NHS (Neuberger Berman High Yield Strategies Fund) Beneish M-Score : 0.17 (As of Apr. 26, 2025)

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What is Neuberger Berman High Yield Strategies Fund Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score 0.17 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Neuberger Berman High Yield Strategies Fund's Beneish M-Score or its related term are showing as below:

NHS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -0.94 Max: 0.17
Current: 0.17

During the past 9 years, the highest Beneish M-Score of Neuberger Berman High Yield Strategies Fund was 0.17. The lowest was -2.75. And the median was -0.94.

Neuberger Berman High Yield Strategies Fund Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Neuberger Berman High Yield Strategies Fund for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.17

0.528 * 1

0.404 * 1

0.892 * 4.2854

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3158

4.679 * 0.052028

0.327 * 0.619

0.17

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Oct24) TTM:

Last Year (Oct23) TTM:

Total Receivables was $5.77 Mil.
Revenue was $41.75 Mil.
Gross Profit was $41.75 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $323.58 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.95 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $43.50 Mil.
Net Income was $37.94 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $21.11 Mil.

Total Receivables was $7.91 Mil.
Revenue was $9.74 Mil.
Gross Profit was $9.74 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $303.91 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.70 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $66.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(5.765 / 41.748)	/	(7.913 / 9.742)
	=	0.13809	/	0.812256
	=	0.17

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(9.742 / 9.742)	/	(41.748 / 41.748)
	=	1	/	1
	=	1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (0 + 0) / 323.576)	/	(1 - (0 + 0) / 303.908)
	=	1	/	1
	=	1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	41.748	/	9.742
	=	4.2854

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0.95 / 41.748)	/	(0.702 / 9.742)
	=	0.022756	/	0.072059
	=	0.3158

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((43.5 + 0) / 323.576)	/	((66 + 0) / 303.908)
	=	0.134435	/	0.217171
	=	0.619

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(37.94 - 0	-	21.105)	/	323.576
	=	0.052028

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Neuberger Berman High Yield Strategies Fund has a M-score of 0.17 signals that the company is likely to be a manipulator.

Neuberger Berman High Yield Strategies Fund Beneish M-Score Related Terms

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Neuberger Berman High Yield Strategies Fund Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

c/o Neuberger Berman Investment Advisers LLC, 1290 Avenue of the Americas, New York, NY, USA, 10104-0002

Website

https://www.nb.com

Neuberger Berman High Yield Strategies Fund Inc is a diversified, closed-end management investment company. The company invests in high yield debt securities market. The Fund uses leverage to pursue its investment objective. The Fund may invest in a variety of direct debt instruments, including bank loans, notes and other interests in amounts owed to financial institutions by borrowers, such as companies and governments. Corporate loans in which the Fund may invest will consist of direct obligations of borrowers. The Fund may invest in corporate loans at origination as a co-lender or may acquire loans in the secondary market by purchasing participations in, assignments of or novations of corporate loans.

Executives

Bank Of America Corp /de/	10 percent owner	BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST, CHARLOTTE NC 28255
Bank Of America Na	10 percent owner	100 N. TRYON STREET, CHARLOTTE NC 28255
Metlife Investment Management, Llc	10 percent owner	ONE METLIFE WAY, WHIPPANY NJ 07981
Franklyn E. Smith	director	C/O NEUBERGER BERMAN INVESTMENT ADVISERS, 1290 AVENUE OF THE AMERICAS, NEW YORK NY 10104-0002
Ami Kaplan	director	C/O NEUBERGER BERMAN INVESTMENT ADVISERS, 1290 AVENUE OF THE AMERICAS, NEW YORK NY 10104-0002
Joseph Lind	other: Portfolio Manager	1290 AVENUE OF THE AMERICAS, NEW YORK NY 10104
Saba Capital Management, L.p.	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Chris Kocinski	other: Co-Portfolio Manager	190 SOUTH LASALLE STREET, NEUBERGER BERMAN INVESTMENT ADVISERS, CHICAGO IL 60603
Boaz Weinstein	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Bradley Tank	other: CIO of Adviser	C/O LEHMAN BROTHERS ASSET MANAGEMENT, 190 SOUTH LASALLE STREET, CHICAGO IL 60603-3421
Faith Colish	director	C/O NEUBERGER BERMAN MANAGEMENT INC, 605 THIRD AVE, NEW YORK NY 10158-0180
Thomas P Oreilly	other: Portfolio Manager	200 S WACKER DRIVE STE 2100, C/O LINCOLN CAPITAL FIXED INCOME, CHICAGO IL 60606
Patrick Houlihan Flynn	other: Portfolio Manager	C/O NEUBERGERF BERMAN MANAGEMENT LLC, 605 THIRD AVENUE, NEW YORK NY 10158-0180
Deborah C. Mclean	director	C/O NEUBERGER BERMAN MANAGEMENT LLC, 605 THIRD AVENUE, NEW YORK NY 10158-0180
James G. Stavridis	director	C/O NEUBERGER BERMAN MANAGEMENT LLC, 605 THIRD AVENUE, NEW YORK NY 10158-0180