Neuberger Berman Global Real Estate ETF (NBGR US) – Portfolio Construction Methodology

The investment philosophy governing the actively managed Neuberger Berman Global Real Estate ETF seeks long-term total return by owning publicly listed real estate companies and REITs across global developed markets. The investable universe spans property sectors such as residential, industrial/logistics, retail, office, self-storage, data centers and specialty real estate. A differentiated research stack combines top-down macro and regional/country allocation with bottom-up property-type analysis and company-level fundamental appraisal of rents, occupancies, balance-sheet leverage and net-asset-value dynamics. Portfolio construction is an actively managed, focused set of roughly 50–70 securities diversified by geography, country and property type, sized by conviction, liquidity and risk contribution, with attention to concentration and diversification at the issuer and sector level. The team employs a defined sell/trim discipline tied to relative valuation, balance-sheet or cash-flow deterioration, and thesis drift, and rebalances as market conditions and property-type cycles evolve.

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