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International Small Cap Fund

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Mutual Fund > Equity > International Small Cap Fund

International Small Cap Fund

A differentiated small-cap portfolio focused on under-researched, attractively-priced companies

  • Small-cap portfolio seeking long-term growth of capital by investing primarily in common stocks of non-U.S. companies.
  • Quality Portfolio: Invest in quality companies at a reasonable price
  • Focus on niche market leaders that can sustain their competitive advantage over time, compounding healthy cash flows with improved profitability potential
  • Targeting strong risk-adjusted returns

Pricing/Performance

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Product Characteristics

As of

Net 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 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, 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 08/31/2024 at 1.41% for Class A, 2.16% for Class C, 0.95% for Class R6, and 1.05% for Institutional Class (each of average net assets). 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 15, 2020, as amended and supplemented.

Figures are derived from FactSet as of the date indicated. The Forward Price/Earnings (P/E) ratio is the weighted harmonic aggregate of the Forward P/E ratios of all the stocks currently held in the Fund. The Forward P/E ratio of a stock is calculated by dividing the current ending price of the stock by its forecasted calendar year Earnings Per Share (EPS). The forecasted EPS of a company is based on consensus estimates, not Neuberger Berman’s own projections, and it may or may not be realized. In addition, any revision to a forecast could affect the market price of a security. By quoting them herein, Neuberger Berman does not offer an opinion as to the accuracy of, and does not guarantee, these forecasted numbers. Additionally, these fund statistics are not a forecast of the Fund’s performance. The ratio shown excludes companies with negative EPS. The Fund’s Institutional Class was used to calculate beta, a measure of the magnitude of a fund’s past share price fluctuations in relation to the fluctuations in the stock market (as represented by the fund’s benchmark). While not predictive of the future, funds with a beta greater than 1 have in the past been more volatile than the benchmark, and those with a beta less than 1 have in the past been less volatile than the benchmark. 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. Upside Capture is a statistical measure of an investment manager's overall performance in up-markets. The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager's returns by the returns of the index during the up-market, and multiplying that factor by 100. Downside Capture is a statistical measure of an investment manager's overall performance in down-markets. The down-market capture ratio is used to evaluate how well or poorly an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager's returns by the returns of the index during the down-market and multiplying that factor by 100. 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.

Top 10 Holdings

As of March 31, 2021
Shoei Co Ltd 1.70%
Borregaard ASA 1.70%
Thule Group AB 1.60%
Diploma Plc 1.50%
Sweco AB 1.50%
Corbion NV 1.50%
Interroll Holding AG 1.40%
Colliers International Group 1.40%
Interparfums SA 1.30%
ARB Corp Ltd 1.30%

Top 10 Industries

As of March 31, 2021
Software 9.60%
Chemicals 7.40%
Electronic Equipment, Instruments & Components 7.30%
Health Care Equipment & Supplies 7.10%
Commercial Services & Supplies 5.80%
Machinery 5.70%
Pharmaceuticals 3.90%
Real Estate Management & Development 3.80%
Health Care Technology 3.60%
Life Sciences Tools & Services 3.20%

Management Team

David Bunan
Portfolio Manager
23 Years of Industry Experience
13 Years with Neuberger Berman