About the manager

Neuberger Berman is one of the world's leading independent, employee-controlled asset management companies. Established in 1939, Neuberger Berman is a leader in a broad range of global investment solutions — equity, fixed income, and alternatives — to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products. Its experienced portfolio managers employ distinctive investment processes, unified by a common commitment to research. Its focus on delivering attractive, consistent performance and dedication to helping clients achieve their investment objectives remain paramount.

Investment philosophy

Neuberger Berman's equity portfolios are managed by teams of dedicated, experienced portfolio managers and analysts who focus their efforts on delivering attractive performance for clients. This is reflected in its portfolio management structure — underpinning each investment teams' distinct process is a commitment to original research, disciplined stock selection and a risk-managed investment approach.

The teams are further supported by an in-house research department focused solely on industry and stock-specific research. This unique culture creates a performance-driven environment focused on meeting the most complex investment goals and objectives of investors. Neuberger Berman's equity suite of products spans the market capitalization and style spectrum, including international and specialty asset classes.

Investment approach

The Neuberger Berman Large Cap Blend Strategy invests mainly in common stocks of mid- to large-capitalization companies. It seeks to reduce risk by investing across many different industries.

Portfolio managers

Arthur Moretti, CFA® and Ingrid Saukaitis Dyott, co-managers

Arthur has 22 years of financial industry experience. He is a Managing Director at Neuberger Berman and portfolio manager of the SRI Fund. Prior to joining Neuberger Berman as an equity portfolio manager in June of 2001, he started his career as an options and futures analyst at Donaldson, Lufkin, and Jenrette and later joined CS First Boston as an equity derivative trader. Arthur worked for over eight years at Merrill Lynch Asset Management, holding various positions from fund analyst leading up to senior portfolio manager of the Merrill Lynch Growth Fund. Immediately prior to joining Neuberger Berman, he was a Managing Director and senior portfolio manager at Eagle Capital Management.

He received a B.A. in Economics from Georgetown University and an M.A. in Economics from Princeton University. He was Phi Beta Kappa, magna cum laude, a Princeton University Fellow, a National Science Foundation Honorary Fellow and won the Phoenix Medal for Scholarship in Economics. He holds the CFA® designation and is a member of the New York Society of Security Analysts.

Ingrid is a Managing Director and portfolio manager of the SRI Fund. She has been an integral part of Neuberger Berman's socially responsive group for the past twelve years. Before joining the firm in 1997, she was a research analyst at the Council on Economic Priorities; a non-profit research organization focusing on corporate social and environmental issues.

Ingrid received a B.A. from Bowdoin College and an M.B.A. from Columbia University. She sits on the board of directors for the Social Investment Forum (SIF) and is a member of SIF's executive committee as treasurer of the organization. She also sits on the board of directors for the Neuberger Berman Foundation.

ESG commitment

Neuberger Berman employs a research-driven and valuation-sensitive approach to stock selection. It seeks to identify stocks in well-positioned businesses that it believes are undervalued in the market. It looks for solid balance sheets, strong management teams with a track record of success, good cash flow, the prospect for above average earnings growth and other valuation-related factors. Inherent to the process is the underpinning that good corporate citizenship is good business. Among companies that meet these criteria, Neuberger Berman looks for those that show leadership in three particular areas:

• Environmental concerns
• Diversity in the work force
• Progressive employment and workplace practices and community relations

Neuberger Berman also typically looks at a company's record in public health and the nature of its products. It judges firms on their corporate citizenship overall, considering their accomplishments as well as their goals. While these judgments are inevitably subjective, Neuberger Berman endeavors to avoid companies that derive revenue from gambling or the production of alcohol, tobacco, weapons or nuclear power.

Pax World Management makes no assurance that the manner in which Neuberger Berman manages its assets in the ESG Managers™ Portfolios is the same as or entirely consistent with the manner in which it manages any of its other Funds or accounts.

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