It's always been my understanding that NEF was a sub-brand of H&R. I've also heard it was a different company that picked up the designs when H&R shut down in 1986 and kept making them. I don't really know, but I've owned enough guns by both companies now to wonder if they WERE different corporations entirely. This is mostly about handguns. I've owned a number of H&R and NEF guns, including NEF R73s (.32 Mag) and R92 (.22). THe H&R guns were the 732 Guardsman (.32) and model 929 (.22). Except for the R92 I've owned more than one of each, and by now I can't help but notice the NEF guns seem to be just a little higher in quality. The actions seem a little tighter, the finish a little better. Has anyone else noticed this, or am I dreaming? If it's true, what accounts for it? I always heard NEF was H&R's "cheap" brand!