Data through February 29, 2016

Neuberger Berman Genesis Inv

Morningstar Analyst Rating 12-09-15

Ticker
NBGNX

Status
Open

Yield
0.5%

Total Assets
$9,503 mil

Mstar Category
Small Growth
Investment Style
Equity
Stock %

Historical Profile
Return Above Avg
Risk
Low
Rating
Above Avg

93%

96%

94%

94%

96%

97%

96%

97%

23.8

Morningstar Pillars

19.6

Process
Performance
People
Parent
Price

Positive
Positive
Positive
Positive
Positive

16.0
13.0

Analyst Rating Spectrum

Pillar Spectrum

Positive

Negative

Neutral

Performance 02-29-16
2012
2013
2014
2015
2016
Trailing

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

9.27
6.77
11.29
-1.27
4.31

0.03
-3.09
1.45
1.94
0.32

-15.06
3.89
11.14
-6.17
-6.85

12.78
2.26
9.17
5.65
.

9.93
36.99
-0.22
0.26
.

Total
Return%

+/-

-9.17
-4.04
-7.09
6.80
7.29
7.02
9.61

-2.58
-3.12
-0.90
-3.95
-2.84
0.58
4.55

3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg

Tax Analysis Tax-Adj Rtn%

3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)

+/- Russ
2000 Gr

%Rank
Cat

Growth of
$10,000

6.52
9.43
9.56
-0.25
0.39
1.30
3.95

5
5
6
30
24
7
2

9,083
9,596
9,291
12,182
14,217
19,708
39,605

%Rank Cat Tax-Cost Rat %Rank Cat

3.43
4.86
5.28

43
34
17

3.15
2.26
1.63

71
68
75

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

02-16

History

33.97
16.37
11.46
12.22
0.00
16.37
5
0.00
0.77
1.05
-0.38
23
1,515

33.36
7.31
-8.48
-6.04
1.37
5.94
95
0.46
2.67
1.04
-0.25
11
1,907

34.35
21.89
16.40
14.84
0.49
21.40
1
0.16
5.90
1.02
-0.15
19
1,844

21.66
-32.88
4.12
5.66
0.00
-32.88
27
0.00
1.32
1.02
1.08
25
2,110

27.36
26.32
-0.14
-8.15
0.00
26.32
69
0.00
0.00
1.02
-0.20
18
1,391

33.22
21.42
6.36
-7.67
0.00
21.42
83
0.00
0.00
1.08
-0.04
12
1,843

33.07
4.70
2.59
7.61
1.73
2.97
6
0.58
1.10
1.06
-0.11
16
2,244

34.02
9.93
-6.07
-4.66
0.57
9.36
86
0.19
2.11
1.05
0.81
18
2,217

41.73
36.99
4.60
-6.31
0.70
36.29
31
0.24
4.50
1.03
0.31
15
2,298

36.42
-0.22
-13.91
-5.82
0.33
-0.55
94
0.14
4.91
1.02
0.71
17
2,752

30.80
0.26
-1.12
1.64
0.44
-0.18
22
0.16
5.55
1.01
0.20
9
2,294

29.39
-4.58
0.51
6.89
0.00
-4.58
7
0.00
0.00
.
.
.
1,571

NAV
Total Return %
+/+/-Russ 2000 Gr
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil

Portfolio Analysis 12-31-15

Rating and Risk

Time
Period

Load-Adj
Return %

Morningstar
Rtn vs Cat

Morningstar
Risk vs Cat

-7.09
6.80
7.29
7.02
11.81

+Avg
+Avg
+Avg

Low
Low
Low

1 Yr
3 Yr
5 Yr
10 Yr
Incept

Other Measures

Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio

Morningstar
Risk-Adj Rating

Standard Index

Best Fit Index

-3.1
0.96
70

0.9
0.88
94

12.56
6.80
0.58

Potential Capital Gain Exposure: 42% of assets

Morningstars Take by David Kathman, CFA 12-09-15

the portfolio since 2002 and now has a market cap of
over $11 billion.
This patient approach has worked very well over
the long term. As of December 2015, the fund s
15-year returns rank in the top 2% of the small-growth
category and also in the top 10% of its old mid-cap
growth and small-blend peer groups; its 10-year
returns have ranked in the top one third of all three
categories. It has also been one of the least volatile
funds in any of these categories, and that has
sometimes caused it to trail its peers and the Russell
2000 benchmark in the short term, especially in
periods when risky, low-quality stocks perform best.
With more than $10 billion in assets, this is the
fourth-largest fund in the small-growth category, even
after suffering $5 billion in net outflows over the past
three years. The managers argue that the fund s
quality bias and low turnover allows them to handle
size and outflows more easily than most peers can.
Even so, that asset base and level of outflows are
cause for some concern going forward.

Address:

Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distribution:

Web Address:
Inception:
Advisor:
Subadvisor:

Neuberger Berman Equity Funds

New York, NY 10158-0006
800-877-9700
www.nb.com
09-27-88
Neuberger Berman Investment Advisers LLC
None

NTF Plans:

Federated Tr NTF

$1000
Add: $100 IRA: $1000
$1000
Add: $100
No-load
0.85% mx./0.65% mn., 0.26%A
Mgt:0.92%
Dist: .
3Yr:$322
5Yr:$558
10Yr:$1236
Annually

2015 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, correct, complete or
timely. Past performance is no guarantee of future results. Access updated reports at mfb.morningstar.com. To order reprints, call 312-696-6100.

Share change since 09-15 Total Stocks:147 Sector

Westinghouse Air Brake T

Church & Dwight Company,
Icon PLC
West Pharmaceutical Serv
Sensient Technologies Co
Manhattan Associates Inc
AptarGroup, Inc.
Constellation Software I
Polaris Industries Inc
Compass Minerals Interna
Clarcor Inc
Pool Corp
Zebra Technologies Corp
Tyler Technologies Inc
IDEXX Laboratories Inc
Rollins Inc
Henry Schein Inc
Sirona Dental Systems In
Haemonetics Corp
Tractor Supply Co
Current Investment Style
Value Blnd Growth
Market Cap
Large Mid Small

Neuberger Berman Genesis has always been a tough

fund to pigeonhole, a fact thats reflected in its several
Morningstar Category changes. After many years in the
small-blend category, the fund moved to mid-cap
growth in 2015, then in 2015 it moved again, to small
growth. No matter what peer group its compared with,
though, this remains an excellent fund for small- and
mid-cap exposure, earning it a Morningstar Analyst
Rating of Bronze.
Veterans Judy Vale and Bob DAlelio lead a team of
portfolio managers and analysts who implement a
long-term, fundamentally driven strategy. They look for
small-cap stocks, preferably not too cyclical, that
dominate a competitive niche and feature solid balance
sheets, strong cash flows, and reasonable valuations.
Although they typically only buy stocks with market
caps under $2 billion, they often hold on to favorites for
many years until they grow into mid-caps, which is why
the fund has long straddled the border between
small-cap and mid-cap territory. A good example is
top-holding Church & Dwight CHD, which has been in

EQ

Investment Values of
Fund
Investment Values of

Performance Quartile
(within Category)

Morningstar evaluates mutual funds based on five key pillars, which

its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.

Growth of $10,000

10.0

Morningstar Analyst Rating

Manager Change
Partial Manager Change

Giant
Large
Mid
Small
Micro
Avg $mil:
3,061

Value Measures

Price/Earnings
21.49
Price/Book
3.51
Price/Sales
2.15
Price/Cash Flow 14.92
Dividend Yield % 1.29
Growth Measures

Long-Term Erngs 12.73

Book Value
9.05
Sales
8.40
Cash Flow
7.79
Historical Erngs
9.44
Profitability

Return on Equity 21.20

Return on Assets 9.46
Net Margin
11.79

Industrl
Cnsmr Def
Hlth care
Hlth care
Basic Mat
Technology
Cnsmr Cyc
Technology
Cnsmr Cyc
Basic Mat
Industrl
Cnsmr Cyc
Industrl
Technology
Hlth care
Industrl
Hlth care
Hlth care
Hlth care
Cnsmr Cyc
%

0.0
1.5
41.3
49.9
7.2

Sector
Weightings

h
r
t
y
u

PE Tot Ret% % Assets

17.2
29.6
19.9
47.9
24.8
39.5
23.9
49.5
13.0
14.4
18.0
27.7
.
68.0
35.7
39.5
29.1
.
.
28.2
% of
Stocks

Cyclical 35.01
BasicMat 6.85
CnsmrCyc16.18
FinanSvs 11.98
Real Est 0.00

-0.62
7.35
-8.42
3.19
-8.07
-16.49
1.87
-0.87
2.92
-8.95
-2.66
-0.63
-11.30
-30.98
0.33
6.68
4.59
.
-0.50
-0.85

2.54
2.50
2.04
2.03
1.95
1.94
1.71
1.69
1.58
1.54
1.53
1.52
1.52
1.47
1.40
1.39
1.37
1.29
1.28
1.26

Rel

3 Year
High Low

.
. 9 7
. 17 14
. 13 10
. 2 1

j Sensitive 41.90
.
i CommSrvs 0.00
. . .
Rel Category
2.24
o Energy
. 8 2
1.02 p Industrl 20.69
. 23 21
1.43 a Technlgy 18.97
. 19 12
1.55
Defensive23.08
k
.
1.59
. 8 6
1.87 s CnsmrDef 6.32
d Hlthcare 16.76
. 17 11
Rel Category f Utilities 0.00
. 3 0
0.80
1.21
1.78 Composition - Net
Cash
2.8
0.56
Stocks 97.2
1.04
Bonds
0.0
Other
0.0
Rel Category
1.83
Foreign 5.6
(% of Stock)
2.18
1.72

Mutual Funds