NML: Data Centers Are A Catalyst But Flawed Portfolio Structure

Neuberger Energy Infrastructure and Income Fund remains a hold, benefiting from AI-driven energy demand but facing structural challenges. NML trades at an 11.17% discount to NAV, with a high 8.6% yield, but its reliance on net realized gains and return of capital raises sustainability concerns. The fund's concentrated midstream energy exposure and 21.85% leverage amplify both upside from AI data center growth and downside risk in market downturns.