Skip to main content

State Street Real Estate Securities V.I.S. Fund - Class 1 SSRSX

Considering the risks: A principal risk of investing in the Fund is the risk that the value of equity securities may decline. While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate over the short term as a result of factors affecting the individual companies, industries or the securities market as a whole. The securities of issuers that own, construct, manage or sell residential, commercial or industrial real estate are subject to risks in addition to those of other issuers. Such risks include: changes in real estate values and property taxes, overbuilding, variations in rental income, interest rates and changes in regulatory requirements, such as those relating to the environment. Securities with different characteristics tend to shift in and out of favor depending upon market and economic conditions. These and other risk considerations are discussed in the Fund's prospectus and summary prospectus.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-242-0134. Read it carefully.

The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$9.25
as of May 28 2024
Assets Under Management
$60.57 M
as of Apr 30 2024
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

1.00%
1 Day Nav Change
-$0.06 (-0.64%)
as of May 28 2024
Overall Morningstar Rating
as of Apr 30 2024

Fund Objective

The State Street Real Estate Securities V.I.S. Fund seeks maximum total return through current income and capital appreciation. 

Investment Strategy

The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks, of U.S. issuers that are principally engaged in or related to the real estate industry. The portfolio managers consider an issuer to be "principally engaged in" or "principally related to" the real estate industry if at least 50% of its assets (marked-to-market), gross income or net profits are attributable to development, ownership, construction, management or sale of residential, commercial or industrial real estate, or to products or services related to the real estate industry. Issuers engaged in the real estate industry include equity real estate investment trusts (REITs), mortgage REITs, real estate brokers and developers, companies that manage real estate and companies that own substantial amounts of real estate. Issuers in businesses related to the real estate industry include manufacturers and distributors of building supplies and financial institutions that issue or service mortgages.

Fund Information as of May 29 2024

Investment Style Private Real Estate
Benchmark FTSE NAREIT Equity REITs Index
Inception Date May 01 1995
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

1.00%
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Sub-Adviser CenterSquare Investment Management LLC
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Annually

Listing Information as of May 29 2024

Exchange Trading Currency Listing Date Ticker CUSIP
NASDAQ REGULAR MARKET USD May 01 1995 SSRSX 85751Q401

Fund Characteristics as of Apr 30 2024

Number of Holdings 46
Med Market Cap ($M) 10,761.00
Weighted Average Market Cap ($M) 32,791.62
Price/Book Ratio 1.86
Price/Earnings Ratio FY1 33.54
Dividend Yield (%)

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

4.37
Annual Portfolio Turnover (%) 50.60

Fund Net Asset Value as of May 28 2024

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$9.25
Percent Change -0.64%
Price Change -$0.06
Offer Price $9.25
NAV 52 Week High $10.05(2023-12-14)
NAV 52 Week Low $7.99(2023-10-27)

Morningstar Rating as of Apr 30 2024

Category Overall 3 Years 5 Years 10 Years
Real Estate ★★★★ ★★★★ ★★★★ ★★★★
# of Funds in Category - 232 213 157

Fund Performance

  • Fund Inception Date: May 01 1995

as of Apr 30 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
May 01 1995
Fund at NAV Apr 30 2024 1.30% -1.43% 2.87% 5.71% 9.90%
Benchmark
FTSE NAREIT Equity REITs Index
Apr 30 2024 1.94% -0.94% 2.69% 5.49% 9.30%

as of Mar 31 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
May 01 1995
Fund at NAV Mar 31 2024 10.03% 3.53% 4.33% 6.84% 10.20%
Benchmark
FTSE NAREIT Equity REITs Index
Mar 31 2024 10.54% 4.14% 4.15% 6.61% 9.61%

as of Apr 30 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Apr 30 2024 -6.81% -3.42% 12.95% -6.81% -7.29%
Benchmark
FTSE NAREIT Equity REITs Index
Apr 30 2024 -7.01% -3.18% 12.78% -7.01% -7.20%

as of Mar 31 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Mar 31 2024 1.79% -0.51% 15.69% -0.51% -0.51%
Benchmark
FTSE NAREIT Equity REITs Index
Mar 31 2024 2.06% -0.20% 15.99% -0.20% -0.20%

as of Apr 30 2024

2018 2019 2020 2021 2022 2023
Fund at NAV -5.71% 26.15% -5.23% 41.80% -24.93% 13.50%
Benchmark
FTSE NAREIT Equity REITs Index
-4.62% 26.00% -8.00% 43.24% -24.37% 13.73%

Past performance is not a reliable indicator of future performance. The investment return and principal value of an investment will fluctuate. Upon redemption, shares may be worth more or less than the original cost. The current performance may be higher or lower than the quoted performance. All results are historical and assume the reinvestment of dividends and capital gains. To view SEC standardized performance select the most recent quarterly period ending March, June, September or December. All other periods shown are non-standardized performance and are not valid without SEC standardized performance.

The performance figures shown above reflect the impact of fees and expenses for the funds' share class, and include the reinvestment of all income dividends and capital gains distributions, but do not include the effect of taxation. State Street Global Advisors ("SSGA") may have reimbursed certain expenses or waived certain fees during the periods shown. Absent those reimbursements, the Fund's total return or yield would have been lower.

On July 1, 2016 State Street Corporation, the parent company of SSGA Funds Management, Inc., and State Street Global Markets, LLC acquired the asset management and advisory services business of GE Asset Management, Incorporated, the former investment adviser to the Fund. As of that date, SSGA Funds Management, Inc. became the investment adviser to the Fund and State Street Global Markets, LLC became the distributor for the Fund. Effective May 1, 2017, State Street Global Markets, LLC was renamed State Street Global Advisors Funds Distributors, LLC. Any information, data or performance provided prior to that date is that of GE Asset Management, Incorporated.

None of the Funds or share classes (if applicable) assess a sales charge upon the purchase or redemption of shares.

The Total Annual Fund Operating Expenses shown for each Fund share class reflects the total annual operating expenses of the Fund share class prior to any fee waivers or expense reimbursements, as provided in the most recent Fund prospectus. Actual Fund operating expenses will change over time based on Fund asset levels and other factors and may be higher or lower than those estimated for the current fiscal year.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. You can not invest directly in an index.

*Morningstar US Insurance Real Estate open end funds universe. Information has been obtained from Morningstar, a third party source deemed to be reliable; however State Street Global Advisors ("SSGA") has not undertaken any independent analysis and provides no representation as to the accuracy of such information. Use of this content requires expert knowledge. This analytical data is intended for institutional investors only and is based on gross performance information before deduction of advisory fees.

© Morningstar 2022. All Rights Reserved. The information, data analysis and opinions contained herein: (1) include the confidential and proprietary information of Morningstar Inc., (2) may not be copied or re-distributed, (3) do not constitute investment advice by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analysis or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results.

Gross Expense Ratio: 1.00%

Risk Analysis

as of Apr 30 2024
as of Mar 31 2024

Month End as of Apr 30 2024

Risk Factor 3 Years 5 Years
Alpha -0.48% 0.20%
Beta 1.00 0.97
Std Deviation 20.98% 20.65%
Information Ratio -0.46 0.12
R-squared 99.74% 99.53%
Sharpe Ratio -0.20 0.04
Tracking Error 1.07% 1.49%

Quarter End as of Mar 31 2024

Risk Factor 3 Years 5 Years
Alpha -0.59% 0.25%
Beta 1.00 0.97
Std Deviation 21.06% 20.39%
Information Ratio -0.57 0.13
R-squared 99.75% 99.52%
Sharpe Ratio 0.05 0.12
Tracking Error 1.06% 1.49%

The risk statistics are calculated against the fund's primary benchmark.

Risk Measures - Alpha, Beta and R-Squared are calculated against the noted benchmark. Annualized standard deviation and Sharpe Ratio are not calculated against a benchmark.

Alpha - Measures a manager's contribution to performance due to security selection or market timing relative to the index.

Beta - Measures the portfolio's sensitivity to market movements in the index.

R-Squared - A measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of the index.

Standard Deviation - A measure of total risk. It measures the degree to which a fund's quarterly returns vary from the mean of the fund's quarterly returns over the period measured.

Sharpe Ratio -A measure that uses standard deviation and excess return to determine reward per unit of risk.

Top Holdings

The top ten holdings do not include money market instruments and/or futures contracts. Depositary receipts are normally combined with the underlying security. The securities cited may not represent the Fund's current or future holdings and should not be construed as a recommendation to purchase or sell a particular security. The figures presented do not include the Fund's entire investment portfolio and may change at any time.

Fund Top Holdings as of Apr 30 2024

Name Weight
PROLOGIS INC 7.99%
EQUINIX INC 7.91%
WELLTOWER OP LLC 5.69%
REALTY INCOME CORPORATION 4.39%
DIGITAL REALTY TRUST INC 4.14%
EXTRA SPACE STORAGE INC 3.99%
UDR INC 3.94%
PUBLIC STORAGE OPERATING CO 3.72%
VENTAS INC 3.67%
SIMON PROPERTY GROUP INC 3.38%

Sector Allocation

Fund Sector Allocation as of Apr 30 2024

Sector Weight
Real Estate 99.16%
Cash Equivalents & Other 0.74%
Accrued Income 0.11%

The securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of securities that have been bought and the diversity of areas in which we may invest as of a particular date. It may not be representative of the portfolio's current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

"Cash Equivalents" includes an investment in the State Street Institutional Government Money Market Fund. "Other" includes accruals. As of 07/01/2016 State Street Global Advisors is the Investment Advisor of the Fund. SSGA Funds Management, Inc. serves as the investment advisor of the State Street Institutional Government Money Market Fund.

FTSE NAREIT US Real Estate Index is an unmanaged index of all tax-qualified real estate investment trusts (REITs) listed on the New York Stock Exchange, American Stock Exchange and NASDAQ which have 75% or more of their gross invested book assets invested directly or indirectly in the equity ownership of real estate.

The State Street Variable Insurance Series Funds are available only through variable annuity and variable life contracts offered by other financial institutions. Variable annuities have fees and charges that include mortality and expense, administrative fees, contract fees, and expenses associated with the underlying investment options.