Neuberger Berman Carbon Transition & Infrastructure ETF
Name
As of 05/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
NBCT | Active ETF
$28.11
$28.6 M
1.09%
$0.31
0.65%
Vitals
YTD Return
12.6%
1 yr return
15.9%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$28.6 M
Holdings in Top 10
45.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.65%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 05/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
NBCT | Active ETF
$28.11
$28.6 M
1.09%
$0.31
0.65%
NBCT - Profile
Distributions
- YTD Total Return 12.6%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 1.1%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameNeuberger Berman Carbon Transition & Infrastructure ETF
-
Fund Family NameNeuberger Berman
-
Inception DateApr 07, 2022
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTimothy Creedon
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of carbon transition companies and infrastructure companies.
The Fund invests a significant portion of its assets in carbon transition companies, which it considers to be those companies that have, or in the Portfolio Managers’ view, are reasonably expected to have, at least 20% of their assets or revenue, committed to or derived from infrastructure that will facilitate global decarbonization and/or the reduction of other greenhouse gas emissions (such as through production, transportation, conversion, capture, utilization, and storage).
The balance of the Fund’s assets that satisfy the 80% test above will be invested in infrastructure companies, which it considers to be companies that own, operate, or are involved in the development, production, distribution, transportation, or servicing of industrial materials (including electrical equipment, machinery, chemicals, construction materials and equipment, steel, and timber), energy (including pipelines, natural gas and liquefied natural gas exports), utilities and renewable energy (including power generators, equipment suppliers, electric utilities and multi-utilities), real estate investments (including warehouses, water, sewer and logistical facilities), and telecommunication networks (including cell towers, data centers and internet providers).
The Portfolio Managers seek to invest in carbon transition and infrastructure companies that they identify as focused on, or in the process of transitioning their activities to be focused on (e.g., through their investments in capital expenditures), one or more of the following:
(i) | low-carbon resources (i.e., issuers focused on producing renewable energy, such as solar, wind, geothermal, and green hydrogen, and the related storage and transport of these energies); |
(ii) | electrification (i.e., issuers that help enable the replacement of technologies that use higher carbon emitting fuels with those that use low-carbon resources as a source of energy, including those that support smart grid and electric vehicle charging solutions as well as electricity transmission and distribution that help expand usage of low-carbon solutions); and |
(iii) | carbon reduction solutions (i.e., issuers that directly facilitate the carbon reduction goals of infrastructure owners, including innovative raw materials, industrial gases, engineering and construction service providers, environmental services providers, and environmental technology providers). |
While the Fund seeks to avoid companies whose business materially involves the exploration and production of fossil fuels, the Fund may invest in companies which have limited thermal coal exposure, but in such cases the Portfolio Managers would invest solely in those issuers that are transitioning their business models, products or services along a decarbonization pathway as identified through the universe and portfolio construction processes described below. Investments by the Fund in securities issued by companies that have more than 25% of revenue derived from thermal coal mining or are expanding new thermal coal power generation are subject to formal review and approval by the Manager’s Environmental, Social and Governance (“ESG”) Committee.
Universe Construction: The Portfolio Managers seek to identify carbon transition and infrastructure companies with, among other characteristics, current or projected assets and revenues relative to carbon transition initiatives, actual or planned capital expenditures or increases in R&D budgets related to carbon transition initiatives; and increases in allocations to certain other operating expenses that represent a material economic tie to carbon transition initiatives (e.g., sales, general and administrative, and recruiting efforts). In constructing their investable universe, the Portfolio Managers utilize data analysis tools including machine learning, natural language process and algorithms, which evaluate publicly available company information.
Although carbon transition and infrastructure companies may be found in any industry or sector, the Fund will concentrate its investments in companies operating in one or more industries within the electrical equipment, chemicals, electric utilities, independent power, renewables, multi-utilities and construction and engineering groups of industries.
The Fund may invest in equity securities issued by U.S. and foreign (non-U.S.) companies, including companies located in emerging markets. Equity securities may include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds, and equity interests in real estate investment trusts (“REITs”), and China A-shares using the “connect programs” of local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program, the Shenzhen-Hong Kong Stock Connect Program or other similar programs. While the Fund may invest in companies of any market capitalization, the Fund typically invests in companies that have market capitalization greater than $500 million at time of purchase.
Portfolio Construction: The Portfolio Managers will utilize disciplined, fundamental, bottom-up securities analysis to identify those carbon transition and infrastructure companies within the Fund’s investable universe for investment. Inputs used in this bottom-up analysis include available company disclosed data and company sustainability reports, third party data, sector-specific considerations, and industry sources and trends as well as direct engagement with company management. This analysis seeks to identify carbon transition and infrastructure companies with certain characteristics, which may include some or all of the following: (i) stock prices which appear undervalued relative to long-term cash flow growth potential; (ii) companies that are deemed industry leaders represented by high market share, pricing power, or superior technology and/or business models relative to peers or new entrants; (iii) companies that demonstrate potential for significant improvement in their businesses (e.g., top line growth greater than peers, margin expansion and/or increased cash flow generation); (iv) strong financial characteristics, including growth, margins, and/or capital returns and historic valuations on metrics such as price to cash flow, price to earnings or price to book value; and (v) proven management track records.
As part of their fundamental investment analysis the Portfolio Managers consider 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 including proactive engagement on ESG issues, the Portfolio Managers believe that the consideration of financially material ESG factors, alongside traditional financial metrics, may
enhance the Fund’s overall investment process. 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 Portfolio Managers monitor their holdings and are focused on maintaining what they believe is an appropriate and attractive risk/reward balance with a disciplined sell process that acts quickly and dispassionately to address both positive and negative outcomes. A position is typically trimmed or exited for the following reasons: to harvest gains from significant short-term price appreciation, the achievement of a price target or elevated valuations, identification of a better idea, to minimize potential risks, an adverse regulatory or policy development, a significant deterioration of fundamentals, or a change in management or operating strategy.
The Fund may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.
The Fund will not change its strategy of normally investing at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of carbon transition companies and infrastructure companies 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.
NBCT - Performance
Return Ranking - Trailing
Period | NBCT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.6% | N/A | N/A | N/A |
1 Yr | 15.9% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | NBCT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.2% | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | NBCT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.6% | N/A | N/A | N/A |
1 Yr | 15.9% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | NBCT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.5% | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NBCT - Holdings
Concentration Analysis
NBCT | Category Low | Category High | NBCT % Rank | |
---|---|---|---|---|
Net Assets | 28.6 M | N/A | N/A | N/A |
Number of Holdings | 40 | N/A | N/A | N/A |
Net Assets in Top 10 | 12.4 M | N/A | N/A | N/A |
Weighting of Top 10 | 45.68% | N/A | N/A | N/A |
Top 10 Holdings
- Linde PLC 6.12%
- Eaton Corp PLC 5.55%
- Constellation Energy Corp 5.05%
- ABB Ltd 4.90%
- Vestas Wind Systems A/S 4.35%
- CRH PLC 4.05%
- Hubbell Inc 3.98%
- Schneider Electric SE 3.96%
- Waste Connections Inc 3.95%
- Quanta Services Inc 3.78%
Asset Allocation
Weighting | Return Low | Return High | NBCT % Rank | |
---|---|---|---|---|
Stocks | 97.75% | N/A | N/A | N/A |
Cash | 4.13% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Other | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bonds | 0.00% | N/A | N/A | N/A |
Stock Sector Breakdown
Weighting | Return Low | Return High | NBCT % Rank | |
---|---|---|---|---|
Utilities | 0.00% | N/A | N/A | N/A |
Technology | 0.00% | N/A | N/A | N/A |
Real Estate | 0.00% | N/A | N/A | N/A |
Industrials | 0.00% | N/A | N/A | N/A |
Healthcare | 0.00% | N/A | N/A | N/A |
Financial Services | 0.00% | N/A | N/A | N/A |
Energy | 0.00% | N/A | N/A | N/A |
Communication Services | 0.00% | N/A | N/A | N/A |
Consumer Defense | 0.00% | N/A | N/A | N/A |
Consumer Cyclical | 0.00% | N/A | N/A | N/A |
Basic Materials | 0.00% | N/A | N/A | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | NBCT % Rank | |
---|---|---|---|---|
US | 64.07% | N/A | N/A | N/A |
Non US | 33.67% | N/A | N/A | N/A |
NBCT - Expenses
Operational Fees
NBCT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.65% | N/A | N/A | N/A |
Management Fee | 0.65% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
NBCT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
NBCT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
NBCT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
NBCT - Distributions
Dividend Yield Analysis
NBCT | Category Low | Category High | NBCT % Rank | |
---|---|---|---|---|
Dividend Yield | 1.09% | N/A | N/A | N/A |
Dividend Distribution Analysis
NBCT | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual |
Net Income Ratio Analysis
NBCT | Category Low | Category High | NBCT % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
NBCT | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 19, 2023 | $0.306 | OrdinaryDividend |
Dec 16, 2022 | $0.204 | OrdinaryDividend |
NBCT - Fund Manager Analysis
Managers
Timothy Creedon
Start Date
Tenure
Tenure Rank
Apr 06, 2022
0.15
0.2%
Timothy Creedon, CFA, Managing Director, joined the firm in 2005 and is Director of Research for the Global Equity Research Department and a Portfolio Manager on the Neuberger Berman Focus Fund and the Neuberger Berman Research Opportunity Portfolio. Prior to his appointment as Director of Research, Tim served as an equity analyst covering Consumer Staples companies for the department. Previously, he spent three years working as a sell-side research associate at Lehman Brothers, also covering consumer stocks, and two years working in the Private Equity group at Lehman Brothers, where he was responsible for analyzing and executing investments in early stage telecom/media companies. Tim began his career at Merrill Lynch, where he spent two years working in Investment Banking, covering the telecommunications industry. He is a CFA charterholder and graduated magna cum laude from Georgetown University’s School of Foreign Service with a concentration in International Economics.
Hariharan Ramanan
Start Date
Tenure
Tenure Rank
Apr 06, 2022
0.15
0.2%
2019 – Present Neuberger Berman 2014 – 2018 Valarc Holdings, Managing Partner, Global Equities 2007 — 2014 Eminence Capital, Portfolio Manager, International Equities 2004 — 2007 Basso Capital, Managing Director and Portfolio Manager 2002 – 2004 Advent International, Senior Associate, Private Equity 2000 - 2002 Lehman Brothers, Analyst, Private Equity Knox College, BA (Mathematics and Economics) 21 Years of Industry Experience
James Tyre
Start Date
Tenure
Tenure Rank
Apr 06, 2022
0.15
0.2%
James Tyre is a Senior Vice President of Neuberger Berman Investment Advisers LLC. Mr. Tyre joined the firm in 2006. He is currently a Research Analyst in the Global Equity Research Department covering basic materials and industrial companies.
Ronald Silvestri
Start Date
Tenure
Tenure Rank
Apr 06, 2022
0.15
0.2%
Silvestri is a vice president of Neuberger Berman Management Inc. and is the utility analyst for Neuberger Berman, LLC. He joined Neuberger Berman in late 2005, having spent the previous 10 years at another firm as an analyst and portfolio manager covering global utilities, independent power producers, alternative energy, telecommunications and natural gas sectors.
Jared Mann
Start Date
Tenure
Tenure Rank
Apr 06, 2022
0.15
0.2%
Jared Mann, CFA is a Managing Director of Neuberger Berman Investment Advisers LLC. Mr. Mann joined the firm in 2008 and has been a Portfolio Manager of the Fund since April, 2022. He is Global Research ESG Engagement Director and a Senior Research Analyst in the Global Equity Research Department. Mr. Mann has primary research responsibility for the Agriculture, Coatings, Commodity & Specialty Chemicals, Environmental Services, Industrial Gases, and Ingredients sectors.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
N/A | N/A | N/A | N/A |