Fund Evaluator:
DFA Real Estate Securities I (DFREX)
Follow This Fund
Best Performing in Real Estate Over the Last Year
| 17.4% | Nomura Real Estate Securities Y (IRSYX) |
| 13.0% | Cromwell CenterSquare Real Estate Inv (MRESX) |
| 12.6% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 11.2% | Fidelity Advisor Real Estate Z (FRVJX) |
| 11.1% | Fidelity Real Estate Investment Port (FRESX) |
Fund Details
DFA Real Estate Securities I Overview
DFA Real Estate Securities I (DFREX) is an actively managed Sector Equity Real Estate fund. Dimensional Fund Advisors launched the fund in 1993.
The investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases readily marketable equity securities of companies whose principal activities include ownership, management, development, construction, or sale of residential, commercial or industrial real estate. It will principally invest in equity securities of companies in certain real estate investment trusts and companies engaged in residential construction and firms, except partnerships, whose principal business is to develop commercial property.
About DFA Real Estate Securities I (DFREX)
There are 3 members of the management team with an average tenure of 7.18 years: Jed Fogdall (2012), Allen Pu (2024), John Hertzer (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and DJ US Select REIT TR USD index with a weighting of 100%. DFA Real Estate Securities I has 126 securities in its portfolio. The top 10 holdings constitute 48.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA Real Estate Securities I is part of the Equity global asset class and is within the Sector Equity fund group. DFA Real Estate Securities I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.5%. There is 0.0% 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). DFA Real Estate Securities I has 5.5% of the portfolio in cash.
Assets Under Management
The fund has $6 billion in total assets, which is above the $670 million average for the 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.
DFREX 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 DFA Real Estate Securities I expense ratio is low compared to funds in the Real Estate category. DFA Real Estate Securities I has an expense ratio of 0.18%, which is 85% lower than its category average, making the fund expense ratio grade a A. 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. DFA Real Estate Securities I has a portfolio turnover rate of 6%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 78% for the Real Estate category.
Recently, in the month of August 2026, DFA Real Estate Securities I returned -3.0%, which earned it a grade of F, as the Real Estate category had an average return of -2.6%. 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.
DFA Real Estate Securities I has a trailing yield of 2.83%, which is above the 2.08% category average. The fund normally distributes its income quarterly 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.
DFA Real Estate Securities I Grades
Year to date, the fund has returned 14.0%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 11.8% over the past year (grade of C), 10.2% over the past three years (grade of B) and 2.1% per year over the past five years (grade of C) and 5.5% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about DFA Real Estate Securities I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
DFREX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFREX Return (NAV) | -3.0% | 0.8% | 11.8% | 10.2% | 2.1% | 5.5% |
| DFREX Grade | F | D | C | B | C | C |
| +/- Category | -0.4% | -0.5% | 0.1% | 0.3% | 0.0% | 0.2% |
| Real Estate Avg | -2.6% | 1.4% | 11.7% | 9.9% | 2.1% | 5.4% |
| DFREX Tax Cost Ratio | na | na | 1.3% | 1.2% | 1.3% | 1.3% |
DFREX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFREX Return (NAV) | 14.0% | 1.5% | 5.5% | 11.2% | -25.0% | 41.9% | -5.0% | 28.1% | -3.0% | 5.7% | 8.4% |
| DFREX Grade | B | C | C | D | B | C | C | C | A | C | A |
| +/- Category | 0.5% | 0.2% | -1.0% | -1.2% | 1.2% | 0.0% | -1.3% | -0.5% | 3.0% | -0.9% | 2.3% |
| Real Estate Avg | 13.4% | 1.3% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 16.6% |
| Total Risk Index: | 1.36 - High |
| Category Risk Index: | 1.02 - High |
| Category Risk Grade: | D (80% Rank) |
| Beta: | 0.97 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $6861 Mil |
| Fund Total Assets: | $6,862 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 6% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.5 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Fogdall Jed (2012), Hertzer John (2022), Pu Allen (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 126 |
| % in Top 10 Holdings: | 48.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 94.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.5% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | January 5, 1993 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.18% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | DFA Real Estate Securities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
