Neuberger Berman Energy Infrastructure and Income Fund Inc.
US ˙ NYSEAM ˙ US64129H1041

Introduction

This page provides a comprehensive analysis of the known insider trading history of Rachlin Douglas A.. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

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Companies with Reported Insider Positions

The SEC filings indicate Rachlin Douglas A. has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:NML / Neuberger Berman Energy Infrastructure and Income Fund Inc. 378,817
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Rachlin Douglas A.. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases NML / Neuberger Berman Energy Infrastructure and Income Fund Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in NML / Neuberger Berman Energy Infrastructure and Income Fund Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
2023-05-05 NML Rachlin Douglas A. 50,000 6.2518 50,000 6.2518 312,590 357 7.4700 60,910 19.49
2023-04-28 NML Rachlin Douglas A. 58,580 6.5510 58,580 6.5510 383,758
2022-12-14 NML Rachlin Douglas A. 600 6.8400 600 6.8400 4,104
2022-12-12 NML Rachlin Douglas A. 31,536 6.8399 31,536 6.8399 215,703
2022-12-02 NML Rachlin Douglas A. 49,900 7.0982 49,900 7.0982 354,200
2022-11-30 NML Rachlin Douglas A. 100 7.1000 100 7.1000 710
2022-11-18 NML Rachlin Douglas A. 3,101 6.8997 3,101 6.8997 21,396
2021-12-23 NML Rachlin Douglas A. 50,000 5.0553 50,000 5.0553 252,765
2021-07-16 NML Rachlin Douglas A. 25,000 4.7394 25,000 4.7394 118,485
2021-07-14 NML Rachlin Douglas A. 50,000 4.8523 50,000 4.8523 242,615
2020-11-10 NML Rachlin Douglas A. 50,000 2.7514 50,000 2.7514 137,570
2020-10-21 NML Rachlin Douglas A. 50,000 2.5539 50,000 2.5539 127,695
2020-07-30 NML Rachlin Douglas A. 50,000 2.7100 50,000 2.7100 135,500
2019-11-08 NML Rachlin Douglas A. 50,000 6.5892 50,000 6.5892 329,460
2013-10-25 NML Rachlin Douglas A. 10,000 18.5322 10,000 18.5322 185,322

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

NML / Neuberger Berman Energy Infrastructure and Income Fund Inc. Insider Trades
Insider Sales NML / Neuberger Berman Energy Infrastructure and Income Fund Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in NML / Neuberger Berman Energy Infrastructure and Income Fund Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

NML / Neuberger Berman Energy Infrastructure and Income Fund Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Rachlin Douglas A. as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2023-05-09 2023-05-05 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 378,817 15.21 6.25 312,590 2,368,288
2023-05-02 2023-04-28 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 58,580 328,817 21.68 6.55 383,758 2,154,080
2022-12-14 2022-12-14 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 600 270,237 0.22 6.84 4,104 1,848,421
2022-12-14 2022-12-12 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 31,536 269,637 13.24 6.84 215,703 1,844,290
2022-12-02 2022-12-02 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 49,900 238,101 26.51 7.10 354,200 1,690,089
2022-12-02 2022-11-30 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 100 188,201 0.05 7.10 710 1,336,227
2022-11-21 2022-11-18 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 3,101 188,101 1.68 6.90 21,396 1,297,840
2021-12-28 2021-12-23 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 185,000 37.04 5.06 252,765 935,230
2021-07-16 2021-07-16 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 25,000 135,000 22.73 4.74 118,485 639,819
2021-07-16 2021-07-14 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 110,000 83.33 4.85 242,615 533,753
2020-11-12 2020-11-10 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 150,000 50.00 2.75 137,570 412,710
2020-10-23 2020-10-21 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 100,000 100.00 2.55 127,695 255,390
2020-08-07 2020-07-30 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 50,000 2.71 135,500 135,500
2019-11-12 2019-11-08 4 NML Neuberger Berman MLP & Energy Income Fund Inc.
Shares of Common Stock 		P - Purchase 50,000 60,000 500.00 6.59 329,460 395,352
2013-10-28 2013-10-25 4 NML Neuberger Berman MLP Income Fund Inc.
Shares of Common Stock 		P - Purchase 10,000 10,000 18.53 185,322 185,322
2013-03-25 3 NML Neuberger Berman MLP Income Fund Inc.
Shares of Common Stock 		0
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)