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The Window for Value Is Open

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The Window for Value Is Open

Neuberger Berman Large Cap Value Fund (NBPIX)

★ ★ ★ ★ ★
Morningstar RatingTM

Overall rating out of 1,138 Large Value Funds as of March 31, 2021. Morningstar calculates a Morningstar rating based on a risk-adjusted total return.
NBPIX (Institutional Class) is subject to investor eligibility requirements. Important information on eligibility, expenses and performance for other Fund share classes can be found here: Institutional Class (NBPIX), Class A (NPNAX), Class C (NPNCX), Class R6 (NRLCX), Class R3 (NPNRX), Investor Class (NPRTX), Trust Class (NBPTX), Advisor Class (NBPBX)
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WEBINAR
Can the Value Resurgence Continue?
Tuesday, June 22, 2021 | 1:00 PM ET After value stocks posted impressive returns during Q1 2021, many investors may be left wondering how much room the current rally has left to run. Join us as Eli Salzmann, Senior Portfolio Manager, Neuberger Berman Large Cap Value Fund, and David Levine, Portfolio Manager, Neuberger Berman Large Cap Value Fund, lead a timely discussion on why they believe the current environment will continue to favor value investors.
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Is It Time to Reconsider Your Allocation to Value?
After an unprecedented period of growth outperforming value, and with the valuation spreads between the two near all-time highs, we believe the current environment favors value investors. Given that value has historically outperformed during periods of economic acceleration, inflation and rising rates, we believe the current value rally still has room to run.
Record Spreads Provide Attractive Entry Point for Value Investors
Chart 1
Are Your Clients Overexposed to Growth?
Following the multiyear dominance of growth stocks, and with large blend and growth assets outnumbering value by almost 5:1,3 it's not surprising that individual portfolios may have become overexposed to the large cap growth names that are heavily concentrated in both the S&P 500 and Russell 1000 Growth indexes. This may leave investors' portfolios less diversified than previously thought.
S&P 500 and Russell 1000 Growth Indexes Have Considerable Overlap
Market Concentration - % of the index in the top 5 names over time4
Chart 2
As of March 31, 2021.
Large Cap Value – Can the Resurgence Continue?
(3:46) With 30 years of value investing experience, Senior Portfolio Manager Eli Salzmann discusses why the current environment favors value investors and why he believes the current value rally still has room to run.
Why Neuberger Berman Large Cap Value Fund (NBPIX)?
Top-Decile5 Performance
Performance relative to Large Value peers for all time periods since Eli Salzmann became portfolio manager of the Fund in January of 2012.
Risk Mitigation
Over the last 5 years, the Fund (NBPIX) has captured 78.5% of downside versus 98.1% for the Morningstar Large Cap Value category.6
Pure-Play Value
With 602 bps and 792 bps of alpha on a 3- and 5-year basis, respectively, versus the Russell 1000 Value Index,7 the Fund (NBPIX) has historically had low exposure to growth sectors such as technology, maintaining a disciplined value approach.
Chart 3
NBPIX Morningstar Percentile Rankings (Periods ending March 31, 2021)8
Chart 3 Mobile Version
For the 5-Year Time Period Ended 3/31/21*
+602bps
ALPHA
1.02
BETA (VS. RUSSELL
1000 VALUE INDEX)
109.5%
UP-CAPTURE RATIO
75.3%
DOWN-CAPTURE RATIO
+693bps
OUTPERFORMANCE VS. RUSSELL
1000 VALUE INDEX
+237bps
OUTPERFORMANCE VS.
S&P 500 INDEX
INSIGHTS
Why We Believe Value Still Has Value
Here are three reasons why many investors have neglected value stocks for so long—and why we think each one of them is wrong.
READ MORE
This Highly Rated Value Fund Is Crushing the Market as a Long-Awaited Rotation Kicks Into Gear
The sharp pullback in high-flying tech stocks has taken a significant bite out of the major indexes, but the rotation under the market’s surface has thrust some long-quiet value funds into market leadership.
READ MORE
CONTACT US
For general questions about the Large Cap Value Fund, contact your Neuberger Berman representative.
advisor@nb.com
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
Eli M. Salzmann, Senior Portfolio Manager
Eli M. Salzmann, Managing Director, is the lead Portfolio Manager for Large Cap Value. Prior to joining the firm, Eli spent nearly 14 years at Lord Abbett & Co. LLC as the lead portfolio manager, partner and director of large cap value. Eli received an MBA from New York University and a BA from Princeton University.
David Levine, Portfolio Manager
David Levine, CFA, Senior Vice President, is an Associate Portfolio Manager on the Large Cap Value fund. Since joining the firm’s Risk Arbitrage group in 1995, he has held a number of other portfolio management positions for multiple portfolio management teams, serving institutional and mutual fund clients. David earned a Bachelor’s of Engineering from The Cooper Union for the Advancement of Science and Art, and has been awarded the Chartered Financial Analyst designation.