As
of September 30, 2012, M1’s securities portfolio was valued at $519,146,
approximately 14.1% of total assets. The portfolio is comprised of real estate
investment trusts and mutual funds, allocating 22% in residential, 10% in office
and industrial, 12% in mortgage, 18% in retail, 8% in student housing, and 30%
in CGM Realty fund. Our three largest
holdings were in the following mutual fund/REITs: CGM Realty fund, Realty Income, and Annaly
Capital. During the 3Q12, we added to
our positions in Home Properties, Annaly Capital, American Campus Communities,
and Realty Income.
Our securities portfolio performance
during the third quarter was 0.26%; since inception our securities portfolio
has returned 26.75%.
