Form 4: Portfolio Manager Boosts NML Stake

Neuberger Berman Energy Infrastructure & Income Fund's Portfolio Manager, Douglas A. Rachlin, purchased 40,000 shares of common stock.

Summary

• Douglas A. Rachlin, a Portfolio Manager for Neuberger Berman Energy Infrastructure & Income Fund Inc. (NML), acquired 40,000 shares of the company's common stock.
• The transaction occurred on November 17, 2025, at an average price of $8.5485 per share, with prices ranging from $8.51 to $8.56.
• Following this purchase, Rachlin directly beneficially owns 418,817 shares and indirectly owns 150,000 shares through the Douglas A Rachlin 2020 Family Trust, totaling 568,817 shares.

Sentiment

Score: 8

Explanation: The significant insider purchase by a key portfolio manager indicates strong confidence in the company's prospects and valuation, which is generally a very positive signal for investors.

Positives

• A significant purchase by a Portfolio Manager indicates strong confidence in the company's future prospects and valuation.
• Increased insider ownership aligns management's interests more closely with those of shareholders.

Future Outlook

This Form 4 filing does not contain any explicit forward-looking statements or guidance regarding the company's future outlook.

Industry Context

Insider buying, especially by a portfolio manager, can signal a positive outlook for the specific company within its industry. While this filing doesn't provide broader industry trends, a manager increasing their stake suggests they believe the company is undervalued or poised for growth relative to its peers in the energy infrastructure and income fund sector.

Comparison to Industry Standards

• This filing is a standard insider transaction report and does not provide data for direct comparison to industry-specific operational or financial benchmarks.
• Significant insider purchases are generally viewed positively across all industries as a sign of management confidence.

Related Party Transactions

• Douglas A. Rachlin's indirect beneficial ownership of 150,000 shares through the Douglas A Rachlin 2020 Family Trust represents a related party holding.

Stakeholder Impact

• Shareholders may view this insider purchase as a positive signal, potentially increasing confidence in the stock.
• The transaction directly impacts the beneficial ownership structure of the reporting person.

Key Dates

Recommendation

The substantial purchase of shares by a Portfolio Manager, Douglas A. Rachlin, at an average price of $8.5485, signals strong insider conviction in Neuberger Berman Energy Infrastructure & Income Fund Inc. (NML). Such a move typically suggests that management believes the stock is undervalued or has significant upside potential. This alignment of interests between management and shareholders, coupled with the direct investment, provides a compelling reason for investors to consider a 'buy' recommendation, as it implies a positive outlook from someone with deep knowledge of the company's operations and prospects.

Keywords

Neuberger Berman, NML, Insider Buying, Form 4, Douglas A. Rachlin, Portfolio Manager, Stock Purchase, Beneficial Ownership, Energy Infrastructure, Income Fund