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Neuberger Energy Infrastructure & Income Fund
Neuberger Energy Infrastructure & Income Fund launched in January 2013 as a closed-end management investment company under the Neuberger Berman umbrella.
Neuberger Energy Infrastructure & Income Fund
Neuberger Energy Infrastructure & Income Fund launched in January 2013 as a closed-end management investment company under the Neuberger Berman umbrella. Joseph Amato serves as President, overseeing a mandate that concentrates on publicly traded master limited partnerships and energy infrastructure corporations. The fund's structure allows it to hold concentrated positions in hard assets that generate fee-based cash flows, insulating returns from direct commodity-price swings. The fund allocates across midstream operators, including natural gas and crude oil pipeline networks, liquefied natural gas export terminals, and storage facilities. Portfolio exposures span the Bakken shale to Gulf Coast export hubs, with additional positions in regulated utilities transitioning toward natural gas power generation. The investment posture is income-first, distributing regular monthly dividends while maintaining qualified interest income treatment for tax-sensitive accounts. Holdings have historically included entities tied to major basin operators in the Permian and Marcellus formations. The fund operates from New York and does not disclose a team count beyond its named officers. Neuberger Berman's broader listed infrastructure platform shares research resources, but this closed-end vehicle operates under its own board and independent reporting. Recent structural attention has focused on the fund's use of leverage — typically around 25% of managed assets — to amplify distributable cash flows, a feature that distinguishes it from open-end mutual funds in the same sector. Its structural differentiator lies in the C-Corp wrapper the fund has used for tax reporting, eliminating the K-1 complexity that burdens many direct MLP investments. By electing to be taxed as a corporation, the fund issues a single 1099 form, allowing retirement accounts, foreign investors, and institutions otherwise barred from partnership structures to access the infrastructure income stream without administrative friction. This wrapper is the fund's moat — converting operationally messy MLP distributions into a form suitable for registered accounts.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Joseph V. Amato
President and Director
Sector focus
Frequently asked questions
How does the fund's C-Corp tax structure work, and why does it matter?
The fund elects to be taxed as a corporation, meaning it pays corporate-level taxes on its income. This converts what would be partnership K-1 distributions into a single 1099 form for shareholders. The structural wrapper eliminates the tax complexity and filing delays associated with MLP investments, making the fund suitable for IRAs, 401(k) plans, and international investors who would otherwise face filing obligations from direct MLP ownership.
How does the fund generate its income?
The fund primarily holds equity interests in fee-based midstream energy infrastructure companies — pipeline operators, storage terminals, and processing facilities — that earn revenue based on throughput volumes rather than commodity prices. These cash flows are distributed upward as regular dividends. The fund also uses leverage to enhance distributable income, targeting a managed distribution rate that has historically exceeded the yield of un-levered infrastructure indices.
How is this fund different from an open-end mutual fund in the same sector?
As a closed-end fund trading on NYSE American, it has a fixed number of shares that trade at prices that can diverge from net asset value. This structure allows the manager to hold less-liquid positions and use sustained leverage without facing daily redemptions. Investors can purchase shares at discounts to NAV during market dislocations, a feature absent from open-end funds that always transact at NAV.
Who handles the day-to-day portfolio management?
Neuberger Berman's listed infrastructure team manages the fund's portfolio, operating under the broader Neuberger Energy Infrastructure & Income Fund board. While Joseph Amato holds the president role, the investment team draws on the firm's energy research analysts and its commodity-linked securities group, which collectively monitor midstream operators and infrastructure REITs.
What is the fund's exposure to commodity price volatility?
The fund targets entities with fee-based or take-or-pay contract revenue — pipelines and storage — rather than producers whose earnings rise and fall with crude oil or natural gas spot prices. This intentionally limits direct commodity beta. However, severe and sustained price declines can reduce producer activity and lower throughput volumes, indirectly pressuring the cash flows the fund relies on.
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