# CUMULATIVE PERFORMANCE
130
120
Growth
110
100
90
Nov 15	Nov 16	Nov 17	Nov 18	Nov 19	Aug 20
Fund	Benchmark
This chart shows how an investment of EUR 100 in the fund on its inception date would have performed and compares it against how a hypothetical investment of EUR 100 in the Benchmark(s) would have performed.
| CUMULATIVE (%) 1 | 1m | 3m | YTD | 1y | 3y | 5y | SI³ |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.23 | 3.69 | 0.24 | 1.56 | 7.56 | - | 23.80 |
| Benchmark | 0.99 | 3.06 | -0.51 | 0.46 | 9.72 | - | 24.78 |
| ANNUALISED (%) 1 |  |  |  | 1y | 3y | 5y | SI³ |
| Fund |  |  |  | 1.56 | 2.46 | - | 4.56 |
| Benchmark |  |  |  | 0.46 | 3.14 | - | 4.73 |
| CALENDAR (%) 2 |  | 2015^ | 2016 | 2017 | 2018 | 2019 | 2020 |
| Fund |  | -1.20 | 9.62 | 8.59 | -6.38 | 12.17 | 0.24 |
| Benchmark |  | -0.97 | 8.35 | 8.86 | -3.82 | 11.64 | -0.51 |

Effective 28 February 2020, the benchmark name changed to ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Total Return, Euro, Hedged). The fund is actively managed and is not constrained by the benchmark, which is used for performance comparison purposes only. The change does not affect how the fund is managed.
1
Performance to latest month end. YTD - Year to Date, SI - Since Inception, m – month, y - year. 
2
Performance for the current calendar year is the year to date performance up to the reporting month end. 
3
Performance from 19 November 2015 to latest month end.
^Performance shown is not the full calendar year. The period is from 19 November 2015 to calendar year end.
Fund performance is representative of the EUR I Accumulating Class and has been calculated to account for the deduction of fees. Fund performance does not take account of any commission or costs incurred by investors when subscribing for or redeeming shares. These figures refer to the past. Past performance is not a reliable indicator of future results.
Performance data is as of 28th August due to a fund holiday whilst benchmark data is as of 31st August.
Non-Financial 5%
Constrained Custom Index (Total Return, Euro,
Hedged)
CHARACTERISTICS
DURATION DISTRIBUTION % (MV)
CONTACT
Client Services: +44 (0)20 3214 9096
Client Services: +353 1 571 9646 Email: Clientservices@nb.com Website: www.nb.com
Calls are recorded	
For Professional Client Use Only
Page 1 of 4
| CREDIT QUALITY % (MV) | Fund |  | CURRENCY ALLOCATIONS % (MV) Fund |  | COUNTRY ALLOCATIONS % | (MV) Fund |
| --- | --- | --- | --- | --- | --- | --- |
| A+ | 0.77 |  | British Pound16.80 |  | United Kingdom | 29.48 |
| A | 3.45 |  | Euro59.40 |  | Germany | 24.31 |
| A- | 4.74 |  | United States Dollar23.81 |  | France | 16.25 |
| BBB+ | 3.14 |  |  |  | Netherlands | 6.30 |
| BBB | 36.00 |  |  |  | Belgium | 6.07 |
| BBB- | 39.88 |  |  |  | Canada | 4.09 |
| BB+ | 12.02 |  |  |  | Australia | 3.14 |
|  |  |  |  |  | Denmark | 2.89 |
|  |  |  |  |  | Spain | 2.51 |
|  |  |  |  |  | United States | 2.34 |
|  |  |  |  |  | Italy | 1.99 |
|  |  |  |  |  | Sweden | 0.63 |
| TOP 10 ISSUERS % (MV) | Fund |  | SECTOR ALLOCATIONS % (MV) Fund |  | YIELD TO CALL % | Fund |
| Volkswagen International | 9.29 |  | Utility40.18 |  | Swiss Franc | 1.94 |
| SSE PLC | 9.03 |  | Energy14.00 |  | Euro | 2.17 |
| NGG Finance | 8.56 |  | Telecommunications12.80 |  | British Pound | 2.81 |
| Bayer AG | 7.19 |  | Consumer Cyclical9.83 |  | United States Dollar | 2.98 |
| Electricité De France | 4.79 |  | Consumer Non-Cyclical7.19 |  |  |  |
| TenneT | 4.66 |  | Basic Industry6.66 |  |  |  |
| BP Plc | 4.54 |  | Real Estate4.46 |  |  |  |
| Elia System Operator | 4.20 |  | Brokerage/Asset Managers/Exchanges0.73 |  |  |  |
| Unibail-Rodamco SE | 4.18 |  | Cash4.14 |  |  |  |
| Vodafone Group PLC | 3.67 |  |  |  |  |  |
|  |  |  |  |  | RISK MEASURES | 3 years |
|  |  |  |  |  | Alpha (%) | -0.85 |
|  |  |  |  |  | Tracking Error (%) | 1.50 |
|  |  |  |  |  | Beta | 1.16 |
|  |  |  |  |  | Sharpe Ratio | 0.14 |
|  |  |  |  |  | Information Ratio | -0.45 |
|  |  |  |  |  | R-Squared (%) | 98.25 |
|  |  |  |  |  | Standard Deviation | 7.82 |

| I SHARE CLASS DATA |  |
| --- | --- |
| Share Class | Currency | Inception Date (Share Class) | ISIN | Bloomberg | VALOR | Minimum Investment |
| EUR I Accumulating Class | EUR | 19-11-2015 | IE00BZ090894 | NBCHEIA ID | 30442329 | 2,500,000 |
| EUR I Distributing Class | EUR | 19-11-2015 | IE00BZ090902 | NBCHEID ID | 30442342 | 2,500,000 |
| GBP I Accumulating Class | GBP | 09-03-2017 | IE00BYMJ8V99 | NBCHGIA ID | 35945352 | 2,500,000 |
| USD I Accumulating Class | USD | 14-06-2016 | IE00BDHBH503 | NBCHUIA ID | 32881246 | 2,500,000 |

Some share classes listed are subject to restrictions, please refer to the fund's prospectus for further details. For a full glossary of terms, please refer to www.nb.com/glossary
Before subscribing please refer to prospectus and the Key Investor Information Document www.nb.com/europe/literature
*The ongoing charges figure is based on the annual expenses for the period ending 31 December 2019

Translation (ENES, 2020-08-31):
# RENTABILIDAD ACUMULADA
130
Crecimiento
120
110
100
90
nov 15	nov 16	nov 17	nov 18	nov 19	ago 20
Fondo	Índice de referencia
| RENT. ACUMULADA (%) 1 1 mes | 3 meses | Desde el inicio del año | 1 año | 3 años | 5 años | Desde lzto.³ |
| --- | --- | --- | --- | --- | --- | --- |
| Fondo | 1,23 | 3,69 | 0,24 | 1,56 | 7,56 | - | 23,80 |
| Índice de referencia | 0,99 | 3,06 | -0,51 | 0,46 | 9,72 | - | 24,78 |
|  |  |  |  |  |  |  | Desde |

Este gráfico muestra el rendimiento de una inversión de EUR 100 en el Fondo en su fecha de creación y la compara con el rendimiento de una hipotética inversión de EUR 100 en el índice o índices de referencia.
| Fecha de lanzamiento (Clase de acción) | 19 noviembre 2015 | RENT. ANUALIZADA (%) 1 | 1 año | 3 años | 5 años | lzto.³ |
| --- | --- | --- | --- | --- | --- | --- |
| Divisa Base (Fondo) | EUR | Fondo | 1,56 | 2,46 | - | 4,56 |
| Divisa Base (Clase de acción) | EUR | Índice de referencia | 0,46 | 3,14 | - | 4,73 |
| Activos del Fondo (Millones de EUR) | 1358,01 |  |  |  |  |  |

VL (En la divisa de la clase de acción)	12,38
Domicilio	Irlanda
Cotización	Irlanda
Vehículo	UCITS
Valoración	Diaria
Liquidación (Suscripciones)			T+3 Fecha límite de negociación 11:00 (hora de Dublín) Regulador	Banco Central de Irlanda Comisión de gestión		0,60%
Gastos corrientes*	0,75%
Comisión de suscripción (Máx.)		0,00% Código Bloomberg	NBCHEIA ID
Código ISIN	IE00BZ090894
Categoría Morningstar™	EUR Deuda Subordinada
| Períodos de 12 meses (%) 2 | Ago 2014 Ago 2015 | Ago 2015 Ago 2016 | Ago 2016 Ago 2017 | Ago 2017 Ago 2018 | Ago 2018 Ago 2019 | Ago 2019 Ago 2020 |
| --- | --- | --- | --- | --- | --- | --- |
| Fondo | - | - | 5,21 | -0,17 | 6,09 | 1,56 |
| Índice de referencia | - | - | 4,86 | 1,24 | 7,89 | 0,42 |

A partir del 28 de febrero de 2020, el nombre del índice de referencia cambió a ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Total Return, Euro, Hedged). El Fondo se gestiona de forma activa y no está limitado por su referencia que se emplea únicamente a efectos de comparar su rentabilidad. El cambio no afecta la forma en que se gestiona el fondo.
1
Rentabilidad hasta el final del último mes.
2
El redimiento para el período de 12 meses consecutivos es hasta el mes de referencia.
3
Rentabilidad desde 19 noviembre 2015 hasta el final del último mes.
El rendimiento se refiere a la clase de acciones Clase I de acc. EUR y ha sido calculado para dar cuenta de la liquidación de los gastos. El rendimiento del Fondo no tiene en cuenta ninguna comisión o gasto incurrido por los inversores cuando se suscriben o reembolsan acciones. Estas cifras se refieren al pasado. La rentabilidad pasada no es un indicador fiable de resultados futuros.
Los datos de rentabilidad corresponden al 28 de agosto debido a un día feriado del fondo, mientras que los datos del índice referencia son al 31 de agosto.
Índice de referencia
ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Total Return, Euro,
Hedged)