Key Takeaways
- • NYLIM CBRE Real Estate Fund (CRARX) delivered 13.04% total return over the past 12 months, outperforming its category average by 2.16 percentage points but underperforming the MSCI ACWI index by 9.31 percentage points.
- • The fund maintains a below-average expense ratio of 0.83%, compared to the category average of 1.27%, providing cost-efficient exposure to U.S. real estate equities.
- • Portfolio construction focuses on REITs and real estate companies with market capitalizations exceeding $100 million, with the fund classified as non-diversified and carrying average volatility (standard deviation of 16.886) relative to peer funds.
- • Risk-adjusted returns show a Sharpe ratio of 0.335, with three-year annualized performance of 9.23% and five-year returns of 1.65%, indicating moderate performance relative to broader equities over intermediate timeframes.
- • The fund ranks 24th in its category over the trailing one-year period and maintains 80% minimum allocation to U.S. real estate securities under normal market conditions.
Summary
NYLIM CBRE Real Estate Fund (CRARX) is a domestic real estate equity fund that seeks total return primarily through exposure to U.S. REITs and real estate companies. The fund maintains a minimum 80% allocation to real estate equities under standard market conditions, with no upper limit on company market capitalization, though the Sub-Adviser generally avoids positions in companies below $100 million in market capitalization at purchase. The non-diversified structure provides concentrated exposure to real estate sector dynamics.
Performance metrics as of August 31, 2026, demonstrate mixed results relative to benchmarks. Over the past 12 months, CRARX returned 13.04%, placing it 24th within its category and outperforming the category average of 10.88% by 216 basis points. However, the fund significantly lagged the MSCI ACWI index, which returned 22.35% over the same period. Longer-term performance shows three-year annualized returns of 9.23% and five-year returns of 1.65%, suggesting the fund's sector-specific orientation has faced headwinds in recent years. Over the past decade, the fund generated 4.75% in total returns.
Fee structure represents a competitive advantage relative to category peers. With an expense ratio of 0.83%, CRARX sits substantially below the category average of 1.27%, delivering 44 basis points of cost advantage that benefits net returns. Management fees of 0.71% align closely with category average, indicating minimal differentiation on this component.
Risk characteristics are consistent with the real estate equity category. The fund exhibits a standard deviation of 16.886 and a Sharpe ratio of 0.335, indicating average volatility relative to peers and below-average risk-adjusted returns. Monthly performance shows recent weakness, with the fund declining 2.1% in the one-month period ending August 31, 2026, compared to a 2.67% gain for the MSCI ACWI, though it marginally outperformed its category benchmark on that measure. These metrics suggest the fund carries moderate portfolio risk appropriate for real estate equity allocation within diversified institutional portfolios.
Performance metrics as of August 31, 2026, demonstrate mixed results relative to benchmarks. Over the past 12 months, CRARX returned 13.04%, placing it 24th within its category and outperforming the category average of 10.88% by 216 basis points. However, the fund significantly lagged the MSCI ACWI index, which returned 22.35% over the same period. Longer-term performance shows three-year annualized returns of 9.23% and five-year returns of 1.65%, suggesting the fund's sector-specific orientation has faced headwinds in recent years. Over the past decade, the fund generated 4.75% in total returns.
Fee structure represents a competitive advantage relative to category peers. With an expense ratio of 0.83%, CRARX sits substantially below the category average of 1.27%, delivering 44 basis points of cost advantage that benefits net returns. Management fees of 0.71% align closely with category average, indicating minimal differentiation on this component.
Risk characteristics are consistent with the real estate equity category. The fund exhibits a standard deviation of 16.886 and a Sharpe ratio of 0.335, indicating average volatility relative to peers and below-average risk-adjusted returns. Monthly performance shows recent weakness, with the fund declining 2.1% in the one-month period ending August 31, 2026, compared to a 2.67% gain for the MSCI ACWI, though it marginally outperformed its category benchmark on that measure. These metrics suggest the fund carries moderate portfolio risk appropriate for real estate equity allocation within diversified institutional portfolios.
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