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Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

Neuberger Berman Mid Cap Intrinsic Value Fund

NBMRX | Fund

$24.60

$58.6 M

1.05%

$0.26

0.76%

Vitals

YTD Return

5.2%

1 yr return

-3.9%

3 Yr Avg Return

7.6%

5 Yr Avg Return

N/A

Net Assets

$58.6 M

Holdings in Top 10

27.0%

52 WEEK LOW AND HIGH

$24.9
$21.20
$26.77

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 31.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

Neuberger Berman Mid Cap Intrinsic Value Fund

NBMRX | Fund

$24.60

$58.6 M

1.05%

$0.26

0.76%

NBMRX - Profile

Distributions

  • YTD Total Return 5.2%
  • 3 Yr Annualized Total Return 7.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.94%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Neuberger Berman Mid Cap Intrinsic Value Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Mar 29, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Michael Greene

Fund Description

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities of mid-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell Midcap® Value Index at the time of purchase.
The Fund’s strategy consists of using a bottom-up, fundamental research driven approach to identify stocks of companies that are trading below the Portfolio Managers’ estimate of their intrinsic value and that they believe have the potential for appreciation over time. The Portfolio Managers’ estimate of a company’s intrinsic value represents their view of the company’s true, long-term economic worth, the market’s view of which may be currently distorted by market inefficiencies. The intrinsic value estimate represents what the Portfolio Managers believe a company could be worth if it is acquired, if its profitability returns to its long-term average level, or if its valuation moves in line with those companies that the Portfolio Managers see as its publicly traded peers.
The Portfolio Managers believe that while markets are often efficient, valuations of certain types of companies are often distorted by market inefficiencies, which can lead to attractive investment opportunities. The Portfolio Managers attempt to exploit recurring market inefficiencies among the following types of companies as the Portfolio Managers believe these types of companies are often misunderstood and mispriced by investors.
■ Complex Companies: These companies typically have multiple lines of business that are in different industries or sectors and/or that have different growth rates and profitability characteristics.
■ Cyclical Companies: These companies typically have ebbs and flows in their business depending on demand patterns for their products, the length of product cycles, or other transient factors.
■ Companies in a Period of Interrupted Growth: Typically, these are companies in attractive, high growth markets that have suffered what the Portfolio Managers believe is a temporary setback and/or are in transition to a more mature, lower growth business model that focuses more on current earnings than on rapid growth.
In seeking to identify potential investment opportunities, the Portfolio Managers perform an initial screening to identify those companies that have stock prices that are trailing the performance of the overall market and that they believe are attractive relative to current cash flows. Next, the Portfolio Managers establish an estimate of a company’s intrinsic value. The Portfolio Managers will invest in a company based on its discount to their estimate of intrinsic value and their belief in its potential for appreciation over time. In addition, the Portfolio Managers may invest in anticipation of a catalyst that can be expected to close the value/price gap, such as a merger, restructuring, liquidation, spin-off, major management change, share repurchase, or capital reallocation. The Portfolio Managers will typically visit a company and interview its management team to help understand management’s incentives (such as equity ownership in the company and compensation plans), the merits of its strategic plan, and other factors that have the potential to increase the value of the company’s stock.
The Portfolio Managers establish an intrinsic value for a company’s stock when it is purchased and then continues to evaluate the company’s stock price versus their estimate of its intrinsic value to determine whether to maintain, add to, reduce or eliminate the position. The Portfolio Managers typically reduce or eliminate a position in a company’s stock if the stock’s price appreciates and the company’s discount to their estimate of its intrinsic value narrows. The Portfolio Managers’ decision to reduce or eliminate a position in a particular stock may also be driven by their belief that another company’s stock has a wider discount to their estimate of its intrinsic value. Changes in a company’s management or corporate strategy, or the failure of a company to perform as expected, may also cause the Portfolio Managers to reduce or eliminate a position in that company’s stock.
Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies. The Fund may also invest in real estate investment trusts (“REITs”).
The Fund may invest in restricted securities, including private placements, which are securities that are subject to legal restrictions on their sale and may not be sold to the public unless registered under the applicable securities law or pursuant to an applicable exemption.
The Fund seeks to reduce risk by diversifying among many companies, sectors and industries. At times, the Portfolio Managers may emphasize certain sectors or industries that they believe may benefit from market or economic trends.
The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of mid-capitalization 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.
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NBMRX - Performance

Return Ranking - Trailing

Period NBMRX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% -16.6% 13.0% 53.22%
1 Yr -3.9% -36.5% 14.1% 22.25%
3 Yr 7.6%* -18.9% 82.8% 20.46%
5 Yr N/A* -16.8% 40.5% 92.99%
10 Yr N/A* -6.7% 22.2% 75.90%

* Annualized

Return Ranking - Calendar

Period NBMRX Return Category Return Low Category Return High Rank in Category (%)
2022 -10.6% -56.4% 42.6% 30.40%
2021 14.9% -23.5% 23.2% 8.63%
2020 -1.4% -8.6% 93.7% 84.28%
2019 N/A -27.7% 7.8% N/A
2018 N/A -8.2% 11.3% N/A

Total Return Ranking - Trailing

Period NBMRX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% -19.0% 13.0% 53.22%
1 Yr -3.9% -36.5% 56.5% 23.40%
3 Yr 7.6%* -18.9% 82.8% 20.65%
5 Yr N/A* -15.4% 40.5% 92.41%
10 Yr N/A* -2.4% 23.3% 74.40%

* Annualized

Total Return Ranking - Calendar

Period NBMRX Return Category Return Low Category Return High Rank in Category (%)
2022 -10.6% -56.4% 42.6% 30.58%
2021 14.9% -23.5% 23.2% 8.61%
2020 -1.4% -8.6% 93.7% 84.32%
2019 N/A -27.7% 7.8% N/A
2018 N/A -7.2% 14.7% N/A

NAV & Total Return History

NBMRX - Holdings

Concentration Analysis

NBMRX Category Low Category High NBMRX % Rank
Net Assets 58.6 M 504 K 30.4 B 91.22%
Number of Holdings 72 9 2354 58.21%
Net Assets in Top 10 15.8 M 2.87 K 9.16 B 88.41%
Weighting of Top 10 26.97% 5.3% 99.9% 32.61%

Top 10 Holdings

  1. MGM Resorts International 3.93%
  2. BankUnited Inc 3.32%
  3. Devon Energy Corp 3.10%
  4. Wyndham Destinations Inc 3.07%
  5. General Dynamics Corp 3.04%
  6. Johnson Controls International PLC 2.94%
  7. Skyworks Solutions Inc 2.94%
  8. EOG Resources Inc 2.91%
  9. Evergy Inc 2.90%
  10. Western Digital Corp 2.86%

Asset Allocation

Weighting Return Low Return High NBMRX % Rank
Stocks 		99.97% 85.69% 100.65% 13.53%
Cash 		0.03% -0.65% 14.30% 84.06%
Preferred Stocks 		0.00% 0.00% 5.42% 18.36%
Other 		0.00% 0.00% 5.56% 18.60%
Convertible Bonds 		0.00% 0.00% 0.02% 17.39%
Bonds 		0.00% 0.00% 4.65% 19.57%

Stock Sector Breakdown

Weighting Return Low Return High NBMRX % Rank
Consumer Cyclical 		13.71% 0.00% 29.62% 22.22%
Energy 		13.55% 0.00% 29.17% 8.70%
Industrials 		13.28% 0.00% 31.42% 64.49%
Technology 		12.81% 0.00% 30.07% 11.35%
Financial Services 		12.51% 0.00% 60.11% 88.65%
Utilities 		9.77% 0.00% 24.69% 11.35%
Healthcare 		7.58% 0.00% 32.47% 60.87%
Consumer Defense 		7.40% 0.00% 33.79% 23.91%
Real Estate 		5.40% 0.00% 40.74% 69.81%
Basic Materials 		2.11% 0.00% 23.88% 93.24%
Communication Services 		1.89% 0.00% 19.80% 56.52%

Stock Geographic Breakdown

Weighting Return Low Return High NBMRX % Rank
US 		98.63% 55.79% 100.30% 12.80%
Non US 		1.34% 0.00% 36.04% 74.88%

NBMRX - Expenses

Operational Fees

NBMRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.01% 2.78% 69.83%
Management Fee 0.60% 0.00% 1.20% 28.29%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.05% 0.01% 0.40% 17.48%

Sales Fees

NBMRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

NBMRX 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.

NBMRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 31.00% 0.00% 227.00% 24.86%

NBMRX - Distributions

Dividend Yield Analysis

NBMRX Category Low Category High NBMRX % Rank
Dividend Yield 1.05% 0.00% 9.41% 18.27%

Dividend Distribution Analysis

NBMRX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

NBMRX Category Low Category High NBMRX % Rank
Net Income Ratio 0.94% -1.84% 4.73% 39.16%

Capital Gain Distribution Analysis

NBMRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

NBMRX - Fund Manager Analysis

Managers

Michael Greene

Start Date

Tenure

Tenure Rank

Dec 16, 2011

10.46

10.5%

Michael C. Greene, Managing Director, joined the firm in 2008 when David J. Greene and Company was acquired by Neuberger Berman. Michael is a Senior Portfolio Manager for the Greene Group’s mid- and all-cap strategies. Prior to the acquisition, he was Chief Executive Officer and Chief Investment Officer at David J. Greene and Company, LLC since 1999. He provided leadership for David J. Greene and Company and managed the firm’s mid- and all-cap strategies. He joined David J. Greene and Company in 1985 as a research analyst, became a member of the Investment Committee in 1991 and a member of the Executive Committee in 1995. Michael began his investment career at Drexel Burnham Lambert, where he applied an already well-established value approach to sell-side analysis of retail stocks. He gained substantial experience in fundamental analysis of companies, as well as perspective in the investment philosophies and needs of institutional clients. He serves as a board member of the Masters School in Dobbs Ferry, NY and as Vice President of the David and Alan Greene Family Foundation, Inc. He holds a BA in Economics from Colgate University and an MBA from New York University’s Graduate School of Business.

Amit Solomon

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Amit Solomon, PhD, is a Managing Director of Neuberger Berman Management LLC and Neuberger Berman LLC. Mr. Solomon joined the firm in 2008. Prior to joining the firm, Mr. Solomon was a principal and senior research analyst at D.J. Greene, the investment adviser to the Fund’s predecessor partnership and account, from 2002 to 2008. D.J. Greene was acquired by Neuberger Berman in 2008.

Benjamin Nahum

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Benjamin H. Nahum, Managing Director, joined the firm in 2008 when David J. Greene and Company was acquired by Neuberger Berman. Benjamin is the Senior Portfolio Manager for the Neuberger Berman Small Cap Intrinsic Value strategy. Prior to the acquisition, he was an executive vice president andprincipal at David J. Greene and Company, LLC where he managed the small/SMid cap strategies since inception in 1997. During his tenure, small/SMid cap assets under management havegrown from $7.0 million to $2.8 billion at peak. He was also a member of the firm’s investment committee. Previously, Benjamin worked as an analyst and portfolio manager at Lewis Partners, a New York City based hedge fund, and as a special situation analyst and portfolio manager at MKI Securities Corp. He holds a BA from Clark University and a JDfrom Brooklyn Law School.

James McAree

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

James F. McAree is a Senior Vice President of Neuberger Berman Investment Advisers LLC. James F. McAree is a Managing Director of the Manager. Mr. McAree joined the firm in 2008 and has managed the Fund since May 2021. Prior to joining the firm, Mr. McAree was a principal and research analyst at D.J. Greene, the investment adviser to the Fund’s predecessor partnership and account, from 2005 to 2008. D.J. Greene was acquired by Neuberger Berman in 2008. Mr. McAree was a research analyst for the Fund’s predecessors from 2005 to 2010.

Rand Gesing

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Rand W. Gesing is a Senior Vice President of the Manager. Mr. Gesing joined the firm in 2008 and has managed the Fund since May 2021.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.59 8.44 10.92

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