Global and European Sustainable Equity Funds
Responsible investing is on everyone’s lips these days - and rightly so. Allocating money to high quality companies with sustainable business models has never been more important than today. Neuberger Berman has responded to the increasing demand for investments that take environmental and social issues seriously with the Neuberger Berman Global and European Sustainable Equity Funds.
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Fund facts
Investment process
Standout characteristics
About Neuberger Berman
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MEET THE managers
MAIN FUND FACTS INVESTMENT PROCESS STANDOUT CHARACTERISTICS ABOUT NEUBERGER BERMAN
Key Risks Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction on the due date. Currency Risk: Investors who subscribe in a currency other than the base currency of the fund are exposed to currency risk. Fluctuations in exchange rates may affect the return on investment. If the currency of the share class is different from your local currency, then you should be aware that due to exchange rate fluctuations the performance may increase or decrease if converted into your local currency. Liquidity Risk: The risk that the fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the fund’s ability to meet redemption requests upon demand. Market Risk: The risk of a change in the value of a position as a result of underlying market factors, including among other things, the overall performance of companies and the market perception of the global economy.. Sustainable Risk: The fund may focus on investments in companies that relate to certain sustainable development themes and demonstrate adherence to environmental, social and corporate governance practices. This may mean the universe of securities from which the strategy can invest in may be smaller than that of other strategies and may underperform the market as a result. THE FOREGOING DOES NOT PURPORT TO BE A COMPLETE EXPLANATION OF THE RISKS AND CONFLICTS INVOLVED IN THIS OFFERING OR AN INVESTMENT IN THE STRATEGY. POTENTIAL INVESTORS SHOULD INFORM THEMSELVES BEFORE DECIDING WHETHER TO INVEST IN THE STRATEGY AND SHOULD CONDUCT THEIR OWN DILIGENCE OF THE OPPORTUNITY AND IDENTIFY AND MAKE THEIR OWN ASSESSMENT OF THE RISKS INVOLVED Disclaimer This document is addressed to professional clients/qualified investors only. European Economic Area (EEA): This is a marketing document and is issued by Neuberger Berman Asset Management Ireland Limited, which is regulated by the Central Bank Ireland and is registered in Ireland, at MFD Secretaries Limited, 32 Molesworth Street, Dublin 2. United Kingdom and outside the EEA: This document is a financial promotion and is issued by Neuberger Berman Europe Limited, which is authorised and regulated by the Financial Conduct Authority and is registered in England and Wales, at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Neuberger Berman Europe Limited is also a registered investment adviser with the Securities and Exchange Commission in the US, and the Dubai branch is regulated by the Dubai Financial Services Authority in the Dubai International Financial Centre. This fund is a sub-fund of Neuberger Berman Investment Funds PLC, authorised by the Central Bank of Ireland pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011, as amended. The information in this document does not constitute investment advice or an investment recommendation and is only a brief summary of certain key aspects of the fund. Investors should read the prospectus and the key investor information document (KIID) which are available on our website: www.nb.com/europe/literature. Further risk information, investment objectives, fees and expenses and other important information about the fund can be found in the prospectus. The KIID may be obtained free of charge in Danish, Dutch, English, Finnish, French, German, Greek, Icelandic, Italian, Norwegian, Portuguese, Spanish and Swedish (depending on where the relevant sub-fund has been registered for marketing), and the prospectus and prospectus supplements may be obtained free of charge in English, French, German, Italian and Spanish, from www.nb.com/europe/literature, from local paying agents (a list of which can be found in Annex III of the prospectus), or by writing to Neuberger Berman Investment Funds plc, c/o Brown Brothers Harriman Fund Administration Service (Ireland) Ltd, 30 Herbert Street, Dublin 2, Ireland. Neuberger Berman Asset Management Ireland Limited may decide to terminate the arrangements made for the marketing of its funds in all or a particular country. A summary of the investors’ rights is available in English on: www.nb.com/europe/literature Notice to investors in Switzerland: This is an advertising document. Neuberger Berman Investment Funds plc is established in Ireland as an investment company with variable capital incorporated with limited liability under Irish law, and the sub-funds are also authorised by the Swiss Financial Market Supervisory Authority (FINMA) for distribution to non-qualified investors in and from Switzerland. The Swiss representative and paying agent is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich, Switzerland. The prospectus, the key investor information documents, the memorandum and articles of association and the annual and semi-annual reports are all available free of charge from the representative in Switzerland. This document is presented solely for information purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. We do not represent that this information, including any third-party information, is complete and it should not be relied upon as such. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of any investment, and should consult its own legal counsel and financial, actuarial, accounting, regulatory and tax advisers to evaluate any such investment. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Investors may not get back the full amount invested. Any views or opinions expressed may not reflect those of the firm as a whole. All information is current as of the date of this material and is subject to change without notice. The fund described in this document may only be offered for sale or sold in jurisdictions in which or to persons to which such an offer or sale is permitted. The fund can only be promoted if such promotion is made in compliance with the applicable jurisdictional rules and regulations. This document and the information contained therein may not be distributed in the US. Indices are unmanaged and not available for direct investment. An investment in the fund involves risks, with the potential for above average risk, and is only suitable for people who are in a position to take such risks. For more information please read the prospectus which can be found on our website at: www.nb.com/europe/literature. Past performance is not a reliable indicator of current or future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The performance data does not take account of the commissions and costs incurred by investors when subscribing for or redeeming shares. The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. Tax treatment depends on the individual circumstances of each investor and may be subject to change, investors are therefore recommended to seek independent tax advice. Investment in the fund should not constitute a substantial proportion of an investor’s portfolio and may not be appropriate for all investors. Diversification and asset class allocation do not guarantee profit or protect against loss. No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2021 Neuberger Berman Group LLC. All rights reserved. 582276.
What are the Funds about?
fund facts
In a world in transition, the three Portfolio Managers, Hendrik-Jan Boer, Alex Zuiderwijk and Jeroen Brand, aim to capitalise on change by identifying the winners of rapid societal and technological changes. Sustainability, as Boer points out, is key in that regard. The team seeks to identify companies that can win in the midst of these transitions. They make use of a value chain approach that applies to all industries and evaluates the impact businesses have on society as well as their potential competitive advantages. ‘For us, sustainability doesn’t end at the social or environmental level. It always has a financial side as well,’ Boer says. ‘For example, if a company isn’t having any financial success, its positive effects for society, be it in employment, profit or anything else, will only be very marginal.’ The Neuberger Berman Global Sustainable Equity Fund seeks to outperform the MSCI World index by at least 2% before fees over a three to five year investment horizon, and the Neuberger Berman European Sustainable Equity Fund aims to outperform the MSCI Europe Index also by at least 2% before fees over the same period. Both Funds target a high active share of more than 75%.
What does that look like in practice? When it comes to consumer goods, for example, Boer, Zuiderwijk and Brand check if producers take impacts such as their carbon footprint and the labour conditions at their suppliers into account. It’s about making sure that they consider the changing needs of consumers in general and assess how the final product affects the environment and society. Additionally, the portfolio is strongly bottom-up driven, which sets it apart from other sustainability funds.
‘For us, sustainability doesn’t end at the social or environmental level. It always has a financial side as well.’
Hendrik-Jan Boer portfolio manager
‘Quite often, you see that sustainability strategies are very much determined by a top-down approach, just overlays or screenings, with business as usual in the remaining universe,’ Zuiderwijk says. ‘We do it differently. Our focus lies on the underlying business models and the material ESG aspects of these businesses.’ Portfolio guidelines for both Funds
PORTFOLIO POSITIONS
European Typically:
POSITION SIZE
maximum
10%
SECTOR WEIGHT
of benchmark
+5% max
INDIVIDUAL TRACKING ERROR CONTRIBUTION
1
COUNTRY WEIGHT
Typically:
15% max
CASH ALLOCATION
ANNUAL PORTFOLIO TURNOVER
TARGET TRACKING ERROR
per annum
2-6%
30-40%
+
_
vs benchmark
1 Benchmarks: Global - MSCI World Index (Net), European – MSCI Europe Index (Net). Information (characteristics, holdings, weightings, etc.) is subject to change without notice. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Investing entails risks, including possible loss of principal.
Build a highly active, concentrated portfolio, diversified across non-correlated high quality business models and value chains Long-term bottom-up research outlook for portfolio constituents and typical 2-4 years holding period Our risk framework strongly supports optimal allocation towards unique and preferred risks
30-50
Global Typically:
40-60
Key Risks Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction on the due date. Currency Risk: Investors who subscribe in a currency other than the base currency of the fund are exposed to currency risk. Fluctuations in exchange rates may affect the return on investment. If the currency of the share class is different from your local currency, then you should be aware that due to exchange rate fluctuations the performance may increase or decrease if converted into your local currency. Liquidity Risk: The risk that the fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the fund’s ability to meet redemption requests upon demand. Market Risk: The risk of a change in the value of a position as a result of underlying market factors, including among other things, the overall performance of companies and the market perception of the global economy. Sustainable Risk: The fund may focus on investments in companies that relate to certain sustainable development themes and demonstrate adherence to environmental, social and corporate governance practices. This may mean the universe of securities from which the strategy can invest in may be smaller than that of other strategies and may underperform the market as a result. THE FOREGOING DOES NOT PURPORT TO BE A COMPLETE EXPLANATION OF THE RISKS AND CONFLICTS INVOLVED IN THIS OFFERING OR AN INVESTMENT IN THE STRATEGY. POTENTIAL INVESTORS SHOULD INFORM THEMSELVES BEFORE DECIDING WHETHER TO INVEST IN THE STRATEGY AND SHOULD CONDUCT THEIR OWN DILIGENCE OF THE OPPORTUNITY AND IDENTIFY AND MAKE THEIR OWN ASSESSMENT OF THE RISKS INVOLVED Disclaimer This document is addressed to professional clients only. United Kingdom: This document is a financial promotion and is issued by Neuberger Berman Europe Limited, which is authorised and regulated by the Financial Conduct Authority and is registered in England and Wales, at Lansdowne House, 57 Berkeley Square, London, W1J 6ER. European Economic Area (EEA): This is a marketing document and is issued by Neuberger Berman Asset Management Ireland Limited, which is regulated by the Central Bank Ireland and is registered in Ireland, at MFD Secretaries Limited, 32 Molesworth Street, Dublin 2. Switzerland: For qualified investors use only. This document is provided to you by Neuberger Berman Europe Limited. Neuberger Berman Europe Limited is also a registered investment adviser with the Securities and Exchange Commission in the US, and the Dubai branch is regulated by the Dubai Financial Services Authority in the Dubai International Financial Centre. These funds are sub-fund of Neuberger Berman Investment Funds PLC, authorised by the Central Bank of Ireland pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011, as amended. The information in this document does not constitute investment advice or an investment recommendation and is only a brief summary of certain key aspects of the fund. Investors should read the prospectus and the key investor information document (KIID) which are available on our website: www.nb.com/europe/literature. Investment objectives, risk information, fees and expenses and other important information about the fund can be found in the prospectus. Notice to investors in Switzerland: Neuberger Berman Investment Funds plc is established in Ireland as an investment company with variable capital incorporated with limited liability under Irish law, and the sub-funds are also authorised by the Swiss Financial Market Supervisory Authority (FINMA) for distribution to non-qualified investors in and from Switzerland. The Swiss representative and paying agent is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich, Switzerland. The prospectus, the key investor information documents, the memorandum and articles of association and the annual and semi-annual reports are all available free of charge from the representative in Switzerland. This document is presented solely for information purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. We do not represent that this information, including any third party information, is complete and it should not be relied upon as such. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of any investment, and should consult its own legal counsel and financial, actuarial, accounting, regulatory and tax advisers to evaluate any such investment. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any views or opinions expressed may not reflect those of the firm as a whole. All information is current as of the date of this material and is subject to change without notice. The fund described in this document may only be offered for sale or sold in jurisdictions in which or to persons to which such an offer or sale is permitted. The fund can only be promoted if such promotion is made in compliance with the applicable jurisdictional rules and regulations. This document and the information contained therein may not be distributed in the US. Indices are unmanaged and not available for direct investment. An investment in the fund involves risks, with the potential for above average risk, and is only suitable for people who are in a position to take such risks. For more information please read the prospectus which can be found on our website at: www.nb.com/europe/literature. Past performance is not a reliable indicator of current or future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units. The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. Tax treatment depends on the individual circumstances of each investor and may be subject to change, investors are therefore recommended to seek independent tax advice. Investment in the fund should not constitute a substantial proportion of an investor’s portfolio and may not be appropriate for all investors. Diversification and asset class allocation do not guarantee profit or protect against loss. No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman Europe Limited. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2021 Neuberger Berman Group LLC. All rights reserved. 582276.
1-2%
Financial screening
High and stable cash flow returns on invested capital (minimum CFROI of 8) Sufficient liquidity of stock (daily minimum of $10mn)
Sustainability screening
The Funds are based on a high-conviction approach and seek out quality companies where sustainability reinforces competitive advantage. Companies are screened for both financial and sustainable quality. The former focuses on identifying businesses in the profitable growth phase of their corporate life cycle - in other words, firms that are not only able to sustain and grow internally generated cash flows over time, but also stand to benefit from long-term economic and societal trends. Sustainability screenings are early-stage top-down exclusions that are applied to reduce ESG tail risks. They exclude corporate activities and behaviour that go against ESG principles and are detrimental to the durable competitive position of companies.
How do you combine financial and moral rewards?
Violate ESG principles Exhibit very poor behaviour Score in the bottom 20% of benchmark names based on the Neuberger Berman proprietary ESG assessment
Exclude companies that:
Bottom-up assessment The Funds’ three Portfolio Managers follow a bottom-up investment strategy that is based on an unconstrained approach applied in a risk-controlled manner. When assessing potential portfolio holdings, they specifically focus on evaluating which part of a value chain generates the highest profit, features the highest return on investment and offers the best growth opportunities.
The Neuberger Berman Global and European Sustainable Equity Funds focus on identifying sustainable business models that are in a strong position to create value across three dimensions.
ENDURING COMPETITIVE ADVANTAGE
SUSTAINABLE BEHAVIOUR
SUSTAINABLE SOLUTIONS
VALUE CREATION
Companies are screened for both financial and sustainable quality.
a durable competitive position persistent asset growth sufficient market liquidity
Include companies with:
Global: ~1,600 stocks; European: ~400 stocks
GLOBAL UNIVERSE > 12,500 stocks EUROPEAN UNIVERSE > 2,300 stocks
Sustainability Screening
are involved in harmful activities display very poor behaviour
Exclude companies which:
Global: ~1,300 stocks; European: ~300 stocks
Portfolio Construction
tracking error range of 2-6% high conviction ideas macro stress tests
Risk-controlled portfolio:
Global: 40-60 stocks; European: 30-50 stocks
Bottom-up Assessment
value chain position sustainability drivers areas for engagement valuation & upside potential
Detailed company analysis:
Global: ~350 stocks; European: ~120 stocks
This information is intended as a broad overview of the portfolio managers’ current style, philosophy and process and is subject to change without notice.Investing entails risks, including possible loss of principal.
This material is intended as a broad overview of the portfolio managers’ current style, philosophy and process and is subject to change without notice.
Adapt to change
Carefully manage environmental, social and governance practices
Have a Durable Competitive Position
Possess hard to replicate competitive advantages
Do No Harm
Focus on innovation & continuous improvement
TOP-DOWN QUALITY SCREENS
STEP
high cash flow return on investment/ economic value added
Identifying the Transition Winners: Food & Beverage Case Study
Hendrik-Jan Boer, the team’s Head, hits the nail on the head: ‘Some trends in society touch upon sustainability aspects, but playing the trend doesn’t necessarily mean that you also play it in a very sustainable way.’ Boer and the Funds’ two other Portfolio Managers, Jeroen Brand and Alex Zuiderwijk, set a great store on only investing in companies that take environmental, social and governance issues into account. Accordingly, the Neuberger Berman Global and European Sustainable Equity Funds adopt an approach that is more than just a box-ticking exercise to please the zeitgeist. Sustainability screening ‘Neuberger Berman is one of the pioneers in the sustainable investment space,’ Brand says. ‘For us, doing good and doing well are two sides of the same coin. That’s why we conduct thorough sustainability screenings of the companies we potentially invest in. In our opinion, just focusing on the financial side isn’t enough to get the full picture of a business.’ Based on Neuberger Berman’s Enhanced Sustainable Exclusion list, the Fund doesn’t invest in companies that are in any way related to weapons, oil sands, tobacco, private prison operators, oil extraction or thermal coal, to name just a few. Additional excluded business activities comprise fur and specialty leather manufacturers, gambling companies, military contractors and nuclear power facilities. If businesses refuse to honour specific guidelines and principles, like the UN Universal Declaration of Human Rights and core ILO conventions, or are involved in dictatorial regimes or high ESG controversies, they are also on the Portfolio Managers’ blacklist. Value chain framework What’s more, the portfolio is tilted toward industries that not only exhibit high cash flow returns on invested capital (CFROIs) and asset growth but are also attractive from a value chain point of view. The team’s Analysts focus on value chains rather than sectors which is a different way of analysing companies that go into the portfolios. ‘Our value chain framework helps us identify companies that succeed through change,’ Zuiderwijk says. ‘Every single company is part of a complex system, so there’s no point in looking at a business from an isolated perspective. Investors who don’t take the whole picture into account are not doing themselves a favour. When you’re seeking transition winners, you have to take a holistic view. ’
What sets the Funds apart?
‘In our opinion, just focusing on the financial side isn’t enough to get the full picture of a business.’
Jeroen Brand senior portfolio manager
below average growth
above average growth
low cash flow return on investment/ economic value added
cash cows at risk
Sugary/soft drinks
Mass market bottled water
Fast food restaurants
Sugary/soft drinks Mass market bottled water Fast food restaurants
Processed food
Brick and mortar food retail
Tobacco products
stranded assets
Sustainable protein - Salmon
Fresh grocery e-commerce
Spices and condiments
transition winners
Alternative and plant-based proteins
growth without moat
Meal kits
Value Chains
Potential Transition Winners
Solar inverters for solar panels On and off-shore wind turbine producers
Managed care services Animal health, prevention of zoonotic diseases
Personal care, sustainable and healthy food E-commerce & delivery services
Payment and information providers Identity and data security tools
Cloud computing and consulting services Factory automation solutions
Shift to renewables drives re-allocation of investment in generation, distribution and natural resources
Solutions for unmet medical needs at lower costs
Consumer spending increasingly driven by ethics, health-oriented considerations and convenience
Rapid shift from cash to digital payments and online financial access
Computing power, wireless broadband and AI accelerating productivity and business model innovation
Energy Transition
Access to Healthcare
Conscious Consumer
Fintech & Financial Inclusion
Digital Enterprise
This information is intended as a broad overview of the portfolio managers’ current style, philosophy and process and is subject to change without notice. Investing entails risks, including possible loss of principal.
Integral to the firm
With offices in 25 countries and 18 portfolio management centres, Neuberger Berman provides a worldwide network of expertise. The firm comprises 674 investment professionals that are connected across public and private markets, including equity, fixed income, alternatives and real estate. Clients can benefit from a broad range of resources, including extensive fundamental research, data science capabilities, an innovative ESG approach and sophisticated risk management. Additionally, the firm is a member of the PRI 2020 Leaders’ Group, a designation awarded to fewer than 1% of investment firms for excellence in ESG practices. Neuberger Berman’s approach to ESG investing
What does Neuberger Berman bring to the table?
‘Our ESG philosophy (...) is the belief that ESG factors can be material to investment performance over the medium and long term.’
JONATHAN BAILEY head of ESG investing
Each of the three Portfolio Managers has an industry experience of at least 20 years. For Hendrik-Jan Boer, Alex Zuiderwijk and Jeroen Brand, who have been managing sustainable equity strategies for more than a decade, ESG is front and centre in their investment endeavours. ‘We’re constantly looking for ways to enhance our ESG analysis, for example by using an industry materiality matrix,’ Zuiderwijk says. ‘The matrix helps us to focus and prioritise on those aspects that are key to the investment case and the fundamental profile of a company.’ The willingness to constantly innovate existing ESG procedures is in line with the firm’s philosophy, which has ESG principles at its core. ‘We strongly believe that ESG factors can be material to investment performance over the medium and long term,’ says Neuberger Berman’s head of ESG investing, Jonathan Bailey. ‘The way we evolved ESG investing is a bottom-up process that allows each investment professional and Portfolio Manager to look at how they can add value and enhance the performance of their particular strategy.’ When it comes to ESG investing, the team’s philosophy is centred around sustainability reinforcing competitive advantage.
awarded to only 20 of 2,100+ PRI investment manager signatories
Member of the PRI 2020 Leaders' Group,
logo here
A+
by UN-supported Principles for Responsile Investment (PRI)
scores for ESG approach
with formal ESG responsibility
investment professionals
160+
icon here
integration
Investment-led
for all public equity and fixed income holdings + seek to mitigate
Assess climate risk
Proprietary, research-driven approach
Leverage
data-science
Proprietary ESG Credit Ratings
941
Proprietary ESG Equity Ratings
2,200
Engagement meetings
2,265
with corporate management teams across equities and credit
Active Engagement Drives Value
First major asset management firm
NB25+
to disclose in advance a meaningful number of key proxy votes
Range of ESG-integrated investment strategies across
public and private markets, including custom solutions
Assets that are ESG aware
100%
Assets managed with consistent and demonstrable ESG integration
~80%
Sustainable and Impact Innovations
4
2
3
5
1. For illustrative and discussion purposes only. PRI grades are based on information reported directly by PRI signatories, of which investment managers totalled 1,924 for 2020, 1,119 for 2019, 1,120 for 2018 and 935 for 2017. All signatories are eligible to participate and must complete a questionnaire to be included. The underlying information submitted by signatories is not audited by the PRI or any other party acting on its behalf. Signatories report on their responsible investment activities by responding to asset-specific modules in the Reporting Framework. Each module houses a variety of indicators that address specific topics of responsible investment. Signatories’ answers are then assessed and results are compiled into an Assessment Report. The Assessment Report includes indicator scores, summarizing the individual scores achieved and comparing them to the median; section scores, grouping similar indicator scores together into categories (e.g. policy, assurance, governance) and comparing them to the median; module scores, aggregating all the indicator scores within a module to assign one of six performance bands (from E to A+). Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Moreover, the underlying information has not been audited by the PRI or any other party acting on its behalf. While every effort has been made to produce a fair representation of performance, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for damage caused by use of or reliance on the information contained within this report. Information about PRI grades is sourced entirely from PRI and Neuberger Berman makes no representations, warranties or opinions based on that information. 2. Data reported as of 31 December, 2020. 3. Major defined as AUM $100B or greater. 4. ESG Aware is defined as investment teams having access to ESG resources across the firm. As of September 30, 2020, across equities and fixed income. 5. Based on AUM as of September 30, 2020 including strategies in late or final stages of approval by firm’s ESG committee.”
