(PUB) Investing 2016

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7 Morningstar FundInvestor May 2016
Data through April 30, 2016 FINRA members: For internal or institutional use only.
Neuberger Berman International Eq Inv Ticker
NIQVX
Yield
0.4%
Total Assets
$1,452 mil
Mstar Category
Foreign Large Blend
Benchmark 1: MSCI ACWI Ex USA NR USD
Benchmark 2: MSCI ACWI Ex USA NR USD
Morningstar Analyst Rating 04-20-16
„
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price ∞ Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which its
analysts believe lead to funds that are more likely to outperform over the
long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
10.5
11.0
11.5
12.0
12.5
9.5
Historical Profile
Return
Risk
Rating
High
Below Avg
QQQQQ
Highest
4 4 7 7 7 7 7 7 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& & * Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16 History
. . . . . . . 20.59 20.00 20.29 20.39 NAV
. . . . . . . . -2.12 1.90 0.49 Total Return %
. . . . . . . . 1.74 7.56 -1.75 +/- Bmark 1
. . . . . . . . 1.74 7.56 -1.75 +/- Bmark 2
. . . . . . . . 0.72 0.44 0.00 Income Return %
. . . . . . . . -2.85 1.45 0.49 Capital Return %
. . . . . . . . 16 13 31 Total Rtn % Rank Cat
. . . . . . . 0.17 0.15 0.09 0.00 Income $
. . . . . . . . 0.00 0.00 0.00 Capital Gains $
. . . . . . . 1.32 1.26 1.25 . Expense Ratio %
. . . . . . . 1.87 1.29 0.93 . Income Ratio %
. . . . . . . 44 34 25 . Turnover Rate %
. . . . . . . 137 119 116 116 Net Assets $mil
Performance 04-30-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 — — — — —
2013 — -2.39 10.91 4.26 —
2014 1.02 2.16 -5.88 0.76 -2.12
2015 5.50 0.43 -8.68 5.32 1.90
2016 -0.79 — — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 7.60 -2.11 -2.11 18 10,760
6 Mo -0.49 1.26 1.26 10 9,951
1 Yr -5.10 6.18 6.18 7 9,490
3 Yr Avg 3.60 3.62 3.62 7 11,119
5 Yr Avg — — — — —
10 Yr Avg — — — — —
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 3.32 4 0.27 9
5 Yr (estimated) — — — —
10 Yr (estimated) — — — —
Potential Capital Gain Exposure: -11% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -5.10
3 Yr 3.60 High -Avg QQQQQ
5 Yr — — — —
10 Yr — — — —
Incept 4.64
Other Measures Standard Index Best Fit Index
Alpha 3.5 0.9
Beta 0.82 0.89
R-Squared 88 91
Standard Deviation 11.87
Mean 3.60
Sharpe Ratio 0.35
Portfolio Analysis 02-29-16
Total Stocks: 88
Share change since 01-31-16 Sector Country % Assets
RState Str Instl Invt Tr T — — 3.30
Check Point Software Tech Technology Israel 2.44
Sundrug Co Ltd Cnsmr Def Japan 2.30
Lloyds Banking Group PLC Finan Svcs United Kingdom 1.84
Tecan Group Ltd Hlth Care Switzerland 1.80
Nielsen Holdings PLC Industrl United Kingdom 1.79
Givaudan SA Basic Mat Switzerland 1.70
Alimentation Couche-Tard Cnsmr Def Canada 1.68
Bunzl PLC Cnsmr Def United Kingdom 1.68
Keyence Corp Technology Japan 1.59
Toyota Motor Corp Cnsmr Cyc Japan 1.57
DCC PLC Energy United Kingdom 1.54
Roche Holding AG Dividend Hlth Care Switzerland 1.54
SAP SE ADR Technology Germany 1.51
ASML Holding NV Technology Netherlands 1.46
RELX PLC Cnsmr Cyc United Kingdom 1.45
SMC Corp Industrl Japan 1.44
Insurance Australia Group Finan Svcs Australia 1.41
Partners Group Holding AG Finan Svcs Switzerland 1.39
Aon PLC Finan Svcs United States 1.38
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 33.2
Large 34.1
Mid 26.5
Small 5.4
Micro 0.9
Avg $mil:
12,304
Value Measures Rel Category
Price/Earnings 15.56 1.04
Price/Book 2.11 1.30
Price/Sales 1.31 1.16
Price/Cash Flow 6.87 1.20
Dividend Yield % 2.28 0.72
Growth Measures % Rel Category
Long-Term Erngs 9.21 0.97
Book Value 7.61 2.17
Sales 3.94 -3.18
Cash Flow 17.33 3.90
Historical Erngs 5.67 4.20
Composition - Net
Cash 3.3 Bonds 0.0
Stocks 95.4 Other 1.3
Foreign (% of Stock) 97.5
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 40.99 0.92
r BasicMat 9.69 1.28
t CnsmrCyc 11.98 1.05
y FinanSvcs 19.32 0.88
u Real Est 0.00 0.00
j Sensitive 35.79 1.13
i CommSrvs 4.57 0.81
o Energy 2.14 0.34
p Industrl 13.67 1.28
a Technlgy 15.41 1.68
k Defensive 23.22 0.99
s CnsmrDef 12.50 1.11
d Hlthcare 10.72 1.22
f Utilities 0.00 0.00
Regional Exposure % Stock
UK/W. Europe 67 N. America 8
Japan 12 Latn America 0
Asia X Japan 8 Other 5
Country Exposure % Stock
UK 24
Japan 12
Switzerland 12
Germany 10
France 9
Morningstar's Take by Gregg Wolper 04-20-16
Neuberger Berman International Equity's list of solid
attributes keeps growing, earning the fund a Morningstar
Analyst Rating of Silver, upgraded from Bronze.
This fund added another impressive chapter to its
history during the past few years. Both 2014 and 2015
were difficult for funds investing outside of the United
States, owing to worries about modest global growth,
political instability in Europe and elsewhere, and foreign
currency weakness versus the U.S. dollar. Although not
set up as a defensive fund--manager Benjamin Segal tilts
toward growth, prefers mid-caps, and remains fully
invested--this fund has performed admirably during this
stretch. In both years, the fund handily outperformed its
benchmark, the MSCI EAFE Index, as well as the MSCI
ACWI ex-US Index (which includes emerging markets),
and both the foreign large-blend and foreign large-growth
Morningstar Category averages. (The fund's portfolio
typically lies near the border between the two groups.)
Segal prefers mid-caps when he can find ones that
boast sustainable growth rates with strong balance
sheets and impressive management. That gives this
portfolio an uncommon all-cap flavor. In theory, that could
make the fund more volatile than rivals that stick mainly
to household names. But over time the fund's standard
deviation and Morningstar Risk scores are around the
foreign large-blend average, and in some periods are
significantly milder. The stability of the team is another
plus: Segal has been running this fund since the early
2000s (this fund launched in 2005 but a clone--now
merged away--existed long before), and his six-person
analyst group hasn't had a departure since early 2011.
There are two other attractive attributes here. In
order to continue investing meaningfully in mid-caps and
even some small stocks, Segal has closed the fund to
new investors in the past and says it will close again if
assets reach about $5 billion in all vehicles (the figure is
around $3 billion now). Meanwhile, the expense ratio is
reasonable. All told, this fund deserves attention.
Address: Neuberger Berman Equity Funds Minimum Purchase: $1000 Add: $100 IRA: $1000
New York, NY 10158-0006 Min Auto Inv Plan: $1000 Add: $100
800-877-9700 Sales Fees: No-load
Web Address: Management Fee: 0.85% mx./0.70% mn., 0.26%A
Inception: 01-28-13 Actual Fees: Mgt:1.06% Dist:—
Advisor: Neuberger Berman Investment Advisers LLC Expense Projections: 3Yr:$397 5Yr:$686 10Yr:$1511
Subadvisor: None Income Distribution: Annually
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