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Neuberger High Yield Strategies Fund Inc. (NHS) reported a strong year for the 12 months ended October 31, 2025. The closed-end fund delivered a 9.03% total return on a net asset value (NAV) basis, outperforming its benchmark, the ICE BofA U.S. High Yield Constrained Index, which returned 8.03%. On a market price basis, the Fund returned 5.76% over the same period.
The Fund seeks high total return by investing primarily in high yield (below-investment-grade) debt, with a portfolio heavily concentrated in U.S. corporate bonds across sectors such as pipelines, commercial services, insurance, entertainment and energy. U.S. investments represented 118.7% of net assets, reflecting the impact of leverage.
Net assets applicable to common stockholders were $233.3 million, with 31,348,719 common shares outstanding and a NAV of $7.44 per share. The Fund paid $1.09 per share in distributions to common stockholders during the year, of which $0.58 per share is expected to be treated as return of capital for tax purposes. A stable monthly distribution of $0.0905 per share was in place at period end.
The Fund employs financial leverage through a $61.0 million secured revolving credit facility and $40.0 million of Mandatory Redeemable Preferred Shares, Series D, which can amplify both income and volatility. Management highlights ongoing focus on bottom-up credit research and issuer fundamentals while acknowledging risks from economic, rate, inflation and credit conditions.
Neuberger High Yield Strategies Fund Inc. updates its prospectus to reflect a corporate name change and portfolio management transitions.
Effective December 18, 2025, the Fund changed its name from Neuberger Berman High Yield Strategies Fund Inc. to Neuberger High Yield Strategies Fund Inc. Effective December 31, 2025, Joseph Lind will expand his role to Co-Head of Special Situations and will cease portfolio management responsibilities to the Fund on or about December 31, 2026. Also effective December 31, 2025, Steve Ruh will join as a co-portfolio manager alongside Mr. Lind and Christopher Kocinski. The prospectus language for the "Management of the Funds – Portfolio Managers" section is replaced to reflect these role changes.
Neuberger Berman High Yield Strategies Fund Inc. (NHS) received an amended Schedule 13G filing (Amendment No. 9) from First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation disclosing beneficial ownership of 5,463,038 common shares, representing 21.07% of the class, as of 09/30/2025.
The filing lists 0 shares with sole voting power and 0 shares with shared voting power, and 5,463,038 shares with shared dispositive power. The shares are held primarily across unit investment trusts and accounts associated with First Trust; voting for UIT-held shares is conducted by the trustee to mirror unaffiliated holders. The reporting persons state the position is held in the ordinary course of business and not for the purpose of changing or influencing control, and they disclaim beneficial ownership.
Form 4 highlights: On 07/17/2025, portfolio manager Chris Kocinski purchased 6,000 common shares of Neuberger Berman High Yield Strategies Fund Inc. (NHS) at a volume-weighted average price of $7.3995 (price range $7.395-$7.41). This was an open-market “P” code transaction and no shares were sold.
Following the trade, Kocinski’s direct beneficial ownership rose to 21,000 shares. No derivative securities were involved and there were no amendments to prior filings. The transaction suggests incremental insider confidence but represents a modest dollar amount (~$44k) relative to the fund’s market capitalization.