Neuberger Berman has launched an absolute return bond fund that aims to generate an annual return of 4% over cash over a medium to long term investment horizon.
The Neuberger Berman Global Bond Absolute Return fund will be co-run by London-based manager Jon Jonsson and Chicago-based manager Andy Johnson.
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The fund, which is domiciled in Dublin, is launched with a seed capital of US$42 million.
According to Neuberger Berman, this fund is designed to avoid persistent macro or thematic biases and targets a low level of correlation to the wider fixed income market over a full market cycle.
The fund will use a proprietary framework which combines multiple alpha sources and is used across Neuberger Berman’s fixed income platform.
The fund is now used in the management of Neuberger Berman’s benchmark relative and unconstrained strategies in the US.
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By GlobalDataDik van Lomwel, head of Neuberger Berman for EMEA and LatAm, said: "In common with previous Neuberger Berman product launches, we worked closely with clients to develop this strategy, in this case addressing the increasing demand for absolute return fixed income."
