ニューバーガー・バーマン・絶対収益型マルチ・マネージャー・ファンド

(日本語参考訳)
ニューバーガー・バーマン・
絶対収益型マルチ・マネージャー・ファンド、
ミューチュアル・ファンド型ヘッジファンドへの
高い需要を追い風に運用資産額 10 億ドルを達成
2014 年 3 月 20 日（ニューヨーク）－世界有数の独立系資産運用会社ニューバー
ガー・バーマン・グループ LLC（以下「ニューバーガー・バーマン」）は、同
社絶対収益型マルチ・マネージャー・ファンド（以下「当ファンド」）の運用資
産額が 10 億ドルに達しましたことをお知らせ致します。当ファンドは、一般的
なヘッジファンド投資に比べ、低い報酬及び最低投資額でトップクラスのヘッジ
ファンド・マネージャーへの投資の機会を提供致します。
当ファンドは、ファンド・オブ・ヘッジファンド戦略の運用で豊富な経験を誇る、
ニューバーガー・バーマン・ヘッジファンド・ソリューション・チームにより
2012 年 5 月 15 日に設定されました。同チームは、特徴あるオルタナティブ戦略
を採用する複数のヘッジファンドへ分散投資を行います。当ファンドは、一般投
資家向けに提供されており、成功報酬は徴収されません。また日次の解約が可能、
低水準に設定された最低投資額、ポートフォリオに対する完全な透明性の確保を
特色としています。
さらに当ファンドは、典型的なヘッジファンドに比べ魅力的な報酬体系で真のヘ
ッジファンド戦略を提供致します。伝統的なロング・オンリー戦略を採用するミ
ューチュアル・ファンドに比べ、当ファンドを含むオルタナティブ戦略のミュー
チュアル・ファンドは、高い運用報酬が設定される傾向にあります。しかし当フ
ァンドは、成功報酬につきましてはサブ・アドバイザー及びポートフォリオ・レ
ベルでは徴収しておりません。この大幅な報酬の削減は、長期的には投資家への
利益還元につながります。
投資家は、オルタナティブ戦略のミューチュアル・ファンドへ直接又は退職金制
度を通して投資することが可能です。既に当ファンドは、直接又はフィナンシャ
ル・アドバイザー経由でこのような退職金制度に採用されています。中小規模の
年金制度を顧客としている大手投資顧問業者（RIA）は、確定拠出型年金の投資
対象にオルタナティブ戦略のミューチュアル・ファンドを追加し始めています。
退職年金制度対象者にとって、オルタナティブ・ファンドが単一の投資選択商品
として、または制度対象期間内での投資構成商品として採用することが可能とな
ります。
当ファンド共同運用責任者のデビッド・カッパーマン（David Kupperman）は
「ニューバーガー・バーマン・絶対収益型マルチ・マネージャー・ファンドへの
関心が高まっていることを嬉しく思っています。そして我々はミューチュアル・
ファンド型のオルタナティブ戦略が、従業員に対して、退職金貯蓄の一翼を担う
幅広い投資ソリューションの提供を模索する、確定拠出型年金に受け入れられる
傾向が高まると確信しています。」と述べています。
モーニングスター社のファンド・トラッカーによると、同社マルチ・オルタナテ
ィブ・カテゴリー271 ファンド中、当ファンドの Class A、Class C、そして
Institutional class は、2014 年 3 月 3 日までの過去一年で各々上位 10%、13%、9%
に入っております。そして設定来から 2014 年 3 月 3 日まででは、Class A 、
Class C 、そして Institutional class は各々上位 28%、36%、25%にランクインして
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。
本件に関するお問い合わせ
Alexander Samuelson, +1.212.476.5392, mailto:[email protected]
＜ニューバーガー・バーマンについて＞
ニューバーガー・バーマンは創設75年を誇るプライベート経営による独立系資産
運用会社です。株式、債券、オルタナティブ等の多岐にわたる資産クラスについ
て、世界各国の機関投資家、アドバイザー及び個人投資家にインカム、グロース
及び元本確保等の個別の投資ニーズに則したソリューションを提供しております。
また世界16ヶ国に2,000名以上の従業員を擁し、Pensions & Investmentsの「2013 Best
Place to Work in Money Manager」に選出されました。長期安定にフォーカスし、
独自の思考に基づく投資カルチャーを提供しております。グループにおける資産
運用残高は2,420億ドル（2013年12月末現在）です。詳細につきましては、
www.nb.comをご参照ください。
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。
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 ABSOLUTE RETURN MULTI-MANAGER
FUND SEES ASSETS PASS $1 BILLION AS INVESTORS EMBRACE
HEDGE FUND MUTUAL FUNDS
NEW YORK, March 20, 2014 – Neuberger Berman Group LLC, one of the world’s leading
employee-controlled investment managers, is pleased to announce that Neuberger Berman Absolute
Return Multi-Manager Fund (tickers: NABAX, NABCX, NABIX, NRABX) (the “Fund”), which
offers investors access to top hedge fund managers at substantially lower fees and account
minimums than typical hedge fund investments, has exceeded $1 billion in assets under
management.
Launched on May 15, 2012, the Fund is managed by members of the Neuberger Berman Hedge
Fund Solutions team, which has significant experience managing fund-of-hedge fund strategies. The
team allocates Fund assets to multiple hedge fund advisers that employ distinct alternative
investment strategies. The Fund is available to retail investors, does not charge performance-based
management fees, offers daily liquidity, has lower investment minimums and full transparency of
portfolio holdings.
The Fund delivers true hedge fund strategies with a more attractive fee structure than traditional
hedge funds. As is typical for mutual funds that employ alternative strategies, the Fund may charge a
higher management fee than most traditional long-only mutual funds but, the Fund does not charge
a performance fee at the subadviser or overall portfolio level. This fee structure gives investors the
opportunity to net more of the returns achieved by the hedge fund subadvisers. Over time, this
significant reduction in fee burden should compound to the benefit of clients.
Investors are gaining exposure to alternative mutual funds directly and through retirement plans.
The Fund has been adopted by plan sponsors—either directly or through financial advisors. Certain
large RIAs working with small to mid-sized plan sponsors have begun to add alternatives mutual
funds into their defined contribution plan’s investment line-up. Alternative funds can be used as a
single investment option for plan participants or as a component within a target date solution.
“We’re gratified by the growing investor interest in the Neuberger Berman Absolute Return MultiManager Fund and believe alternatives strategies in a mutual fund format will increasingly be
embraced by defined contribution plans as they seek to provide a full range of investment solutions
to employees saving for retirement,” said David Kupperman, co-manager of the Fund.
According to fund tracker Morningstar Inc., the Fund’s Class A (NABAX), Class C (NABCX) and
Institutional class (NABIX) shares rank in the 10th, 13th, and 9th percentiles, respectively, for the
past one-year period through March 3, 2014, out of 271 funds in its multi-alternative category. From
inception through March 3, 2014, the Fund’s NABAX, NABCX, and NABIX class shares rank in
the 28th, 36th, and 25th percentiles, respectively.
About Neuberger Berman
Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager.
The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions,
advisors and individuals worldwide. With offices in 16 countries, Neuberger Berman’s team is
approximately 2,000 professionals and the company was named by Pensions & Investments as a 2013
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 $242 billion in
client assets as of December 31, 2013. 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 or summary prospectus, which you can obtain by calling 877.628.2583. Please read
the prospectus or, if available, summary prospectus carefully before making an investment.
The Fund’s performance will largely depend on what happens in the equity and fixed income
markets. Shares of the Fund may be worth more or less upon redemption. The actual risk exposure
taken by the Fund will vary over time, depending on various factors, including Neuberger Berman’s
methodology and decisions in allocating the Fund’s assets to subadvisers, and its selection and
oversight of subadvisers. The subadvisers’ investment styles may not always be complementary,
which could adversely affect the performance of the Fund. Some subadvisers have little experience
managing registered investment companies which, unlike the hedge funds these managers have been
managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal
and tax-related restrictions on their investments and operations.
The Fund’s returns may deviate from overall market returns to a greater degree than other mutual
funds that do not employ an absolute return focus. Thus, the Fund might not benefit as much as
funds following other strategies during periods of strong market performance. A subadviser may use
strategies intended to protect against losses (i.e., hedged strategies), but there is no guarantee that
such hedged strategies will be used or, if used, that they will protect against losses, perform better
than nonhedged strategies or provide consistent returns.
Event-driven strategies that invest in companies in anticipation of an event carry the risk that the
event may not happen or may take considerable time to unfold, it may happen in modified or
conditional form, or the market may react differently than expected to the event, in which case the
Fund may experience losses. Additionally, event-driven strategies may fail if adequate information
about the event is not obtained or such information is not properly analyzed. The actions of other
market participants may also disrupt the events on which event-driven strategies depend. Arbitrage
strategies involve the risk that underlying relationships between securities in which investment
positions are taken may change in an adverse manner or in a manner not anticipated, in which case
the Fund may realize losses. The Fund’s use of event-driven and arbitrage strategies will cause it to
invest in actual or anticipated special situations—i.e., acquisitions, spin-offs, reorganizations and
liquidations, tender offers and bankruptcies. These transactions may not be completed as anticipated
or may take an excessive amount of time to be completed. They may also be completed on different
terms than the subadviser anticipates, resulting in a loss to the Fund. Some special situations are
sufficiently uncertain that the Fund may lose its entire investment in the situation.
The value of certain securities will fluctuate based on interest rates, market conditions, credit quality
and other factors. Generally, values of fixed income securities will decline as interest rates rise. When
interest rates are low, issuers of certain fixed income securities will often repay the obligation
underlying a “callable security” early, in which case the Fund may have to reinvest the proceeds in an
investment offering a lower yield and may not benefit from any increase in value that might
otherwise result from declining interest rates. The Fund’s performance could be affected if
unexpected interest rate trends cause the Fund’s mortgage- or asset-backed securities to be paid off
earlier or later than expected, shortening or lengthening their duration. An increase in market
interest rates would likely extend the effective duration of mortgage-backed securities, thereby
magnifying the effect of the rate increase on the securities’ price. Unlike mortgage-related securities
issued or guaranteed by agencies of the U.S. government or government-sponsored entities,
mortgage-related securities issued by private issuers do not have a government or governmentsponsored entity guarantee (but may have other credit enhancement features), and may, and
frequently do, have less favorable collateral, credit risk or other underwriting characteristics. These
securities potentially offer higher interest rates than agency-backed mortgaged-backed securities, but
require careful analysis of quality in an effort to protect against risk of non payment of principal
and/or interest.
Stock markets are volatile and may decline significantly in response to adverse issuer, political,
regulatory, market or economic developments. To the extent that the Fund sells stocks before they
reach their market peak, it may miss out on opportunities for higher performance. Small- and midcapitalization stocks trade less frequently and in lower volume than larger company stocks and thus
may be more volatile and more vulnerable to financial and other risks. Investing in foreign securities
may involve greater risks than investing in securities of U.S. issuers, such as currency fluctuations,
potential social, political or economic instability, restrictions on foreign investors, less stringent
regulation and less market liquidity. Securities issued in emerging market countries may be more
volatile and less liquid than securities issued in foreign countries with more developed economies or
markets as such governments may be less stable and more likely to impose capital controls as well as
impose additional taxes and liquidity restrictions. Exchange rate exposure and currency fluctuations
could erase or augment investment results. Funds may hedge currency risks when available, though
the hedging instruments may not always perform as expected.
Derivatives contracts on non-U.S. currencies are subject to exchange rate movements. The risks
involved in seeking capital appreciation from investments primarily in companies based outside the
United States are set forth in the prospectus. Shares in a fund may fluctuate based on interest rates,
market condition, credit quality and other factors. In a rising interest rate environment, the value of
a fund’s fixed-income investments is likely to fall.
Derivatives may involve risks different from, or greater than, those associated with more traditional
investments. Investments in the over-the-counter (“OTC”) market introduce counterparty risk due
to the possibility that the dealer providing the derivative may fail to timely satisfy its obligations.
Investments in the futures markets also introduce the risk that its futures commission merchant
(“FCM”) may default on its obligations including the FCM’s obligation to return margin posted in
connection with a fund’s futures contracts. Short sales, selling a security a fund does not own in
anticipation that the security’s price will decline, theoretically presents unlimited risk on an individual
stock basis, since a fund may be required to buy the security sold short at a time when the security
has appreciated in value. Leverage may amplify changes in a fund’s net asset value. ETFs are subject
to tracking error and may be unable to sell poorly performing stocks that are included in their index.
ETFs may trade in the secondary market at prices below the value of their underlying portfolios and
may not be liquid. The use of options involves investment strategies and risks different from those
associated with ordinary securities transactions. A “covered call” involves selling a call option while
simultaneously holding an equivalent position in the underlying security. A put option involves
buying the right to sell a security at a specific price within a given time period.
Several of the strategies utilized by the Fund may engage in frequent and active trading and have a
high portfolio turnover rate, which may increase the Fund’s transaction costs, may adversely affect
the Fund’s performance or may generate a greater amount of capital gain distributions to
shareholders than if the Fund had a low portfolio turnover rate.
Past performance is no guarantee of future results.
Morningstar rankings are based on Morningstar total returns, which include both income and capital
gains or losses and are not adjusted for sales charges or redemption fees ended March 3, 2014, to all
funds that have the same Morningstar category. The highest percentile rank is 1 and the lowest is
100. Neuberger Berman Absolute Return Multi-Manager Fund - Institutional Class, Class A and
Class C were ranked in the 9th, 10th and 13th percentiles for the 1-year period ending March 3,
2014. The Morningstar multialternative category contains 271 and 144 funds as of March 3, 2014 for
the 1- and 3-year periods respectively. Ratings are ©2014 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.
The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group
LLC. “Neuberger Berman Management LLC” and the individual Fund name in this piece
are either service marks or registered service marks of Neuberger Berman Management LLC. All
rights reserved. Neuberger Berman Management LLC, distributor. Member FINRA.

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