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Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

Neuberger Berman Greater China Equity Fund

NCEIX | Fund

$7.59

$37.5 M

0.95%

$0.07

1.51%

Vitals

YTD Return

-11.4%

1 yr return

-17.4%

3 Yr Avg Return

-8.9%

5 Yr Avg Return

-15.6%

Net Assets

$37.5 M

Holdings in Top 10

53.0%

52 WEEK LOW AND HIGH

$7.3
$6.55
$9.85

Expenses

OPERATING FEES

Expense Ratio 1.51%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 81.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

Neuberger Berman Greater China Equity Fund

NCEIX | Fund

$7.59

$37.5 M

0.95%

$0.07

1.51%

NCEIX - Profile

Distributions

  • YTD Total Return -11.4%
  • 3 Yr Annualized Total Return -8.9%
  • 5 Yr Annualized Total Return -15.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.66%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Neuberger Berman Greater China Equity Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Jul 17, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Lihui Tang

Fund Description

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity investments that are tied economically to the Greater China region. Green Court Capital Management Limited, the Fund’s sub-adviser, considers the Greater China region to include mainland China, Hong Kong, Macau and Taiwan. The Fund’s equity investments include both equity securities and equity-linked investments, which may be listed or traded on recognized or over-the-counter markets located both inside and outside of the Greater China region, including, without limitation, in the United States, the United Kingdom, Singapore and Japan. An equity investment will be considered to be tied economically to the Greater China region if the issuer is domiciled in the Greater China region or has at least 50% of its assets in, or derives 50% or more of its revenues or profits from, the Greater China region, or if the equity investment’s returns are linked to the performance of such an issuer. The Fund’s equity investments primarily will consist of investments in equity securities, including common stock, preferred stock, and depositary receipts.
Securities of companies located in China include China A-shares, China B-shares, and China H-shares, among others. Foreign ownership of China A-shares is subject to certain limitations set by the Chinese government. The Fund may get exposure to China A-shares by investing in equity-linked investments (which are derivative instruments) issued by financial institutions, including, without limitation, participatory notes and other structured notes, swaps, including total return swaps and contracts for differences (i.e., an arrangement in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities), and low exercise priced options (“LEPOs”) (i.e., instruments that pay the holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is sold). The Fund may also invest in 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, or by using other methods, subject to any required approvals.
The Fund may invest in companies of any market capitalization, but intends to invest generally in mid- and large-capitalization companies that the Portfolio Managers believe are undervalued in an attempt to outperform the average return of the Fund’s benchmark over the long-term.
Listed companies in the Greater China region are not as well researched as companies in other markets. This may lead to high variability of returns for companies in the Greater China region, even within the same sector. Because of this, the Portfolio Managers employ a bottom-up, research intensive and fundamentals-driven approach to selecting investments for the Fund. The Portfolio Managers endeavor to gain an understanding of companies through discussions with suppliers, distributors, clients, competitors and government agencies. This is a process which they believe is a key element to investing in inefficient markets. The Portfolio Managers also make on-going assessments of macroeconomic and market factors to augment their selection process.
The Portfolio Managers focus on understanding key issues that affect valuations and identifying investments they believe are undervalued. Generally, the Portfolio Managers seek to invest in companies that have strong recurring operating cash flows where revenues and earnings are growing from their core businesses versus relying on new products in untested markets. The Portfolio Managers consider the perceived downside risk of a position before including the position in the Fund. Allocation to each position
is dependent on a number of factors including, but not limited to: conviction in the company, target price, correlation across positions and perceived downside risk.
The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund. At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends. In particular, the Portfolio Managers will focus on sectors they believe will benefit from long-term growth in the Greater China region, such as broad, consumption-driven sectors and infrastructure-related sectors in the Greater China region.
Although the Portfolio Managers seek to invest for the long-term, the Fund may engage in active and frequent trading when the Portfolio Managers gradually build a position or during periods of high market volatility in the Greater China region.
The Portfolio Managers follow a disciplined selling strategy and may sell a position when it reaches a target price or when there are changes to macroeconomic factors, markets, sectors and/or the company that would alter the Portfolio Managers’ assumptions about the company.
The Fund will not change its strategy of normally investing at least 80% of its net assets in equity investments that are tied economically to the Greater China region, 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.
Read More

NCEIX - Performance

Return Ranking - Trailing

Period NCEIX Return Category Return Low Category Return High Rank in Category (%)
YTD -11.4% -16.7% 11.8% 43.08%
1 Yr -17.4% -35.2% 19.7% 45.90%
3 Yr -8.9%* -23.1% 23.2% 48.51%
5 Yr -15.6%* -18.1% 15.1% 87.06%
10 Yr N/A* -13.3% 11.9% N/A

* Annualized

Return Ranking - Calendar

Period NCEIX Return Category Return Low Category Return High Rank in Category (%)
2022 -22.3% -40.5% 25.8% 24.17%
2021 -6.0% -28.6% 30.5% 44.25%
2020 6.1% -6.6% 33.6% 72.73%
2019 7.2% -34.7% 11.1% 31.96%
2018 -13.1% -13.7% 32.0% 97.56%

Total Return Ranking - Trailing

Period NCEIX Return Category Return Low Category Return High Rank in Category (%)
YTD -11.4% -26.8% 11.8% 43.08%
1 Yr -17.4% -35.2% 19.7% 45.90%
3 Yr -8.9%* -23.1% 23.2% 48.51%
5 Yr -15.6%* -16.2% 15.1% 87.06%
10 Yr N/A* -13.3% 11.9% N/A

* Annualized

Total Return Ranking - Calendar

Period NCEIX Return Category Return Low Category Return High Rank in Category (%)
2022 -22.3% -40.5% 25.8% 24.17%
2021 -6.0% -28.6% 30.5% 44.25%
2020 6.1% -6.6% 33.6% 72.73%
2019 7.2% -34.7% 11.1% 31.96%
2018 -13.1% -13.7% 32.0% 97.56%

NAV & Total Return History

NCEIX - Holdings

Concentration Analysis

NCEIX Category Low Category High NCEIX % Rank
Net Assets 37.5 M 1.4 M 6.58 B 62.60%
Number of Holdings 34 6 961 89.06%
Net Assets in Top 10 23 M 706 K 4.22 B 55.47%
Weighting of Top 10 53.00% 6.6% 99.9% 36.72%

Top 10 Holdings

  1. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  2. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  3. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  4. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  5. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  6. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  7. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  8. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  9. Alibaba Group Holding Ltd Ordinary Shares 10.06%
  10. Alibaba Group Holding Ltd Ordinary Shares 10.06%

Asset Allocation

Weighting Return Low Return High NCEIX % Rank
Stocks 		96.19% 0.00% 102.18% 69.77%
Cash 		3.80% -2.18% 11.89% 16.41%
Preferred Stocks 		0.00% 0.00% 0.00% 19.53%
Other 		0.00% 0.00% 47.32% 34.38%
Convertible Bonds 		0.00% 0.00% 0.15% 24.22%
Bonds 		0.00% 0.00% 69.90% 24.81%

Stock Sector Breakdown

Weighting Return Low Return High NCEIX % Rank
Consumer Cyclical 		36.81% 0.00% 95.37% 6.25%
Basic Materials 		12.24% 0.00% 92.11% 10.16%
Consumer Defense 		10.91% 0.00% 97.46% 28.13%
Financial Services 		10.12% 0.00% 99.75% 62.50%
Industrials 		8.58% 0.00% 96.93% 55.47%
Technology 		5.98% 0.00% 94.15% 67.19%
Healthcare 		5.49% 0.00% 100.00% 71.09%
Communication Services 		4.66% 0.00% 91.25% 53.91%
Real Estate 		4.19% 0.00% 99.07% 24.22%
Energy 		1.03% 0.00% 90.86% 31.25%
Utilities 		0.00% 0.00% 89.15% 56.25%

Stock Geographic Breakdown

Weighting Return Low Return High NCEIX % Rank
Non US 		92.98% 51.72% 100.37% 89.84%
US 		3.21% -0.04% 9.07% 5.47%

NCEIX - Expenses

Operational Fees

NCEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.51% 0.09% 3.14% 13.85%
Management Fee 1.25% 0.09% 1.50% 95.42%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.06% 0.26% 20.00%

Sales Fees

NCEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

NCEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

NCEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 81.00% 4.00% 278.00% 79.38%

NCEIX - Distributions

Dividend Yield Analysis

NCEIX Category Low Category High NCEIX % Rank
Dividend Yield 0.95% 0.00% 22.09% 35.88%

Dividend Distribution Analysis

NCEIX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Annually

Net Income Ratio Analysis

NCEIX Category Low Category High NCEIX % Rank
Net Income Ratio 0.66% -1.76% 4.74% 31.20%

Capital Gain Distribution Analysis

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

Distributions History

View More +

NCEIX - Fund Manager Analysis

Managers

Lihui Tang

Start Date

Tenure

Tenure Rank

Jul 17, 2013

8.88

8.9%

Lihui Tang, CFA, is a Partner and Portfolio Manager at Green Court. Prior to this, he was a Managing Director at Neuberger Berman and Portfolio Manager for the Neuberger Berman Greater China Investment Team, originally joining Neuberger Berman in 2008. Based in Hong Kong, Lihui is the Portfolio Manager for the Greater China Equity Team. Previously, he was a senior vice president at Avenue Capital, where he was a portfolio manager for the Avenue Greater China Equity Funds team. Prior to that, he was a portfolio manager and deputy head of research at Hua An Fund Management, where he managed two active funds. These funds received numerous awards from Morningstar, Lipper and Chinese publications. Before joining Hua An, he was a research analyst with SYWG Securities in Shanghai, responsible for the pharmaceutical sector. Prior to that, he was also a research analyst with Da Peng Securities in the real estate and building materials industries. Lihui received a BS in Engineering at Shanghai Jiao Tong University and an MS in Economics from Tongji University. He also has been awarded the Chartered Financial Analyst designation.

Yulin (Frank) Yao

Start Date

Tenure

Tenure Rank

Jul 17, 2013

8.88

8.9%

Yulin (Frank) Yao, is a Managing Partner and Senior Portfolio Manager at Green Court. Prior to founding the firm, he was a Managing Director at Neuberger Berman and Senior Portfolio Manager for the Neuberger Berman Greater China Investment Team, originally joining Neuberger Berman in 2008. Previously, he was a Managing Director and Senior Portfolio Manager at Avenue Capital where he was responsible for directing the investment activities of the Avenue Greater China Equity Funds. From 2004 to 2007, he was an Executive Vice President and Chief Investment Officer at Hua An Fund Management. Under his leadership, the firm received the Best of Best Awards for China Equity (1-year and 3-year) from Asia Asset Management, a Hong Kong-based independent research firm. Before joining Hua An, he was with Berens Capital, a New York-based hedge fund investment firm, where he was responsible for portfolio construction, quantitative analysis and risk management. Previously, Frank developed and managed a quantitative equity portfolio at Alpha Asset Management, conducted global asset allocation and risk management at Goldman Sachs and helped build the mortgage-backed securities analytics for Dow Jones (formerly Telerate), all in the United States. Frank is a member of the Standing Committee of Chinese People's Political Consultative Conference (CCPCC) in Shanghai Pudong. He sits on the QDII Expert Committee for China Securities Regulatory Commission (CSRC) and was a member of the Financial Market Expert Group for PBOC (China’s central bank) from 2005–2007. Frank received a BS at Fudan University, an MS at the Georgia Institute of Technology and an MBA in Finance from the Stern School of Business at New York University, where he was honored as a Stern Scholar. Frank also conducted a PhD study in Engineering at Columbia University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 28.32 4.11 3.22

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