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Real Estate Securities Portfolio (I)

Ticker DFREX
Inception Date 01/05/93
Fund Net Assets $9.1 B (As Of 08/31/22)

The investment objective of the DFA Real Estate Securities Portfolio is to achieve long-term capital appreciation.

Returns (As of 08/31/22)(As of 06/30/22)

Calendar Year Returns

portfolio benchmark
2021 41.85% 45.91%
2020 -5.04% -11.20%
2019 28.10% 23.10%
2018 -2.99% -4.22%
2017 5.71% 3.76%
2016 8.38% 6.68%
2015 3.24% 4.48%
2014 31.11% 32.00%
2013 1.39% 1.22%
2012 17.48% 17.12%

Annualized Returns

portfolio benchmark
YTD -17.41% -19.46%
1 Year -9.86% -10.80%
3 Year 4.14% 1.92%
5 Year 7.06% 4.70%
10 Year 8.14% 6.67%
Since Inception 9.62%

Annualized Returns

portfolio benchmark
YTD -19.19% -21.14%
1 Year -5.86% -6.41%
3 Year 5.40% 2.54%
5 Year 6.89% 4.28%
10 Year 8.10% 6.61%
Since Inception 9.59%

Performance is reported net of all advisory fees and includes reinvestment of dividends and other earnings. Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  

Performance less than one year is not annualized.

Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

Copyright 2022 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

Dimensional funds are distributed by DFA Securities LLC.

Fees & Expenses

Management Fee 0.17%
Total Operating Expense Ratio 0.20%
Net Expense Ratio (to investor) 0.18%

The “Management Fee” and “Total Operating Expense Ratio” for certain Portfolios have been adjusted to reflect the decrease in the management fee payable by the Portfolio effective February 28, 2022. Certain Portfolios have entered into fee waiver and/or expense assumption arrangements with the Advisor. In these cases, the Advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the Portfolio's prospectus for details and more information.

Characteristics (As Of 08/31/22)


Price-to-Book 2.56
% in Top 10 Holdings 45.23%
Wtd. Avg. Mkt. Cap. (Millions) $40017
Number of Holdings 145
Annual Turnover as of 10/31/21 5%

REIT Sector Allocation

Specialized REITs 39.53%
Residential REITs 15.68%
Industrial REITs 12.45%
Retail REITs 12.07%
Health Care REITs 8.67%
Office REITs 6.11%
Hotel & Resort REITs 2.95%
Diversified REITs 2.53%
Other Real Estate 0.02%

Top Holdings

American Tower Corp 9.24%
Prologis Inc 7.20%
Crown Castle Inc 5.79%
Equinix Inc 4.69%
Public Storage 4.09%
Realty Income Corp 3.33%
Digital Realty Trust Inc 2.79%
SBA Communications Corp 2.75%
Welltower Inc 2.72%
Simon Property Group Inc 2.62%

Please note that a Portfolio that invests in other Portfolios typically does not hold securities directly. As such, "Top Holdings" information for such a Portfolio represents "Top Holdings" information of underlying Portfolios.

Holdings are subject to change.

Numbers may not total 100% due to rounding.

Portfolio Risks

Equity Market Risk: Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and the Portfolio that owns them, to rise or fall. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.

Risks of Concentrating in the Real Estate Industry: The Portfolio is concentrated in the real estate industry. The exclusive focus by Portfolio on the real estate industry will cause the Portfolio to be exposed to the general risks of direct real estate ownership. The value of securities in the real estate industry can be affected by changes in real estate values and rental income, property taxes, and tax and regulatory requirements. Also, the value of securities in the real estate industry may decline with changes in interest rates. Investing in REITs and REIT-like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. The performance of Portfolio may be materially different from the broad equity market.

Derivatives Risk: Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When the Portfolio uses derivatives, the Portfolio will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Portfolio could lose more than the principal amount invested.

Securities Lending Risk: Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Portfolio may lose money and there may be a delay in recovering the loaned securities. The Portfolio could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.

Operational Risk: Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s control, including instances at third parties. The Portfolio and the Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

Cyber Security Risk: The Portfolio’s and its service providers’ use of internet, technology and information systems may expose the Portfolio to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Portfolio and/or its service providers to suffer data corruption or lose operational functionality.


Calendar Year

Record Date Ex-Date Payable Date Type Rate per Share
03/27/19 03/28/19 03/29/19 Dividend $0.16120
06/26/19 06/27/19 06/28/19 Dividend $0.17152
09/26/19 09/27/19 09/30/19 Dividend $0.07916
12/13/19 12/16/19 12/17/19 Dividend $0.44475
12/13/19 12/16/19 12/17/19 Long-Term Capital Gain $0.05574
Record Date Ex-Date Payable Date Type Rate per Share
03/27/20 03/30/20 03/31/20 Dividend $0.15705
06/26/20 06/29/20 06/30/20 Dividend $0.12120
09/28/20 09/29/20 09/30/20 Dividend $0.15084
12/11/20 12/14/20 12/15/20 Dividend $0.60168
12/11/20 12/14/20 12/15/20 Long-Term Capital Gain $0.04976
12/29/20 12/30/20 12/31/20 Dividend $0.17940
Record Date Ex-Date Payable Date Type Rate per Share
03/29/21 03/30/21 03/31/21 Dividend $0.10656
06/28/21 06/29/21 06/30/21 Dividend $0.12878
09/28/21 09/29/21 09/30/21 Dividend $0.01090
12/10/21 12/13/21 12/14/21 Long-Term Capital Gain $0.42139
12/10/21 12/13/21 12/14/21 Short-Term Capital Gain $0.08365
12/10/21 12/13/21 12/14/21 Dividend $0.57687
Record Date Ex-Date Payable Date Type Rate per Share
03/29/22 03/30/22 03/31/22 Dividend $0.09076
06/28/22 06/29/22 06/30/22 Dividend $0.02338
09/28/22 09/29/22 09/30/22
12/09/22 12/12/22 12/13/22
12/28/22 12/29/22 12/30/22

This information is not meant to constitute investment advice, a recommendation of any securities product or investment strategy (including account type), or an offer of any services or products for sale, nor is it intended to provide a sufficient basis on which to make an investment decision. Investors should consult with a financial professional regarding their individual circumstances before making investment decisions.

Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400 or at

Dimensional funds are distributed by DFA Securities LLC.