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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Neuberger Real Estate Fund

NRERX | Fund

$14.74

$627 M

1.28%

$0.19

1.66%

Vitals

YTD Return

10.8%

1 yr return

7.9%

3 Yr Avg Return

7.9%

5 Yr Avg Return

1.1%

Net Assets

$627 M

Holdings in Top 10

57.8%

52 WEEK LOW AND HIGH

$15.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Neuberger Real Estate Fund

NRERX | Fund

$14.74

$627 M

1.28%

$0.19

1.66%

NRERX - Profile

Distributions

  • YTD Total Return 10.8%
  • 3 Yr Annualized Total Return 7.9%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.98%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Neuberger Real Estate Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Jun 21, 2010
  • Shares Outstanding
    N/A
  • Share Class
    R3
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Steve Shigekawa

Fund Description

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities issued by real estate investment trusts (“REITs”) and common stocks and other securities issued by other real estate companies. The Fund defines a real estate company as one that derives at least 50% of its revenue from, or has at least 50% of its assets in, real estate.
The Fund may invest up to 20% of its net assets in debt securities of real estate companies. These debt securities can be either investment grade securities or below investment grade securities (commonly known as “junk bonds”), provided that, at the time of investment, they are rated at least B by S&P Global Ratings or Moody’s Investors Service, Inc. (or comparably rated by at least one independent credit rating agency) or, if unrated, are determined by the Portfolio Managers to be of comparable quality. The Fund does not normally intend to continue holding securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market conditions.
The Portfolio Managers make investment decisions through a fundamental analysis of each company. The Portfolio Managers review each company’s current financial condition and industry position, as well as economic and market conditions. In doing so, they evaluate the company’s growth potential, earnings estimates and quality of management, as well as other factors. In an effort to achieve its goal, the Fund may engage in active and frequent trading.
As part of their fundamental investment analysis the Portfolio Managers consider environmental, social and governance factors they believe are financially material to individual investments, where applicable. While this analysis is inherently subjective and may be informed by both internally generated and third-party metrics, data and other information, the Portfolio Managers believe that the consideration of financially material environmental, social and governance factors, alongside traditional financial metrics, may enhance the Fund’s overall investment process. The consideration of environmental, social and governance factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents. The consideration of environmental, social and governance factors as part of the investment process does not mean that the Fund pursues a specific “impact” or “sustainable” investment strategy.
The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund. The Fund concentrates its assets in the real estate industry. The Fund may at times emphasize particular sub-sectors of the real estate business—for example, apartments, regional malls, offices, infrastructure, industrial, and health care.
Some of the REITs and other real estate securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.
The Fund normally seeks to invest for the long-term, but it may sell securities regardless of how long they have been held if the Portfolio Managers find an opportunity they believe is more compelling, or if the Portfolio Managers’ outlook on the company or the market changes, if a stock reaches a target price, if a company’s business fails to perform as expected, or when other opportunities appear more attractive.
The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days’ notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.
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NRERX - Performance

Return Ranking - Trailing

Period NRERX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.8% -5.8% 22.0% 38.39%
1 Yr 7.9% -3.3% 21.0% 79.91%
3 Yr 7.9%* -4.7% 13.4% 75.45%
5 Yr 1.1%* -6.5% 7.9% 88.24%
10 Yr 5.6%* -0.5% 11.0% 42.11%

* Annualized

Return Ranking - Calendar

Period NRERX Return Category Return Low Category Return High Rank in Category (%)
2025 -4.1% -32.0% 8.8% 64.73%
2024 2.9% -33.3% 15.6% 39.29%
2023 9.2% -16.2% 39.0% 33.18%
2022 -35.2% -51.3% 2.5% 81.53%
2021 36.0% -7.7% 52.3% 25.34%

Total Return Ranking - Trailing

Period NRERX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.8% -5.8% 22.0% 38.39%
1 Yr 7.9% -3.3% 21.0% 79.91%
3 Yr 7.9%* -4.7% 13.4% 75.45%
5 Yr 1.1%* -6.5% 7.9% 88.24%
10 Yr 5.6%* -0.5% 11.0% 42.11%

* Annualized

Total Return Ranking - Calendar

Period NRERX Return Category Return Low Category Return High Rank in Category (%)
2025 -2.5% -9.4% 18.5% 93.75%
2024 4.5% -29.6% 17.7% 71.43%
2023 11.3% -12.7% 43.3% 60.09%
2022 -27.5% -40.1% 7.8% 75.23%
2021 41.3% 8.9% 54.6% 48.42%

NAV & Total Return History

NRERX - Holdings

Concentration Analysis

NRERX Category Low Category High NRERX % Rank
Net Assets 627 M 2.03 M 69.9 B 38.99%
Number of Holdings 36 23 692 79.46%
Net Assets in Top 10 388 M 537 K 34.9 B 32.59%
Weighting of Top 10 57.75% 18.8% 82.2% 39.73%

Top 10 Holdings

  1. Welltower Inc 9.40%
  2. Equinix Inc 8.67%
  3. Prologis Inc 8.54%
  4. American Tower Corp 7.36%
  5. Digital Realty Trust Inc 4.46%
  6. Ventas Inc 4.31%
  7. Simon Property Group Inc 4.03%
  8. AvalonBay Communities Inc 3.96%
  9. Public Storage 3.63%
  10. Iron Mountain Inc 3.39%

Asset Allocation

Weighting Return Low Return High NRERX % Rank
Stocks 		98.55% 0.00% 101.52% 51.79%
Cash 		1.45% -42.50% 16.59% 50.89%
Preferred Stocks 		0.00% 0.00% 31.13% 95.09%
Other 		0.00% -81.05% 97.12% 83.04%
Convertible Bonds 		0.00% 0.00% 10.95% 95.52%
Bonds 		0.00% 0.00% 148.40% 95.54%

Stock Sector Breakdown

Weighting Return Low Return High NRERX % Rank
Real Estate 		98.39% 34.46% 100.00% 68.54%
Financial Services 		1.61% 0.00% 37.05% 9.39%
Utilities 		0.00% 0.00% 3.55% 95.31%
Technology 		0.00% 0.00% 12.02% 95.31%
Industrials 		0.00% 0.00% 7.39% 95.31%
Healthcare 		0.00% 0.00% 0.53% 94.84%
Energy 		0.00% 0.00% 33.11% 95.31%
Communication Services 		0.00% 0.00% 11.61% 94.84%
Consumer Defense 		0.00% 0.00% 0.93% 94.84%
Consumer Cyclical 		0.00% 0.00% 45.29% 94.84%
Basic Materials 		0.00% 0.00% 13.69% 95.77%

Stock Geographic Breakdown

Weighting Return Low Return High NRERX % Rank
US 		98.55% 0.00% 101.52% 44.64%
Non US 		0.00% 0.00% 41.39% 94.20%

NRERX - Expenses

Operational Fees

NRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.66% 0.07% 8.91% 30.77%
Management Fee 1.06% 0.00% 1.50% 86.61%
12b-1 Fee 0.50% 0.00% 1.00% 74.77%
Administrative Fee 0.26% 0.01% 0.45% 84.75%

Sales Fees

NRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

NRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

NRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 0.11% 380.00% 24.88%

NRERX - Distributions

Dividend Yield Analysis

NRERX Category Low Category High NRERX % Rank
Dividend Yield 1.28% 0.00% 13.03% 78.13%

Dividend Distribution Analysis

NRERX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Quarterly

Net Income Ratio Analysis

NRERX Category Low Category High NRERX % Rank
Net Income Ratio 0.98% -1.07% 6.05% 57.01%

Capital Gain Distribution Analysis

NRERX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Semi-Annually

Distributions History

View More +

NRERX - Fund Manager Analysis

Managers

Steve Shigekawa

Start Date

Tenure

Tenure Rank

Dec 31, 2005

16.42

16.4%

Steve Shigekawa, Managing Director, joined the firm in 2002. Steve is a Co-Portfolio Manager for the Real Estate Securities group. He has been a Portfolio Manager with the firm since 2005. Prior to that, he was an analyst with the firm covering REIT securities. .Previously, he was a research associate at Prudential Securities, an intern at Cohen & Steers Capital Management, and an associate at Wilshire Associates, where he spent four years. He received a BA from the University of California at Los Angeles and an MBA from New York University.

Brian Jones

Start Date

Tenure

Tenure Rank

Oct 24, 2008

13.61

13.6%

Brian C. Jones, CFA, Managing Director, joined the firm in 1999. Brian is a Co-Portfolio Manager for the Real Estate Securities group. Previously, he was a research associate at UBS Warburg, Thornton Investment Management and The Dreyfus Corporation, where he began his career in 1993. Brian received a BA from Harvard University. He has also been awarded the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 8.31 2.68

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