Portfolio Update - 30 June 2017

RNS Number : 1739L

NB Global Floating Rate Income Fund

17 July 2017

 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

NB Global Floating Rate Income Fund

Portfolio Update

17 July 2017

The NB Global Floating Rate Income Fund Limited targets income generation whilst seeking to preserve investors' capital and give protection against rising interest rates.

The Fund's managers seek to generate this yield by investing in a global portfolio of below investment grade senior secured corporate loans with selective use of senior secured bonds, diversified by both borrower and industry. The Fund is managed by four experienced portfolio managers backed by what we believe to be one of the largest and most experienced credit teams in the industry.

Key statistics, as at 30^th June 2017:

NAV	GBP 97.37
	USD 98.83
Current Portfolio Yield*	4.53%
Number of Investments	362
Number of Issuers	270

The Portfolio, as at 30^th June 2017 (excluding cash):

·     was split 90.95% USD, 7.12% EUR, 1.93% GBP

·     had 7.46% allocated to bonds out of the maximum 20% allowable

·     was invested primarily in B (40.24%) and BBB/BB (53.20%) rated investments¹

To access the June 2017 Factsheet, please click here.

The Fund's website can be found at the following address: www.nbgfrif.com.

1.   Source: Standard & Poor's

*               The Fund's Current Portfolio Yield is a market-value weighted average of the current yields of the holdings in the portfolio, calculated as the coupon (base rate plus spread) divided by current price. The calculation does not take into account any fees, fund expenses or sales charges paid, which would reduce the results. The Current Yield for the Fund will fluctuate from month to month. The Current Yield should be regarded as an estimate of the Fund's rate of investment income, and it may not equal the realized distribution rate for each share class. You should consult the Fund's prospectus for additional information about the Fund's dividends and distributions policy. Past performance is no guarantee of future results. 

-ENDS-

For media and analyst enquiries please contact:

Neustria Partners

Nick Henderson/Rob Bailhache/Charles Gorman                  [phone]

Background Information

The Company is a registered closed-ended investment company incorporated in Guernsey. It is managed by Neuberger Berman Europe Limited, which has delegated certain of its responsibilities and functions to the sub-investment manager, Neuberger Berman Investment Advisers LLC, both of which are indirect wholly owned subsidiaries of Neuberger Berman Group LLC. The Company's investment objective is to provide its shareholders with regular dividends, at levels that are sustainable, whilst seeking to preserve investors' capital and give protection against rising rates. To pursue its investment objective, the Company invests mainly in floating rate senior secured loans issued in U.S. Dollars, Sterling, and Euros by primarily North American and European Union corporations, partnerships and other business issuers.

Founded in 1939, Neuberger Berman 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 approximately 2,000 professionals and the company was named by Pensions & Investments as a "Best Place to Work in Money Management" for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking.

Non-Mainstream Pooled Investments

This document is issued by Neuberger Berman Europe Limited ("NBEL") which is authorised and regulated by the UK Financial Conduct Authority ("FCA") and is registered in England and Wales, at Lansdowne House, 57 Berkeley Square, London, W1J 6ER and is also a Registered Investment Adviser with the Securities and Exchange Commission ("SEC") in the U.S. and regulated by the Dubai Financial Services Authority.

The Company ("NB Global Floating Rate Income Fund Limited") confirms that it conducts its affairs, and intends to continue to conduct its affairs, so that the Company's shares will be excluded securities under these rules and will therefore be excluded from the FCA's restrictions which apply to non-mainstream investment products.

This document is intended only for the person to whom it has been delivered. No part of this document may be reproduced in any manner without the written permission of NB Global Floating Rate Income Fund Limited ("NBGFRIF").

The securities described in this document may not be eligible for sale in some states or countries and it may not be suitable for all types of investors. This document is only directed at: (a) persons outside the European Economic Area ("EEA") to whom it is lawful to communicate, (b) persons in member states of the EEA who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors") and to whom this document may lawfully be communicated; (c) persons in the United Kingdom who are Qualified Investors and who (i) have professional experience in matters relating to investments so as to qualify them as "investment professionals" under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) fall within Article 49(2)(a) to (d) of the Order; or (d) other persons to whom it may otherwise lawfully be communicated (all such persons referred to in (a), (b), (c) and (d) together being "Relevant Persons").  Any investment or investment activity to which this document relates is available only to and will only be engaged in with such persons.  This document must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors.

Further, this document is not for release, publication or distribution, directly or indirectly, in whole or in part, to US Persons (as defined in Regulation S under the US Securities Act of 1933) or into the United States, Australia, Canada, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdictions. The information provided in this material should not be considered a recommendation to buy, sell or hold any particular security. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the securities described herein and prospective investors should not subscribe or purchase securities described in this document on the basis of the information in this document. This document was prepared using the financial information available to NBGFRIF as at the date of this document.

This information is believed to be accurate but has not been audited by a third party. The information contained in this document will not be updated. This document describes past performance, which may not be indicative of future results. No representation or warranty is given to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Each of NBGFRIF, Neuberger Berman Europe Limited and Neuberger Berman Investment Advisers LLC and their affiliates and their respective officers, employees or agents expressly disclaims any and all liability which may be based on this document and any errors therein or omissions therefrom. This report includes candid statements and observations regarding investment strategies, individual securities, and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments may also include the expression of opinions that are speculative in nature and should not be relied on as statements of fact. The views and opinions expressed herein include forward-looking statements which may or may not be accurate over the long term. Forward-looking statements can be identified by words like ''believe'', ''expect'', ''anticipate'', or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate. Neuberger Berman is a registered trademark.

© 2017 Neuberger Berman.

 

END

 

 

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