Check Out

Article was added to your cart. Do you want to check out now?

Real Estate Fund

A high-conviction, actively managed U.S. REIT portfolio

  • Seeks total return emphasizing both current income and capital appreciation
  • Integrated analysis of both real estate and securities
  • Experienced portfolio managers have worked together since 2003

 

 

Portfolio Managers: Brian Jones, CFA (left) and Steve S. Shigekawa (right)

Daily Pricing

NAV
%Change

Average Annual Total Returns

  • Daily (as of )
  • Monthly (as of )
  • Quarterly (as of )

Performance data quoted represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original costs. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gain distributions. Current performance may be lower or higher than the performance data quoted.

Annualized Total Returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% for Class A shares of equity funds and alternative funds (except alternatives funds that invest primarily in fixed income instruments), and 4.25% for Class A shares of fixed income funds and alternative funds that primarily invest in fixed income instruments, and 2.50% for Class A shares of short-term fixed income funds and applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. Please see each fund’s prospectus for the applicable sales charge. For funds with less than one year of performance, returns shown are cumulative rather than annualized.

$10,000 Hypothetical Investment

Calendar Year Returns

Without Sales Charge

Performance figures would be reduced if sales charges were applied.

  • 3-Year Risk Return Profile
  • 3-Year Upside / Downside Capture

3-Year Risk Return Profile

As of

Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk.

3-Year Upside / Downside Capture

As of

Up Capture Ratio is a measure of the manager’s performance in up markets relative to the market itself. A value of 110 suggests the manager performs ten percent better than the market when the market is up. The Upside Capture Ratio is calculated by dividing the return of the manager during the up market periods by the return of the market during the same periods.

Down Capture Ratio is a measure of the manager’s performance in down markets relative to the market itself. A value of 90 suggests the manager’s loss is only nine tenths of the market’s loss. The Downside Capture Ratio is calculated by dividing the return of the manager during the down periods by the return of the market during the same periods.

Top Ten Holdings

As of

Top Ten Industries

As of

The composition, industries, and holdings of the Fund are as of the date indicated and subject to change without notice.

Portfolio Characteristics

As of

Share Class
Symbol
CUSIP
Share Class Inception Date
Gross Expense Ratio
(%)
Net Expense Ratio
(%)

Sector Allocation1

Morningstar Ratings

As of | Category:

Overall
3 Year
5 Year
10 Year

Fund Materials

Download Email

Related News & Insights

Management Team

An investor should consider the Fund’s investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus and summary prospectus, which you can obtain by calling 877.628.2583. Please read the prospectus and summary prospectus carefully before making an investment. The prospectus contains a more complete discussion of the risk of investing in the Fund. Investments could result in loss of principal.

For each retail mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are ©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Morningstar Analyst Rating is the summary expression of Morningstar’s forward-looking analysis of a fund. Morningstar analysts assign the ratings on a five-tier scale with three positive ratings of Gold, Silver, and Bronze, a Neutral rating, and a Negative rating. The Analyst Rating is based on the analyst’s conviction in the fund’s ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. If a fund receives a positive rating of Gold, Silver, or Bronze, it means Morningstar analysts think highly of the fund and expect it to outperform over a full market cycle of at least five years. The Analyst Rating is not a market call, and it is not meant to replace investors’ due-diligence process. It cannot assess whether a fund is the right fit for a particular portfolio and risk tolerance. It is intended to supplement investors’ and advisors’ own work on funds and, along with written analysis, provide forward-looking perspective into a fund’s abilities. It picks up where commonly watched measures of the past leave off.

The Fund’s concentration in real estate investments makes it subject to greater potential risks and volatility than a more diversified portfolio, and the value of its shares may decline due to events affecting the real estate industry.

In addition, the Fund is considered non-diversified. As such, the percentage of the Fund's assets invested in any single issuer is not limited by the Investment Company Act of 1940. Investing a higher percentage of its assets in any one issuer could increase the Fund's risk of loss and its share price volatility, because the value of its shares would be more susceptible to adverse events affecting that issuer.

The Fund may at times be more concentrated in particular subsectors of the real estate business – apartments, retail, hotels, offices, industrial, health care, etc. As such, its performance would be especially sensitive to developments that significantly affect those businesses.

The Fund can invest up to 15% of its net assets in illiquid securities. Illiquid securities may be more difficult to dispose of at the price at which the Fund is carrying them.

The value of debt securities tends to rise when market interest rates fall, and fall when market interest rates rise. This effect is generally more pronounced the longer the maturity of a debt security is.

If the Fund invests in lower-rated bonds, it will be subject to their risks, including the risk that its holdings may fluctuate more widely in price and yield than investment grade bonds, fall in price when the economy is weak or is expected to become weak, be difficult to sell at the time and price the Fund desires, or carry higher transaction costs. Performance may also suffer if an issuer of bonds held by the Fund defaults on its debt obligations.

The Fund is subject to interest rate risk, which is the risk that REIT and other real estate company share prices overall will decline over short or even long periods because of rising interest rates.

There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

The composition, sectors, and holdings of the Fund are as of the period shown and are subject to change without notice.

The Fund's Investment Manager (the "Manager") caps the Class A, Class C, Class R6, Class R3 and Institutional Class and Trust Class expenses. Absent such arrangements, the total returns would have been less. The inception dates of the Real Estate Fund Institutional, Trust Class and Class R6 are 6/4/08, 5/1/02 and 3/15/13, respectively. The inception date of the Class A, Class C and Class R3 is 6/21/10. Performance prior to those inception dates is that of the Trust Class, which has lower expenses and typically higher returns than all other share classes. Shares of the Institutional Class many not be purchased directly from the Manager; they may only be purchased through certain institutions that have entered into administrative service contracts with the Manager. The Trust Class is closed to new investors.

The FTSE NAREIT All Equity REITs Index is an unmanaged free float adjusted market capitalization weighted index that tracks the performance of all Equity REITs currently listed on the New York Stock Exchange, the NASDAQ National Market System and the NYSE Amex. REITs are classified as Equity REITs if 75% or more of their gross invested book assets are invested directly or indirectly in real property. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of this index are prepared or obtained by the Manager and include reinvestment of all dividends and capital gain distributions. The Fund may invest in many securities not included in the above-described index.

For Institutional Class, Class A, Class C, Class R6, and Class R3 total (net) expense represents, and for Trust Class shares gross expense represents, the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Manager contractually caps certain expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 8/31/2021 for Class A at 1.21%, Class C at 1.96%, Class R3 at 1.46%, Class R6 at 0.78%, and through 8/31/2022 for Institutional Class at 0.85% and Trust Class at 1.50% (each as a % of average net assets). As of the Fund’s most recent prospectus, the Manager was not required to waive or reimburse any expenses pursuant to this arrangement. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated December 7, 2017.

A measure of the magnitude of a fund’s past share price fluctuations in relation to the fluctuations in the stock market (as represented by the fund’s benchmark). While not predictive of the future, funds with a beta greater than 1 have in the past been more volatile than the benchmark, and those with a beta less than 1 have in the past been less volatile than the benchmark.

Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk.

Funds From Operations (FFO) is a supplemental measure of a REIT’s operating performance. FFO is a REIT’s net income (computed in accordance with generally accepted accounting principles) excluding gains or losses from sales of property or debt restructuring, and adding back depreciation of real estate.

Figures are derived from FactSet as of the date indicated. The common stock of all Equity and Mortgage REITs held by the Fund has been classified into subsectors in accordance with the FTSE NAREIT US Real Estate Index Series Classification System. The common stock of non-REIT companies has been classified into subsectors as considered appropriate by Neuberger Berman for comparison purposes; i.e., Neuberger Berman has classified non-REIT companies into the subsectors designated Homebuilders and Real Estate Operating Companies, which are not designated as REIT subsectors under the above-referenced FTSE NAREIT Classification System.

A fund’s 30-day SEC Yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). This standardized mandatory calculation is more frequently associated with bond funds. Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, the SEC Yields may have been lower. A negative 30-Day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-Day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per share distribution may still be paid to shareholders. The unsubsidized 30-day SEC yields for Class A, Class C, Class R6, Class R3, Institutional Class and Trust Class are 1.62%, 0.88%, 2.06%, 1.36%, 1.99% and 1.62%, respectively.

The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.