Neuberger Berman U.S. Equity Index PutWrite Strategy Fund
Name
As of 01/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$25.50
$477 M
1.10%
$0.28
0.71%
Vitals
YTD Return
1.3%
1 yr return
13.2%
3 Yr Avg Return
7.2%
5 Yr Avg Return
8.3%
Net Assets
$477 M
Holdings in Top 10
100.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.71%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 38.00%
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 01/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$25.50
$477 M
1.10%
$0.28
0.71%
NUPIX - Profile
Distributions
- YTD Total Return 1.3%
- 3 Yr Annualized Total Return 7.2%
- 5 Yr Annualized Total Return 8.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.09%
- Dividend Yield 1.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameNeuberger Berman U.S. Equity Index PutWrite Strategy Fund
-
Fund Family NameNeuberger Berman
-
Inception DateSep 16, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDerek Devens
Fund Description
The Fund seeks to achieve its goal primarily through a strategy of writing collateralized put options on U.S. indices, including the S&P 500® Index and other indices in the S&P 500® suite of indices, and exchange traded funds (“ETFs”). The Fund attempts to generate returns through the receipt of option premiums from selling puts, as well as through investments in fixed income instruments, which collectively are intended to reduce volatility relative to what it would be if the Fund held the underlying equity index on which the options are written. The Fund’s investments in fixed income instruments may be of any duration, may include variable and floating rate instruments, and may include U.S. Treasury securities and other securities issued by the U.S. government and its agencies and instrumentalities, debt securities issued by corporations or trust entities, cash and cash equivalents, structured notes, mortgage-backed securities and asset-backed securities. The Fund also may invest in money market mutual funds and ETFs.
In a put writing strategy, the Fund (as the seller of the option) receives premiums from the purchaser of the option in exchange for providing the purchaser with the right to sell the underlying instrument to the Fund at a specific price (i.e., the strike price). If the market price of the instrument underlying the option exceeds the strike price, it is anticipated that the option would go unexercised and the Fund would earn the full premium upon the option’s expiration or a portion of the premium upon the option’s early termination. If the market price of the instrument underlying the option drops below the strike price, it is anticipated that the option would be exercised and the Fund would pay the option buyer the difference between the market value of the underlying instrument and the strike price.
The Portfolio Managers will select option investments based on their estimate of current and future market volatility levels, underlying instrument valuations and perceived market risks. Further, the Portfolio Managers will evaluate relative option premiums in determining preferred option contract terms, such as strike prices and expiration dates.
At the time of writing (selling) a put option, the aggregate investment exposure, as measured on a notional basis (i.e., the value of the underlying instrument at its strike price), of the options written by the Fund will generally be equal to 100% of the Fund’s total assets. The Fund’s aggregate investment exposure, as measured on a notional basis, may be greater than 100% of the Fund’s total assets from time to time but it will not exceed 125% of its total assets.
The Fund’s fixed income instruments will be primarily investment grade and are intended to provide liquidity and preserve capital and will serve as collateral for the Fund’s investments in options. The Fund considers fixed income instruments 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 premiums received by the Fund for writing options will generally be invested in fixed income instruments, money market mutual funds and ETFs in order to seek to partially offset any liabilities the Fund incurs from writing options. Because the Fund will use options to gain exposure to the equity markets, and because options will not require the Fund to deposit the full notional amount of the investment, the Fund will also invest a significant amount of its total assets in fixed income instruments, money market mutual funds and ETFs. Its investments in options generally will not constitute a significant amount of its total assets, however, the aggregate investment exposure of its investments in options, as discussed above, generally will be equal to 100% of its total assets.
While the Fund may invest in both American-style and European-style options, for efficient portfolio management the Portfolio Managers generally prefer European-style options, which can be exercised only at expiration, as opposed to American-style options, which can be exercised at any time prior to the option’s expiration. The Fund may purchase and write call options on securities and indices, including writing (selling) both covered (i.e., where the Fund holds an equivalent position in the instrument underlying the option) and uncovered calls (i.e., where the Fund does not own the instrument underlying the option and must purchase the underlying instrument to meet its call obligations). The Fund may also purchase put options, including purchasing puts on security indices and put spreads on indices (i.e., buying and selling an equal number of puts on the same index with differing strike prices or expiration dates).
In an effort to achieve its goal, the Fund may engage in active and frequent trading.
NUPIX - Performance
Return Ranking - Trailing
Period | NUPIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.3% | -2.8% | 240.8% | 19.76% |
1 Yr | 13.2% | -4.3% | 140.6% | 27.83% |
3 Yr | 7.2%* | -8.3% | 18.3% | 33.97% |
5 Yr | 8.3%* | -5.0% | 17.3% | N/A |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | NUPIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.2% | -34.1% | 904.0% | 36.49% |
2022 | -14.6% | -28.6% | 438.4% | 57.80% |
2021 | -1.3% | -93.5% | 8.2% | 37.93% |
2020 | 7.1% | -38.9% | 19.8% | 58.91% |
2019 | 10.0% | -10.9% | 12.8% | N/A |
Total Return Ranking - Trailing
Period | NUPIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.3% | -2.7% | 244.0% | 19.76% |
1 Yr | 13.2% | -4.3% | 140.6% | 27.39% |
3 Yr | 7.2%* | -8.3% | 18.3% | 31.41% |
5 Yr | 8.3%* | -5.4% | 17.3% | N/A |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | NUPIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.4% | -34.1% | 904.0% | 36.49% |
2022 | -11.1% | -5.9% | 438.4% | 58.38% |
2021 | 18.2% | -81.2% | 8.2% | 35.86% |
2020 | 8.4% | -29.0% | 19.8% | 31.01% |
2019 | 16.1% | -10.9% | 12.8% | N/A |
NAV & Total Return History
NUPIX - Holdings
Concentration Analysis
NUPIX | Category Low | Category High | NUPIX % Rank | |
---|---|---|---|---|
Net Assets | 477 M | 25 | 17.4 B | 19.85% |
Number of Holdings | 31 | 2 | 508 | 40.84% |
Net Assets in Top 10 | 460 M | -6.66 M | 5.12 B | 11.07% |
Weighting of Top 10 | 100.40% | 11.3% | 100.0% | 12.00% |
Top 10 Holdings
- United States Treasury Note/Bond 24.17%
- United States Treasury Note/Bond 21.59%
- United States Treasury Note/Bond 20.01%
- United States Treasury Note/Bond 17.45%
- United States Treasury Note/Bond 11.33%
- State Street Institutional US Government Money Market Fund 5.77%
- State Street Institutional U.S. Government Money Market Fund 0.07%
- S+P 500 INDEX 0.00%
- S+P 500 INDEX 0.00%
- S+P 500 INDEX 0.00%
Asset Allocation
Weighting | Return Low | Return High | NUPIX % Rank | |
---|---|---|---|---|
Bonds | 94.56% | 0.00% | 97.96% | 4.96% |
Cash | 5.96% | -0.76% | 100.29% | 15.27% |
Stocks | 0.00% | -3.92% | 100.76% | 98.85% |
Preferred Stocks | 0.00% | 0.00% | 3.08% | 79.01% |
Convertible Bonds | 0.00% | 0.00% | 20.91% | 80.15% |
Other | -0.51% | 0.00% | 45.92% | 82.44% |
Bond Sector Breakdown
Weighting | Return Low | Return High | NUPIX % Rank | |
---|---|---|---|---|
Government | 69.37% | 0.00% | 99.91% | 4.20% |
Corporate | 14.68% | 0.00% | 91.57% | 80.92% |
Cash & Equivalents | 5.84% | 0.09% | 100.00% | 91.60% |
Securitized | 0.00% | 0.00% | 22.63% | 78.63% |
Municipal | 0.00% | 0.00% | 97.57% | 78.63% |
Derivative | -0.51% | 0.00% | 0.13% | 80.53% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | NUPIX % Rank | |
---|---|---|---|---|
US | 94.56% | 0.00% | 97.96% | 4.58% |
Non US | 0.00% | 0.00% | 16.94% | 79.39% |
NUPIX - Expenses
Operational Fees
NUPIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.71% | 0.20% | 6.78% | 91.36% |
Management Fee | 0.60% | 0.20% | 1.75% | 14.18% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.02% | 0.28% | 81.63% |
Sales Fees
NUPIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
NUPIX 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.
NUPIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 38.00% | 0.00% | 456.80% | 61.61% |
NUPIX - Distributions
Dividend Yield Analysis
NUPIX | Category Low | Category High | NUPIX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.10% | 0.00% | 3.76% | 81.41% |
Dividend Distribution Analysis
NUPIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Monthly | Annually |
Net Income Ratio Analysis
NUPIX | Category Low | Category High | NUPIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.09% | -2.54% | 14.24% | 20.90% |
Capital Gain Distribution Analysis
NUPIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 22, 2022 | $0.127 | OrdinaryDividend |
Sep 26, 2022 | $0.116 | OrdinaryDividend |
Jun 24, 2022 | $0.137 | OrdinaryDividend |
Mar 25, 2022 | $0.029 | OrdinaryDividend |
Jun 24, 2021 | $0.001 | OrdinaryDividend |
Mar 25, 2021 | $0.007 | OrdinaryDividend |
Dec 21, 2020 | $0.011 | OrdinaryDividend |
Sep 24, 2020 | $0.029 | OrdinaryDividend |
Jun 24, 2020 | $0.032 | OrdinaryDividend |
Mar 25, 2020 | $0.052 | OrdinaryDividend |
Dec 23, 2019 | $0.430 | OrdinaryDividend |
Sep 24, 2019 | $0.045 | OrdinaryDividend |
Jun 24, 2019 | $0.047 | OrdinaryDividend |
Mar 25, 2019 | $0.043 | OrdinaryDividend |
Dec 20, 2018 | $0.071 | OrdinaryDividend |
Sep 24, 2018 | $0.035 | OrdinaryDividend |
Jun 25, 2018 | $0.017 | OrdinaryDividend |
Mar 23, 2018 | $0.013 | OrdinaryDividend |
Sep 25, 2017 | $0.014 | OrdinaryDividend |
Jun 26, 2017 | $0.012 | OrdinaryDividend |
Mar 27, 2017 | $0.008 | OrdinaryDividend |
NUPIX - Fund Manager Analysis
Managers
Derek Devens
Start Date
Tenure
Tenure Rank
Sep 16, 2016
5.71
5.7%
Derek Devens, CFA, is a Managing Director of Neuberger Berman Investment Advisers LLC. Mr. Devens joined Neuberger Berman Investment Advisers LLC in 2016 and is a Senior Portfolio Manager of the Options Group. Prior to joining Neuberger Berman Investment Advisers LLC, he was a member of the investment committee at another investment adviser since 2010, where he also served as a portfolio manager since 2012.
Rory Ewing
Start Date
Tenure
Tenure Rank
Feb 28, 2019
3.25
3.3%
Rory Ewing, Senior Vice President, joined the firm in 2016. Rory is an Associate Portfolio Manager for the Option Group at the firm. In his current capacity, Rory’s primary responsibility is to assist in the implementation of the firm’s investment strategy in client accounts and to ensure proper adherence to account guidelines and client specific restrictions. Before joining Neuberger Berman, Rory was a Research Analyst at Horizon Kinetics. Prior to Horizon Kinetics, Rory worked at Tempus Quo, an investment firm focused on international, commodity related sectors where he led the trading team. Rory also spent two years as a trader at Pequot Capital and two years as a capital markets consultant at Thomson Financial. Rory received a BA from Colgate University and an MBA from New York University.
Eric Zhou
Start Date
Tenure
Tenure Rank
Feb 28, 2022
0.25
0.3%
Eric Zhou, Vice President, joined the firm in 2016. Eric is an Associate Portfolio Manager for the Option Group at the firm, where he is focused on the implementation of investment strategy, quantitative research, and derivative strategy modeling related to the firm’s option and volatility-based strategies. Before joining Neuberger Berman, Eric was a research analyst at Horizon Kinetics, where he worked primarily on derivatives- related research, and also supported the firm’s broader research efforts. Previously, Eric worked for UBS Wealth Management. Eric received a BS from the Carroll School of Management at Boston College and an MA in the Mathematics of Finance from Columbia University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 19.77 | 3.61 | 5.67 |