Fund Evaluator:
Neuberger Real Estate E (NREEX)
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Best Performing in Real Estate Over the Last Year
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| 17.4% | T. Rowe Price Real Estate (TRREX) |
Fund Details
Neuberger Real Estate E Overview
Neuberger Real Estate E (NREEX) is an actively managed Sector Equity Real Estate fund. Neuberger Berman launched the fund in 2022.
The investment seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income. 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 manager 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. It is non-diversified.
About Neuberger Real Estate E (NREEX)
There are 3 members of the management team with an average tenure of 13.57 years: Steve Shigekawa (2005), Brian Jones (2008), Archena Alagappan (2024). 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 FTSE Nareit All Equity REITs TR USD index with a weighting of 100%. Neuberger Real Estate E has 35 securities in its portfolio. The top 10 holdings constitute 57.8% 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.
Neuberger Real Estate E is part of the Equity global asset class and is within the Sector Equity fund group. Neuberger Real Estate E has 1.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.5%. 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). Neuberger Real Estate E has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $667 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.
NREEX 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 Neuberger Real Estate E expense ratio is low compared to funds in the Real Estate category. Neuberger Real Estate E has an expense ratio of 0.08%, which is 93% 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. Neuberger Real Estate E has a portfolio turnover rate of 57%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Real Estate category.
Recently, in the month of July 2026, Neuberger Real Estate E returned 2.0%, which earned it a grade of D, as the Real Estate category had an average return of 2.0%. 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.
Neuberger Real Estate E has a trailing yield of 2.51%, which is above the 2.02% 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.
Neuberger Real Estate E Grades
Year to date, the fund has returned 16.5%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 16.7% over the past year (grade of D), 9.5% over the past three years (grade of C) and 2.5% per year over the past five years (grade of D) and 6.0% per year over the past 10 years (grade of B).
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NREEX 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 |
|
| NREEX Return (NAV) | 2.0% | 2.1% | 16.7% | 9.5% | 2.5% | 6.0% |
| NREEX Grade | D | F | D | C | D | B |
| +/- Category | -0.1% | -1.6% | -1.7% | -0.2% | -0.6% | 0.7% |
| Real Estate Avg | 2.0% | 3.7% | 18.4% | 9.8% | 3.1% | 5.3% |
| NREEX Tax Cost Ratio | na | na | 1.1% | 1.2% | na | na |
NREEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NREEX Return (NAV) | 16.5% | -1.2% | 6.0% | 12.8% | -26.5% | 41.7% | -1.4% | 31.7% | -5.1% | 11.6% | 4.2% |
| NREEX Grade | C | F | C | B | C | C | A | A | C | A | F |
| +/- Category | -0.1% | -2.5% | -0.5% | 0.5% | -0.4% | -0.1% | 2.4% | 3.1% | 0.9% | 4.9% | -2.0% |
| Real Estate Avg | 16.5% | 1.3% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 17.0% |
| Total Risk Index: | 1.38 - High |
| Category Risk Index: | 1.04 - High |
| Category Risk Grade: | F (93% Rank) |
| Beta: | 0.97 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $601 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 57% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 20.6 years | |||
| Average Tenure: 13.6 years | |||
| Managers (Year): Shigekawa Steve (2005), Jones Brian (2008), Alagappan Archena (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 57.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.7% |
Portfolio Allocation |
|
| Domestic Stock: | 96.5% |
| Foreign Stock: | 1.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | Neuberger Berman |
| Phone Number: | 877-628-2583 |
| Website: | www.nb.com |
| Status: | Open |
| Inception Date: | January 11, 2022 |
| 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 (%): | 0.08% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Neuberger Real Estate Tr |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
