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RNS Number : 8383P
NB Global Floating Rate Income Fund
15 October 2019
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
15 October 2019
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) September 2019:
NAV GBP 94.91
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USD 97.94
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Current Portfolio Yield* 5.58%
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Number of Investments 297
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Number of Issuers 236
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The Portfolio, as at 30(th) September 2019 (excluding cash):
-- was split 92.14% USD, 6.44% EUR, 1.42% GBP
-- had 5.73% allocated to bonds out of the maximum 20% allowable
-- was invested primarily in B (64.06%) and BBB/BB (31.66%) rated investments(1)
To access the September 2019 Factsheet, please click here.
http://www.rns-pdf.londonstockexchange.com/rns/8383P_1-2019-10-14.pdf
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.
-S-
For media and analyst enquiries please contact:
Kaso Legg Communications
Charles Gorman +44 (0)20 3995 6673
nbls@kl-communications.com
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 23 countries, Neuberger
Berman's team is more than 2,100 professionals and the company was
named by Pensions & Investments as a "Best Place to Work in
Money Management" for five consecutive years. Tenured, stable and
long-term in focus, the firm fosters an investment culture of
fundamental research and independent thinking.
RISK CONSIDERATIONS
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.
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.
Credit Risk: The risk that bond issuers may fail to meet their
interest repayments, or repay debt, resulting in temporary or
permanent losses to the Fund.
Interest Rate Risk: The risk of interest rate movements
affecting the value of fixed-rate bonds.
Counterparty Risk: The risk that a counterparty will not fulfil
its payment obligation for a trade, contract or other transaction,
on the due date.
Operational Risk: The risk of direct or indirect loss resulting
from inadequate or failed processes, people and systems including
those relating to the safekeeping of assets or from external
events.
Derivatives Risk: The Fund is permitted to use certain types of
financial derivative instruments ("FDI") (including certain complex
instruments) which can give rise to particular risks, including
market risk, liquidity risk and counterparty credit risk. This may
increase the Fund's leverage significantly which may cause large
variations in the value of your share.
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.
The past performance shown is based on the share class to which
this factsheet relates. If the currency of this share class is
different from your local currency, then you should be aware that
due to exchange rate fluctuations the performance shown may
increase or decrease if converted into your local currency.
IMPORTANT INFORMATION
This document has been issued by NB Global Floating Rate Income
Fund Limited (the "Company"), and should not be taken as an offer,
invitation or inducement to engage in any investment activity and
is solely for the purpose of providing information about the
Company.This document does not constitute or form part of, and
should not be construed as, any offer for sale or subscription of,
or solicitation of any offer to buy or subscribe for, any share in
the Company or securities in any other entity, in any
jurisdiction.
The Company is a closed-ended investment company incorporated
and registered in Guernsey and is governed under the provisions of
the Companies (Guernsey) Law, 2008 (as amended), and the Registered
Collective Investment Scheme Rules 2008 issued by the Guernsey
Financial Services Commission ("GFSC"). It is a non-cellular
company limited by shares and has been declared by the GFSC to be a
registered closed-ended collective investment scheme. The Company's
shares are admitted to the Official List of the UK Listing
Authority with a premium listing and are admitted to trading on the
Premium Segment of the London Stock Exchange's Main Market for
listed securities.
Neuberger Berman Europe Limited ("NBEL"), the Company's Manager,
is authorised and regulated by the 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.
This document is addressed to professional clients only, this
includes, advisors, institutional investors, consultants,
intermediaries and qualified investors.
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 accurate or complete and it should not be relied
upon as such. Any views or opinions expressed may not reflect those
of the Company or NBEL as a whole. All information is current as of
the date of this material and is subject to change without
notice.
No part of this document may be reproduced in any manner without
prior written permission of the Company and NBEL.
An investment in the Company involves risks, with the potential
for above average risk, and is only suitable for people who are in
a position to take such risks. 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.
Investment in the Company 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.
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.
This document, and the information contained therein, is not for
viewing, release, distribution or publication in or into the United
States, Canada, Japan, South Africa or any other jurisdiction where
applicable laws prohibit its release, distribution or publication,
and will not be made available to any national, resident or citizen
of the United States, Canada, Japan or South Africa. The
distribution of this document in other jurisdictions may be
restricted by law and persons into whose possession this document
comes must inform themselves about, and observe, any such
restrictions. Any failure to comply with the restrictions may
constitute a violation of the federal securities law of the United
States and the laws of other jurisdictions.
The Company's shares have not been and will not be registered
under the US Securities Act of 1933, as amended (the "Securities
Act"), or with any securities regulatory authority of any state or
other jurisdiction of the United States. The shares may not be
offered, sold, resold, pledged, delivered, distributed or otherwise
transferred, directly or indirectly, into or within the United
States, or to, or for the account or benefit of, US persons (as
defined in Regulation S under the Securities Act). No public
offering of the shares is being made in the United States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940, as amended (the "Investment Company
Act") and, as such, holders of the shares will not be entitled to
the benefits of the Investment Company Act. No offer, sale, resale,
pledge, delivery, distribution or transfer of the shares may be
made except under circumstances that will not result in the Company
being required to register as an investment company under the
Investment Company Act. In addition, the shares are subject to
restrictions on transferability and resale in certain jurisdictions
and may not be transferred or resold except as permitted under
applicable securities laws and regulations. Any failure to comply
with these restrictions may constitute a violation of the
securities laws of any such jurisdictions.
The "Neuberger Berman" name and logo are registered service
marks of Neuberger Berman Group LLC.
(c) 2019 Neuberger Berman Group LLC. All rights reserved.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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