Neuberger Berman US Long Short Equity

The fund employs a fundamentally driven bottom-up investment approach with the flexibility to invest long and short across the market cap spectrum seeking long investments in attractive businesses with strong management teams and compelling valuations. The strategy launched in UCITS format in March 2014 (the Mutual fund equivalent launched in 2011, the offshore in 2008) and currently manages about $3 billion in total assets. It is a long-biased strategy, with net exposure ranging between 30-60% vs. gross exposure of 100-200%. The long side of the portfolio includes about 60 positions with a max position size of 5% (1.5-2.5% is the average). These are often companies that demonstrate attractive industry fundamentals, strong competitive positions and attractive re-investment opportunities (quality growth bias), that are held for 3-5 years. On the short side, the approach is much more opportunistic with single name shorts typically held for a few quarters. These are catalyst driven position (about 20 at the portfolio level) that are meant to generate alpha. Finally, there are “Market” short investments (futures, equity baskets and options) that are utilized to manage exposure and reduce risks depending on the prevailing macro environment. The fund is run by two co-PMs, Charles C. Kantor and Marc Regenbaum, which are supported by a team of six dedicated senior analysts (sector specialists).