Fund Evaluator:
Nuveen Equity Long/Short A (NELAX)
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Best Performing in Long-Short Equity Over the Last Year
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Fund Details
Nuveen Equity Long/Short A Overview
Nuveen Equity Long/Short A (NELAX) is an actively managed Nontraditional Equity Long-Short Equity fund. Nuveen launched the fund in 2008.
The investment seeks long-term capital appreciation with low correlation to the U.S. equity market. The fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. Substantially all of the equity securities in which the fund takes long and short positions will be included in the fund's benchmark index, the Russell 1000 Index, at the time the position is taken. As a result, the fund will invest significantly in large-capitalization companies, though it may also invest in mid-capitalization companies.
About Nuveen Equity Long/Short A (NELAX)
There are 2 members of the management team with an average tenure of 7.02 years: Scott Tonneson (2013), Daniel Mon (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: Russell 1000 TR USD index with a weighting of 100%, Russell 1000 TR USD index with a weighting of 70% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 30%. Nuveen Equity Long/Short A has 179 securities in its portfolio. The top 10 holdings constitute 29.3% 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.
Nuveen Equity Long/Short A is part of the Equity global asset class and is within the Nontraditional Equity fund group. Nuveen Equity Long/Short A has 1.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 68.3%. There is 1.7% 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). Nuveen Equity Long/Short A has 30.0% of the portfolio in cash.
Assets Under Management
The fund has $30 million in total assets, which is below the $352 million average for the Long-Short Equity 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.
NELAX 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 Nuveen Equity Long/Short A expense ratio is high compared to funds in the Long-Short Equity category. Nuveen Equity Long/Short A has an expense ratio of 2.16%, which is 2% lower than its category average, making the fund expense ratio grade a D. 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. Nuveen Equity Long/Short A has a portfolio turnover rate of 65%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, Nuveen Equity Long/Short A returned -0.5%, which earned it a grade of D, as the Long-Short Equity 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.
Nuveen Equity Long/Short A has a trailing yield of 0.76%, which is below the 1.15% 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.
Nuveen Equity Long/Short A Grades
Year to date, the fund has returned 6.9%, 0.6 percentage points worse than the category, which translates into a grade of C. The fund has returned 12.1% over the past year (grade of C), 14.8% over the past three years (grade of B) and 10.1% per year over the past five years (grade of B) and 10.1% per year over the past 10 years (grade of A).
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NELAX 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 |
|
| NELAX Return (NAV) | -0.5% | 1.8% | 12.1% | 14.8% | 10.1% | 10.1% |
| NELAX Grade | D | D | C | B | B | A |
| +/- Category | -3.1% | -1.8% | -2.0% | 2.9% | 1.3% | 2.2% |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| NELAX Tax Cost Ratio | na | na | 0.9% | 1.2% | 1.1% | 0.6% |
NELAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NELAX Return (NAV) | 6.9% | 11.0% | 20.2% | 23.8% | -15.2% | 32.6% | -1.0% | 6.1% | -2.6% | 19.0% | 4.5% |
| NELAX Grade | C | C | A | A | F | A | D | D | B | A | C |
| +/- Category | -0.6% | -0.4% | 6.9% | 10.7% | -11.3% | 11.4% | -6.8% | -7.2% | 5.4% | 7.4% | -2.8% |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 9.8% |
| Total Risk Index: | 0.80 - Average |
| Category Risk Index: | 0.92 - Average |
| Category Risk Grade: | C (50% Rank) |
| Beta: | 0.72 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $161 Mil |
| Fund Total Assets: | $ 31 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 65% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.5 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Tonneson Scott (2013), Mon Daniel (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 179 |
| % in Top 10 Holdings: | 29.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.7% |
Portfolio Allocation |
|
| Domestic Stock: | 68.3% |
| Foreign Stock: | 1.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 30.0% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.nuveen.com |
| Status: | Open |
| Inception Date: | December 30, 2008 |
| Min. Initial Purchase: | $2,500 |
| 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 (%): | 2.16% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Nuveen Equity Long/Short I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
