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Equity Income Fund

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Equity Income Fund

Mutual Fund | Equities

Equity Income Fund

YTD RETURN

0.00%

Overview
All cap equity fund that seeks total return over a full market cycle and strives to deliver low volatility and higher yield compared to broad indices

Why Invest

Lower Volatility

Defensive approach targeting companies with strong free cash flow generation and low leverage can typically cushion market volatility and help mitigate downside

Quarterly Income

Our focus on dividend stability and growth, while seeking to avoid companies cutting dividends has historically led to quarterly income

Experienced Portfolio Management

Seasoned team with 30 years average experience through multiple market cycles seeks to examine capital allocation priorities of management teams and identify dividend growth potential

PERFORMANCE AND EXPOSURE

Top 10 Holdings

As of 12/31/2023

Portfolio holdings are expressed as a percentage and are calculated by taking the market value of each holding and dividing it by the Fund's NAV. Portfolio holdings and other characteristics are current as of the date shown and are subject to change.

FUND FACTS

Gross expense ratio represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s Investment Manager (the “Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses are capped (excluding interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) through 08/31/2026 for Institutional Class at 0.72%, 1.08% for Class A, 1.83% for Class C, and Class R3 at 1.37% (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 19, 2022, as amended and supplemented.

Beta is a measure of market-related risk (expressed between 0-1%) of a portfolio compared to that of the overall market, as represented by an index. The lower the beta the lower the sensitivity to the movements of the market, as represented by the index.

Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk.

Sharpe Ratio characterizes how well the return of the Fund compensates the investor for the risk taken relative to a risk free cash investment. When comparing two funds versus a common benchmark, the one with a higher Sharpe Ratio provides better return for the same risk (or, equivalently, the same return for lower risk).

Up Capture Ratio is a measure of the manager’s performance in up markets relative to the market itself. A value of 110 suggests the manager performs ten percent better than the market when the market is up. During the selected time period, the return for the market for each period is considered an up market period if it is greater than zero. The returns for the manager and the market for all up periods are calculated. The Upside Capture Ratio is calculated by dividing the return of the manager during the up market periods by the return of the market during the same periods.

Down Capture Ratio is a measure of the manager’s performance in down markets relative to the market itself. A value of 90 suggests the manager’s loss is only nine tenths of the market’s loss. During the selected time period the return for the market for each period is considered a down market period if it is less than zero. The returns for the manager and the market for all down periods are calculated. The Downside Capture Ratio is calculated by dividing the return of the manager during the down periods by the return of the market during the same periods.

Active Share measures the percentage of mutual fund assets that are invested differently from the benchmark, and will range between 0% and 100%, Funds with an active share below 20% are likely to be pure index funds, while those with an active share between 20% and 60% are considered to be closet index funds.

30-day SEC yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, the SEC yields may have been lower. A negative 30-Day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per-share distribution may still be paid to shareholders. The unsubsidized 30-day SEC yields for Class A, Class C, Class E, Class R3 and Institutional Class are 1.78%, 1.04%, 2.81%, 1.51% and 2.14% respectively.

PORTFOLIO MANAGEMENT TEAM
Sandy Pomeroy
Senior Portfolio Manager
New York
Richard S. Levine
Senior Portfolio Manager
New York
William D. Hunter
Portfolio Manager
New York
Shawn Trudeau, CFA
Portfolio Manager
New York
Sandy Pomeroy, Senior Portfolio Manager
Sandy M. Pomeroy, Managing Director, joined the firm in 2005 and serves as a partner of the Messinger Group and co-lead senior portfolio manager on the group’s equity strategies. Prior to joining the firm, Sandy was a vice president of Equities for JP Morgan’s investment bank. From 1995 to 2000, she was a senior officer at Brown Brothers Harriman where she covered multiple sectors for its institutional sales team with a particular emphasis on energy, industrials and health care. From 1990 to 1995, Sandy was affiliated with San Jacinto Partners, a Dallas-based private equity firm, where she focused on structuring oil and gas deals. She began her career in 1983 at Salomon Brothers and then Smith Barney with the paper and forest products team and Equity Capital Markets group, respectively. In 1986 she joined the Institutional Research Sales team at Prescott, Ball & Turben. Sandy received her BA from Colgate University and has over 38 years in the investment industry. She appears as a regular guest on Bloomberg TV, CNBC and is often quoted in the Wall Street Journal and Street.com.
Richard S. Levine, Senior Portfolio Manager
Richard S. Levine, Managing Director, joined the firm in 1989. Richard is a Senior Portfolio Manager for the Messinger Group. Additionally, he has served on the Neuberger Berman Trust Company N.A. Board since its inception. Prior to joining the firm, Richard was a senior vice president, tax attorney and financial planner at Ayco Corporation. He earned a BA from the State University of New York at Binghamton and a JD from Albany Law School.
William D. Hunter, Portfolio Manager

William D. Hunter, Managing Director, joined the firm in 2006. Will is a member of the Messinger Group and serves as Portfolio Manager on the Equity Income strategy. Prior to joining the firm, Will worked at JPMorgan's Investment Bank as an analyst in Chemical Equity Research after working in Equity Specialty Sales in Energy and Industrials. Will received his BA from Columbia University.

Shawn Trudeau, CFA, Portfolio Manager
Shawn M. Trudeau, CFA, Managing Director, joined the firm in 2011. Shawn is an Associate Portfolio Manager for the Messinger Group co-managing the Neuberger Berman Equity Income Fund and Neuberger Berman Dividend Growth Fund. Prior to joining the firm, Shawn was an equity analyst in the Global Equities group of NATCAN Asset Management (now Fiera Capital) in Montreal and previously as an analyst for the U.S. Small Caps Long/Short strategy at the Caisse de Depot et Placement du Quebec. Shawn is the sitting treasurer of the Council for Canadian American Relations (CCAR) and earned an MBA from HEC Montreal and BA in Economics from Colgate University.
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