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The Value of "Value" in Today's Environment

Neuberger Berman Large Cap Value Fund (NBPIX)
★ ★ ★ ★ ★
Morningstar Rating™

Overall rating out of 1,154 Large Value Funds, based on risk-adjusted total returns. As of 9/30/22. ©2022 Neuberger Berman BD LLC.
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)

Get Diversified with an Active, True Value Manager
As inflation continues to persist, we believe the ingredients of rising rates, volatility and a less accommodative Fed policy are present for value to lead the market going forward. While traditional catalysts for value still exist, investing with a true value manager will be critical to help portfolios stay diversified.
Steady Flow of Assets into Large Core/Growth Categories
Large Cap Value 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 5:1,1 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 time2
Chart 2
As of September 30, 2022.
Record Spreads Provide Attractive Entry Point for Value Investors
Ratio: Russell 1000 Growth Index to Russell 1000 Value Index
Chart 3
Inflation Inflection: Expectations for Value
(2:22) Eli Salzmann, Lead Portfolio Manager, Large Cap Value, explains how Value can take advantage of inflation.
Positioning for a Downturn with Value
Positioning for a Downturn with Value

In a recent conversation with Barron’s, Eli Salzmann Senior Portfolio Manager, Neuberger Berman Large Cap Value Fund, discussed where he is finding value today and how he believes investors could position their portfolios defensively for an impending U.S. recession.

Why Neuberger Berman Large Cap Value Fund (NBPIX)?
Top-Decile3 Long-Term Performance
Performance relative to Large Value peers on a 3-, 5- and 10-year basis, respectively.
Risk Mitigation
Over the last 5 years, the Fund (NBPIX) has captured 78.5% of downside versus 97.5% for the Morningstar Large Cap Value category.1
Pure-Play Value
With 619 bps and 505 bps of alpha on a 3- and 5-year basis, respectively, versus the Russell 1000 Value Index,1 the Fund (NBPIX) has historically had low exposure to growth sectors such as technology, maintaining a disciplined value approach.
NBPIX Morningstar Percentile Rankings (Periods ending September 30, 2022)4
Chart 4  Chart 3
For the 5-Year Time Period Ended 9/30/22*
Large Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.
Value Can Potentially Outperform Even if Growth Slows
We believe value is likely to outperform growth over the coming years—and threats to economic growth from inflation, rate hikes and geopolitical risks do not change our view.
For general questions about the Large Cap Value Fund, contact your Neuberger Berman representative.
Eli M. Salzmann
Senior Portfolio Manager
37 Years of Industry Experience
13 Years with Neuberger Berman
David Levine, CFA
Portfolio Manager
29 Years of Industry Experience
29 Years with Neuberger Berman
Eli M. Salzmann, Senior Portfolio Manager
Eli Salzmann, Managing Director, joined the firm in January 2011. Eli is the lead Portfolio Manager for the US Large Cap Value strategies. He has been managing the Large Cap Value Institutional portfolios since March 2011 and the Large Cap Value mutual fund (NBPIX) since January 2012. 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 the New York University Stern School of Business and a BA from Princeton University.
David Levine, CFA, Portfolio Manager
David Levine, CFA, Managing Director, 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.