Neuberger Berman Core Bond Fund
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
4.0%
1 yr return
11.4%
3 Yr Avg Return
-1.6%
5 Yr Avg Return
0.6%
Net Assets
$695 M
Holdings in Top 10
15.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 151.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
NCRLX - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return -1.6%
- 5 Yr Annualized Total Return 0.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.56%
- Dividend Yield 4.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameNeuberger Berman Core Bond Fund
-
Fund Family NameNeuberger Berman
-
Inception DateJun 01, 2009
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerThanos Bardas
Fund Description
To pursue its goal, the Fund normally invests in a diversified mix of debt securities, which primarily include government bonds, corporate bonds, mortgage-backed securities and asset-backed securities.
The Fund may invest in a broad array of securities, including: securities issued or guaranteed as to principal or interest by the U.S. government or any of its agencies or instrumentalities; municipal securities; foreign securities, including emerging markets; securities issued by supranational entities (e.g., World Bank, IMF); corporate bonds; mortgage-backed and asset-backed securities; inflation-linked debt securities; and commercial paper. Securities in which the Fund may invest may be issued by domestic and foreign governments, corporate entities and trusts and may be structured as fixed rate debt, floating rate debt, and debt that may not pay interest from the time of issuance. The Fund may also engage in when-issued and forward-settling securities (such as to-be-announced (“TBA”) mortgage-backed securities), which involve a commitment by the Fund to purchase securities that will be issued or settled at a later date. The Fund may enter into a TBA agreement and “roll over” such agreement prior to the settlement
date by selling the obligation to purchase the securities set forth in the agreement and entering into a new TBA agreement for future delivery of pools of mortgage-backed securities.
The debt securities in which the Fund invests primarily are investment grade. The Fund considers debt securities to be investment grade if, at the time of investment, they are rated within the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Portfolio Managers to be of comparable quality.
The Fund may also invest in derivative instruments as a means of hedging risk and/or for investment or efficient portfolio management purposes, which may include altering the Fund’s exposure to currencies, interest rates, inflation, sectors and individual issuers. These derivative instruments may include futures, forward foreign currency contracts, and swaps, such as total return swaps, credit default swaps and interest rate swaps.
The Fund normally will not invest more than 15% of its total assets in non-U.S. dollar denominated securities and, through hedging strategies, will attempt to limit its exposure to currencies other than the U.S. dollar to 5% of its total assets.
Additionally, the Fund may invest in preferred securities. The Fund may also invest a significant amount of its assets in U.S. Treasury securities or other money market instruments depending on market conditions.
The Fund normally seeks to maintain its target average duration within one year of the average duration of the bonds in the Bloomberg U.S. Aggregate Bond Index. However, depending on market conditions, the Fund may generally seek to maintain its target average duration within a maximum of two years of the average duration of the bonds in the Bloomberg U.S. Aggregate Bond Index.
In an effort to achieve its goal, the Fund may engage in active and frequent trading.
The Fund normally invests at least 80% of its net assets in bonds and other debt securities and other investment companies that provide investment exposure to such debt securities. The Fund will not alter this policy without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.
Investment Philosophy and Process
The Portfolio Management Team’s investment philosophy is rooted in the belief that positive results can be achieved through a consistently applied, risk-managed approach to portfolio management that leverages the strengths of its fundamental research capabilities, decision-making frameworks, and quantitative risk management tools. The Portfolio Management Team employs an integrated investment process in managing the Fund.
■ | Portfolio Strategy: The Portfolio Management Team establishes the investment profile for the Fund, which it monitors on an ongoing basis, including exposures to sectors (such as government, structured debt, credit, etc.) and duration/yield curve positioning, utilizing internally generated views that are produced by specialty sector investment teams in conjunction with asset allocation tools. |
■ | Strategy Implementation: Once the Portfolio Management Team establishes the investment profile for the Fund, the specialty sector investment teams and the Portfolio Management Team determine industry/sub-sector weightings and make securities selections within the types of securities that the Fund can purchase, such as investment grade securities and non-U.S. dollar denominated securities. |
When assessing the value of a particular security, the teams utilize internally generated research and proprietary quantitatively driven tools and frameworks (including an analysis of cash flows, ability to pay principal and interest, balance sheet composition, and market positioning) to a) establish an internal outlook, b) evaluate the market’s outlook as it is reflected in asset prices, and c) contrast the two. As part of their fundamental investment analysis, the Portfolio Managers consider Environmental, Social and Governance (ESG) factors they believe are financially material to individual investments, where applicable, as described below. While this analysis is inherently subjective and may be informed by internally generated and third-party metrics, data and other information, the Portfolio Managers believe that the consideration of financially material ESG factors, alongside traditional financial metrics, may improve credit analysis, security selection, relative value analysis and enhance the Fund’s overall investment process. The specific ESG factors considered and scope and application of integration may vary depending on the specific investment and/or investment type. The consideration of ESG factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents. The consideration of ESG factors as part of the investment process does not mean that the Fund pursues a specific “impact” or “sustainable” investment strategy.
The teams will generally purchase securities if their internal outlook suggests a security is undervalued by the market and sell securities if their internal outlook suggests a security is overvalued by the market. The goal is to identify and evaluate investment opportunities that others may have missed.
NCRLX - Performance
Return Ranking - Trailing
Period | NCRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.0% | -2.4% | 11.1% | 43.06% |
1 Yr | 11.4% | -6.8% | 24.6% | 41.12% |
3 Yr | -1.6%* | -9.8% | 28.5% | 43.04% |
5 Yr | 0.6%* | -7.3% | 58.9% | 33.60% |
10 Yr | 1.7%* | -2.6% | 74.0% | 40.34% |
* Annualized
Return Ranking - Calendar
Period | NCRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.6% | -16.2% | 8.1% | 72.41% |
2022 | -16.5% | -34.7% | 131.9% | 66.00% |
2021 | -3.5% | -11.6% | 4.4% | 51.86% |
2020 | 4.4% | -10.1% | 946.1% | 46.03% |
2019 | 5.7% | -1.7% | 16.9% | 43.97% |
Total Return Ranking - Trailing
Period | NCRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.0% | -2.4% | 11.1% | 43.06% |
1 Yr | 11.4% | -6.8% | 24.6% | 41.12% |
3 Yr | -1.6%* | -9.8% | 28.5% | 43.04% |
5 Yr | 0.6%* | -7.3% | 58.9% | 33.60% |
10 Yr | 1.7%* | -2.6% | 74.0% | 40.34% |
* Annualized
Total Return Ranking - Calendar
Period | NCRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.4% | -11.3% | 11.9% | 34.46% |
2022 | -13.4% | -32.2% | 131.9% | 45.44% |
2021 | -0.9% | -9.4% | 9.2% | 44.52% |
2020 | 9.8% | -1.9% | 1009.0% | 21.66% |
2019 | 8.4% | 1.1% | 21668.0% | 63.24% |
NAV & Total Return History
NCRLX - Holdings
Concentration Analysis
NCRLX | Category Low | Category High | NCRLX % Rank | |
---|---|---|---|---|
Net Assets | 695 M | 2.9 M | 314 B | 61.43% |
Number of Holdings | 880 | 1 | 17787 | 45.09% |
Net Assets in Top 10 | 122 M | 1.62 M | 36.1 B | 68.92% |
Weighting of Top 10 | 14.99% | 4.4% | 432.9% | 78.13% |
Top 10 Holdings
- U.S. Treasury Notes 2.53%
- U.S. Treasury Inflation-Indexed Notes 2.14%
- U.S. Treasury Notes 1.74%
- U.S. Treasury Notes 1.51%
- State Street Institutional US Government Money Market Fund 1.40%
- U.S. Treasury Notes 1.35%
- U.S. Treasury Bonds 1.14%
- U.S. Treasury Inflation-Indexed Notes 1.12%
- U.S. Treasury Bonds 1.11%
- U.S. Treasury Bonds 0.96%
Asset Allocation
Weighting | Return Low | Return High | NCRLX % Rank | |
---|---|---|---|---|
Bonds | 92.68% | 0.00% | 993.61% | 64.59% |
Other | 5.80% | -16.55% | 52.94% | 38.75% |
Convertible Bonds | 2.57% | 0.00% | 7.93% | 15.76% |
Cash | 1.52% | -54.51% | 237.69% | 62.88% |
Stocks | 0.00% | 0.00% | 99.99% | 89.29% |
Preferred Stocks | 0.00% | 0.00% | 71.02% | 89.16% |
Bond Sector Breakdown
Weighting | Return Low | Return High | NCRLX % Rank | |
---|---|---|---|---|
Securitized | 42.55% | 0.00% | 98.40% | 19.67% |
Government | 33.76% | 0.00% | 86.23% | 30.90% |
Corporate | 22.56% | 0.00% | 100.00% | 79.40% |
Cash & Equivalents | 1.40% | -0.46% | 237.69% | 61.35% |
Derivative | 0.04% | -1.41% | 44.82% | 47.14% |
Municipal | 0.00% | 0.00% | 100.00% | 95.26% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | NCRLX % Rank | |
---|---|---|---|---|
US | 92.68% | 0.00% | 993.61% | 57.87% |
Non US | 0.00% | 0.00% | 35.41% | 90.49% |
NCRLX - Expenses
Operational Fees
NCRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.43% | 0.01% | 39.64% | 80.78% |
Management Fee | 0.33% | 0.00% | 1.76% | 41.12% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.01% | 0.50% | 80.47% |
Sales Fees
NCRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
NCRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
NCRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 151.00% | 2.00% | 493.39% | 54.65% |
NCRLX - Distributions
Dividend Yield Analysis
NCRLX | Category Low | Category High | NCRLX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.45% | 0.00% | 10.11% | 17.14% |
Dividend Distribution Analysis
NCRLX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Quarterly |
Net Income Ratio Analysis
NCRLX | Category Low | Category High | NCRLX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.56% | -1.28% | 4.79% | 59.16% |
Capital Gain Distribution Analysis
NCRLX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.033 | OrdinaryDividend |
Aug 30, 2024 | $0.034 | OrdinaryDividend |
Jul 31, 2024 | $0.034 | OrdinaryDividend |
Apr 30, 2024 | $0.034 | OrdinaryDividend |
Mar 28, 2024 | $0.034 | OrdinaryDividend |
Feb 29, 2024 | $0.033 | OrdinaryDividend |
Jan 31, 2024 | $0.035 | OrdinaryDividend |
Dec 29, 2023 | $0.034 | OrdinaryDividend |
Nov 30, 2023 | $0.035 | OrdinaryDividend |
Oct 31, 2023 | $0.033 | OrdinaryDividend |
Sep 29, 2023 | $0.032 | OrdinaryDividend |
Aug 31, 2023 | $0.032 | OrdinaryDividend |
Jul 31, 2023 | $0.031 | OrdinaryDividend |
Jun 30, 2023 | $0.032 | OrdinaryDividend |
May 31, 2023 | $0.031 | OrdinaryDividend |
Apr 28, 2023 | $0.032 | OrdinaryDividend |
Mar 31, 2023 | $0.032 | OrdinaryDividend |
Feb 28, 2023 | $0.029 | OrdinaryDividend |
Jan 31, 2023 | $0.030 | OrdinaryDividend |
Dec 30, 2022 | $0.029 | OrdinaryDividend |
Nov 30, 2022 | $0.031 | OrdinaryDividend |
Oct 31, 2022 | $0.028 | OrdinaryDividend |
Sep 30, 2022 | $0.027 | OrdinaryDividend |
Aug 31, 2022 | $0.032 | OrdinaryDividend |
Jul 29, 2022 | $0.026 | OrdinaryDividend |
Jun 30, 2022 | $0.026 | OrdinaryDividend |
May 31, 2022 | $0.024 | OrdinaryDividend |
Apr 29, 2022 | $0.023 | OrdinaryDividend |
Mar 31, 2022 | $0.022 | OrdinaryDividend |
Feb 28, 2022 | $0.022 | OrdinaryDividend |
Jan 31, 2022 | $0.021 | OrdinaryDividend |
Dec 31, 2021 | $0.021 | OrdinaryDividend |
Nov 30, 2021 | $0.023 | OrdinaryDividend |
Oct 29, 2021 | $0.020 | OrdinaryDividend |
Sep 30, 2021 | $0.020 | OrdinaryDividend |
Aug 31, 2021 | $0.022 | OrdinaryDividend |
Jul 30, 2021 | $0.022 | OrdinaryDividend |
Jun 30, 2021 | $0.022 | OrdinaryDividend |
May 28, 2021 | $0.021 | OrdinaryDividend |
Apr 30, 2021 | $0.024 | OrdinaryDividend |
Mar 31, 2021 | $0.023 | OrdinaryDividend |
Feb 26, 2021 | $0.022 | OrdinaryDividend |
Jan 29, 2021 | $0.022 | OrdinaryDividend |
Dec 31, 2020 | $0.023 | OrdinaryDividend |
Dec 16, 2020 | $0.184 | CapitalGainShortTerm |
Nov 30, 2020 | $0.026 | OrdinaryDividend |
Oct 30, 2020 | $0.025 | OrdinaryDividend |
Sep 30, 2020 | $0.027 | OrdinaryDividend |
Aug 31, 2020 | $0.029 | OrdinaryDividend |
Jul 31, 2020 | $0.027 | OrdinaryDividend |
Jun 30, 2020 | $0.030 | OrdinaryDividend |
May 29, 2020 | $0.029 | OrdinaryDividend |
Apr 30, 2020 | $0.031 | OrdinaryDividend |
Mar 31, 2020 | $0.030 | OrdinaryDividend |
Feb 28, 2020 | $0.029 | OrdinaryDividend |
Jan 31, 2020 | $0.031 | OrdinaryDividend |
Dec 31, 2019 | $0.029 | OrdinaryDividend |
Nov 29, 2019 | $0.030 | OrdinaryDividend |
Oct 31, 2019 | $0.029 | OrdinaryDividend |
Dec 20, 2016 | $0.059 | CapitalGainShortTerm |
Dec 21, 2015 | $0.010 | CapitalGainShortTerm |
Dec 17, 2014 | $0.020 | CapitalGainShortTerm |
Dec 20, 2012 | $0.178 | CapitalGainShortTerm |
Dec 20, 2012 | $0.086 | CapitalGainLongTerm |
Dec 21, 2011 | $0.163 | CapitalGainShortTerm |
Dec 21, 2011 | $0.060 | CapitalGainLongTerm |
Jan 03, 2011 | $0.254 | CapitalGainShortTerm |
Jan 03, 2011 | $0.019 | CapitalGainLongTerm |
Jan 04, 2010 | $0.038 | CapitalGainShortTerm |
NCRLX - Fund Manager Analysis
Managers
Thanos Bardas
Start Date
Tenure
Tenure Rank
Feb 28, 2008
14.26
14.3%
Thanos Bardas, PhD, Managing Director, joined the firm in 1998. Thanos is the Head of Global Rates and serves as a Senior Portfolio Manager on Global Investment Grade and Multi-Sector Fixed income strategies. He sits on the firm’s Asset Allocation Committee and Fixed Income’s Investment Strategy Committee, and is a member of the Fixed Income Multi-Sector Group. Thanos also leads the Global Rates team in determining rates exposure across various portfolio strategies and oversees both inflation and LDI investments. Thanos graduated with honors from Aristotle University, Greece, earned his MS from the University of Crete, Greece, and holdsa PhD in Theoretical Physics from State University of New York at Stony Brook. He holds FINRA Series 7 and Series 66 licenses.
David Brown
Start Date
Tenure
Tenure Rank
Feb 28, 2008
14.26
14.3%
David M. Brown, CFA, Managing Director, rejoined the firm in 2003. Dave is Global Co-Head of Investment Grade and acts as Senior Portfolio Manager on both Global Investment Grade and Multi-Sector Fixed Income strategies. He is a member of the Fixed Income Investment Strategy Committee and the Fixed Income Multi-Sector Group. Dave also leads the Investment Grade Credit team in determining credit exposures across both Global Investment Grade and Multi-Sector Fixed Income strategies. Dave initially joined the firm in 1991 after graduating from the University of Notre Dame with a BA in Government and subsequently received his MBA in Finance from Northwestern University. Prior to his return, he was a senior credit analyst at Zurich Scudder Investments and later a credit analyst and portfolio manager at Deerfield Capital. Dave has been awarded the Chartered Financial Analyst designation.
Bradley Tank
Start Date
Tenure
Tenure Rank
Apr 24, 2009
13.11
13.1%
Brad C. Tank is a Managing Director of the Manager. He joined the firm in 2002 and is the Chief Investment Officer and Global Head of Fixed Income. He is a member of the firm’s Operating, Investment Risk, Asset Allocation and Fixed Income’s Investment Strategy Committees, and leads the Fixed Income Multi-Sector Group. He joined the firm after 23 years of experience in trading and asset management. From 2008 through 2015, Brad was Chief Investment Officer of Neuberger Berman’s Multi-Asset Class Investment business and remains an important member of that team along with the firm’s other CIOs. From 1990 to2002, Brad was director of fixed income for Strong Capital Management in Wisconsin. He was also a member of the Office of the CEO and headed institutional and intermediary distribution. In 1997, Brad was named “Runner Up” for Morningstar Mutual Fund Manager of the Year. From 1982 to 1990, he was a vice president at Salomon Brothers in the government, mortgage and financial institutions areas. Brad earned a BBA and an MBA from the University of Wisconsin.
Nathan Kush
Start Date
Tenure
Tenure Rank
Dec 07, 2017
4.48
4.5%
Nathan Kush is a Managing Director of Neuberger Berman Investment Advisers LLC. He joined the firm in 2001. He is a member of the portfolio management team for the firm’s Global Investment Grade strategies. Additionally, he is involved in investment grade credit research and, previously, covered the banking, brokerage, finance, insurance and REIT sectors. Before joining the investment grade team, he spent three years in Debt Capital Markets in the Investment Banking Division of Lehman Brothers. Nathan earned a BS in Finance and Accounting from Tulane University and an MBA from the University of Chicago.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 33.43 | 6.78 | 1.16 |