DEFA14A: Neuberger Berman Fund Faces Proxy Fight with Saba Capital

Neuberger Berman Next Generation Connectivity Fund urges shareholders to vote for its current directors amidst a proxy fight with Saba Capital, who they believe is acting in its own self-interest.

Summary

• Neuberger Berman Next Generation Connectivity Fund is engaged in a proxy fight with Saba Capital Master Fund.
• The Fund's Board of Directors is urging stockholders to vote FOR the re-election of its current directors: Marc Gary, Martha Goss, and Michael M. Knetter.
• The Board believes Saba's nominee would harm the Fund and hinder its ability to generate competitive investment returns.
• Stockholders are advised to vote using the WHITE proxy card and disregard any GOLD proxy cards sent by Saba.
• The Fund has retained EQ Fund Solutions as its proxy solicitor.
• The Board emphasizes the importance of every vote and warns that not voting will negatively impact the Fund's long-term prospects.
• Only the latest dated proxy card submission will count.

Sentiment

Score: 4

Explanation: The document expresses concern and defensiveness due to the proxy fight. The tone is negative towards Saba Capital, but positive about the current board's capabilities.

Positives

• The Fund's Board has a history of safeguarding investments and protecting the interests of all stockholders.
• The current directors offer specialized expertise and a comprehensive perspective on closed-end fund management issues.
• The Board is committed to creating sustainable, long-term performance.

Negatives

• Saba Capital is viewed as an opportunistic hedge fund manager focused only on its own interests.
• The Board believes Saba seeks to disrupt the experienced oversight provided by the current Board.
• The election of Saba's nominee could harm the Fund and hinder its ability to generate competitive investment returns.

Risks

• The election of Saba's nominee could jeopardize the balance of skills across the Board and undermine the performance of the Fund.
• Not voting could negatively impact the long-term prospects of the Fund.

Future Outlook

The Board is committed to creating sustainable, long-term performance in pursuit of the Fund's stated investment objectives for all stockholders.

Management Comments

• The Board of Directors of the Fund is unanimously urging you to vote FOR the re-election of your Boards highly qualified and experienced current Directors.
• Your Funds Board believes that Saba seeks to disrupt the experienced and reliable oversight provided by your Funds Board for its own gain and does not care about impairing your Fund and limiting its long-term investment potential.

Industry Context

Proxy fights are not uncommon in the investment management industry, particularly with closed-end funds, where activist investors seek to influence fund management or strategy to unlock value or drive change.

Stakeholder Impact

• The outcome of the proxy vote will impact shareholders, as it will determine the composition of the Board and potentially the Fund's investment strategy.
• Employees of the Fund could be affected by changes in the Fund's direction or management.

Next Steps

• Stockholders need to vote using the WHITE proxy card.
• The Fund will continue to defend its current Board against Saba's efforts.

Keywords

proxy fight, Saba Capital, Neuberger Berman, directors, stockholders, vote, proxy card, fund governance, investment returns