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or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All
information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a
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This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may
differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative
and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only.
Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.
Hypothetical Backtested Performance Disclosures
The hypothetical performance results included in this material are for backtested model portfolios and are shown for illustrative purposes only. Neuberger Berman
calculated the hypothetical results by running a model portfolio on a backtested basis using the methodology described herein. The results do not represent the
performance of any Neuberger Berman managed account or product and do not reflect the fees and expenses associated with managing a portfolio. If such fees and
expense were reflected, returns referenced would be lower. The model portfolio may not be appropriate for any investor. There may be material differences between
the hypothetical backtested performance results and actual results achieved by actual accounts. Backtested model performance is hypothetical and does not represent
the performance of actual accounts. Hypothetical performance has certain inherent limitations. Unlike actual investment performance, hypothetical results do not
represent actual trading and accordingly the performance results may have under- or over-compensated for the impact, if any, that certain economic or other market
factors, such as lack of liquidity or price fluctuations, might have had on the investment decision-making process or results if assets were actually being managed.
Hypothetical performance may also not accurately reflect the impact, if any, of other material economic and market factors, or the impact of financial risk and the
ability to withstand losses. Hypothetical performance results are also subject to the fact that they are generally designed with the benefit of hindsight. As a result,
the back tested models theoretically may be changed from time to time to obtain more favorable performance results. In addition, the results are based, in part, on
hypothetical assumptions. Certain of the assumptions have been made for modeling purposes and may not have been realized in the actual management of accounts.
No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the hypothetical results have
been stated or fully considered. Changes in the model assumptions may have a material impact on the hypothetical returns presented. There are frequently material
differences between hypothetical performance results and actual results achieved by any investment strategy. Neuberger Berman did not manage any accounts in this
manner reflected in the models during the backtested time periods shown.
The S&P 500 Index consists of 500 U.S. stocks chosen for market size, liquidity and industry group representation. It is a market value-weighted index (stock price
times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value.
The MSCI World Index is a broad, market value-weighted global equity index that represents large and mid-cap equity performance across 23 developed markets
The MSCI Emerging Markets Index is a broad, market value-weighted index designed to represent the performance of large- and mid-cap securities in 26 Emerging
The MSCI World MultiFactor Index is designed to maximize exposure to four factors of value, momentum, quality and small size while maintaining a risk profile
similar to that of the MSCI World Index. The Index was launched on March 19, 2015. Data prior to the launch is backtested data provided by MSCI.
The CBOE S&P 500 PutWrite Index (PUT) is designed to track the performance of a hypothetical portfolio that sells one-month, at-the-money S&P 500 Index
put options against collateralized one- and three-month Treasury Bills. The number of puts sold varies from month to month, but is limited so that the amount held
in Treasury Bills can finance the maximum possible loss from final settlement of the SPX puts. The underlying S&P 500 Index consists of 500 U.S. stocks chosen for
market size, liquidity and industry group representation. It is a market value-weighted index (stock price times number of shares outstanding), with each stock’s weight
in the Index proportionate to its market value.
The CBOE MSCI EAFE PutWrite Index (PXEA) is designed to track the performance of a hypothetical passive investment strategy that collects option premiums
from writing an at-the-Money put option on the MSCI EAFE Index on a monthly basis, and holds a rolling money market account invested in one-month T-bills to
cover the liability from the short put option position. The underlying MSCI EAFE Index is a market-value weighted index designed to capture large- and mid-cap
representation across 21 Developed Markets countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.
The CBOE MSCI Emerging Markets PutWrite Index (PXEF) is designed to track the performance of a hypothetical passive investment strategy that collects option
premiums from writing an at-the-money put option on the MSCI Emerging Markets Index on a monthly basis, and holds a rolling money market account invested in
one-month T-bills to cover the liability from the short put option position. The underlying MSCI Emerging Markets Index is a market-value weighted index designed
to represent the performance of large- and mid-cap securities in 26 emerging markets.
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