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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.87

$153 M

5.90%

$0.41

1.05%

Vitals

YTD Return

0.3%

1 yr return

9.5%

3 Yr Avg Return

-1.2%

5 Yr Avg Return

0.6%

Net Assets

$153 M

Holdings in Top 10

15.4%

52 WEEK LOW AND HIGH

$6.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.05%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 59.00%

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 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.87

$153 M

5.90%

$0.41

1.05%

NERIX - Profile

Distributions

  • YTD Total Return 0.3%
  • 3 Yr Annualized Total Return -1.2%
  • 5 Yr Annualized Total Return 0.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.08%
DIVIDENDS
  • Dividend Yield 5.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Neuberger Berman Emerging Markets Debt Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Sep 27, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rob Drijkoningen

Fund Description

To pursue its goal, the Fund normally invests at least 80% of its net assets in debt and other instruments of issuers that are tied economically to emerging market countries and other investments that provide investment exposure to such debt instruments. These include debt instruments of issuers that are based in emerging markets or that receive the majority of revenue from emerging markets, in debt or derivative instruments where the underlying risk or ultimate risk is on such an emerging market issuer, or in debt or derivative instruments where the currency of risk is an emerging market currency. In determining where an issuer of a security is based, the Portfolio Managers may consider such factors as where the company is legally organized, maintains its principal corporate offices and/or conducts its principal operations. The Fund considers emerging market countries to be countries included in the JPMorgan Emerging Markets Bond Index - Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index - Diversified, the JPMorgan Emerging Local Markets Index or the JPMorgan Government Bond Index - Emerging Markets Global Diversified, as well as those countries which are not defined as High Income Organization for Economic Cooperation and Development (OECD) member countries by the World Bank.

The Fund may invest in sovereign, supranational, quasi-sovereign (i.e., securities of issuers that are directly or indirectly wholly-owned by the government or that are explicitly guaranteed by the government) and corporate issuers. These investments may be of any maturity, duration and credit rating (including, without limit, investments in below investment grade securities commonly known as “junk bonds”) and may be denominated in any currency including the local currency of the issuer. 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 or that are in default or have defaulted with respect to the payment of interest or repayment of principal, depending on the Portfolio Managers’ evaluation of the investment opportunity. The Fund also may invest a large percentage of its net assets in issuers in a single country or geographic region.

The Portfolio Managers implement a systematic and disciplined framework for analyzing sovereign and corporate debt securities denominated in either local currency or globally traded currencies of industrialized countries. The investment decisions made by the Portfolio Managers rely on fundamental analysis and total return expectations in an effort to identify undervalued and overvalued securities and exploit investment opportunities.

The Portfolio Managers seek to anticipate yield, spread and currency movements in response to changes in:

Economic conditions;
Region, country and sector fundamentals;
Environmental, Social and Governance (ESG) factors; and
Issuer specific financial performance and other issuer specific factors.

The Portfolio Managers seek to identify investment opportunities in emerging market countries by comparing their analysis of each country’s macroeconomic data and qualitative fundamentals (such as political stability) against market expectations for that country measured by credit spreads, local interest rate levels and exchange rate valuations. The Portfolio Managers invest in individual issuers based on their relative financial performance and other issuer-specific factors as well as the Portfolio Managers’ evaluation of inefficiencies in the markets where the issuer is located that the Portfolio Managers believe result in attractive valuations. 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. 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 an effort to manage risk, the Portfolio Managers periodically review the allocation of the Fund’s investments among the different asset classes, countries or regions. They may determine to reallocate the Fund’s investments based on a top-down analysis

of the global market environment, the economic environment of emerging markets, and their evaluation of the attractiveness of an asset class. This evaluation includes an analysis of the relative attractiveness of the sub-asset classes of emerging markets sovereign credit, corporate credit, currency exchange and local rates. The Portfolio Managers also monitor the Fund’s performance relative to the indices listed above and the total exposure to individual countries, issuers, and currencies.

The Fund may invest in debt instruments of all types. These may include, without limitation, bonds, debentures, notes, convertible securities, loans and related assignments and participations, restricted securities, and money market instruments, including money market funds, denominated in U.S. dollars or other currencies. 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 may utilize derivatives of all types, without limitation, including futures and forward contracts (including contracts related to currencies), swap agreements (including total return, interest rate, and credit default swaps), options, and other related or synthetic instruments with respect to individual bonds and other instruments, indices and baskets of securities, interest rates and currencies, and structured notes as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, as well as to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities, a practice that may introduce leverage into the Fund. The Portfolio Managers may choose not to hedge the Fund’s positions. The Fund may also invest directly in foreign currencies for hedging risk and/or investment purposes.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt and other instruments of issuers that are tied economically to emerging market countries and other investments that provide investment exposure to such debt instruments. 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.

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NERIX - Performance

Return Ranking - Trailing

Period NERIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -2.8% 93.3% 64.14%
1 Yr 9.5% -3.8% 112.3% 56.58%
3 Yr -1.2%* -13.6% 21.2% 62.46%
5 Yr 0.6%* -8.7% 12.8% 63.50%
10 Yr 1.3%* -5.2% 6.6% 49.13%

* Annualized

Return Ranking - Calendar

Period NERIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% -10.6% 17.8% 41.78%
2022 -17.6% -29.1% -2.4% 42.52%
2021 -9.5% -24.0% 2.7% 71.08%
2020 0.2% -14.0% 9.7% 59.35%
2019 8.5% -6.4% 13.0% 49.64%

Total Return Ranking - Trailing

Period NERIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -2.8% 93.3% 64.14%
1 Yr 9.5% -3.8% 112.3% 56.58%
3 Yr -1.2%* -13.6% 21.2% 62.46%
5 Yr 0.6%* -8.7% 12.8% 63.50%
10 Yr 1.3%* -5.2% 6.6% 49.13%

* Annualized

Total Return Ranking - Calendar

Period NERIX Return Category Return Low Category Return High Rank in Category (%)
2023 12.5% -0.6% 20.0% 42.43%
2022 -13.1% -27.6% -1.7% 48.30%
2021 -5.4% -18.5% 7.4% 70.73%
2020 5.1% -7.8% 18.0% 52.52%
2019 12.8% -3.0% 23.0% 58.76%

NAV & Total Return History


NERIX - Holdings

Concentration Analysis

NERIX Category Low Category High NERIX % Rank
Net Assets 153 M 331 K 14.4 B 58.36%
Number of Holdings 816 4 1833 6.56%
Net Assets in Top 10 21.9 M -134 M 1.25 B 59.34%
Weighting of Top 10 15.41% 5.1% 101.4% 69.21%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 6.71%
  2. Mexican Bonos 1.34%
  3. United States Treasury Bill 1.04%
  4. United States Treasury Bill 1.01%
  5. Colombian TES 0.96%
  6. Indonesia Treasury Bond 0.92%
  7. China Government Bond 0.88%
  8. Republic of South Africa Government Bond 0.87%
  9. Republic of Poland Government Bond 0.84%
  10. Brazil Notas do Tesouro Nacional Serie F 0.84%

Asset Allocation

Weighting Return Low Return High NERIX % Rank
Bonds
88.25% 0.91% 99.54% 85.90%
Cash
12.29% 0.00% 21.93% 10.82%
Convertible Bonds
0.28% 0.00% 8.47% 48.01%
Stocks
0.00% -0.01% 93.55% 86.56%
Preferred Stocks
0.00% 0.00% 1.28% 81.31%
Other
-0.54% -9.56% 88.17% 89.84%

Bond Sector Breakdown

Weighting Return Low Return High NERIX % Rank
Government
65.09% 0.00% 99.79% 48.34%
Corporate
22.79% 0.00% 93.26% 36.09%
Cash & Equivalents
9.65% 0.00% 23.23% 12.13%
Securitized
0.00% 0.00% 2.41% 83.11%
Municipal
0.00% 0.00% 0.00% 80.13%
Derivative
-0.54% -2.00% 7.35% 89.84%

Bond Geographic Breakdown

Weighting Return Low Return High NERIX % Rank
Non US
48.74% 0.00% 132.49% 31.15%
US
39.51% -42.31% 99.01% 74.75%

NERIX - Expenses

Operational Fees

NERIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.05% 0.02% 35.56% 63.16%
Management Fee 0.70% 0.00% 1.10% 55.08%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.65% 73.33%

Sales Fees

NERIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

NERIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 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.

NERIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 59.00% 0.00% 218.00% 63.77%

NERIX - Distributions

Dividend Yield Analysis

NERIX Category Low Category High NERIX % Rank
Dividend Yield 5.90% 0.00% 22.11% 72.79%

Dividend Distribution Analysis

NERIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

NERIX Category Low Category High NERIX % Rank
Net Income Ratio 4.08% -2.28% 8.00% 50.00%

Capital Gain Distribution Analysis

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

Distributions History

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NERIX - Fund Manager Analysis

Managers

Rob Drijkoningen


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Rob Drijkoningen is a Managing Director of Neuberger Berman Investment Advisers LLC. Rob joined Neuberger Berman in 2013 and is a portfolio manager and co-head of the firm’s Emerging Markets Debt team. Rob joined Neuberger Berman after working at ING Investment Management for almost 18 years, most recently as the global Co-Head of the Emerging Markets Debt team responsible for managing over $24.2 billion in assets under management in Emerging Markets Debt (as of September 30, 2019) and 32 investment professionals. . He earned his Macro-Economics degree from Erasmus University in Rotterdam and has authored numerous articles on emerging markets debt subjects. Rob is DSI qualified.

Gorky Urquieta


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Gorky Urquieta, Managing Director, joined Neuberger Berman in 2013. Mr. Urquieta is a Portfolio Manager and Co-Head of the Emerging Markets Debt team. He joined Neuberger Berman from ING Investment Management where he was most recently global co-head of Emerging Markets Debt (EMD), responsible for global emerging markets debt external and local currency strategies. Mr. Urquieta joined ING Investment Management in 1997 until 2013. He obtained a BA in Business Administration from the Bolivian Catholic University in La Paz, Bolivia, and a master's degree in finance from the University of Wisconsin.

Raoul Luttik


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Raoul Luttik is a Managing Director of Neuberger Berman Investment Advisers LLC. He joined the firm in 2013 and is a portfolio manager for the Neuberger Berman Investment Advisers LLC’s Emerging Markets Debt team, responsible for managing Emerging Markets Debt Local Currency strategies. Raoul joined Neuberger Berman after working at ING Investment Management, where he was a Lead Portfolio Manager within their Emerging Markets team (local currency). He started at ING Investment Management in 1998. Raoul acquired a degree in Economics from Rijksuniversiteit Groningen in 1993. In 1997 Raoul became RBA registered (Register of Investment Analysts) a registration affiliated with the European Federation of Financial Analysts Societies. Raoul is also DSI qualified.

Nish Popat


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Nish Popat is a Managing Director of Neuberger Berman Investment Advisers LLC. Nish joined the Neuberger Berman Investment Advisers LLC in 2013 and is a Portfolio Manager for the Neuberger Berman Investment Advisers LLC's Emerging Markets Debt team. Nish joined Neuberger Berman after working at ING Investment Management, where he was most recently a senior portfolio manager on the Emerging Markets Corporate Debt team. He joined ING Investment Management in 2008.

Jennifer Gorgoll


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Jennifer Gorgoll, CFA, Managing Director, joined Neuberger Berman in 2013. Ms. Gorgoll is a Co-Lead Portfolio Manager on the Emerging Markets Corporate Debt team responsible for global portfolios investing in high grade and high yield emerging market corporate debt across the regions. She joined Neuberger Berman after working at ING Investment Management, where she was most recently the head and a senior portfolio manager of the Emerging Markets Corporate Debt team. Ms. Gorgoll started at ING Investment Management in 2002 and is Head of the emerging markets corporate fixed-income team where she is responsible for investing in high grade and high-yield emerging market corporate bonds. Prior to that, Ms. Gorgoll was with Prudential Capital Group where she specialized in private placements for companies based in the U.S., as well as Financial Institutions Group at Salomon Brothers Inc. and at Patricof & Co. Capital Corp., a boutique investment bank. Ms. Gorgoll received an M.B.A. with Honors from Columbia Business School with a concentration in Finance and a B.S. in Finance and Insurance from The Honors College at the University of South Carolina.

Bart van der Made


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Bart van der Made, CFA, Managing Director, joined Neuberger Berman in 2013. Mr. van der Made is a lead Portfolio Manager on the Emerging Markets Debt team, responsible for managing EMD Hard Currency portfolios. Prior to joining Neuberger Berman, Mr. van der Made held various roles at ING Investment Management, most recently since 2009, as lead Portfolio Manager of emerging markets debt (hard currency). From 2005 onwards, Mr. van der Made was a Senior Portfolio Manager and before that was the EMD Economist — the role in which he joined in 2000. Mr. van der Made earned a master's degree in Econometrics from Erasmus University in Rotterdam, and has been awarded the Chartered Financial Analyst designation.

Vera Kartseva


Start Date

Tenure

Tenure Rank

Sep 27, 2013

8.68

8.7%

Vera Kartseva, CFA, is a Vice President of Neuberger Berman Investment Advisers LLC. Vera joined the firm in 2013 and is a portfolio manager and strategist focusing on tactical asset allocation for the firm’s Emerging Markets Debt team. Vera Kartseva joined the firm from ING Investment Management where she held a similar role, and was also managing an Emerging Markets Debt Opportunities fund, a blended strategy of hard and local currency debt. Prior to that, Vera was a Quantitative Analyst on the Multi-Asset Group of ING Investment Management.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.38 6.11