An investor should consider the Fund’s investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus or summary prospectus, which you can obtain by calling 877.628.2583. Please read the prospectus or summary prospectus carefully before making an investment.
The Morningstar ratings for Neuberger Berman Neuberger Berman Large Cap Value Fund – Institutional Class for the 3-, 5- and 10-year periods ended December 31, 2018 was 5 stars (out of 1100 large value funds), 4 stars (out of 937 large value funds) and 4 stars (out of 686 large value funds), respectively.
Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or the market may react to the catalyst differently than expected.
Markets may be volatile and values of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. Geopolitical risks may add to instability in world economies and markets generally.
Compared to smaller companies, large-cap companies may be less responsive to changes and opportunities. Compared to larger companies, midcap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources.
The Funds may experience periods of heavy redemptions that could cause the Funds to sell assets at inopportune times or at a loss or depressed value.
Risk is an essential part of investing. No risk management program can eliminate the Funds’ exposure to adverse events; at best, it may only reduce the possibility that the Funds will be affected by such events, and especially those risks that are not intrinsic to the Funds’ investment program.
A decline in the Funds’ average net assets during the current fiscal year due to market volatility or other factors could cause the Funds’ expenses for the current fiscal year to be higher than the expense information presented.
The Funds may not be able to sell an investment at the price at which a Fund has valued the investment.
Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.
From time to time, based on market or economic conditions, the Funds may have significant positions in one or more sectors of the market. To the extent a Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors.
To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses.
Foreign securities involve risks in addition to those associated with comparable U.S. securities.
The Funds may engage in active and frequent trading and may have a high portfolio turnover rate, which may increase the Fund’s transaction costs, may adversely affect a Fund’s performance a greater amount of capital gain distributions to shareholders than if the Funds had a low portfolio turnover rate.
A decline in the Fund’s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund’s expenses for the current fiscal year to be higher than the expense information presented.
Each Fund and its service providers, and your ability to transact with the Funds, may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents.
The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund’s return. There can be no guarantee that the use of options will increase the Fund’s return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.
The Funds may engage in active and frequent trading and may have a high portfolio turnover rate, which may increase the Funds’ transaction costs, may adversely affect the Funds’ performance and may generate a greater amount of capital gain distributions to shareholders than if the Funds had a low portfolio turnover rate.
An individual security may be more volatile, and may perform differently, than the market as a whole.
The Russell 1000® Value Index measures the performance of those Russell 1,000 companies with lower price-to-book ratios and lower forecasted growth values. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of these indices are prepared or obtained by the Manager and include reinvestment of all dividends and capital gain distributions.
For each retail mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. Ratings are ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Morningstar rankings are based on Morningstar total returns, which include both income and capital gains or losses and are not adjusted for sales charges or redemption fees, to all funds that have the same Morningstar category. The highest percentile rank is 1 and the lowest is 100. As of December 31, 2018 the Fund’s Institutional Class shares rank in the top 5th percentile for ten years (out of 686 funds). As of December 31, 2018, the Fund’s Class A shares rank in the top 3rd percentile for one year (of 1,244 funds), top 1st percentile over three years (of 1,100 funds), top 19th percentile for five years (of 937 funds) and top 10th percentile for ten years (of 686 funds). Rankings are ©2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers, (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely.
Morningstar Large Value category
Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).
NEUBERGER BERMAN LARGE CAP VALUE FUND RETURNS (%)
||Annualized as of 12/31/2018
|4Q||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception|
|Institutional Class (NBPIX)
|Class A at NAV (NPNAX)
|Class C at NAV (NPNCX)
|Class R3 at NAV (NPNRX)
|Investor Class at NAV (NPRTX)
|Trust Class at NAV (NBPTX)
|Advisor Class at NAV (NBPBX)
|Class A with Sales Charge
|Class C with Sales Charge
|Russell 1000 Value Index
|Morningstar US Fund Large Value Average
Performance data quoted represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gains distributions. Current performance may be higher or lower than the performance given. For performance data current to the most recent month-end, please visit www.nb.com/performance.
Average annual total returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% for Class A shares and applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year.
Expense Ratios (%)
|NB Large Cap Value Fund||Gross Expense||Total (net) Expense|
For Class R3 total (net) expense represents, and for Class A, Class C, Institutional Class, Advisor, and Trust Class gross expense represents, the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Manager contractually caps certain expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 08/31/2022 for Institutional Class at 0.70%, 1.11% for Class A, 1.86% for Class C, 1.36% for Class R3, 1.50% for Trust Class and Advisor Class at 1.50% (each as a % of average net assets). As of the Fund’s most recent prospectuses, the Manager was not required to waive or reimburse any expenses pursuant to this arrangement. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectuses dated December 6, 2018.
All information is as of December 31, 2018, unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman LLC).
The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.
© 2019 Neuberger Berman BD LLC. All rights reserved.