Fund Evaluator:
Dunham Real Estate Stock A (DAREX)
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Best Performing in Global Real Estate Over the Last Year
| 20.0% | PGIM Global Real Estate Z (PURZX) |
| 19.1% | PGIM Select Real Estate Z (SREZX) |
| 19.0% | American Century Global Real Estate Y (ARYYX) |
| 18.6% | American Century Global Real Estate Inv (ARYVX) |
| 18.3% | iShares Developed Real Estate Idx Inv A (BARDX) |
Fund Details
Dunham Real Estate Stock A Overview
Dunham Real Estate Stock A (DAREX) is an actively managed Sector Equity Global Real Estate fund. Dunham Funds launched the fund in 2007.
The investment seeks to maximize total return from capital appreciation and dividends; the secondary investment objective is to exceed, over the long-term, the total return available from direct ownership of real estate with less risk than direct ownership. The fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in equity securities of companies principally engaged in the real estate industry that are economically tied to different countries throughout the world, including the United States. It is non-diversified.
About Dunham Real Estate Stock A (DAREX)
There are 4 members of the management team with an average tenure of 0.83 years: Rick Romano (2025), Michael Gallagher (2025), Alvin Chan (2025), Daniel Cooney (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and DJ Gbl Select REIT TR USD index with a weighting of 100%. Dunham Real Estate Stock A has 48 securities in its portfolio. The top 10 holdings constitute 55.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Dunham Real Estate Stock A is part of the Equity global asset class and is within the Sector Equity fund group. Dunham Real Estate Stock A has 19.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.5%. There is 19.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Dunham Real Estate Stock A has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $209 million average for the Global Real Estate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DAREX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Dunham Real Estate Stock A expense ratio is high compared to funds in the Global Real Estate category. Dunham Real Estate Stock A has an expense ratio of 1.73%, which is 50% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Dunham Real Estate Stock A has a portfolio turnover rate of 165%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the Global Real Estate category.
Recently, in the month of July 2026, Dunham Real Estate Stock A returned 2.7%, which earned it a grade of B, as the Global Real Estate category had an average return of 2.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Dunham Real Estate Stock A has a trailing yield of 0.93%, which is below the 2.74% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Dunham Real Estate Stock A Grades
Year to date, the fund has returned 16.4%, 5.5 percentage points better than the category, which translates into a grade of A. The fund has returned 13.2% over the past year (grade of D), 7.2% over the past three years (grade of D) and -3.8% per year over the past five years (grade of F) and 1.7% per year over the past 10 years (grade of F).
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DAREX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DAREX Return (NAV) | 2.7% | 4.2% | 13.2% | 7.2% | -3.8% | 1.7% |
| DAREX Grade | B | A | D | D | F | F |
| +/- Category | 0.2% | 2.1% | -2.2% | -1.3% | -4.7% | -2.4% |
| Global Real Estate Avg | 2.5% | 2.1% | 15.4% | 8.5% | 0.9% | 4.1% |
| DAREX Tax Cost Ratio | na | na | 0.4% | 0.5% | 0.8% | 1.4% |
DAREX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DAREX Return (NAV) | 16.4% | -6.1% | 6.9% | 13.3% | -39.6% | 9.7% | 20.4% | 27.0% | -6.6% | 4.0% | 6.0% |
| DAREX Grade | A | F | A | A | F | F | A | B | D | F | A |
| +/- Category | 5.5% | -15.5% | 6.3% | 2.9% | -13.8% | -14.9% | 22.1% | 1.6% | -0.8% | -9.9% | 2.9% |
| Global Real Estate Avg | 11.0% | 9.4% | 0.6% | 10.4% | -25.9% | 24.6% | -1.7% | 25.5% | -5.8% | 13.9% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 17.0% |
| Total Risk Index: | 1.39 - High |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 1.05 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $75 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 165% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Romano Rick (2025), Gallagher Michael (2025), Chan Alvin (2025), Cooney Daniel (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 55.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 19.0% |
Portfolio Allocation |
|
| Domestic Stock: | 78.5% |
| Foreign Stock: | 19.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.4% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Dunham Funds |
| Phone Number: | 888-338-6426 |
| Website: | www.dunham.com |
| Status: | Open |
| Inception Date: | January 3, 2007 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.73% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Dunham Real Estate Stock N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
