Neuberger Long Short Fund
NEUBERGER BERMAN ALTERNATIVE FUNDS · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Neuberger Long Short Fund is an actively managed U.S. equity fund. 22% of NLSAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 91% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks long term capital appreciation
The fund takes long and short positions across global equities, fixed income, and derivatives, seeking undervalued companies with strong competitive positions, sustainable cash flows, or near-term catalysts, while shorting securities expected to underperform or to hedge macro and sector risks. The fund's net exposure ranges from 100% long to 20% short of net asset value, creating leverage that amplifies both gains and losses. Performance depends on the accuracy of the portfolio managers' valuations and their timing of entry and exit decisions across both long and short holdings.
| Share class | Expense ratio |
|---|---|
| NLSAX | 1.64% |
| NLSCX | 2.38% |
| NLSIX | 1.27% |
Portfolio turnover 60.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 78.99% |
| Cash & short-term | 4.59% |
| Other | 0.97% |
| Loans | 0.18% |
| Derivatives | -2.54% |
These positions come to 82.19% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Information Technology | 23.2% |
| Consumer Discretionary | 13.7% |
| Communication Services | 13.0% |
| Financials | 10.1% |
| 10 smaller | 40.0% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +7.47% | +24.83% | +26.82% | 5.24% | -3.27% | |
| +6.61% | +21.97% | +22.15% | 5.23% | -3.55% | |
| +7.80% | +26.10% | +29.10% | 5.19% | -3.17% |
These classes hold the same portfolio, so the 6.95pp spread over 5 years is the cost difference between them — roughly 1.39pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| GOOGL | Alphabet, Inc. Class AGOOGL | 6.83% | $384.80 | $563.61M | 1.5M |
| AMZN | Amazon.com IncAMZN | 6.05% | $265.06 | $499.31M | 1.9M |
| NVDA | NVIDIA CorpNVDA | 5.49% | $199.57 | $453.33M | 2.3M |
| MSFT | Microsoft CorpMSFT | 4.67% | $407.78 | $385.47M | 945.3K |
| AAPL | Apple IncAAPL | 4.55% | $271.35 | $375.42M | 1.4M |
| GVMXX | State Street Global AdvisorsGVMXX | 4.26% | — | $351.57M | — |
| META | Facebook, Inc. Class AMETA | 2.71% | $611.91 | $223.35M | 365.0K |
| AVGO | Broadcom IncAVGO | 2.17% | $417.43 | $179.43M | 429.8K |
| — | FANATICS HOLDINGS INC CLASS A | 1.81% | $73.85 | $149.66M | 2.0M |
| — | Brookfield Infrastructure Partners LP | 1.71% | $35.85 | $141.39M | 3.9M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 40.26% of net assets, top 25 60.59%, across 201 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free