Mid Cap Growth Fund
Seeks to own mid-sized businesses possessing competitive advantages and potentially under-appreciated catalysts
- Research-driven Mid Cap Growth strategy focused on identifying underappreciated catalysts for future growth
- Bottom-up fundamental approach that strives to be both active, relative to the benchmark, and well diversified
- Led by an experienced and long-tenured portfolio manager and dedicated small- and mid-cap research team
Average Annual Total Returns
- Daily (as of )
- Monthly (as of )
- Quarterly (as of )
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 costs. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gain distributions. Current performance may be lower or higher than the performance data quoted.
Annualized Total Returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% for Class A shares of equity funds and alternative funds (except alternatives funds that invest primarily in fixed income instruments), and 4.25% for Class A shares of fixed income funds and alternative funds that primarily invest in fixed income instruments, and 2.50% for Class A shares of short-term fixed income funds 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. Please see each fund’s prospectus for the applicable sales charge. For funds with less than one year of performance, returns shown are cumulative rather than annualized.
$10,000 Hypothetical Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund since inception. All results include the reinvestment of income dividends and distributions. Returns do not reflect the effect of taxes an investor would pay on Fund distributions or on the redemption of Fund shares. Results represent past performance and do not indicate future results. Performance figures would be reduced if sales charges were applied.
Calendar Year Returns
Performance figures would be reduced if sales charges were applied.
- 3-Year Risk Return Profile
- 3-Year Upside / Downside Capture
3-Year Risk Return Profile
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.
3-Year Upside / Downside Capture
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. 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. 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.
Gross expense ratio represents the total annual operating expenses that shareholders pay. 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; consequently, total (net) expenses may exceed the contractual cap) through 08/31/2024 for Institutional Class at 0.75%, 1.11% for Class A, 1.86% for Class C, 1.36% for Class R3, 0.65% for Class R6, 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 15, 2020, as amended and supplemented.
Figures are derived from FactSet as of the date indicated. The Fund’s Investor Class and Russell Midcap Growth 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. 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 Portfolio. 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.
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. R2 is a statistical measure that explains how two portfolios track each other. R2 has a range of 0 to 1.0. A higher number means the returns are due to market returns. An R2 of 1.0 indicates that the returns are entirely due to market action, while an R2 of 0, means that the Portfolio has no relationship with the market. R2 is a measure of how accurate alpha and beta are. If R2 is low, then Beta may not be a reliable measure. Sharpe Ratio is a measure of the risk adjusted return of a portfolio. The ratio represents the return gained per unit of risk taken. It is calculated by taking the excess return (annualized return less the risk free rate) divided by the standard deviation. To calculate the Sharpe Ratio, we require the time series of returns for the portfolio and the risk free rate returns, but not a benchmark. The Sharpe ratio is useful for comparing the performance of mangers on a risk adjusted basis.
The manager with the higher Sharpe Ratio is considered to have performed better taking risk into account. 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. Tracking error is the standard deviation of the Portfolio’s relative returns (vs. a benchmark). Tracking Error 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. 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. The long-term growth rate is calculated weekly by taking the median of all First Call contributing broker estimates of a company’s projected earnings growth over a period of two to five years. Baseline calculates a dollar-weighted figure at the beginning of each month based on the fund’s portfolio holdings. The long-term growth rate is based on projections, which may or may not be realized.
Top 10 Holdings
|United Rentals, Inc.||1.80%|
|SVB Financial Group||1.80%|
|Burlington Stores, Inc.||1.70%|
|EPAM Systems, Inc.||1.70%|
|Twilio, Inc. Class A||1.60%|
|Generac Holdings, Inc.||1.60%|
|Exact Sciences Corp.||1.50%|
Top 10 Industries
|Semiconductors & Semiconductor Equipment||8.40%|
|Health Care Equipment & Supplies||6.80%|
|Hotels, Restaurants & Leisure||3.90%|
|Life Sciences Tools & Services||3.80%|
|Electronic Equipment, Instruments & Components||3.50%|
|Commercial Services & Supplies||3.00%|