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High Income Bond Fund

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Mutual Fund > Fixed Income > High Income Bond Fund

High Income Bond Fund

Fundamental research and a sound, repeatable process seeks to provide attractive current income and minimize downside risks

  • Diversified portfolio of below investment grade corporate debt seeking to mitigate downside risk with upside participation
  • Seeks to add value by avoiding credit deterioration, industry and quality rotation and relative value analysis
  • Lead portfolio managers average 28 years of experience and are supported by one of the largest dedicated research teams in the industry
  • Comprehensive credit analysis driven by proprietary “Credit Best Practices” with risk management overlay and ESG framework

Pricing/Performance

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Product Characteristics

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The Fund’s Investment Manager (the “Manager”) currently caps certain expenses. Absent such arrangement, which is subject to change, the total returns would have been less. For Class C, Institutional Class, Investor Class , Class R3, and Class R6, gross expense ratio represents, and for Class A, net expense ratio 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 10/31/2023 for Institutional Class at 0.75%, 1.12% for Class A, 1.87% for Class C, 1.00% for Investor Class, 1.37% for Class R3 and 0.65% for Class R6 (each as a % of average net assets). As of the Fund’s most recent prospectus, the Manager was not required to waive or reimburse any expenses pursuant to this arrangement for Class C, Institutional Class, Investor Class, Class R3, and Class R6. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated February 28, 2020, as amended.

Information Ratio (average 3-year shown) is a measure of risk adjusted returns. The average excess return (over an appropriate benchmark or risk free rate) is divided by the standard deviation of these excess returns. The higher the measure, the higher the risk adjusted return. The Information Ratio of the benchmark will equal zero. Sharpe Ratio (average 3-year shown) is a measure of risk-adjusted returns that can be used to compare the performance of managers. The ratio represents the return gained per unit of risk taken. Managers with the same excess return for a period but different levels of risk will have Sharpe ratios that reflect the difference in the level of risk. Standard Deviation (average 3-year shown) is a statistical measure of portfolio risk that describes the average deviation of portfolio returns from the mean portfolio return over a certain period of time to show how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation, and the higher the portfolio risk. Tracking Error (average 3-year shown) is the standard deviation of a portfolio’s relative returns (vs. a benchmark) and measures the volatility of the return differences between the portfolio and benchmark over time. A higher tracking error implies that a portfolio is actively managed vs. its benchmark. A portfolio that mirrors its benchmark would have a very low tracking error. Turnover Ratio is calculated using the lower of purchases and sales over a one year period, divided by the average market value of the portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expense, affect the Fund’s performance. Upside Capture 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. Upside Capture is calculated by dividing the return of the manager during the up market periods by the return of the market during the same periods. Downside Capture 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. Downside Capture is calculated by dividing the return of the manager during the down periods by the return of the market during the same periods. Weighted Average Maturity is expected average life to worst or in other words the par-weighted average time (in years) to principal repayment for securitized assets or the time (in years) to probable call/put for non-securitized assets. Weighted Average Duration is expressed as a number of years from its purchase date. It is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. As bonds with higher durations carry more risk and have higher price volatility than bonds with lower durations.

A fund’s 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 R6, Class R3, Institutional Class and Investor Class are 4.35%, 3.49%, 4.74%, 3.99%, 4.64% and 4.47% respectively.

Management Team

Russ Covode
Senior Portfolio Manager
32 Years of industry experience
15 Years with Neuberger Berman
Dan Doyle, CFA
Senior Portfolio Manager
36 Years of industry experience
7 Years with Neuberger Berman
Christopher Kocinski, CFA
Senior Portfolio Manager
14 Years of industry experience
14 Years with Neuberger Berman
Joe Lind
Senior Portfolio Manager
21 Years of industry experience
2 Years with Neuberger Berman