Neuberger Berman plans Ucits US small cap fund

Neuberger Berman is planning to launch a Ucits compliant US small cap fund to Europe, after receiving requests from investors in both Europe and Asia to do so.

The fund will sit within its Ucits umbrella fund, the Neuberger Berman Investment Fund plc

The strategy as run separately has beaten the Russell 2000 index by 5.39% a year, in the decade to 31 March.

The two portfolio managers, Judith Vale (pictured) and Robert D’Alelio, each bring over 30 years of investment experience, and have run the strategy together for more than 15 years.

Vale joined Neuberger in 1992 and is a portfolio manager on the small cap value equity team. She was previously a portfolio manager at Quest Advisory and senior fund analyst at Merrill Lynch Asset Management.

D’Alelio joined the firm in 1996 as a portfolio manager on the Small Cap Value Equity team.

Previously, he spent 15 years at Putnam Investments as an equity analyst and later, as a senior vice president and portfolio manager. He began his investment career in 1979 as an analyst at the Bank of New England.

Behind them stand two more portfolio managers, and 40 research analysts.

The $199bn asset manager’s fund has a low turnover and the firm says, as a result, “the team is able to arbitrage against the typically short time horizon that drives most of its peers”.

The team seeks companies that have relatively little coverage from investment banks, and operations generating free cash flow and not needing external financing. Reasonable valuations are also important to the managers.

David Walker

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