NGUAX
Neuberger Berman Large Cap Growth Fund
NEUBERGER BERMAN EQUITY FUNDS
Expense ratio1
0.80%
Net assets2
$2.45B
Holdings2
71
Category
US Equity
2025 return3
14.48%

Investment objective & strategy

As of Feb. 10, 2026 · prospectus

Objective. The Fund seeks long-term growth of capital.

Strategy. To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies, which it defines as those with a market capitalization within the market capitalization range of the Russell 1000 Growth Index at the time of purchase. The Portfolio Managers employ a research driven approach to stock selection, with a long term perspective that combines both quantitative analysis and qualitative judgment. The Portfolio Managers generally seek to identify what they believe to be faster growing companies or quality growth companies with key attributes that may include characteristics such as attractive sales growth, higher earnings visibility, or competitive returns on equity relative to their peers. In doing so, the Portfolio Managers analyze … To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies, which it defines as those with a market capitalization within the market capitalization range of the Russell 1000 Growth Index at the time of purchase. The Portfolio Managers employ a research driven approach to stock selection, with a long term perspective that combines both quantitative analysis and qualitative judgment. The Portfolio Managers generally seek to identify what they believe to be faster growing companies or quality growth companies with key attributes that may include characteristics such as attractive sales growth, higher earnings visibility, or competitive returns on equity relative to their peers. In doing so, the Portfolio Managers analyze such factors as: balance sheet metrics; profit margin profiles; market share and competitive leadership of the companys products; sales; cash flow and earnings growth relative to competitors; and market valuation in comparison to a stocks own historical norms and the stocks of other large-capitalization companies. As part of their fundamental investment analysis the Portfolio Managers consider environmental, social and governance factors they believe are financially material to individual investments, where applicable. While this analysis is inherently subjective and may be informed by both internally generated and third-party metrics, data and other information, the Portfolio Managers believe that the consideration of financially material environmental, social and governance factors, alongside traditional financial metrics, may enhance the Funds overall investment process. The consideration of environmental, social and governance factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents. The consideration of environmental, social and governance factors as part of the investment process does not mean that the Fund pursues a specific impact or sustainable investment strategy. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies. The Fund may invest in restricted securities, including private placements, which are securities that are subject to legal restrictions on their sale and may not be sold to the public unless registered under the applicable securities law or pursuant to an applicable exemption. The Fund may also invest in private companies, including companies that have not yet issued securities publicly in an initial public offering. The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, to attempt to enhance returns. The Fund will only sell (write) call options on individual stocks if it simultaneously holds an equivalent position in the stock underlying the option (covered call option). The Fund seeks to reduce risk by investing across many companies, sectors and industries. At times, the Portfolio Managers may emphasize certain sectors or industries that they believe may benefit from market or economic trends. The Portfolio Managers follow a disciplined selling strategy that utilizes a process analyzing macroeconomic and/or security-specific circumstances, and may sell a security when it reaches a target price, if a companys business fails to perform as expected, or when other opportunities appear more attractive. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of large-capitalization companies, without providing shareholders at least 60 days notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

Top holdings

As of Feb. 28, 2026 · N-PORT
SecurityTickerValue% of fund
NVIDIA CORP $200.82M 8.20%
ALPHABET INC CL A $190.32M 7.77%
MICROSOFT CORP $185.99M 7.59%
AMAZON.COM INC $154.59M 6.31%
APPLE INC $144.57M 5.90%
META PLATFORMS INC CL A $116.28M 4.75%
BROADCOM INC $95.83M 3.91%
FANATICS HOLDINGS INC CLASS A $86.14M 3.52%
LILLY ELI and CO $76.79M 3.14%
NETFLIX INC $75.55M 3.08%
View all holdings →

Allocation by sector

As of February 28, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Nov 30, 2025 → Feb 28, 2026
Opened
7
Exited
11
Increased
17
Decreased
20
Unchanged
27

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
Neuberger Berman Growth ETF · NBGX 93% 0.44%
Schwab Large-Cap Growth Fund · SWLSX 66% 0.99%
Neuberger Berman Long Short Fund · NLSAX, NLSCX, NLSIX 66% 1.27%
View all similar funds →

Advisers

As of August 31, 2025 · N-CEN
FirmRole
Neuberger Berman Investment Advisers LLC Adviser

Footnotes

  1. Expense ratio as of February 10, 2026, from the fund's prospectus.
  2. Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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