REG - NB Glbl Fltg Rte Inc NB Global Fltg -NBLU - Portfolio Update - Jan 2020

NB Global Monthly Income FundAnnouncement

17/02/2020 07:00

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RNS Number : 1113D  NB Global Floating Rate Income Fund  17 February 2020

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(th) February 2020

 

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 31(st) January 2020:

 

 NAV                       GBP 95.34
                           USD 98.19
 Current Portfolio Yield*  5.11%
 Number of Investments     285
 Number of Issuers         214

 

 

The Portfolio, as at 31(st) January 2020 (excluding cash):

 

·    was split 92.01% USD, 6.45% EUR, 1.54% GBP

·    had 6.40% allocated to bonds out of the maximum 20% allowable

·    was invested primarily in B (63.84%) and BBB/BB (31.31%) rated
investments(1)

 

To access the January 2020 Factsheet, please click
here http://www.rns-pdf.londonstockexchange.com/rns/1113D_1-2020-2-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1113D_1-2020-2-14.pdf)

 

The Fund's website can be found at the following address: www.nbgfrif.com
(http://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 further information, please contact:

 

 Neuberger Berman Client Services (Investors)            +44 (0)20 3214 9096
                                                         clientservices@nb.com

 Kaso Legg Communications (Analysts and Media)           +44 (0)20 3995 6673
 Charles Gorman                                          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.

© 2019 Neuberger Berman Group LLC. All rights reserved.

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