14th Nov 2014 10:30
LONDON (Alliance News) - The Neuberger Berman Global Floating Rate Income Fund Ltd Friday said its portfolio was heavily weighted to the US dollar at the end of October, excluding cash amount held, with under 10% of the breakdown showing exposure to sterling and the euro.
The fund's managers seek to generate income while preserving investors' capital, as well as giving protection against rising interest rates, 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.
At the end of October, the portfolio was split 93.23% USD, 3.85% GBP and 2.92% EUR. At the end of September, the breakdown showed a split of 91.44% USD, 4.22% GBP and 4.34% EUR.
It had 0.68% allocated to bonds out of the maximum 20% allowable.
It was invested primarily in B (55.32%) and BB (36.70%) rated investments, citing Standard & Poor's.
The Neuberger Berman Global Floating Rate Income Fund is managed by Neuberger Berman Europe Ltd, which has delegated certain of its responsibilities and functions to sub-investment manager Neuberger Berman Fixed Income LLC, both of which are indirect wholly owned subsidiaries of Neuberger Berman Group LLC.
Neuberger Berman Global Floating Rate Income Fund shares were up 0.1% at 96.75 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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