Neuberger Long Short Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Neuberger Long Short Fund held 208 positions with $8.25B in net assets. Its ten largest holdings made up 40.3% of the fund. The NLSAX share class costs 1.64% a year. Over the 12 months to May 2026, NLSAX returned 6.3%, with dividends reinvested. In 2026 Q3 it added 40 new positions and exited 59.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
6.83% | $563.61M | 1.5M | $384.80 | |
AMZNAmazon.com Inc | 6.05% | $499.31M | 1.9M | $265.06 |
NVDANVIDIA Corp | 5.49% | $453.33M | 2.3M | $199.57 |
MSFTMicrosoft Corp | 4.67% | $385.47M | 945.3K | $407.78 |
AAPLApple Inc | 4.55% | $375.42M | 1.4M | $271.35 |
GVMXXState Street Global Advisors | 4.26% | $351.57M | — | — |
2.71% | $223.35M | 365.0K | $611.91 | |
AVGOBroadcom Inc | 2.17% | $179.43M | 429.8K | $417.43 |
FANATICS HOLDINGS INC CLASS A | 1.81% | $149.66M | 2.0M | $73.85 |
Brookfield Infrastructure Partners LP | 1.71% | $141.39M | 3.9M | $35.85 |
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.
The 200 largest of 208 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Information Technology
- 26.5%
- Consumer Discretionary
- 14.4%
- Communication Services
- 12.2%
- Financials
- 10.6%
- 9 other sectors
- 36.3%
- Information Technology
- 26.5%
- Consumer Discretionary
- 14.4%
- Communication Services
- 12.2%
- Financials
- 10.6%
- Industrials
- 6.8%
- Health Care
- 6.2%
- International
- 5.7%
- Utilities
- 5.2%
- Other
- 4.7%
- Consumer Staples
- 2.9%
- Energy
- 2.0%
- Cash
- 1.8%
- Real Estate
- 1.2%
How it has done
NLSAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.99%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.64% | +6.31% | +24.82% | +29.12% | -3.27% | |
| 2.38% | +5.48% | +21.95% | +24.33% | -3.55% | |
| 1.27% | +6.65% | +26.14% | +31.47% | -3.17% |
These classes hold the same portfolio, so the 7.14pp spread over 5 years is the cost difference between them — roughly 1.43pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.27% – 2.38%· NLSAX 1.64%
- Portfolio turnover
- 60.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
40 new· the largest 8
59 exited· the largest 8
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.
Understand how this fund fits with the rest.
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