Neuberger Berman High Income Bond Fund
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.8%
1 yr return
14.2%
3 Yr Avg Return
1.0%
5 Yr Avg Return
2.7%
Net Assets
$621 M
Holdings in Top 10
8.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.86%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 98.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
NHICX - Profile
Distributions
- YTD Total Return 6.8%
- 3 Yr Annualized Total Return 1.0%
- 5 Yr Annualized Total Return 2.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.65%
- Dividend Yield 5.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameNeuberger Berman High Income Bond Fund
-
Fund Family NameNeuberger Berman
-
Inception DateJun 01, 2009
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWilliam (Russ) Covode
Fund Description
To pursue its goal, the Fund normally invests mainly in a diversified portfolio of U.S. dollar-denominated, High-Yield Bonds (as defined below), with an emphasis on debt securities rated below investment grade (commonly called “junk bonds”). For purposes of this Fund, High-Yield Bonds are generally defined as those debt securities that, at the time of investment, are rated in the lowest investment grade category (BBB by S&P Global Ratings, Baa by Moody’s Investors Service, Inc. (“Moody’s”), or comparably rated by at least one independent credit rating agency) or lower or, if unrated, determined by the Portfolio Managers to be of comparable quality. The Fund may invest in floating rate senior secured loans issued in U.S. dollars by U.S. and foreign corporations, partnerships, and other business entities. The Fund considers floating rate senior secured loans to be High-Yield Bonds. The Fund may invest a significant amount of its assets in loans, including in participation interests in loans.
The Fund normally expects to have a weighted averaged maturity between five and ten years. The Fund endeavors to manage credit risk through disciplined credit analysis and diversification of credit quality. The Fund intends to opportunistically rotate quality and sector exposures throughout the credit cycle, maintaining a higher quality bias in High-Yield Bonds when the Portfolio Managers believe an economic downturn is underway and increasing lower quality holdings of High-Yield Bonds when the Portfolio Managers believe an economic expansion is underway. With regard to interest rate risk, the Portfolio Managers are sensitive to the overall duration of the portfolio in relation to its benchmark and evaluate the duration of potential new portfolio acquisitions in conjunction with their credit analysis. The Fund invests its assets in a broad range of issuers and industries.
The Portfolio Managers will seek positive returns through in-depth credit research utilizing proprietary analytics processes to assess the strength of a company’s credit profile, examples of which include but are not limited to: their ability to pay principal and interest, their cash flow and balance sheet composition, and their market position relative to competitors. 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. As part of this analysis, the Portfolio Managers also regularly engage with the management teams of issuers on issues that the Portfolio Managers believe are material to the credit risk of an issuer. 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.
In addition, the Portfolio Managers analyze and adjust weightings based on general and sector-specific economic and market conditions, while seeking to diversify across industries, companies and investment size.
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, industries 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 may invest in other investment companies, including exchange-traded funds (“ETFs”), if the investment companies invest principally in the types of investments in which the Fund may invest directly.
The Fund does not normally invest in or continue to hold securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market, company-specific or other conditions. The Fund may invest in or continue to hold securities that the Portfolio Managers believe have ratings or other factors that imply an imminent risk of default with respect to such payments. The Fund may also invest in restricted securities.
In an effort to achieve its goal, the Fund may engage in active and frequent trading. The Fund may invest in foreign securities, including obligations of issuers in emerging market countries, denominated in any currency, but the Fund normally will not invest more than 20% of its net assets at the time of investment in non-U.S. dollar denominated securities.
The Fund is suitable for investors who seek a total return in excess of the return typically offered by U.S. Treasury securities and who are comfortable with the risks associated with investing in a portfolio made up mainly of intermediate-term, U.S. dollar-denominated, High-Yield Bonds.
The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in High-Yield Bonds (as defined above) and other investment companies that provide investment exposure to such bonds. 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.
NHICX - Performance
Return Ranking - Trailing
Period | NHICX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.8% | -5.4% | 15.5% | 60.68% |
1 Yr | 14.2% | 0.0% | 19.6% | 68.61% |
3 Yr | 1.0%* | -14.6% | 21.1% | 87.75% |
5 Yr | 2.7%* | -11.8% | 37.5% | 88.60% |
10 Yr | 2.7%* | -5.1% | 20.1% | 87.97% |
* Annualized
Return Ranking - Calendar
Period | NHICX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.0% | -4.7% | 14.3% | 79.22% |
2022 | -16.5% | -33.4% | 3.6% | 68.03% |
2021 | -0.3% | -8.4% | 8.2% | 63.44% |
2020 | 0.9% | -13.2% | 302.7% | 27.67% |
2019 | 8.0% | -4.4% | 13.3% | 52.43% |
Total Return Ranking - Trailing
Period | NHICX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.8% | -5.4% | 15.5% | 60.68% |
1 Yr | 14.2% | 0.0% | 19.6% | 68.61% |
3 Yr | 1.0%* | -14.6% | 21.1% | 87.75% |
5 Yr | 2.7%* | -11.8% | 37.5% | 88.60% |
10 Yr | 2.7%* | -5.1% | 20.1% | 87.97% |
* Annualized
Total Return Ranking - Calendar
Period | NHICX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.6% | -4.7% | 18.7% | 80.03% |
2022 | -12.4% | -33.4% | 47.8% | 82.95% |
2021 | 3.7% | -8.4% | 12.4% | 79.25% |
2020 | 5.4% | -9.6% | 325.6% | 51.31% |
2019 | 11.6% | -3.8% | 19.4% | 80.00% |
NAV & Total Return History
NHICX - Holdings
Concentration Analysis
NHICX | Category Low | Category High | NHICX % Rank | |
---|---|---|---|---|
Net Assets | 621 M | 3.13 M | 23.6 B | 45.47% |
Number of Holdings | 602 | 2 | 3879 | 25.85% |
Net Assets in Top 10 | 54.4 M | -492 M | 5.25 B | 62.44% |
Weighting of Top 10 | 8.75% | 4.2% | 146.0% | 86.50% |
Top 10 Holdings
- State Street Institutional US Government Money Market Fund 3.77%
- Medline Borrower LP 1.01%
- Block Inc 0.56%
- United Rentals North America Inc 0.55%
- AthenaHealth Group Inc 0.49%
- TransDigm Inc 0.49%
- 1011778 BC ULC / New Red Finance Inc 0.48%
- UKG Inc 0.46%
- Calpine Corp 0.46%
- EMRLD Borrower LP / Emerald Co-Issuer Inc 0.46%
Asset Allocation
Weighting | Return Low | Return High | NHICX % Rank | |
---|---|---|---|---|
Bonds | 97.09% | 0.00% | 145.36% | 27.67% |
Cash | 3.77% | -52.00% | 48.02% | 49.11% |
Convertible Bonds | 0.52% | 0.00% | 17.89% | 75.77% |
Stocks | 0.00% | 0.00% | 99.64% | 82.85% |
Preferred Stocks | 0.00% | 0.00% | 4.97% | 66.83% |
Other | 0.00% | -39.08% | 99.96% | 66.67% |
Bond Sector Breakdown
Weighting | Return Low | Return High | NHICX % Rank | |
---|---|---|---|---|
Corporate | 90.54% | 0.00% | 100.00% | 78.50% |
Securitized | 4.20% | 0.00% | 97.24% | 12.38% |
Cash & Equivalents | 3.77% | 0.00% | 48.02% | 41.46% |
Derivative | 0.00% | -14.19% | 42.26% | 60.33% |
Municipal | 0.00% | 0.00% | 1.17% | 45.93% |
Government | 0.00% | 0.00% | 99.07% | 62.87% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | NHICX % Rank | |
---|---|---|---|---|
US | 97.09% | 0.00% | 126.57% | 18.05% |
Non US | 0.00% | 0.00% | 96.91% | 67.97% |
NHICX - Expenses
Operational Fees
NHICX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.86% | 0.02% | 38.33% | 9.58% |
Management Fee | 0.75% | 0.00% | 1.75% | 90.92% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 87.54% |
Administrative Fee | 0.27% | 0.00% | 0.50% | 91.01% |
Sales Fees
NHICX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | 1.00% | 1.00% | 5.00% | 50.63% |
Trading Fees
NHICX 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.
NHICX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 98.00% | 1.00% | 255.00% | 86.86% |
NHICX - Distributions
Dividend Yield Analysis
NHICX | Category Low | Category High | NHICX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.67% | 0.00% | 11.76% | 65.11% |
Dividend Distribution Analysis
NHICX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
NHICX | Category Low | Category High | NHICX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.65% | -2.39% | 9.30% | 81.29% |
Capital Gain Distribution Analysis
NHICX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.036 | OrdinaryDividend |
Aug 30, 2024 | $0.036 | OrdinaryDividend |
Jul 31, 2024 | $0.036 | OrdinaryDividend |
Apr 30, 2024 | $0.041 | OrdinaryDividend |
Mar 28, 2024 | $0.036 | OrdinaryDividend |
Feb 29, 2024 | $0.037 | OrdinaryDividend |
Jan 31, 2024 | $0.036 | OrdinaryDividend |
Dec 29, 2023 | $0.036 | OrdinaryDividend |
Nov 30, 2023 | $0.037 | OrdinaryDividend |
Oct 31, 2023 | $0.036 | OrdinaryDividend |
Sep 29, 2023 | $0.036 | OrdinaryDividend |
Aug 31, 2023 | $0.035 | OrdinaryDividend |
Jul 31, 2023 | $0.034 | OrdinaryDividend |
Jun 30, 2023 | $0.035 | OrdinaryDividend |
May 31, 2023 | $0.033 | OrdinaryDividend |
Apr 28, 2023 | $0.035 | OrdinaryDividend |
Mar 31, 2023 | $0.035 | OrdinaryDividend |
Feb 28, 2023 | $0.035 | OrdinaryDividend |
Jan 31, 2023 | $0.033 | OrdinaryDividend |
Dec 30, 2022 | $0.033 | OrdinaryDividend |
Nov 30, 2022 | $0.033 | OrdinaryDividend |
Oct 31, 2022 | $0.031 | OrdinaryDividend |
Sep 30, 2022 | $0.036 | OrdinaryDividend |
Aug 31, 2022 | $0.031 | OrdinaryDividend |
Jul 29, 2022 | $0.027 | OrdinaryDividend |
Jun 30, 2022 | $0.025 | OrdinaryDividend |
May 31, 2022 | $0.028 | OrdinaryDividend |
Apr 29, 2022 | $0.028 | OrdinaryDividend |
Mar 31, 2022 | $0.025 | OrdinaryDividend |
Feb 28, 2022 | $0.027 | OrdinaryDividend |
Jan 31, 2022 | $0.025 | OrdinaryDividend |
Dec 31, 2021 | $0.025 | OrdinaryDividend |
Nov 30, 2021 | $0.025 | OrdinaryDividend |
Oct 29, 2021 | $0.025 | OrdinaryDividend |
Sep 30, 2021 | $0.026 | OrdinaryDividend |
Aug 31, 2021 | $0.026 | OrdinaryDividend |
Jul 30, 2021 | $0.027 | OrdinaryDividend |
Jun 30, 2021 | $0.027 | OrdinaryDividend |
May 28, 2021 | $0.027 | OrdinaryDividend |
Apr 30, 2021 | $0.028 | OrdinaryDividend |
Mar 31, 2021 | $0.029 | OrdinaryDividend |
Feb 26, 2021 | $0.029 | OrdinaryDividend |
Jan 29, 2021 | $0.028 | OrdinaryDividend |
Dec 31, 2020 | $0.028 | OrdinaryDividend |
Nov 30, 2020 | $0.027 | OrdinaryDividend |
Oct 30, 2020 | $0.028 | OrdinaryDividend |
Sep 30, 2020 | $0.029 | OrdinaryDividend |
Aug 31, 2020 | $0.026 | OrdinaryDividend |
Jul 31, 2020 | $0.027 | OrdinaryDividend |
Jun 30, 2020 | $0.026 | OrdinaryDividend |
May 29, 2020 | $0.026 | OrdinaryDividend |
Apr 30, 2020 | $0.029 | OrdinaryDividend |
Mar 31, 2020 | $0.030 | OrdinaryDividend |
Feb 28, 2020 | $0.030 | OrdinaryDividend |
Jan 31, 2020 | $0.028 | OrdinaryDividend |
Dec 31, 2019 | $0.029 | OrdinaryDividend |
Nov 29, 2019 | $0.030 | OrdinaryDividend |
Oct 31, 2019 | $0.029 | OrdinaryDividend |
Dec 17, 2014 | $0.010 | CapitalGainShortTerm |
Dec 17, 2014 | $0.053 | CapitalGainLongTerm |
Dec 18, 2013 | $0.087 | CapitalGainShortTerm |
Dec 18, 2013 | $0.151 | CapitalGainLongTerm |
Dec 20, 2012 | $0.099 | CapitalGainShortTerm |
Dec 20, 2012 | $0.010 | CapitalGainLongTerm |
Dec 21, 2011 | $0.013 | CapitalGainShortTerm |
Dec 21, 2011 | $0.066 | CapitalGainLongTerm |
Jan 03, 2011 | $0.072 | CapitalGainLongTerm |
NHICX - Fund Manager Analysis
Managers
William (Russ) Covode
Start Date
Tenure
Tenure Rank
Feb 28, 2011
11.26
11.3%
Russ Covode, Managing Director, joined the firm in 2004. Russ serves as a Senior Portfolio Manager for high yield and blended credit portfolios. In addition, he sits on the Credit Committee for high yield bonds and senior floating rate loans. Prior to joining the firm, Russ spent five years at Banc One Capital Markets, where he was most recently a principal in the bank’s mezzanine fund. Before that, he spent seven years with the high yield group at Banc of America Securities in various positions including leading the bank’s high yield capital markets desk. Russ began his career with S.G. Warburg & Co. in New York. Russ earned a BA from Colorado College and an MBA from the University of Chicago.
Daniel Doyle
Start Date
Tenure
Tenure Rank
Feb 28, 2014
8.26
8.3%
Daniel Doyle, CFA, Managing Director, joined the firm in 2012. Dan serves as a Senior Portfolio Manager for non-investment grade credit portfolios. In addition, he sits on the Credit Committee for high yield bonds and senior floating rate loans. Prior to joining the firm, Dan was a managing director at SunTrust Robinson Humphrey, specializing in high yield sales. He was also a portfolio manager at various firms, including Henderson Global Investors, ING Investment Management and Zurich Scudder Investments. Dan began his career at the Federal Reserve Bank of Chicago. Dan earned a BS from Northern Illinois University and an MBA from the University of Chicago. He has also been awarded the Chartered Financial Analyst designation.
Joseph Lind
Start Date
Tenure
Tenure Rank
Jul 30, 2018
3.84
3.8%
Joseph Lind, CFA, is a Managing Director of Neuberger Berman Investment Advisers LLC. He is Co-Head of U.S. High Yield. Prior to joining the firm in 2018, he served as a high yield strategy portfolio manager at DDJ Capital Management from 2012 to 2018. Previously, Mr. Lind served as a research analyst responsible for sourcing investments in the energy and equipment rental industries across all of the Adviser’s investment strategies. Mr. Lind originally joined the Adviser in 2006. Prior to joining theDDJ Capital Management , from 2004-2006 Mr. Lind served as a senior research analyst at Coast Asset Management, where he was responsible for identifying investment opportunities for a special situations hedge fund. Prior to joining Coast Asset Management, Mr. Lind served as a research analyst at Sierra Capital from 2000-2004. Mr. Lind received his Bachelor of Arts degree from Harvard University and is a CFA charter holder.
Christopher Kocinski
Start Date
Tenure
Tenure Rank
May 08, 2019
3.07
3.1%
Christopher Kocinski, CFA, Managing Director, joined the firm in 2006. Chris is a Senior Portfolio Manager for Non-Investment Grade Credit focusing on U.S. high yield portfolios. In addition, he is a member of the Credit Committee for Non-Investment Grade Credit as well as the firm’s ESG Advisory Committee. Previously, he was the Co-Director of Non-Investment Grade Credit Research and a Senior Research Analyst with a specific focus on the healthcare and gaming sectors. Prior to joining the firm, he was an investment banking analyst at Bank of America Securities. Chris earned a BA from the University of Chicago and has been awarded the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.3 | 8.17 |