As of March 31, 2012, M1’s securities portfolio was valued at $423,744, approximately 12.3% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 17% in residential REITs, 11% in office and industrial REITs, 11% in mortgage REITs, 15% in retail REITs, 8% in student housing REITs, and 38% in CGM Realty fund. Our three largest holdings were in the following mutual fund/REITs: CGM Realty fund (CGMRX), Realty Income (O), and Annaly Capital (NLY). During the 1Q, we added to our positions in American Campus (ACC), Home Properties (HME), and Realty Income (O).
Our securities portfolio performance during the first quarter was 11.42%; since inception our securities portfolio has returned 33.30%.
