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Unconstrained Bond Fund

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Mutual Fund > Fixed Income > Unconstrained Bond Fund

Unconstrained Bond Fund

An absolute return-type approach that seeks to produce positive returns

  • Unconstrained, absolute return strategy which seeks to generate performance regardless of the direction of fixed income markets, including interest rates
  • Disciplined, relative value approach to sector allocation and research-driven security selection applied globally to interest rates, credit sectors and currencies
  • Fund portfolio managers average 25+ years of experience, backed by 170+ member team in 8 global locations overseeing over $151 billion in fixed income assets

Pricing/Performance

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Product Characteristics

As of

Total (net) expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s investment 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 Class A at 1.02%, Class C at 1.77%, Institutional Class at 0.65% and Class R6 at 0.55% (each as a % 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 prospectus dated February 28, 2020 as amended and supplemented.

Average Effective Duration can be a useful tool in measuring the price sensitivity of the portfolio to changes in interest rates and measures the % change in price for a 100 bps of shift in interest rates. Unlike other measures of duration, average effective duration takes into account any optionalities (e.g. whether the instrument is callable at a certain price) embedded within each security in the portfolio. Generally, the larger the duration, the more sensitive the portfolio will be to a change in interest rates. Instruments with higher effective durations often carry more risk and have higher price volatility than those 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, and Institutional Class are -5.37%, -5.71%, -4.91% and -4.55%, respectively.

Management Team

Thanos Bardas, PhD
Co-Head of Global Investment Grade Fixed Income
22 Years of industry experience
22 Years with Neuberger Berman
Ashok Bhatia, CFA
Deputy Chief Investment Officer—Fixed Income
27 Years of industry experience
3 Years with Neuberger Berman
David M. Brown, CFA
Co-Head of Global Investment Grade Fixed Income
29 Years of industry experience
17 Years with Neuberger Berman
Jon Jonsson
Senior Portfolio Manager—Global Fixed Income
25 Years of industry experience
6 Years with Neuberger Berman
Ugo Lancioni
Head of Global Currency
25 Years of industry experience
12 Years with Neuberger Berman
Nathan Kush
Portfolio Manager
19 Years of industry experience
19 Years with Neuberger Berman
Brad Tank
Chief Investment Officer—Fixed Income
39 Years of industry experience
17 Years with Neuberger Berman