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Neuberger Berman Commodity Strategy Fund

mutual fund
NRBIX
Payout Change
Pending
Price as of:
$22.05 +0.11 +0.5%
primary theme
N/A
share class
NRBIX (Mutual Fund)

Neuberger Berman Commodity Strategy Fund

Payout Change
Pending
Price as of:
$22.05 +0.11 +0.5%
primary theme
N/A
share class
NRBIX (Mutual Fund)

Neuberger Berman Commodity Strategy Fund

Payout Change
Pending
Price as of:
$22.05 +0.11 +0.5%
primary theme
N/A
share class

Name

As of 10/21/2022

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

$22.05

$250 M

2.95%

$0.65

0.74%

Vitals

YTD Return

334.9%

1 yr return

37.8%

3 Yr Avg Return

20.7%

5 Yr Avg Return

12.7%

Net Assets

$250 M

Holdings in Top 10

43.2%

52 WEEK LOW AND HIGH

$21.9
$4.76
$22.52

Expenses

OPERATING FEES

Expense Ratio 0.74%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

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 10/21/2022

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

$22.05

$250 M

2.95%

$0.65

0.74%

NRBIX - Profile

Distributions

  • YTD Total Return 334.9%
  • 3 Yr Annualized Total Return 20.7%
  • 5 Yr Annualized Total Return 12.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.36%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Neuberger Berman Commodity Strategy Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Aug 27, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Hakan Kaya

Fund Description

The Fund seeks to achieve its goal by investing under normal circumstances in commodity-linked derivative instruments and fixed income instruments. Commodities are assets such as oil, natural gas, agricultural products or metals.
The Fund seeks to gain long and short exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments. The performance of these commodity-linked derivative instruments is expected to correspond to the performance of the commodity underlying the derivative instrument, without requiring the Fund to invest directly in commodities. Although the Fund may make these investments in commodity-linked derivative instruments directly, the Fund expects to gain exposure to these investments primarily by investing in a wholly owned subsidiary of the Fund formed in the Cayman Islands (“Subsidiary”).
The Subsidiary is managed by Neuberger Berman Investment Advisers LLC and has the same investment goal as the Fund. The Subsidiary may invest without limitation in commodity-linked derivative instruments. The Subsidiary also may invest in fixed income securities, cash or cash equivalent instruments, or money market mutual funds, some of which may serve as collateral for the Subsidiary’s derivative instruments. The Fund will not invest more than 25% of the value of its total assets in the Subsidiary at the end of any quarter of its taxable year.
In managing the Fund’s commodity investments, the Portfolio Managers seek to identify investment opportunities using quantitative investment models and fundamental analyses with an emphasis on risk management in an attempt to take advantage of both short-term and long-term opportunities in commodity markets. By managing a broadly diversified portfolio of commodity investments with an active investment approach, the Portfolio Managers seek to provide investors with an investment vehicle whose returns are not highly correlated with other major asset classes. The Fund may take short positions in one or more separate commodities. The short positions used by the Fund primarily involve buying a derivative on a commodity in anticipation that the price of the commodity will decline.
The Portfolio Managers will use various quantitative models employing strategies intended to identify investment opportunities and determine portfolio weightings in different commodity sectors and markets. These strategies include: (i) a risk-balancing strategy that considers the total portfolio risk the Portfolio Managers believe to be associated with each commodity; (ii) a strategy that endeavors to assess top down macro variables among various commodity sectors (such as, energy, industrial, precious metals, agricultural, livestock and softs (e.g., sugar, cotton, cocoa and coffee)); and/or (iii) a strategy that endeavors to assess the outlook for individual commodities within each commodity sector.
From time to time, the Fund’s investment program may emphasize a particular sector of the commodities markets. If the Fund emphasizes one or more sectors the performance of your investment in the Fund will likely be affected by events affecting the performance of those sectors. Additional information about certain risks related to the various commodities market sectors are summarized under “Additional Information about Principal Investment Risks” in the Prospectus.
The Fund’s fixed income investments will be mainly in investment grade fixed income securities and are intended to provide liquidity and preserve capital and may serve as collateral for the Fund’s derivative instruments. These may include fixed income securities issued by the U.S. government and its agencies and instrumentalities, mortgage-backed securities, asset-backed securities, and securities issued by corporations or trust entities. The Fund considers fixed income securities 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 Fund may invest in cash or cash equivalent instruments. Because the Fund will use derivatives to gain exposure to commodities, and because derivatives may not require the Fund to deposit the full notional amount of the investment, the Fund may invest a significant amount of its assets in money market mutual funds or other fixed income investments, as described above. The Fund’s (and the Subsidiary’s) use of commodity-linked derivative instruments to obtain long and short exposure to the commodity markets may result in leverage, which amplifies the risks that are associated with the commodities underlying the derivative instruments. 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.
Although the Fund invests primarily in domestic securities and other instruments, it may also invest in foreign securities and other instruments.
In an effort to achieve its goal, the Fund may engage in active and frequent trading.
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NRBIX - Performance

Return Ranking - Trailing

Period NRBIX Return Category Return Low Category Return High Rank in Category (%)
YTD 334.9% -47.9% 334.9% 0.44%
1 Yr 37.8% -88.7% 188.9% 53.42%
3 Yr 20.7%* -47.9% 52.4% 40.19%
5 Yr 12.7%* -39.9% 82.1% 25.15%
10 Yr N/A* -29.8% 27.7% N/A

* Annualized

Return Ranking - Calendar

Period NRBIX Return Category Return Low Category Return High Rank in Category (%)
2023 -14.4% -58.5% 1912.1% 90.87%
2022 -2.1% -87.8% 612.3% 63.43%
2021 10.4% -88.2% 438.4% 25.71%
2020 -12.9% -81.2% 323.8% 45.34%
2019 2.4% -37.6% 55.7% 45.33%

Total Return Ranking - Trailing

Period NRBIX Return Category Return Low Category Return High Rank in Category (%)
YTD 334.9% -49.6% 334.9% 0.44%
1 Yr 37.8% -88.7% 188.9% 51.14%
3 Yr 20.7%* -47.9% 52.4% 38.76%
5 Yr 12.7%* -39.9% 82.1% 25.15%
10 Yr N/A* -29.8% 27.7% N/A

* Annualized

Total Return Ranking - Calendar

Period NRBIX Return Category Return Low Category Return High Rank in Category (%)
2023 -14.4% -58.5% 1912.1% 90.87%
2022 -2.1% -87.8% 612.3% 63.43%
2021 10.4% -88.2% 438.4% 26.19%
2020 -10.5% -81.2% 323.8% 31.68%
2019 6.5% -37.6% 55.7% 32.00%

NAV & Total Return History


NRBIX - Holdings

Concentration Analysis

NRBIX Category Low Category High NRBIX % Rank
Net Assets 250 M 348 K 63.1 B 49.57%
Number of Holdings 102 1 846 32.89%
Net Assets in Top 10 112 M 0 63.2 B 73.68%
Weighting of Top 10 43.21% 20.7% 100.0% 90.65%

Top 10 Holdings

  1. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  2. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  3. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  4. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  5. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  6. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  7. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  8. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  9. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%
  10. NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND 21.64%

Asset Allocation

Weighting Return Low Return High NRBIX % Rank
Bonds
53.08% 0.00% 96.71% 19.74%
Cash
32.20% -81.87% 100.00% 49.33%
Other
13.88% -47.59% 165.73% 74.67%
Convertible Bonds
0.84% 0.00% 3.89% 20.00%
Stocks
0.00% 0.00% 92.26% 76.32%
Preferred Stocks
0.00% 0.00% 0.00% 69.33%

Bond Sector Breakdown

Weighting Return Low Return High NRBIX % Rank
Corporate
46.35% 0.00% 46.35% 0.74%
Cash & Equivalents
37.39% 0.00% 100.00% 77.78%
Securitized
16.26% 0.00% 36.61% 11.11%
Derivative
0.00% 0.00% 100.00% 77.04%
Municipal
0.00% 0.00% 1.45% 71.85%
Government
0.00% 0.00% 100.00% 97.78%

Bond Geographic Breakdown

Weighting Return Low Return High NRBIX % Rank
US
49.84% 0.00% 97.72% 20.00%
Non US
3.24% -1.01% 21.42% 26.00%

NRBIX - Expenses

Operational Fees

NRBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.10% 3.08% 61.33%
Management Fee 0.65% 0.00% 1.75% 48.48%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.45% 51.61%

Sales Fees

NRBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

NRBIX 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.

NRBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 460.74% 79.58%

NRBIX - Distributions

Dividend Yield Analysis

NRBIX Category Low Category High NRBIX % Rank
Dividend Yield 2.95% 0.00% 49.77% 15.32%

Dividend Distribution Analysis

NRBIX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Annually Annually

Net Income Ratio Analysis

NRBIX Category Low Category High NRBIX % Rank
Net Income Ratio -0.36% -55.71% 52.26% 43.06%

Capital Gain Distribution Analysis

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

Distributions History

View More +

NRBIX - Fund Manager Analysis

Managers

Hakan Kaya


Start Date

Tenure

Tenure Rank

Aug 27, 2012

9.76

9.8%

Hakan Kaya, PhD, Senior Vice President, joined the firm in 2008. Dr. Hakan is a Senior Portfolio Manager on the Quantitative and Multi-Asset Class (“QMAC”) team responsible for Global Risk Balanced Portfolios and Commodities. He contributes to asset allocation research with a focus on risk management and has a record of publishing research in both refereed journals and white papers on timely investment issues. Prior to joining NBIA, he was a consultant with Mount Lucas Management Corporation where he developed weather risk and statistical relative value models for commodities investment. Dr. Kaya received BS degrees summa cum laude in Mathematics and Industrial Engineering from Koc University in Istanbul, Turkey and holds a PhD in Operations Research & Financial Engineering from Princeton University.

David "Yi" Wan


Start Date

Tenure

Tenure Rank

Feb 29, 2016

6.25

6.3%

David Yi Wan is a Senior Vice President of the Manager. He joined the Neuberger Berman Investment Advisers in 2001 and is a Portfolio Manager with the Quantitative Investment Group. Prior to joining the firm, he worked in Information Management at another investment firm.

Michael Foster


Start Date

Tenure

Tenure Rank

May 18, 2021

1.04

1.0%

Michael J. Foster, Managing Director, joined the firm in 1999. Mike is a Senior Portfolio Manager on multiple fixed income strategies, including Enhanced Cash and Short Duration, as well as high quality strategies across the yield curve. Prior to joining the firm, Mike worked in the Fixed Income division of Bear Stearns (1994-1997). Mike earned a BA from Lehigh University and a MBA from the University of Rochester, Simon Business School.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 5.78 11.51