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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 1,146 Large Value Funds, based on risk-adjusted total returns. As of 3/31/22. ©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)
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Get Diversified with an Active, True Value Manager
We believe 2022 will be markedly different than last year—characterized by high asset valuations, inflation, rising rates, increasing volatility and less accommodative Fed policy. 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
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 March 31, 2022.
Record Spreads Provide Attractive Entry Point for Value Investors
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.
Why Neuberger Berman Large Cap Value Fund (NBPIX)?
Top-Decile3 Long-Term Performance
Performance relative to Large Value peers on a YTD, 3-, 5- and 10-year basis, respectively.
Risk Mitigation
Over the last 5 years, the Fund (NBPIX) has captured 74.3% of downside versus 97.0% for the Morningstar Large Cap Value category.1
Pure-Play Value
With 594 bps and 546 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 March 31, 2022)4
Chart 4 Chart 3
For the 5-Year Time Period Ended 3/31/22*
+546bps
ALPHA
1.00
BETA (VS. RUSSELL
1000 VALUE INDEX)
103.9%
UP-CAPTURE RATIO
74.3%
DOWN-CAPTURE RATIO
+596bps
OUTPERFORMANCE VS. RUSSELL
1000 VALUE INDEX
INSIGHTS
Large Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.
READ MORE
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.
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
35 Years of Industry Experience
11 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.