings: 353
  • Leveraged: 21.1%
  • Net Expense Ratio: 1.03%

Performance

  • P/E: 15.13
  • Distribution: $0.1990/month
  • Distribution Yield: 10.34%

Discount/Premium to Net Asset Value

  • Price on 06/11/2018: $23.10
  • NAV on 06/11/2018: $24.22
  • Discount to NAV: 4.85%
  • Average discount since inception: 8.22%

Portfolio

Asset Allocation

  • Equity: 23.68%
  • Bond: 83.06%
  • Cash: -7.02%
  • Other: 0.29%

Equities

Region Allocation
  • North America: 71.23%
  • Europe: 15.92%
  • Asia: 9.57%
  • Australia: 2.55%
  • Latin America: 0.74%
  • Africa: 0.00%
Top Ten Countries
  1. USA: 88.80%
  2. Canada: 3.18%
  3. UK: 1.26%
  4. Japan: 1.18%
  5. Netherlands: 1.09%
  6. Singapore: 0.79%
  7. Spain: 0.77%
  8. France: 0.76%
  9. Australia: 0.49%
  10. Italy: 0.34%
Market Cap
  • Giant: 4.39%
  • Large: 52.48%
  • Mid: 35.21%
  • Small: 7.35%
  • Micro: 0.57%

Fixed Income

Sectors
  • Securitized: 53.50%
  • Corporate: 46.50%
Securitized Sub-Sectors
  • Asset-Backed: 53.50%
  • Non-Agency Residential Mortgage-Backed: 21.39%
  • Commercial Mortgage-Backed: 6.09%
  • Agency Mortgage-Backed: 0.47%
Corporate Sub-Sectors
  • Corporate Bond: 45.98%
  • Bank Loan: 0.52%
Maturity
  • 1-3 Years: 2.11%
  • 3-5 Years: 5.88%
  • 5-7 Years: 21.34%
  • 7-10 Years: 14.20%
  • 10-15 Years: 5.90%
  • 15-20 Years: 39.69%
  • 20-30 Years: 9.51%
  • 30+ Years: 0.97%

Top Ten Holdings

  1. Nomura Resecuritization Tr 2014-1R 2.33%
  2. Nomura Resec Tr 2013-1R 1.78%
  3. Waldorf Astoria Boca Raton Tru 6.13%
  4. Hilton Usa Trust 2016-Hhv 4.19%
  5. HCA Inc. 5.25%
  6. Citigroup Mortgage Loan Trust 2012-6 3.46%
  7. Nomura Resecuritization Trust 2015-4yr 3.73%
  8. Nomura Resecuritization Trust 6.49%
  9. Energy Transfer Partners LP (ETP)
  10. Enterprise Products Partners LP (EPD)