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Corporate Hybrid Bond Fund

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Corporate Hybrid Bond Fund

UCITS Fund | Fixed Income

Corporate Hybrid Bond Fund

SFDR Classification | Article 8

Overview
A compelling investment opportunity in a rapidly growing corporate hybrid bond market that includes high-quality, globally recognisable and stable issuers offering attractive yields and income

Why Invest

Attractive Income and High Yield-Like Return from Well-Known Issuers

Corporate hybrid bonds generally offer significantly higher yields than senior bonds of the same issuers

Deep Fundamental Research

Approach combines a relative value-focused framework with intensive fundamental analysis to identify attractive, high-conviction investment opportunities from globally recognised issuers

Experienced and Well-Resourced Team

Lead portfolio managers have vast experience in Euro credit investing and are supported by the firm’s globally integrated fixed income platform of 190+ investment professionals

This is a marketing communication in respect of the Neuberger Berman Corporate Hybrid Bond Fund. Please refer to the fund prospectus and offering documents, including the Key Information Document (“KID”) or Key Investor Information Document (“KIID”) as applicable, before making any final investment decisions. Investors should note that by making an investment they will own shares in the fund, and not the underlying assets.

The fund complies with the Sustainable Finance Disclosure Regulation (the “SFDR”) and is classified as an Article 8 SFDR fund. Neuberger Berman believes that Environmental, Social and Governance (“ESG”) factors, like any other factor, should be incorporated in a manner appropriate for the specific asset class, investment objective and style of each investment strategy.

Key Risks

Market Risk: The risk of a change in the value of a position as a result of underlying market factors, including among other things, the overall performance of companies and the market perception of the global economy.

Liquidity Risk: The risk that the fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the fund’s ability to meet redemption requests upon demand.

Credit Risk: The risk that bond issuers may fail to meet their interest repayments, or repay debt, resulting in temporary or permanent losses to the fund.

Interest Rate Risk: The risk of interest rate movements affecting the value of fixed-rate bonds.

Concentration Risk: The fund's investments may be concentrated in a small number of investments and its performance may therefore be more variable than the performance of a more diversified fund.

Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction, on the due date.

Operational Risk: The risk of direct or indirect loss resulting from inadequate or failed processes, people and systems including those relating to the safekeeping of assets or from external events.

Derivatives Risk: The fund is permitted to use certain types of financial derivative instruments (including certain complex instruments). This may increase the fund’s leverage significantly which may cause large variations in the value of your share. Investors should note that the fund may achieve its investment objective by investing principally in Financial Derivative Instruments (FDI). There are certain investment risks that apply in relation to the use of FDI. The fund’s use of FDI can involve significant risks of loss.

Hybrid Securities Risk: Hybrid securities are highly structured instruments that combine both equity and fixed income features. They generally carry a higher levels of credit risk as compared to less structured bonds. These include greater risk of coupon deferral, extension of the maturity date by the issuer as well as reinvestment risk due to early redemption. Investors should refer to the risk sections of the prospectus and supplements for further details.

Currency Risk: Investors who subscribe in a currency other than the base currency of the fund are exposed to currency risk. Fluctuations in exchange rates may affect the return on investment. Where past performance is shown it is based on the share class to which this webpage relates. If the currency of this share class is different from your local currency, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

 

For full information on the risks please refer to the fund prospectus and offering documents, including the KID or KIID, as applicable.

Performance and Exposures
ESG
Fund Facts

The ongoing charge figure (incl. management fee) is based on the annual expenses for the period ending 31 December 2023.

The fund’s benchmark name shown here may be abbreviated. Please refer to the supplement for the full benchmark name.

Portfolio Management Team
Linus Claesson, CFA
Portfolio Manager
12 Years of Industry Experience
10 Years with Neuberger Berman
David M. Brown, CFA
Senior Portfolio Manager and Global Co-Head of Investment Grade
33 Years of Industry Experience
21 Years with Neuberger Berman
Antonio Serpico
Senior Portfolio Manager
24 Years of Industry Experience
5 Years with Neuberger Berman
Sergejs Prala, CFA, FRM
Portfolio Manager
17 Years of Industry Experience
5 Years with Neuberger Berman
Linus Claesson, CFA, Portfolio Manager
Linus Claesson, CFA, Senior Vice President, is a Portfolio Manager on the Investment Grade Credit team with a specific responsibility for Corporate Hybrids. Prior to assuming portfolio management responsibilities in 2022, Linus worked as an IG Credit research analyst, covering the Utility and Auto sectors. Prior to joining the firm in 2014, Linus worked as a credit analyst for Credit Agricole CIB, where he started his career in 2012. Linus earned a BS in Economics from the University of Gothenburg, an MSc in Investment Management from Cass Business School, and has also been awarded the Chartered Financial Analyst designation.
David M. Brown, CFA, Senior Portfolio Manager and Global Co-Head of Investment Grade
David Brown, CFA, Managing Director, rejoined the firm in 2003. Dave is Global Co-Head of Investment Grade, Co-Head of Multi-Sector Fixed Income, a member of the Fixed Income Investment Strategy Committee, and acts as Senior Portfolio Manager on both Global Investment Grade and Multi-Sector Fixed Income strategies. Dave also leads the Investment Grade Credit team in determining credit exposures across both Global Investment Grade and Multi-Sector Fixed Income strategies. He initially joined the firm in 1991 after graduating from the University of Notre Dame with a BA in Government and subsequently received his MBA in Finance from Northwestern University. Prior to his return, he was a senior credit analyst at Zurich Scudder Investments and later a credit analyst and portfolio manager at Deerfield Capital. Dave has been awarded the Chartered Financial Analyst designation.
Antonio Serpico, Senior Portfolio Manager
Antonio Serpico, Senior Vice President, joined the firm in 2018. Antonio is a Senior Portfolio Manager specializing in non-USD Investment Grade credit markets and is responsible for strategy and performance of Euro Investment Grade allocations across portfolios as well as being a lead portfolio manager on Global and Euro Credit/Aggregate Mandates. Previously, Antonio was managing ABS funds and CDOs for Fortis Investments, most recently serving as portfolio manager for unconstrained flagship funds at BNP PAM. He began his career in 2000 as an associate analyst in Structured Finance research at Moody’s Investors Service. Antonio received his degree in Industrial Engineering from Padova University.
Sergejs Prala, CFA, FRM, Portfolio Manager

Sergejs Prala, CFA, Senior Vice President, is a Portfolio Manager on the Global Investment Grade team, based in Paris, France. Sergejs is responsible for managing Euro and Global IG Credit, Corporate Hybrids and Short-Dated Bond portfolios. Prior to joining the firm in 2018, Sergejs was working at BNP Paribas Asset Management as portfolio manager for European fixed income strategies. He began his career in 2006 as a credit risk analyst at Privatbank. Sergejs holds a BSc in Economics from the University of Latvia and has graduated with MSc in Business Administration from Rotterdam School of Management, Erasmus University. Sergejs is a CFA charterholder.

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