短期ハイ・イールド債券ファンド - Neuberger Berman

（日本語参考訳）
ニューバーガー・バーマン
「短期ハイ・イールド債券ファンド」は3周年を迎えました。
従来のハイ・イールド債券ファンドと比較して、
リスクを抑えつつ魅力的なインカムの獲得を追求しています。
2015 年 10 月 21 日（ニューヨーク）－プライベート経営による独立系運用会社であるニュー
バーガー・バーマンは、同社の「短期ハイ・イールド・ファンド」
（以下、当ファンド）が
設定 3 周年を迎えました。当ファンドは、従来のハイ・イールド債券ファンドと比べて、
金利に対する感応度を抑えながら、投資家に高い利回りを提供することを追求しています。
2015 年 9 月 30 日までの 1 年にわたり、当ファンドにおける機関投資家のシェア・クラス
のパフォーマンスは、モーニングスター社（Morningstar Inc.）のハイ・イールド・カテゴ
リー（2015 年 9 月 30 日時点で 771 ファンド）を 239 ベーシス・ポイント上回りました。
当ファンドは、2012 年 9 月 28 日に設定され、平均 28 年以上の業界経験を有するポートフォ
リオ・マネージャーとアナリストで構成される熟練したチームによって運用されています。
ニューバーガー・バーマンの非投資適格クレジット部門のポートフォリオ・チームは、
グローバルの機関投資家や個人投資家から 380 億ドルの受託資産の運用を行っています。
「当ファンドの戦略は、デュレーションが短く、相対的に高格付のハイ・イールド債を
中心に投資をすることにより、変動を抑えつつ魅力的なインカムを追求するものです」と
当ファンドの共同責任者であるラス・コボデ（Russ Covode）は述べています。また「米国
経済と労働市場の改善と個人消費の上昇といったファンダメンタルズは、私たちの資産
クラスにとって明るい材料と考えています。12 月には緩やかな政策金利上昇の可能性が
あると考えていますが、クレジットの質と短期ゾーンにフォーカスすることにより、金利
上昇局面においても良好なパフォーマンス追求が可能とみています」と話しています。
※現在米国籍公募ファンドは、米国居住者以外からの投資は受け付けておりません。
ニューバーガー・バーマンについて
ニューバーガー・バーマンは、1939 年に創業された、従業員が自社株式を保有するプライ
ベート経営の独立系資産運用会社です。株式、債券、プライベート・エクイティ、ヘッジ
ファンド投資等の多岐にわたる資産クラスについて、世界中の機関投資家およびアドバイ
ザー等に運用サービスを提供しています。世界 18 ヶ国においてビジネスを展開し、約 2,100
名以上の従業員を擁しています。2013 年と 2014 年には、Pensions & Investments の「最も
働きやすい資産運用会社」に選出されました。組織の強靭さ、安定性、長期的視点は高い
評価を得ています。またファンダメンタル・リサーチや自立的思考に基づいた投資文化を
備え、育むことを大切にしています。2015 年 6 月 30 日時点における運用資産残高は 2,510
億ドルです。詳細につきましては、当社のウェブサイトをご覧ください。www.nb.com
＜本件に関するお問い合わせ＞
ニューバーガー・バーマン : Alex Samuelson
+1.212.476.5392, [email protected]
上記はニューバーガー・バーマン・グループLLC が作成した英文の記事の日本語による参考訳です。原文と本抄訳の間の差異に関して
は、原文が優先します。
当資料は、情報提供を目的として作成されたものであり、法的、税・会計上または投資のご提案のためのものではなく、また個別の有
価証券等の勧誘等を目的とするものでもありません。当資料は、作成時点において信頼できると思われる情報に基づき作成されていま
すが、その正確性並びに完全性を保証するものではなく、また、当資料の受領者又は最終投資家が当資料に含まれるいかなる情報に基
づきとった行動にも、当社グループは責任を負いません。当資料に含まれる情報は作成時点のものであり、今後予告なく変更されるこ
とがあります。本資料に記載される見通しや意見等は必ずしも弊社グループとしての統一見解ではない場合があることにご注意くださ
い。本資料で記載される特定の金融商品は過去のパフォーマンスは将来の実績を何ら示唆するものではありません。
ニューバーガー・バーマン株式会社
〒100-6511 東京都千代田区丸の内一丁目５番１号
金融商品取引業者関東財務局長（金商）第2094 号
加入協会一般社団法人日本投資顧問業協会、一般社団法人投資信託協会、一般社団法人第二種金融商品取引業協会
Neuberger Berman Group LLC
605 Third Avenue
New York, NY 10158-3698
Tel. 212.476.9000
FOR IMMEDIATE RELEASE
Media Contact: Alex Samuelson, 212 476 5392, [email protected]
Neuberger Berman Short Duration High Income Fund Marks 3-Year
Anniversary; Strategy Seeks to Offer Investors Attractive Income with Lower
Volatility than Traditional High Yield Bond Funds
NEW YORK, October 21, 2015 – Neuberger Berman, a private, independent, employee-owned
investment manager, is pleased to mark the third anniversary of the Neuberger Berman Short
Duration High Income Fund (tickers: NHSAX, NHSCX, NHSIX) (the “Fund”), which seeks to
offer investors a high income strategy with lower sensitivity to interest rates than traditional high
yield bond funds. Over the one-year period ending 9/30/2015, the institutional share class of the
Fund outperformed the Morningstar Inc. high yield category (which contains 771 funds as of
9/30/2015) by 239 basis points.
The Fund, launched Sept. 28, 2012, is managed by a seasoned group of portfolio managers and
analysts averaging 28 years of experience. The portfolio team invests a total of $38 billion in noninvestment grade bond assets globally for U.S. and non-U.S. institutional and individual investors.
“The Fund’s strategy is to seek attractive income with low volatility by investing primarily in short
duration, high quality high yield bonds,” said Russ Covode, co-manager of the Fund. “With an
improving U.S. economy and labor market, and rising consumer spending, the fundamentals appear
positive for our asset class. We believe a modest Fed rate hike in December is possible and with our
focus on credit and short duration high income bonds, the Fund is, in our view, poised to perform
well in a rising rate environment.”
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment
manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for
institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman’s team is more
than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and
2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm
fosters an investment culture of fundamental research and independent thinking. It manages $237
billion in client assets as of September 30, 2015. For more information, please visit our website at
www.nb.com.
###
An investor should consider the Fund’s investment objectives, risks and fees and expenses
carefully before investing. This and other important information can be found in the Fund’s
prospectus and, if available, summary prospectus, which you can obtain by calling
877.628.2583. Please read the prospectus and, if available, the summary prospectus, carefully
before making an investment. Investments could result in loss of principal.
A bond’s value may fluctuate based on interest rates, market conditions, credit quality and other
factors. Generally, bond values will decline as interest rates rise. You may have a gain or a loss if you
sell your bonds prior to maturity. Bonds are subject to the credit risk of the issuer. High-yield bonds,
also known as “junk bonds,” are considered speculative, involve greater risks, may fluctuate more
widely in price and yield, and carry a greater risk of default, than investment-grade bonds. Floating
rates on senior loans only reset periodically, such that changes in prevailing interest rates may cause
fluctuation in the Fund’s net asset value (NAV) and such securities may be more susceptible to
adverse economic, business and other conditions than those with fixed rates, which could reduce
demand for loans. Similarly, a sudden and significant increase in market interest rates, a default in, or
a material deterioration in a borrower’s creditworthiness of, a loan held by the Fund may cause a
decline in the Fund’s NAV. Although senior floating-rate loans are generally collateralized, the value
of collateral could decline causing a loan to be substantially unsecured and access to collateral could
be limited or delayed by bankruptcy or other law. No active trading market may exist for many
loans, loans may be difficult to value and many are subject to restrictions on transfer or resale, which
may result in extended trade settlement periods and may make certain investments less liquid and
also prevent the Fund from obtaining the full value of a loan when sold.
NB Short Duration High Income Fund Investor Class - Total Returns
For Periods Ended September 30, 2015
Expense Ratios
Since Inception Gross Total (Net) Expense
At NAV
YTD
1 Year
3 Year
NB Short Duration High Income Fund Class A
-1.27
-1.68
2.03
2.02
1.24
1.12
NB Short Duration High Income Fund Class C
-1.83
-2.41
1.27
1.26
2.03
1.87
NB Short Duration High Income Fund Institutional Class
-1.00
-1.22
2.40
2.40
0.85
0.75
NB Short Duration High Income Fund Class A
-5.49
-5.83
0.57
0.57
NB Short Duration High Income Fund Class C
-2.79
-3.36
1.27
1.26
BofA Merrill Lynch 0-5 Yr BB-B U.S. H.Y. Constrained Index
-1.26
-1.62
3.41
3.43
Morningstar US OE High Yield Bond Average
-2.16
-3.61
2.89
2.92
With Sales Charge
Performance data quoted represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment will fluctuate so that an
investor’s shares, when redeemed, may be worth more or less than their original cost.
Results are shown on a “total return” basis and include reinvestment of all dividends and
capital gains distributions. Current performance may be higher or lower than the
performance data quoted. For performance data current to the most recent month-end,
please visit www.nb.com/performance.
The inception date for Neuberger Berman Short Duration High Income Fund is 9/28/2012. The
date used to calculate since inception and benchmark performance is that of the Institutional Class.
Average Annual Total Returns with sales charge reflect deduction of current maximum initial sales
charge of 4.25% for Class A shares and applicable contingent deferred sales charges (CDSC) for
Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year.
Total (net) expense represents the total annual operating expenses that shareholders pay (after the
effect of fee waivers and/or expense reimbursement). Neuberger Berman Management LLC
(“NBM”) contractually caps certain direct expenses of the Fund (excluding interest, taxes, brokerage
commissions, acquired fund fees and expenses, dividend expenses relating to short sales, and
extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap)
through 10/31/2018 for Class A at 1.12%, Class C at 1.87% and Institutional Class at 0.75% (each
as a % of average net assets). Absent such arrangements, which cannot be changed without Board
approval, the returns may have been lower. Information as of the most recent prospectus dated
2/28/2015.
Morningstar Average is the average of all the funds in the Morningstar category. The Morningstar
category identifies funds based on their actual investment style as measured by their underlying
portfolio holdings (portfolio statistics and compositions over the last 3 years). This category was
chosen for comparison purposes because the portfolio compositions of the funds in this category
are similar to the composition of the fund over this period. Class A and Class C shares
outperformed the US OE High Yield Bond category for the 1-year time period ending September
30, 2015 by 1.93% and 1.78%, respectively. The US OE High Yield Bond category contained 771
funds for the 1-year time period ended September 30, 2015.
Morningstar ratings and averages are ©2015 Morningstar, Inc. All Rights Reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be
copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any damages or losses arising from any use
of this information. Past performance is no guarantee of future results.
All information is as of June 30, 2015 unless otherwise indicated and is subject to change without
notice. Firm data, including employee and assets under management figures, reflects collective data
for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group
LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to
Neuberger Berman LLC).
The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group
LLC. “Neuberger Berman Management LLC” and the individual fund names in this piece are either
service marks or registered service marks of Neuberger Berman Management LLC. Neuberger
Berman Management LLC, distributor. Member FINRA.
©2015 Neuberger Berman Management LLC. All rights reserved.

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