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Commodities Fund

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Commodities Fund

UCITS Fund | Public Real Assets

Commodities Fund

Overview
Aims to provide an attractive level of total return, primarily by seeking exposure to a broad range of commodities groups globally, such as energy, metals, agriculture and livestock

Why Invest

Commodity Risk Diversification

Risk-balanced portfolio construction seeks to enhance diversification

Alpha Enhancements

Tactical exposure adjustments and optimised derivative contract selection expand alpha sources

Inflation Hedge

Targets long-term positive real returns through exposure to global economic growth and a comprehensive spectrum of inflation scenarios, both anticipated and unexpected

This is a marketing communication in respect of the Neuberger Berman Commodities Fund. Please refer to the fund prospectus and offering documents, including the Key Information Document (“KID”) or Key Investor Information Document (“KIID”) as applicable, before making any final investment decisions. Investors should note that by making an investment they will own shares in the fund, and not the underlying assets.

The sub-investment manager does not apply the ESG Policy and deems sustainability risks not to be relevant for the portfolio, as the strategy of the portfolio does not support the integration of sustainability risks.

Key Risks

Commodities Risk: The fund's exposure to the commodities markets, and/or a particular sector of the commodities markets, may subject the fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets are impacted by a variety of factors, including changes in overall market movements, resource availability, commodity price volatility, political and economic events and policies, interest rates and inflation rates.

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.

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 (including certain complex instruments). This may increase the fund’s leverage significantly which may cause large variations in the value of your share. Investors should note that the fund may achieve its investment objective by investing principally in Financial Derivative Instruments (FDI). There are certain investment risks that apply in relation to the use of FDI. The fund’s use of FDI can involve significant risks of loss.

Model Risk: The investment strategy of a fund using a quantitative investment approach is rules based and model-driven. Therefore, it would not necessarily result in a security being sold because that security’s issuer was in financial trouble or defaulted, or had its credit rating downgraded, unless such indicators are tracked by the investment strategy of that fund. There is no guarantee that the investment strategy of such a fund will meet the purpose for which it was designed.

Interest Rate Risk: The risk of interest rate movements affecting the value of fixed-rate bonds.

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. Where past performance is shown it is based on the share class to which this webpage 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.

 

For full information on the risks please refer to the fund prospectus and offering documents, including the KID or KIID, as applicable.

Opportunities Within Commodities
Portfolio Manager Hakan Kaya reviews the opportunities within commodities and introduces the fund.
Neuberger Berman's Liquid Alternatives Solutions
Douglas Kramer, Head of Institutional Equity and Multi-Asset offers an overview of our Liquid Alternatives Platform.
Performance and Exposures
Fund Facts

The ongoing charge figure (incl. management fee) is based on the annual expenses for the period ending 31 December 2023.

The fund’s benchmark name shown here may be abbreviated. Please refer to the supplement for the full benchmark name.

Portfolio Management Team
Hakan Kaya, PhD
Senior Portfolio Manager
19 Years of Industry Experience
17 Years with Neuberger Berman
David Wan
Portfolio Manager
24 Years of Industry Experience
24 Years with Neuberger Berman
Hakan Kaya, PhD, Senior Portfolio Manager
Hakan Kaya, PhD, Managing Director, joined the firm in 2008. Hakan is a Senior Portfolio Manager on the Quantitative and Multi-Asset Strategies team responsible for Global Risk Balanced Portfolios and Commodities. He contributes to asset allocation research with a focus on risk management and has a record of publishing research in both refereed journals and white papers on timely investment issues. Prior to joining the firm, he was a consultant with Mount Lucas Management Corporation where he developed weather risk and statistical relative value models for commodities investment. Dr. Kaya received BS degrees summa cum laude in Mathematics and Industrial Engineering from Koc University in Istanbul, Turkey and holds a PhD in Operations Research & Financial Engineering from Princeton University.
David Wan, Portfolio Manager
David Yi Wan, Senior Vice President, joined the firm in 2001. David is a Portfolio Manager on the Quantitative and Multi-Asset Class (“QMAC”) team responsible for Global Risk Balanced Portfolios and Commodities. He focuses on research and development of asset allocation and commodities investment strategies. In addition, he is responsible for the day-to-day portfolio management and implementation of these strategies. Prior to joining the firm, he was an Assistant Vice President with the Information Management department at Lehman Brothers. Previously, he was deputy director of the Science & Technology Office with Chongqing Cheng-Yu Expressway Company Limited in China. David received a BS in Engineering Mechanics from Tongji University (China), an MS in Computer Science from the City College of New York and an MBA from New York University Stern Business School.
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