NABIX Fees and Costs — Neuberger Berman Absolute Return Multi-Manager Fund, Institutional Class
Data updated: 2025-03-24
The net expense ratio is 2.04% (2.52% before fee waivers). There are no sales loads or redemption fees. In fiscal 2024 the fund paid $56K in broker commissions, 0.0546% of average net assets, and portfolio turnover was 201%.
NABIX Fees and Expenses
Annual operating expenses and sales charges of NABIX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.60% |
| Gross expense ratio | 2.52% |
| Fee waiver | −0.48% |
| Net expense ratio | 2.04% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NABIX Costs Over Time
On $10,000 invested in NABIX, assuming 5% a year before costs, total costs come to $1,282 over 5 years, cutting the return by 2.20% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 2.04%) | $214 | $661 | $1,133 |
| Trading costs (broker commissions) | $6 | $18 | $30 |
| Lost growth on money paid in costs | $0 | $34 | $119 |
| Total costs | $220 | $712 | $1,282 |
| Value after costs | $10,280 | $10,864 | $11,481 |
| Impact on return, per year | 2.20% | 2.20% | 2.20% |
NABIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0546%
- Total broker commissions: $56K
- Bought from dealers (principal trades, not a cost): $256.5M
- Portfolio turnover (prospectus): 201%
- Securities lending: none during the year
NABIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $7K | 19.72% |
| JonesTrading Institutional Services LLC | $6K | 15.78% |
| Goldman Sachs & Co. LLC | $5K | 13.56% |
| Morgan Stanley & Co. LLC | $4K | 11.92% |
| BTIG, LLC | $3K | 7.96% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $3K | 7.01% |
| Cowen and Company | $2K | 6.80% |
| Oppenheimer & Co. Inc. | $2K | 5.99% |
| Societe Generale | $2K | 5.70% |
| TJM Investments, LLC | $2K | 5.55% |
NABIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $252.3M | 98.36% |
| RBC Capital Markets, LLC | $1.4M | 0.55% |
| Beech Hill Securities, Inc. | $971K | 0.38% |
| MMC Securities LLC | $500K | 0.19% |
| HOWDEN TIGER CAPITAL MARKETS & ADVISORY, LLC | $500K | 0.19% |
| AON Securities LLC | $250K | 0.10% |
| Bay Crest Partners, LLC | $203K | 0.08% |
| BTIG, LLC | $149K | 0.06% |
| Cantor Fitzgerald & Co. | $136K | 0.05% |
| Barclays Capital, Inc. | $91K | 0.04% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.