- ISIN
- US64128K5873
- CUSIP
- 64128K587
- Issuer
- Neuberger Berman
- Inception Date
- Mar 10, 2013
- Category
- Municipal Bonds
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
NMIIX Performance Chart
Neuberger Berman Municipal Impact Fund (NMIIX) is up 0.1% since the beginning of the year. NMIIX is currently trading at $16 per share. Investors who bought $1,000 worth of NMIIX shares 5 years ago would now be looking at an investment worth $1,010.
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Returns By Period
Neuberger Berman Municipal Impact Fund (NMIIX) has returned 0.12% so far this year and 4.31% over the past 12 months. Over the last ten years, NMIIX has returned 1.39% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.
Neuberger Berman Municipal Impact Fund
- 1D
- 0.00%
- 1M
- -0.55%
- YTD
- 0.12%
- 6M
- 0.43%
- 1Y
- 4.31%
- 3Y*
- 3.01%
- 5Y*
- 0.20%
- 10Y*
- 1.39%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
NMIIX Monthly Returns History
Based on dividend-adjusted daily data since Mar 12, 2013, NMIIX's average daily return is +0.01%, while the average monthly return is +0.15%. At this rate, an investment would double in approximately 38.5 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +5.1%, while the worst month was Sep 2022 at -3.4%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 4 months.
On a daily basis, NMIIX closed higher 39% of trading days. The best single day was Mar 25, 2020 with a return of +3.3%, while the worst single day was Mar 20, 2020 at -2.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.62% | 0.94% | -1.63% | 0.82% | -0.62% | 0.12% | |||||||
| 2025 | 0.41% | 0.92% | -1.36% | -0.31% | 0.18% | 0.76% | 0.12% | 0.62% | 1.43% | 0.68% | 0.19% | 0.20% | 3.89% |
| 2024 | -0.29% | 0.09% | -0.10% | -0.89% | -0.27% | 1.36% | 0.84% | 0.72% | 0.65% | -1.11% | 1.17% | -0.93% | 1.22% |
| 2023 | 2.46% | -2.51% | 1.97% | -0.49% | -1.01% | 0.81% | 0.18% | -0.93% | -2.25% | -1.16% | 5.10% | 2.01% | 3.99% |
| 2022 | -2.53% | -0.50% | -2.90% | -2.62% | 1.50% | -1.40% | 2.29% | -2.27% | -3.41% | -0.48% | 3.59% | 0.28% | -8.39% |
| 2021 | 0.48% | -1.46% | 0.42% | 0.71% | 0.26% | 0.21% | 0.58% | -0.16% | -0.72% | -0.05% | 0.58% | 0.04% | 0.88% |
Benchmark Metrics
Neuberger Berman Municipal Impact Fund has an annualized alpha of 1.64%, beta of 0.01, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since March 13, 2013.
- This fund participated in 11.71% of S&P 500 Index downside but only 10.13% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.01 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.64%
- Beta
- 0.01
- R²
- 0.01
- Upside Capture
- 10.13%
- Downside Capture
- 11.71%
Expense Ratio
NMIIX has an expense ratio of 0.43%, placing it in the medium range.
Return for Risk
Risk / Return Rank
NMIIX ranks 55 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Neuberger Berman Municipal Impact Fund (NMIIX) and compare them to S&P 500 Index.
| NMIIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.41 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.93 | -0.94 |
| Martin ratioReturn relative to average drawdown | 7.72 | 13.52 | -5.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Neuberger Berman Municipal Impact Fund provided a 2.79% dividend yield over the last twelve months, with an annual payout of $0.45 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.45 | $0.48 | $0.43 | $0.29 | $0.21 | $0.33 | $0.40 | $0.50 | $0.42 | $0.40 | $0.58 | $0.50 |
Dividend yield | 2.79% | 2.92% | 2.69% | 1.77% | 1.33% | 1.83% | 2.23% | 2.82% | 2.47% | 2.32% | 3.41% | 2.84% |
Monthly Dividends
The table displays the monthly dividend distributions for Neuberger Berman Municipal Impact Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.17 | |||||||
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.48 |
| 2024 | $0.03 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.43 |
| 2023 | $0.02 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.29 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.03 | $0.03 | $0.03 | $0.21 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.06 | $0.33 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Neuberger Berman Municipal Impact Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Neuberger Berman Municipal Impact Fund was 12.34%, occurring on Oct 25, 2022. Recovery took 800 trading sessions.
The current Neuberger Berman Municipal Impact Fund drawdown is 1.43%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -12.34%Oct 2022 | 1y 2mo | 3y 2mo | 4y 5moAug 2021 - Jan 2026 |
COVID crash2020 | -9.81%Mar 2020 | 10d | 4mo 10d | 4mo 20dMar 2020 - Jul 2020 |
2013 pullback2013 | -5.94%Sep 2013 | 4mo 5d | 7mo 22d | 11mo 27dMay 2013 - Apr 2014 |
2016 pullback2016 | -4.55%Dec 2016 | 4mo 27d | 8mo 12d | 1y 1moJul 2016 - Aug 2017 |
Rate-hike selloffLate 2018 | -2.68%Oct 2018 | 1y 29d | 2mo 22d | 1y 3moSep 2017 - Dec 2018 |
Drawdown Indicators
| NMIIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.34% | -56.78% | +44.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.19% | -9.10% | +6.91% |
Max Drawdown (3Y)Largest decline over 3 years | -4.64% | -18.90% | +14.26% |
Max Drawdown (5Y)Largest decline over 5 years | -12.34% | -25.43% | +13.09% |
Max Drawdown (10Y)Largest decline over 10 years | -12.34% | -33.92% | +21.58% |
Current DrawdownCurrent decline from peak | -1.43% | -0.74% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -10.72% | +8.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 1.97% | -1.41% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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