In his initial three years as manager, Eli M Salzmann has led the Neuberger Berman Value Fund to rank among the top 10 per cent of performers in the large cap value category of 1,059 funds, as measured by Morningstar.
Salzmann, a veteran portfolio manager, joined Neuberger Berman in January 2011 as a managing director specialising in US large-cap value strategies. He was named manager of the Neuberger Berman Value Fund on 15 February 2011.
Over the three-year period through 28 February 2014, the fund's Institutional share class has outperformed the benchmark, the Russell 1000 Value Index, placing in the fifth percentile out of 1,059 funds in Morningstar's Large Cap Value category. Morningstar rates the fund's Institutional share class 4 stars overall, 5 stars for three years and 3 stars for five years out of 1,059, 1,059 and 946 large cap value funds, respectively.
Applying a conviction-based investment approach, Salzmann and his team seek out industries with capital and capacity constraints, and companies they consider to be undervalued based on normalized earnings whose value could be recognised by the market over time.
"Looking ahead in 2014, we have many reasons to believe that the overall economic recovery will continue and that stocks will move still higher," Salzmann says.
"Since joining us, Eli has added tremendously to our investment culture and fit in quite well. Most importantly, we think he has delivered terrific results to our clients," says Joseph Amato, president and chief investment officer of Neuberger Berman.
