company’s significant investment in content in recent years will likely result in higher cash flow growth going forward.
Our Real Estate holdings were a source of relative strength during the quarter, outperforming the benchmark’s sector return by 0.6%. An overweight position in CBRE Group was the primary contributor, with shares rising 13.6% during the quarter. CBRE is the world’s largest commercial real estate advisory and leasing company, operating in more than 100 countries. While leasing activity is slowly increasing, CBRE’s advisory business has experienced robust growth.
Our Consumer Discretionary holdings declined 1.8% during the quarter, trailing the benchmark’s return. The portfolio was impacted by cyclical holdings such as V.F. Corporation, an apparel manufacturer, and BorgWarner, an auto parts maker, as the Delta variant of COVID-19 raised concerns about economic growth. An underweight position in Tesla also weighed on relative performance. The company’s electric vehicle and battery products continue to resonate with investors, despite the stock’s extraordinary valuation. We remain comfortable with our position despite the recent strength.
The Consumer Staples sector was also a relative detractor as the return on our sector holdings trailed the benchmark’s by 1.4%. Most of this weakness was caused by Lamb Weston Holdings, one of the world’s largest producers of french fries. While demand began to rebound as economic activity increased, cost pressures have significantly dampened the margin outlook for the foreseeable future.
For the nine months ended September 30, 2021, the total return on the Fund’s net asset value (“NAV”) per share (with dividends and capital gains reinvested) was 14.9%. This compares to a 15.9% total return for the S&P 500 and a 14.9% total return for the Lipper Large-Cap Core Funds Average over the same time period. The total return on the market price of the Fund’s shares for the period was 15.4%.
For the twelve months ended September 30, 2021, the Fund’s total return on NAV was 28.2%. Comparable figures for the S&P 500 and Lipper Large-Cap Core Funds Average were 30.0% and 28.6%, respectively. The Fund’s total return on market price for the period was 29.4%.
During the first nine months of this year, the Fund paid distributions to shareholders in the amount of $16.7 million, or $.15 per share, consisting of $.02 net investment income and $.02 long-term capital gain, realized in 2020, and $.11 of net investment income realized in 2021, all taxable in 2021. These constitute the first three payments toward our annual 6.0% minimum distribution rate commitment.