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Large Cap Value Fund

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Mutual Fund > Equity > Large Cap Value Fund

Large Cap Value Fund

Conviction-based, value with a catalyst investment approach

  • A distinct emphasis on industries with capital and capacity constraints
  • Employs bottom-up research to identify catalysts that we believe have the potential to return below-normal earnings to normalized levels within 12-18 months
  • Experienced portfolio manager with over 29 years of experience

Pricing/Performance

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Product Characteristics

As of

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, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) through 8/31/2024 for Institutional Class at 0.70%, 1.11% for Class A, 1.86% for Class C, 1.36% for Class R3, 0.60% for Class R6, 0.60% for Trust Class, and 1.50% for Advisor Class (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 12/15/2020 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 not a forecast of the Fund’s performance and 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. The ratio shown excludes companies with negative EPS. The Return on equity (ROE) is a percent yield that indicates a company’s profitability accruing to equity holders. ROE reveals how much profit a company generates with the money shareholders have invested. Return on equity is determined by dividing net income by total common equity. The Fund’s Investor Class and S&P 500 Index were 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. 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
JPMorgan Chase 3.20%
Berkshire Hathaway Class B 2.90%
AON Plc Class A Common Stock 2.50%
General Electric 2.40%
Exxon Mobil 2.20%
Bank Of America 2.20%
BHP Billiton ADR 2.10%
Cisco Systems 2.00%
Intel Corp. 2.00%
Emerson Electric 1.80%

Top 10 Industries

As of March 31, 2021
Banks 14.20%
Metals & Mining 10.40%
Oil, Gas & Consumable Fuels 8.10%
Insurance 7.70%
Machinery 5.90%
Diversified Financial Services 4.20%
Chemicals 3.70%
Aerospace & Defense 3.00%
Industrial Conglomerates 3.00%
Hotels, Restaurants & Leisure 2.40%

Management Team

Eli M. Salzmann
Senior Portfolio Manager
34 Years of Industry Experience
10 Years with Neuberger Berman
David Levine
Portfolio Manager
27 Years of Industry Experience
27 Years with Neuberger Berman