Neuberger Berman California Municipal Fund Inc. (NBW)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Neuberger Berman California Municipal Fund Inc. (NBW) trades at $9.49 with AI Score 45/100 (Grade C). Neuberger Berman California Intermediate Municipal Fund Inc. is a closed-end fund focusing on California municipal bonds. Market cap: $52.68M, Sector: Financial services.
Price live · AI analysis from Mar 16, 2026Analyst Coverage for NBW: NBW does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates NBW against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
NBW: the 1 perspectives are evenly split.
How is this calculated? →Neuberger Berman California Municipal Fund Inc. (NBW) Financial Services Profile
Neuberger Berman California Intermediate Municipal Fund Inc. is a closed-end fund specializing in California municipal bonds, offering tax-exempt income. Managed by Neuberger Berman LLC, the fund invests in high-rated municipal securities with maturities under 15 years, targeting a weighted average duration between three and eight years within the U.S. fixed income market.
What Is the Investment Thesis for NBW?
Neuberger Berman California Intermediate Municipal Fund Inc. presents a focused investment opportunity within the municipal bond market. With a dividend yield of 4.52% and a beta of 0.30, the fund offers a potentially attractive income stream with lower volatility compared to broader equity markets. The fund's strategy of investing in high-rated California municipal bonds provides tax advantages for California residents. The fund's high profit margin of 110.8% and gross margin of 100.0% indicate efficient management and cost control. Upcoming catalysts include potential changes in California's tax policies, which could increase the attractiveness of the fund's tax-exempt income. However, potential risks include interest rate fluctuations and credit risk associated with municipal bonds. The fund's market capitalization of $52.68M may limit liquidity for larger institutional investors.
Based on FMP financials and quantitative analysis
NBW Key Highlights
- Dividend Yield of 4.52% offers an attractive income stream for investors seeking tax-exempt returns.
- Profit Margin of 110.8% indicates efficient management and cost control within the fund's operations.
- Gross Margin of 100.0% reflects the fund's ability to generate income from its investments without significant direct costs.
- Beta of 0.30 suggests lower volatility compared to the broader market, making it a potentially stable investment option.
- Focus on California municipal bonds provides tax advantages for California residents, enhancing the fund's appeal.
Who Are NBW's Competitors?
NBW is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| AGAQX 361 Global Long/Short Equity Fund - Investor Class | $10.83 | +0.00% | $55.96M | 44 |
| DFPAX BNY Mellon Diversified International Fund Class A | $10.10 | +0.00% | $57.71M | 45 |
| FEO First Trust/abrdn Emerging Opportunity Fund | $9.58 | +0.31% | $47.82M | 45 |
| FGB First Trust Specialty Finance and Financial Opportunities Fund | $4.15 | +0.12% | $59.63M | 45 |
| ICSCX William Blair Small Cap Value Fund Class I | $36.44 | -0.44% | $991.93M | 47 |
| NXDT NexPoint Diversified Real Estate Trust | $5.53 | +3.08% | $285.77M | 73 |
| GENB Generate Biomedicines, Inc. | $17.03 | -2.18% | $2.18B | 72 |
| SII Sprott Inc. | $118.11 | +2.72% | $3.05B | 71 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are NBW's Key Strengths?
- Tax-exempt income for California residents.
- Experienced management team at Neuberger Berman.
- Focus on high-quality municipal bonds.
- Established track record.
What Are NBW's Weaknesses?
- Small market capitalization may limit liquidity.
- Exposure to interest rate risk.
- Concentration in California municipal bonds.
- Closed-end fund structure can lead to trading at a discount to NAV.
What Could Drive NBW Stock Higher?
- Potential changes in California's tax policies, which could increase the attractiveness of the fund's tax-exempt income.
- Increased demand for tax-exempt income due to rising tax rates.
- Strategic asset allocation shifts towards fixed income in response to economic uncertainty.
- Expansion of distribution channels to reach a wider audience of potential investors.
- Development of new and innovative municipal bond products to cater to specific investor needs.
What Are the Key Risks for NBW?
- Negative return on equity (-23.0%) — the business is not currently generating profit on shareholder capital.
- Insider selling — insiders were net sellers of roughly $3.8M recently.
- Rising interest rates could negatively impact the value of the fund's bond holdings.
- Credit risk associated with municipal bonds could lead to defaults and losses.
- Changes in tax laws could reduce the attractiveness of tax-exempt income.
- Increased competition from other municipal bond funds could put pressure on fees and returns.
- Small market capitalization may limit liquidity for larger institutional investors.
What Are the Growth Opportunities for NBW?
- Increased Demand for Tax-Exempt Income: As tax rates potentially increase, the demand for tax-exempt municipal bonds is likely to rise, benefiting funds like Neuberger Berman California Intermediate Municipal Fund Inc. This trend could attract more investors seeking to minimize their tax liabilities, increasing the fund's assets under management. The market size for municipal bonds is substantial, with trillions of dollars outstanding, providing ample opportunity for growth. Timeline: Ongoing.
- Strategic Asset Allocation Shifts: Institutional and retail investors may shift their asset allocations towards fixed income and municipal bonds in response to economic uncertainty or market volatility. This trend could drive increased investment in funds like NBW, which offer a relatively stable and tax-advantaged investment option. The potential for asset reallocation is significant, with trillions of dollars managed by various investment firms. Timeline: Ongoing.
- Expansion of Distribution Channels: Neuberger Berman could expand the distribution channels for the fund, reaching a wider audience of potential investors. This could involve partnerships with financial advisors, online brokerage platforms, or other distribution networks. Increased distribution could lead to higher fund inflows and asset growth. The market for financial advisory services is large and growing, providing opportunities for expansion. Timeline: Upcoming.
- Innovative Product Development: Neuberger Berman could develop new and innovative municipal bond products that cater to specific investor needs or market trends. This could involve creating funds with different risk profiles, maturity ranges, or investment strategies. Innovation could attract new investors and differentiate the fund from its competitors. The market for innovative financial products is constantly evolving, providing opportunities for growth. Timeline: Upcoming.
- Favorable Regulatory Changes: Changes in regulations related to municipal bonds or tax policies could create new opportunities for the fund. For example, changes in tax laws could increase the attractiveness of tax-exempt income, driving demand for municipal bonds. Monitoring and adapting to regulatory changes is crucial for the fund's growth and success. Timeline: Ongoing.
What Opportunities Does NBW Have?
- Increasing demand for tax-exempt income.
- Potential for strategic asset allocation shifts.
- Expansion of distribution channels.
- Innovative product development.
What Threats Does NBW Face?
- Changes in tax laws.
- Rising interest rates.
- Credit risk associated with municipal bonds.
- Increased competition from other municipal bond funds.
What Are NBW's Competitive Advantages?
- Tax-exempt status of municipal bond income.
- Experienced management team at Neuberger Berman LLC.
- Focus on high-quality, investment-grade municipal bonds.
- Established track record since 2002.
What Does NBW Do?
Neuberger Berman California Intermediate Municipal Fund Inc., established on July 29, 2002, is a closed-ended fixed income mutual fund managed by Neuberger Berman LLC and co-managed by Neuberger Berman Management LLC. The fund strategically invests within the United States fixed income markets, focusing primarily on municipal bonds. These bonds are selected to provide income that is exempt from both federal income tax and California state personal tax, offering a significant advantage to its investors. The fund's investment strategy emphasizes securities with remaining maturities of less than 15 years, aiming to maintain a weighted average duration between three and eight years. This approach allows the fund to balance income generation with managing interest rate risk. The fund invests in securities rated within the top four categories by nationally recognized statistical rating organizations, ensuring a focus on high-quality, investment-grade assets. This focus on municipal bonds allows the fund to cater to investors seeking stable, tax-advantaged income streams, particularly those residing in California. The fund's structure as a closed-end fund provides it with the flexibility to invest in less liquid securities without the risk of forced sales due to investor redemptions, potentially enhancing returns over time.
What Products and Services Does NBW Offer?
- Invests in fixed income markets within the United States.
- Focuses primarily on municipal bonds.
- Targets bonds with income exempt from federal and California state personal tax.
- Invests in securities with remaining maturities of less than 15 years.
- Maintains a weighted average duration between three and eight years.
- Invests in securities rated in the four highest categories by a nationally recognized statistical rating organization.
How Does NBW Make Money?
- Generates income from interest payments on municipal bonds.
- Manages a portfolio of fixed-income securities.
- Distributes income to shareholders through dividends.
- Benefits from tax advantages associated with municipal bonds.
What Industry Does NBW Operate In?
Neuberger Berman California Intermediate Municipal Fund Inc. operates within the asset management industry, specifically focusing on fixed-income municipal bonds. The municipal bond market is influenced by factors such as interest rates, credit ratings, and tax policies. The fund competes with other closed-end funds and ETFs that invest in municipal bonds. The demand for tax-exempt income is a key driver in this market. The fund's focus on California municipal bonds differentiates it from broader national municipal bond funds.
Who Are NBW's Key Customers?
- Individual investors seeking tax-exempt income.
- California residents looking to minimize state taxes.
- Institutional investors seeking stable, fixed-income investments.
- Retirees and other income-oriented investors.
ROE -23%Key Financial Metrics
Return on equity for Neuberger Berman California Municipal Fund Inc. stands at -23.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -14.7%, showing how much profit it generates from its asset base. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.98 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -32.8%, the inverse of the P/E and a quick read on earnings relative to price.
How Neuberger Berman California Municipal Fund Inc. Is Valued
Neuberger Berman California Municipal Fund Inc. carries a market capitalization of $52.68M, placing it in the micro-cap category. Relative to its peer group, NBW's quantitative score of 45/100 is roughly in line with the peer average of 45/100.
Net sellingInsider Activity
The most recent 9 insider filings for Neuberger Berman California Municipal Fund Inc. break down as 9 sales and 0 purchases. On net that is roughly 954 shares disposed (about $3.8M), a signal worth weighing alongside the fundamentals.
NBW Financials
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the fund's future performance, which could signal positive expectations among management.
- Community sentiment has shifted favorably, with discussions highlighting the fund's potential for stable returns amid economic uncertainty.
- Increased interest in municipal bonds has led to a positive perception of funds like NBW, as investors seek safer assets.
- The fund's focus on California municipalities positions it well, given the state's ongoing infrastructure projects and fiscal stability.
Bear Case
- Concerns about potential interest rate hikes have created a cautious outlook among some investors, impacting sentiment negatively.
- Recent discussions in the community reflect worries about the fund's exposure to California's fiscal challenges, which could affect returns.
- Market perception is mixed, with some analysts questioning the sustainability of municipal bond yields in a rising rate environment.
- Insider selling activity has raised red flags for some investors, suggesting a lack of confidence from certain stakeholders in the short term.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
NBW Latest News
No recent news available for NBW.
NBW Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for NBW.
Price Targets
Wall Street price target analysis for NBW.
NBW MoonshotScore
What does this score mean?
The MoonshotScore rates NBW's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
What Investors Ask About Neuberger Berman California Municipal Fund Inc. (NBW) — Financial Services
What does Neuberger Berman California Municipal Fund Inc. do?
Neuberger Berman California Intermediate Municipal Fund Inc. is a closed-end fund that specializes in investing in California municipal bonds. These bonds provide income that is exempt from both federal income tax and California state personal tax, making the fund attractive to California residents seeking tax-advantaged income. The fund is managed by Neuberger Berman LLC and focuses on high-quality, investment-grade municipal bonds with maturities of less than 15 years, aiming to maintain a weighted average duration between three and eight years. This strategy seeks to balance income generation with managing interest rate risk.
What are the main risks for NBW?
The main risks for NBW include interest rate risk, credit risk, and changes in tax laws. Rising interest rates could negatively impact the value of the fund's bond holdings, while credit risk associated with municipal bonds could lead to defaults and losses. Changes in tax laws could reduce the attractiveness of tax-exempt income, potentially decreasing demand for the fund. Additionally, the fund's small market capitalization may limit liquidity for larger institutional investors. Investors should carefully consider these risks before investing in NBW.
What are the key factors to evaluate for NBW?
Neuberger Berman California Municipal Fund Inc. (NBW) holds an AI score of 45/100 (low). Not financial advice.
How frequently does NBW data refresh on this page?
NBW prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven NBW's recent stock price performance?
Neuberger Berman California Municipal Fund Inc. (NBW) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Tax-exempt income for California residents. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider NBW overvalued or undervalued right now?
Valuing Neuberger Berman California Municipal Fund Inc. (NBW) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying NBW?
Before investing in Neuberger Berman California Municipal Fund Inc. (NBW), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding NBW to a portfolio?
Key strength of Neuberger Berman California Municipal Fund Inc. (NBW): Tax-exempt income for California residents. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- AI analysis pending for NBW.