Neuberger Berman Multi-Style Premia Fund

C000199230 Fund Overview

Neuberger Berman Multi-Style Premia Fund is a US mutual fund managed by Neuberger Berman Alternative Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Neuberger Berman Alternative Funds
• Category: Money Market
• Assets under management: $15.67M
• SEC CIK: 0001317474
• SEC series ID: S000061525
• Share class ID: C000199230

C000199230 Investment Objective and Strategy

Neuberger Berman Multi-Style Premia Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Neuberger Berman Alternative Funds.

Investment objective

The Fund seeks absolute (i.e., positive) returns.

Principal investment strategy

The Fund seeks to achieve its goal by providing exposure to certain investment styles or factors associated with different asset classes (Factors). The Factors are based on the Portfolio Managers market views on a variety of asset classes, in an attempt to drive returns across and within such asset classes by identifying and capitalizing upon market risk premiums, inefficiencies and market trends and biases. The Portfolio Managers select Factors for each asset class based on their expectations that a particular Factor will provide a persistent source of returns with low correlation to traditional long-only equity and fixed income markets. The Factors employed by the Portfolio Managers include, but are not limited to, value, momentum, quality, income/carry, curve, low risk and volatility. The Fund will make long investments in securities and other financial instruments that the Portfolio Managers believe have high exposure to certain Factors and short investments in securities and other financial instruments that the Portfolio Managers believe have low exposure to certain Factors.

The Portfolio Managers intend to hold some offsetting long and short positions designed to reduce the Funds overall investment exposure and sensitivity to directional market movements. Short positions involve selling a security the Fund does not own or buying a derivative on a security in anticipation that the securitys price will decline. The Portfolio Managers employ a quantitative investment style primarily implemented through a wide-ranging approach that seeks to enhance and broaden the sources of portfolio returns using a disciplined, rules-based process. Under normal circumstances, the Fund will invest in a variety of asset classes, including, but not limited to: (i) equity securities of companies of any market capitalization throughout the world (including non-U.S. and emerging markets), which may include common and preferred stocks, real estate investment trusts (REITs), and depositary receipts; (ii) fixed income securities; (iii) currencies; (iv) commodities and (v) interest rates.

The Fund may take both long and short positions in securities of, and derivative contracts on, each of the asset classes listed above. The Fund may invest without restriction as to issuer capitalization, country, currency, maturity, duration or credit rating; however, the Fund typically will not invest in lower-rated debt securities. The Fund may also obtain investment exposure to these asset classes through investments in exchange traded funds (ETFs) or other investment companies, including those managed by the Manager. The Fund will achieve its exposure to any asset class by using derivatives or holding those assets directly. The Fund may use derivatives, without limitation, and primarily may use four categories of derivatives: (i) future contracts based on securities, indices, interest rates, currencies, commodities and other assets; (ii) forward contracts on securities, indices, currencies, commodities and other assets; (iii) call and put options on securities, indices, futures contracts, interest rates, commodities and currencies; and (iv) swaps, such as total return swaps on securities or indices or interest rate swaps (including constant maturity swaps).

Derivatives may be used in an effort to enhance returns; manage or adjust the risk profile of the Fund or the risk of individual positions; replace more traditional direct investments; obtain or reduce exposure to certain markets; establish net short or long positions; adjust the duration of fixed income securities; or alter the Funds exposure to markets, currencies, interest rates, sectors and issuers. The Fund seeks to gain exposure to the commodity markets by investing, directly or indirectly, in futures contracts and/or forwards on individual commodities and other commodity-linked derivative instruments. The performance of these commodity-linked derivative instruments is expected to correspond to the performance of the commodity underlying the derivative instrument, allowing the Fund to gain investment exposure to commodities without having to invest in them directly.

Although the Fund may make these investments in commodity-linked derivative instruments directly, the Fund expects to gain exposure to these investments primarily by investing in a wholly owned subsidiary of the Fund formed in the Cayman Islands (Subsidiary). The Subsidiary is managed by Neuberger Berman Investment Advisers LLC and has the same investment goal as the Fund. The Subsidiary may invest without limitation in commodity-linked derivative instruments. The Subsidiary also may invest in fixed income securities, cash or cash equivalent instruments, or money market mutual funds, some of which may serve as collateral for the Subsidiarys derivative instruments. The Fund will not invest more than 25% of the value of its total assets in the Subsidiary at the end of any quarter of its taxable year.

The Factors employed by the Fund include, but are not limited to: Value : The Value Factor seeks to buy assets that the Portfolio Managers identify as cheap and sell those that the Portfolio Managers identify as expensive, in an effort to capture the tendency that cheap assets tend to outperform relatively expensive assets over time. Momentum : The Momentum Factor seeks to buy assets that have performed relatively well compared to those that have underperformed in the recent past, in an effort to capture the tendency that winners will continue to outperform losers in the near future. Quality : The Quality Factor seeks assets with strong fundamentals, in an effort to capture the tendency that such assets tend to outperform in volatile markets. Income/Carry : The Income/Carry Factor seeks high quality assets with higher yield than those with lower yield, in an effort to capture the tendency for higher-yielding assets to provide higher total return than lower-yielding assets.

Curve : The Curve Factor seeks returns from buying futures contracts with a relative discount for future delivery and selling futures contracts with a relative premium for future delivery. Low Risk : The Low Risk Factor aims to capture the tendency for assets with lower statistical measures of price variability to outperform assets with higher statistical measures of price variability over time. Volatility : The Volatility Factor seeks to capture options premiums, primarily by writing put options, since the prices of options are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility. In a put writing strategy, the Fund (as the seller of the option) receives premiums from the purchaser of the option in exchange for providing the purchaser with the right to sell the underlying instrument to the Fund at a specific price (i.e., the exercise price or strike price).

The Volatility Factor will also be expressed through long and short futures positions. Long futures positions will be increased based on bullish price trends, and short futures positions will be increased in response to bearish price trends. The tendencies, trends and expectations described above are based on historical data; there is no assurance that they will play out in a similar fashion or in each instance in the future. The Fund is non-diversified and thus may invest a greater percentage of its assets in a single issuer than a diversified fund. The Portfolio Managers have considerable latitude in selecting the Funds investments and may adjust the Funds portfolio and overall risk profile by making tactical decisions to overweight or underweight particular asset classes or sectors based on their outlook on the global economy and markets.

The Portfolio Managers may adjust the Funds overall exposure, including by making changes to the allocations among asset classes, and there is no requirement as to the percentage of the Funds assets that must be invested in any asset class. The Funds use of derivative instruments and short sales will result in leverage, which amplifies the risks that are associated with these markets. Because the Fund will use derivative instruments to gain investment exposure to a variety of asset classes, and because these derivative instruments will not require the Fund to deposit the full notional amount (i.e., the aggregate market value of the underlying reference asset) of the investment, the Fund will invest a significant amount of its total assets in fixed income instruments, money market mutual funds and ETFs; thus its investments in derivative instruments generally will not constitute a significant amount of its total assets, even though its notional exposure may equal or exceed 100% of the Funds total assets, sometimes by a significant amount.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

C000199230 Costs and Fees

C000199230 costs about $89 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.89%
• Gross expense ratio: 17.51%
• Portfolio turnover: 103%
• Brokerage commissions: 3.67 bps of average net assets (SEC N-CEN)

C000199230 Cashflows

Over the 12 months to 2020-01, Neuberger Berman Multi-Style Premia Fund had net inflows of $1.56M, from monthly SEC N-PORT filings.

C000199230 Debt Constituents

No individual debt constituents are reported in Neuberger Berman Multi-Style Premia Fund's latest SEC N-PORT filing.

C000199230 Prospectus and SEC Filings

Official Neuberger Berman Multi-Style Premia Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-18
• Prospectus (485BPOS) — filed 2019-03-18
• Prospectus supplement (497) — filed 2018-12-21
• Portfolio holdings (N-PORT) — filed 2020-03-30
• Portfolio holdings (N-PORT) — filed 2019-12-18
• Annual census (N-CEN) — filed 2020-01-10
• Annual census (N-CEN) — filed 2019-01-14

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.