Important risk disclosure

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IE00B986J944
Neuberger Berman EM Debt Hard Currency Fund

Fixed income
Emerging markets
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund aims to achieve a target average return of 1-2% over its benchmark before fees over a market cycle (typically 3 years) by investing primarily in Hard Currency-denominated debt issued in Emerging Market Countries.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Invests primarily in USD- denominated debt from emerging markets, with other currency exposure hedged back to USD. Funds that focus on hard-currency denominated debt tend to be less volatile because of the lack of emerging market currency risk. Significant exposure to EM sovereign debt and it also invests in corporate debt. The fund invests across the entire credit spectrum from investment grade to high yield. 4-step investment process starting with a top-down emerging market debt asset class review, followed by a bottom-up analysis on country/issuer/instrument. The investment team's security selection has been strong in the past 5 years, having driven much of the fund's performance.

People

Bart Van der Made is the lead portfolio manager of the fund and he is supported by a co-portfolio manager and a team of economists and analysts. The team is highly experienced and well-resourced with additional support coming from the Neuberger Berman broader EM Debt team.

Performance

Has generally outperformed its Morningstar category over the 5 year period.

Process

The investment process is well structured, starting with a top-down review of the emerging market debt universe, taking into account a wide variety of global macro statistics, each EM country's fundamentals, technical factors and both absolute and relative valuation. The team then conducts bottom-up credit analysis and security selection, taking into account ESG factors as well. Outperformance is expected to be sourced largely from country credit selection followed by top-down analysis and instrument and issuer selection.

Cost

Retail share class (USD and HKD) with 100% trailer fee rebates to achieve the lowest possible fee.

How it fits in a portfolio

Investors can consider using this fund as a diversifier to their core fixed income portfolio. Most core fixed income funds tend to focus more on the developed markets and adding an emerging markets debt portion could diversify the sources of return. It is important to note that the outperformance for the fund is largely sourced from country and security selection and that the fund's performance could diverge significantly from the benchmark and peers if the team makes the wrong country allocation decisions, in a given market.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

65.00%

YTD

15.38%

1 month

0.98%

6 month

9.13%

1 year

15.38%

3 year

46.54%

5 year

13.17%

10 year

60.04%

As of Dec 2025

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Yield

6.38%As of Dec 2025

Risk metrics

Max drawdown

-31.18%As of Dec 2025

Volatility

9.91%As of Dec 2025

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2025	15.4%	1.8%	1.3%	-1.4%	-0.6%	1.4%	3.1%	1.5%	1.7%	1.7%	2.1%	0.7%	1.0%
2024	12.3%	-0.4%	1.8%	3.3%	-2.0%	1.8%	0.4%	1.9%	2.4%	2.4%	-0.9%	1.6%	-0.4%
2023	13.1%	4.7%	-3.1%	0.0%	0.0%	-0.5%	3.6%	2.7%	-2.0%	-2.5%	-1.2%	5.8%	5.4%
2022	-19.5%	-2.9%	-6.5%	0.1%	-6.1%	-0.3%	-9.1%	2.2%	-0.5%	-8.1%	0.3%	9.8%	1.2%
2021	-4.0%	-1.1%	-2.2%	-1.6%	2.7%	1.3%	0.2%	0.1%	1.5%	-2.5%	-0.4%	-3.6%	1.7%
Load more		5 of 13

Top Exposures

Holdings

Regions

Sectors

F/C Us 5yr Note (Cbt) Mar26	10.90%
F/C Us 2yr Note (Cbt) Mar26	4.71%
F/C Us 10yr Note (Cbt)mar26	3.04%
Petroleos Mexicanos Sa De CV	2.27%
Ecuador (Republic Of)	1.26%
Ivory Coast (Republic Of)	1.22%
Colombia (Republic Of)	1.17%
Southern Gas Corridor	1.16%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.49%0.79% p.a.

Save 46%

Fund facts

ISIN

IE00B986J944

Fund house

Neuberger Berman

Fund inception date

31 May 2013

Fund class currency

USD

Fund share class

A Acc

Oldest share class ISIN

IE00B99K4563

Oldest share inception date

31 May 2013

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

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IE00B986J944Neuberger Berman EM Debt Hard Currency Fund

IE00B986J944
Neuberger Berman EM Debt Hard Currency Fund