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Opportunity in the Private Equity Liquidity Squeeze

Sun, 01 Oct 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. References to third-party sites are for informational purposes only and do not imply any endorsement, approval, investigation, verification or monitoring by Neuberger Berman of any content or information contained within or accessible from such sites.

This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

A New Energy Investment Paradigm

Wed, 27 Sep 2023 0:00:00 -04:00

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Long the Strong

Chief Investment Officer, Multi Asset Strategies – EMEA Niall O’Sullivan — Mon, 25 Sep 2023 0:00:00 -04:00

The views expressed herein are generally those of Neuberger Berman’s Asset Allocation Committee, which comprises professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates and makes client-specific asset allocation recommendations. The views and recommendations of the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisors and portfolio managers may recommend or take contrary positions to the views and recommendations of the Asset Allocation Committee. The Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

2023 Global Corporate Credit ESG Engagement Report

Thu, 21 Sep 2023 0:00:00 -04:00

ESG integration approaches may evolve over time. Please note that for certain products ESG integration is only one input in the credit analysis and is not solely determinative of whether an asset will be purchased.

Investing entails risks, including possible loss of principal. Diversification does not guarantee profit or protect against loss in declining markets. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit http://www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

How Asset Selection Drives Deals

Thu, 21 Sep 2023 0:00:00 -04:00

Disclaimers:

Third-party media content is being redistributed with permission and may not be redistributed without the publisher’s consent. This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Any views or opinions expressed may not reflect those of the firm or the firm as a whole. It is not known whether any referenced client(s) approve or disapprove of any investment adviser for such mandates or any of the investment advisory products and services provided. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. It is not intended to be an offer or the solicitation of an offer. Investors are urged to consult with their financial advisors before buying or selling any securities.

Asset Allocation at Official Institutions: Three Critical Steps

Wed, 20 Sep 2023 0:00:00 -04:00

ASSET CLASS ASSUMPTIONS & ESTIMATES

Capital market assumptions used herein reflect Neuberger Berman’s forward-looking estimates of the benchmark return or volatility associated with an asset class. Estimated returns and volatilities are hypothetical return and risk estimates generated by Neuberger Berman’s Institutional Solutions Group. Estimated returns and volatilities do not reflect the alpha of any investment manager or investment strategy/vehicle within an asset class. Information is not intended to be representative of any investment product or strategy and does not reflect the fees and expenses associated with managing a portfolio or any other related charges, such as commissions and surrender charges. Estimated returns and volatilities are hypothetical and generated by Neuberger Berman based on various assumptions and inputs, including current market conditions, historical market conditions and subjective views and estimates. Capital market assumptions shown reflect Neuberger Berman’s long-term (20+ years into the future) estimates and are reviewed and revised at least annually. Neuberger Berman also produces intermediate-term (5-7 years into the future) capital market assumptions. If Neuberger Berman’s intermediate-term (5-7 years into the future) capital market assumptions were used, the results presented would be different. Neuberger Berman’s capital market assumptions are derived using a building block approach that reflects historical, current, and projected market environments, forward-looking trends of return drivers, and the historical relationships asset classes have to one another. These hypothetical returns are used for discussion purposes only and are not intended to represent, and should not be construed to represent, predictions of future rates of return. Actual returns may vary significantly. Neuberger Berman makes no representations regarding the reasonableness or completeness of any such assumptions and inputs. Assumptions, inputs, and estimates are periodically revised and subject to change without notice. Estimated returns and volatilities should not be used, or relied upon, to make investment decisions.

Rate of Return Estimate: Rate of return or geometric return is a measure of average returns of an investment over a period of time. Geometric rate of returns are typically referred to as annualized compound rate of returns and are always less than or equal to the arithmetic mean return of the same time series. Geometric rate of returns are used for straight-line calculations within the analysis, for example, the cash flow calculations. In straight-line calculations, each year is represented as a gain, so the compound (geometric mean) rate of return is used to adjust for the amount needed to make up for a loss in a given year. For example, if you lose 5% in one year, and gain 5% the year after, you still have less than you started with at the beginning of year one.

Arithmetic Mean Estimate: Arithmetic mean or average return is calculated by dividing the sum of a series of numbers by the number of overall items. This is more typically thought of as an “average” of the data set. Arithmetic mean or average return ignores the impact of compounding in the context of analyzing investment returns and is the simple average of returns observed over a period of time. Arithmetic mean returns are used in this material and, if applicable, the Efficient Frontier, because, through randomization, losses and gains are being accounted for each year.

Standard Deviation: A statistical measure of the volatility based on the distribution of a set of data from its mean (average value). For example, a portfolio with an average return of 10% and a standard deviation of 15% would return a result between -5% and +25% the majority of the time (68% probability or 1 standard deviation), almost all of the time the return would be between -20% and +40% (95% probability or 2 standard deviations). If there were 0 standard deviation then the result would always be 10%. Generally, more aggressive portfolios have a higher standard deviation and more conservative portfolios have a lower standard deviation.

Index Definitions

USD Cash is represented by the Barclays Benchmark Overnight USD Cash Index, which measures the performance of a daily rolling money market deposit in USD.

Non-USD Cash is represented by the SDR Currency Index, which tracks the performance of the currencies in the International Monetary Fund’s Special Drawing Rights basket against the USD, namely USD (41.73%), EUR (30.93%), RMB (10.92%), JPY (8.33%) and GBP (8.09%).

Domestic Government Bond and Global Treasuries are represented by the Bloomberg Global Aggregate Treasuries Total Return Index measures the performance, in USD, of Treasury bonds from the Bloomberg Global Aggregate Bond Index, a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded worldwide.

TIPS are represented by the Bloomberg U.S. Government Inflation-Linked All Maturities Index includes publicly issued, U.S. Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million.

Domestic Corporate Bond and Global Credit is represented by the Bloomberg Global Aggregate Credit Total Return Index, which measures the performance, in USD, of corporate bonds from the Bloomberg Global Aggregate Bond Index, a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded worldwide.

U.S. Agency MBS are represented by the Bloomberg U.S. Mortgage Backed Securities Index Total Return Index, which measures the performance, in USD, of fixed-rate agency mortgage backed passthrough securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

ABS and CMBS are represented by the Bloomberg ABS+CMBS Index, which tracks asset backed securities, agency mortgage backed pass-through securities, and investment grade commercial mortgage backed securities.

CLOs are represented by the J.P. Morgan Collateralized Loan Obligation Index, which Tracks debt from broadly-syndicated, arbitrage floating-rate U.S. CLOs.

Global High Yield is represented by the Bloomberg Global High Yield Index, which is a multi-currency measure of the performance of the global high yield debt market which brings together the Bloomberg U.S. High Yield, Pan-European High Yield, Emerging Markets Hard Currency High Yield Indices.

Local Projects are represented by the ICE Bank of America U.S. High Yield Energy Index, which tracks the performance of below investment grade, but not in default, U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market by companies in the energy sector, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P.

Emerging Markets Debt is represented by the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Index, which measures total returns for traded hard currency debt instruments in the emerging markets; and the JPMorgan Corporate Emerging Markets Bond Index (CEMBI), which is a market-capitalization weighted index of corporate bonds issued by entities in emerging countries.

Developed Market ex-U.S. Equities are represented by the MSCI World Ex U.S. Index, which tracks the performance of large- and mid-cap stocks across 22 developed markets countries.

Emerging Market Equities are represented by the MSCI Emerging Markets Index, which tracks the performance of large- and mid-cap stocks across 24 emerging markets countries.

U.S Equities and Domestic Equities are represented by the respective Bloomberg Equity Large & Mid Cap Indices.

Domestic Real Estate, Core Real Estate and Value-Added Real Estate is represented by the NCREIF Property Index, which provides a historical measurement of unleveraged property-level returns and is comprised exclusively of operating properties acquired, at least in part, on behalf of tax-exempt institutions and held in a fiduciary environment. It is a market value-weighted index including apartment, hotel, industrial, office and retail properties.

Hedge Funds are represented by HFRI Fund Weighted Composite Index, designed to track the equal-weighted performance reported by the hedge fund managers listed within the HFR Database, which report in U.S. dollars monthly, net of all fees performance and assets under management, and have either (a) $50 million assets under management or (b) at least $10 Million assets under management on the last reported month prior to the index rebalance, and have been actively trading for at least 12 months.

Commodities and Gold are represented by the Bloomberg Commodity Index, which is designed to be a highly liquid and diversified benchmark for commodities investments. The index provides broad-based exposure to commodities as an asset class, since no single commodity or commodity sector dominates the Index. This index is composed of futures contracts on 20 physical commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which are traded on the London Metal Exchange (LME).

Private Equity is represented by their respective sectors in the Cambridge Associates LLC U.S. Private Equity Index, which tracks the pooled horizon return, net of fees, expenses, and carried interest, of 1,468 U.S. private equity funds (buyout, growth equity, private equity energy and subordinated capital funds), including fully liquidated partnerships, formed between 1986 and 2017.

Private Infrastructure Equity – Infrastructure/Other is represented by the Cambridge Associates Infrastructure Index, a horizon calculation based on data compiled from infrastructure funds, including fully liquidated partnerships. Private indexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest.

Private Debt is represented by the Credit Suisse Leveraged Loan Index, which tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. The firm, its employees and advisory accounts may hold positions of any companies discussed. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Certain Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

The hypothetical model portfolios shown are for illustrative purposes only and are based upon various assumptions, projections or other information generated by Neuberger Berman regarding investment outcomes. Growth rate assumptions and projections are hypothetical and do not reflect actual investment results and are not guarantees of future results. Calculations are based upon asset allocation models and capital market assumptions, which are updated periodically. Changes in assumptions would impact the hypothetical results shown. The estimates do not reflect actual investment results and are not guarantees of future results. Results are gross of fees and do not reflect the fees and expenses associated with managing a portfolio. If such fees and expenses were reflected, results shown would be lower. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

Any target returns/risk referenced reflect client established return/risk objectives. There is no guarantee that any target returns/risk will be achieved or that an investment strategy will be successful. Actual returns and risk may vary significantly.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Bonds and Beyond in Today’s Fixed Income Markets

Mon, 18 Sep 2023 0:00:00 -04:00

This podcast includes general market commentary, general investment education and general information about Neuberger Berman. It is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness, or reliability. All information is current as of the date of recording and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative, involve a higher degree of risk than more traditional investments and are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Political Gridlock but Fiscal Largesse

President and Chief Investment Officer—Equities Joseph Amato — Sun, 17 Sep 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Active Foundations of Sustainable Investing

Fri, 15 Sep 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Sprint to Year-End

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Mon, 11 Sep 2023 0:00:00 -04:00

The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team or Neuberger Berman’s Asset Allocation Committee. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. Asset Allocation Committee members are polled on asset classes and the positional views are representative of an Asset Allocation Committee consensus. The views of the MAC team or the Asset Allocation Committee may not reflect the views of the firm as a whole and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team or the Asset Allocation Committee. The MAC team and the Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Navigating by Flashes of Lightning

Sun, 03 Sep 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Strike (Big) 3?

President and Chief Investment Officer—Equities Joseph Amato — Mon, 28 Aug 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Neuberger Berman Private Markets: Q2 2023 Preliminary Valuation Summary & Analysis

Doug Manor — Thu, 24 Aug 2023 0:00:00 -04:00

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factors and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Real Estate in a Time of Uncertainty

Josh Overbay — Tue, 22 Aug 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Late-Summer Debates

Director of Global Equity Research Timothy Creedon — Sun, 20 Aug 2023 0:00:00 -04:00

The views expressed herein include those of Neuberger Berman’s Investment Strategy Group (ISG), Neuberger Berman’s Multi-Asset Class (MAC) team and Neuberger Berman’s Asset Allocation Committee. ISG analyzes market and economic indicators to develop asset allocation strategies. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The views of ISG, the MAC team or the Asset Allocation Committee may not reflect the views of the firm as a whole and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of ISG, the MAC team or the Asset Allocation Committee. ISG, the MAC team and the Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Working the Margins

Chief Investment Officer, Multi Asset Strategies – EMEA Niall O’Sullivan — Sun, 13 Aug 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Changing Sentiment Around Wealth

Head of NB Private Wealth Stephanie Birrell Luedke — Tue, 08 Aug 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Consumer and the Stock Market

Chief Investment Officer - Private Wealth Shannon Saccocia — Sun, 06 Aug 2023 0:00:00 -04:00

The views expressed herein include those of Neuberger Berman’s Investment Strategy Group (ISG). ISG analyzes market and economic indicators to develop asset allocation strategies. The views of ISG may not reflect the views of the firm as a whole and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of ISG. ISG views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

What if Everything’s Going to Be OK?

Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 30 Jul 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Implications Behind Indexation

Head of Institutional Equities & Multi-Asset Class Doug Kramer — Tue, 25 Jul 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Ten for 2023—Midyear Update

Mon, 24 Jul 2023 0:00:00 -04:00

The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team and Neuberger Berman’s Asset Allocation Committee. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. The views of the MAC team or the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team or the Asset Allocation Committee. The MAC team and the Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The duration and characteristics of past market/economic cycles and market behavior, including any bull/bear markets, is no indication of the duration and characteristics of any current or future be market/economic cycles or behavior. Nothing herein constitutes a prediction or projection of future events or future market behavior. Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed or any historical results.

A bond’s value may fluctuate based on interest rates, market conditions, credit quality and other factors. You may have a gain or a loss if you sell your bonds prior to maturity. Of course, bonds are subject to the credit risk of the issuer. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on the investor’s state of residence. High-yield bonds, also known as “junk bonds,” are considered speculative and carry a greater risk of default than investment-grade bonds. Their market value tends to be more volatile than investment-grade bonds and may fluctuate based on interest rates, market conditions, credit quality, political events, currency devaluation and other factors. High yield bonds are not suitable for all investors and the risks of these bonds should be weighed against the potential rewards. Neither Neuberger Berman nor its employees provide tax or legal advice. You should contact a tax advisor regarding the suitability of tax-exempt investments in your portfolio. Government bonds and Treasury bills are backed by the full faith and credit of the United States Government as to the timely payment of principal and interest. Investing in the stocks of even the largest companies involves all the risks of stock market investing, including the risk that they may lose value due to overall market or economic conditions. Small- and mid-capitalization stocks are more vulnerable to financial risks and other risks than stocks of larger companies. They also trade less frequently and in lower volume than larger company stocks, so their market prices tend to be more volatile. Investing in foreign securities involves greater risks than investing in securities of U.S. issuers, including currency fluctuations, interest rates, potential political instability, restrictions on foreign investors, less regulation and less market liquidity. The sale or purchase of commodities is usually carried out through futures contracts or options on futures, which involve significant risks, such as volatility in price, high leverage and illiquidity.

Links to third-party websites are furnished for convenience purposes only. The inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring Neuberger Berman us of any content or information contained within or accessible from the linked sites.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Bridge to the Future

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 23 Jul 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Net-Zero Alignment: Beyond the Numbers

Wed, 19 Jul 2023 0:00:00 -04:00

This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosureglobal-communications for the specific entities and jurisdictional limitations and restrictions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Engine Running, Shifting to Neutral

Mon, 17 Jul 2023 0:00:00 -04:00

Taking Stock

President and Chief Investment Officer—Equities Joseph Amato — Sun, 16 Jul 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Emerging Opportunities in Emerging Markets Debt

Senior Economist and Portfolio Manager Kaan Nazli — Tue, 11 Jul 2023 0:00:00 -04:00

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The Meaning Behind the Mean

Sun, 09 Jul 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Climate Innovation and the New Capex Cycle

Wed, 05 Jul 2023 0:00:00 -04:00

¹IEA, World Energy Investment 2022.

²“Governments That Invest in Climate Innovation Invest in Growth,” Boston Consulting Group, July 21, 2021.

³Spazzapan, Irene, “A Historic Capex Boom Could Converge With the Climate Crisis to Create a Wave of Climate Technology Investment,” Systemiq Capital, November 28, 2022.

⁴McKinsey & Co., “Climate Investing: Continued Breakout Growth Through Uncertain Times,” March 13, 2023.

⁵Clifford, Catherine, “Why America’s Energy Grid Is a Climate Problem,” CNBC.com, February 17, 2023.

⁶Keefer, DW, “Report Aims to Tie Long-Haul Transmission to Carbon-Reduction Goals,” Energy Central, January 17, 2020.

⁷The Economist, “Lithium Battery Costs Have Fallen by 98% in Three Decades,” March 21, 2021.

⁸Mitchell, Tom, “Boosting Climate Adaptation With Innovation,” Climate-KIC, January 25, 2021.

⁹IEA, World Energy Investment 2022.

¹⁰Davis, Carolyn, “Global Oil, Natural Gas Companies Juggling Capital to Green Up Portfolios,” NGI, May 23, 2021.

¹¹Air Liquide, 2022 Sustainability Report Conference Call Transcript, Friday, March 24, 2023.

¹²Zettelmeyer, Jeromin, Simone Tagliapietra, Georg Zacchmann, Connall Heussaff, “Beating the European Energy Crisis,” International Monetary Fund, December 2022.

¹³https://www.forbes.com/sites/sap/2022/04/04/how-hitachi-is-making-the-decarbonization-of-society-a-reality/?sh=1b3a97a9125a

¹⁴Haoyue, Liang, Fengqi You, “Reshoring Silicon Photovoltaics Manufacturing Contributes to Decarbonization and Climate Change Mitigation,” Nature Communications, March 8, 2023.

¹⁵Reuters, March 24, 2023.

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The View From the Peak

Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 02 Jul 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

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Navigating the Evolving ESG Landscape

Fri, 30 Jun 2023 0:00:00 -04:00

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Economic and Market Review: Long-Term Optimism Amid Short-Term Headwinds

Senior Investment Strategist Raheel Siddiqui — Fri, 30 Jun 2023 0:00:00 -04:00

Navigating Climate Analysis in Private Equity

Fri, 30 Jun 2023 0:00:00 -04:00

ESG-RELATED DISCLOSURES

The use of ESG factors could result in selling or avoiding investments that subsequently perform well or purchas

As used in this document, NB Private Markets consists of the following investment strategies that are classified as ESG-Integrated by the Neuberger Berman ESG Product Committee: Private Equity Investment Portfolios and Co-investment Platform, Private Equity Secondary Platform, Almanac ARS Funds, Private Credit Platform, Marquee, NB Insurance-Linked Strategies Platform, Renaissance, Athyrium, and NBAIM Fund-of-Funds Platform. Unless explicitly noted, the ESG integration processes described in this document apply solely to the Private Equity Investment Portfolios and Co-investment Platform and Private Equity Secondary Platform (“NB Private Equity”).

This material is intended as a broad overview of the portfolio managers’ style, philosophy and process and is subject to change without notice. Many of the-firm level processes described herein are subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse of material information between the NB Private Markets teams and the public side investment and ESG teams.

Neuberger Berman Net Zero Matrix^™ Disclaimer

In 2022, Neuberger Berman (“NB”) engaged Ortec Finance (“Ortec”) to assist in the production of the Neuberger Berman Net Zero Matrix^™ powered by Ortec Finance ClimateALIGN (“the Matrix”). The resource is intended as an educational tool to engage with GPs to understand net zero alignment and decarbonization pathways with portfolio companies. The Matrix is comprised of information from Ortec and a variety of other sources. Specifically, Ortec ClimateMAPS and Ortec ClimateALIGN comprise key portions of the Matrix. Ortec ClimateMAPS seeks to capture exposure to systemic, economic and financial climate risks. Ortec ClimateALIGN purports to monitor alignment with net zero goals by 2050, based on sector and region. Ortec also contributes emissions data from public sources. Please see the Ortec Finance Disclaimer for additional information.

Please note that the Matrix relies on information provided by Ortec and other third party sources. Neither Neuberger Berman nor its affiliates make any representation or assume any responsibility as to the accuracy or completeness of such information. Please also note that the assumptions referenced above represent key components of the Matrix and any change in these assumptions may produce materially different results. It should also be noted that much of the information depends on publicly available ESG data, and the same information may not be available for private companies. As such, there should be no reliance placed on the Matrix in making any investment decision. Please see the Summary Risk Factors and Disclaimers at the end of this presentation, which are an important part of these materials. The Matrix is presented for illustrative and educational purposes only and is not intended as a promise or prediction of performance.

ORTEC FINANCE DISCLAIMER

Ortec Finance would like to emphasize that Ortec Finance is a software provider of technology and IT solutions for risk and return management for institutions and private investors. Please note that this information has been prepared with care using the best available data. This information may contain information provided by third parties or derived from third party data and/or data that may have been categorized or otherwise reported based upon client direction. Ortec Finance and any of its third-party providers assume no responsibility for the accuracy, timeliness, or completeness of any such information. Ortec Finance and any of its third-party providers accept no liability for the consequences of investment decisions made in relation on this information. All our services and activities are governed by our general terms and conditions which may be consulted on https://www.ortecfinance.com/ and shall be forwarded free of charge upon request.

Any analysis provided herein is derived from your use of Ortec Finance’s software and does not constitute advice as to the value of securities or the advisability of investing in, purchasing, or selling securities. All results and analyses in connection with Ortec Finance’s software are based on the inputs provided by you, the client. Ortec Finance is not registered as an investment adviser under the US Investment Advisers Act of 1940, an equivalent act in another country and every successive act or regulation. For the avoidance of doubt, in case terms like “client(s)” and “advisor(s)” are used in communications of Ortec Finance, then these terms are always referred to client(s) of Ortec Finance’s contract client and its advisor(s).

Disclaimer

The “Neuberger Berman” name and logo, including without limitation “Neuberger Berman Net Zero Matrix,” are registered service marks of Neuberger Berman Group LLC.

Last Mile for Tightening

Wed, 28 Jun 2023 0:00:00 -04:00

The Fine Print of Indexation

Head of Institutional Equities & Multi-Asset Class Doug Kramer — Wed, 28 Jun 2023 0:00:00 -04:00

1. Morningstar, as of March 2023.

The information in this material may contain projections, market outlooks or other forward-looking statements regarding future events, including economic, asset class and market outlooks or expectations, and is only current as of the date indicated. There is no assurance that such events, outlook and expectations will be achieved, and actual results may be significantly different than that shown here. The duration and characteristics of past market/ economic cycles and market behavior, including any bull/bear markets, is no indication of the duration and characteristics of any current or future be market/economic cycles or behavior. Information on historical observations about asset or sub-asset classes is not intended to represent or predict future events. Historical trends do not imply, forecast or guarantee future results. Information is based on current views and market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.

The views expressed herein may include those of the Neuberger Berman Equity Research team. The views of the Equity Research team may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the Equity Research team. The Equity Research team’s leading indicators and research models are based upon a variety of inputs, including markets surveys, market prices and government and economic data. The Equity Research team’s views do not constitute a prediction or projection of future events or future market behavior. Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

Any discussion of environmental, social and governance (ESG) factors and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

The S&P 500 Index is a capitalization weighted index comprised of 500 stocks chosen for market size, liquidity, and industry group representation. The S&P 500 Index is constructed to represent a broad range of industry segments in the U.S. economy. The S&P 500 focuses on the large-cap segment of the market with over 80% coverage of U.S. equities. Criteria for inclusion include financial stability (minimize turnover in the index), screening of common shares to eliminate closely held companies, and trading activity indicative of ample liquidity and efficient share pricing. Companies in merger, acquisition, leveraged-buy-outs, bankruptcy (Chapter 11 filing or any shareholder approval of recapitalization which changes a company's debt-to-equity ratio), restructuring, or lack of representation in their representative industry groups are eliminated from the index.

The Russell 3000 Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of Securities represents approximately 98% of the investable U.S. equity market. The Russell 3000 Index is comprised of stocks within the Russell 1000 and the Russell 2000 Indices. The index was developed with a base value of 140.00 as of December 31, 1986.

The MSCIAll-Cap World Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31 1987. MXWD includes both emerging and developed world markets.

The FTSEGlobal All-Cap Index is a free float market capitalization weighted index. FTSE Global All-Cap Indices include constituents of the Large, Mid and Small capitalization universe for the Developed and Emerging Market (Advanced Emerging and Secondary Emerging) segments. Base Value 100 as at December 31, 1986.

The Wilshire 5000 Index (full-cap) measures the performance of all U.S. equity securities with readily available price data. Over 5,000 capitalization weighted security returns are used to adjust the index. The Wilshire 5000 base is its 12/31/1980 capitalization of $1,404.596 billion.

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Commodities and Their Place in the Transition Pathway

Head of Europe ESG Investing Sarah Peasey, Senior Portfolio Manager Hakan Kaya — Mon, 26 Jun 2023 0:00:00 -04:00

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Going Back to Base

Sun, 25 Jun 2023 0:00:00 -04:00

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Commodities and Responsible Investing: An Impossible Marriage?

Senior Portfolio Manager Hakan Kaya, Head of Europe ESG Investing Sarah Peasey — Tue, 20 Jun 2023 0:00:00 -04:00

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Don’t Give Up on China

President and Chief Investment Officer—Equities Joseph Amato — Sun, 18 Jun 2023 0:00:00 -04:00

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How to Get the Most From Private Placement Debt

Fri, 16 Jun 2023 0:00:00 -04:00

¹Source: Bank of America Securities.

²Source: Private Placement Monitor. As of January 2023. For illustrative purposes only. Historical trends do not imply, forecast or guarantee future results.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. The firm, its employees and advisory accounts may hold positions of any companies discussed. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Certain Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in Private Placements are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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Tactics and Strategy

Sun, 11 Jun 2023 0:00:00 -04:00

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The Inside Track - Public and Private Markets Outlook; Episode 2: Commercial Real Estate

Thu, 08 Jun 2023 0:00:00 -04:00

This document is addressed to professional clients/qualified investors only.

In connection with your consideration of an investment in any Private Market Investment, you should be aware of the following risks:

Private Market Investments are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Private Market Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Private Market Investment’s trading profits. An individual’s net returns may differ significantly from actual returns. Private Market Investments may not be required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of the Private Market Investment. Private Market Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Neuberger Berman Private Markets: Q1 2023 Preliminary Valuation Summary & Analysis

Doug Manor — Wed, 07 Jun 2023 0:00:00 -04:00

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factors and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

GP-Led Secondaries: Private Equity’s Most Underserved Market?

Wed, 07 Jun 2023 0:00:00 -04:00

¹ Burgiss Global Private Capital Performance Report 2022 Q4.

² PJT Park Hill Secondary Market Insight Investor Roadmap 2023 Q1.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. References to third-party sites are for informational purposes only and do not imply any endorsement, approval, investigation, verification or monitoring by Neuberger Berman of any content or information contained within or accessible from such sites.

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Nothing herein constitutes a recommendation to buy, sell or hold a security. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

The views of the research analyst and the firm and its employees on medical topics should not be relied upon as medical advice and are not intended to serve as a substitute for consulting with a qualified medical professional. There is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of the material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of the manufacturers of the products discussed.

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"Investing at a Crossroads" Revisited

Tue, 06 Jun 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. References to third-party sites are for informational purposes only and do not imply any endorsement, approval, investigation, verification or monitoring by Neuberger Berman of any content or information contained within or accessible from such sites.

Statements contained herein are based on current expectations, estimates, projections, opinions and/or beliefs of the Firm. This presentation contains “forward-looking” or statements which often can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” “plan” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Such information may include, among other things, projections, forecasts or estimates of cash flows, yields or return, scenario analyses and proposed or expected portfolio composition. Such forward-looking information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein). Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Such statements are necessarily speculative in nature, as they are based on certain assumptions. It can be expected that some or all of the assumptions underlying such statements will not reflect actual conditions. Accordingly, there can be no assurance that any estimated projections, forecast or estimates will be realized or that the forward-looking statements will materialize. Due to various risks and uncertainties, including those set forth herein, actual events or results or the actual performance of any security referenced herein may differ materially from those reflected or contemplated in such forward-looking statements.

Index Definitions

The Bloomberg Euro Treasury Index consists of fixed-rate, investment-grade public obligations of the sovereign countries participating in the European Monetary Union. This index currently contains euro-denominated issues from 18 countries. The index was created in 1998, with history backfilled to 1 June 1998.

The Bloomberg Euro Corporate Bond Index is a broad-based benchmark that measures the investment grade, euro-denominated, fixed-rate corporate bond market. Inclusion is based on currency denomination of a bond and not country of risk of the issuer. The Index was launched on 1 June 1998.

The Bloomberg Euro High Yield Index measures the market of non-investment grade, fixed-rate corporate bonds denominated in Euro. Inclusion is based on the currency of issue and not the domicile of the issuer. The index excludes emerging market debt. It was created in 1999 and is part of the Global High Yield Index.

The Markit iBoxx EURLiquid Non-Financials Index is a subset of the Markit iBoxx EUR Non-Financials bonds universe and contains up to 20 investment grade rated non-financial securities with maturity 5 – 7yrs and a BBB rating. All bonds need to have an average rating of investment grade from Fitch Ratings, Moody’s Investor Service and Standard & Poor’s Rating Services.

The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets countries in Europe. With 427 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe.

The MSCI Europe Large Cap Index captures large cap representation across 15 Developed Markets (DM) countries in Europe. With 199 constituents, the index covers approximately 70% of the free float-adjusted market capitalization across the European Developed Markets equity universe.

The S&P Eurozone Sovereign Bond Index seeks to measure the performance of fixed-rate locally denominated sovereign debt publicly issued by Eurozone country governments for their domestic markets.

The Bloomberg U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government).

The Bloomberg U.S. Corporate Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that meet specified maturity, liquidity and quality requirements. The Index was launched on January 1, 1973.

The Bloomberg U.S. Corporate High Yield Bond Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes Emerging Markets debt. The Index was created in 1986, with index history backfilled to January 1, 1983.

The Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries.

The JPMorgan Emerging Markets Bond Global Diversified Index (EMBI GD) includes U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasi-sovereign entities.

The JPMorgan Corporate Emerging Markets Bond Index (CEMBI) is a market-capitalization weighted index of corporate bonds issued by entities in emerging countries.

The Bloomberg U.S. MBSIndex tracks fixed-rate agency mortgage-backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

The S&P 500 Index consists of 500 U.S. stocks chosen for market size, liquidity and industry group representation. It is a market value-weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value.

The MSCI Emerging Markets Index is a market-value weighted index designed to represent the performance of large- and mid-cap securities in 26 emerging markets.

The Cambridge Associates Global Buyout Index is a capitalization-weighted composite IRR of the buyout fund performances across all geographic focus reported to Cambridge Associates; all historical IRRs are subject to, and regularly undergo, revision.

The Bloomberg U.S. Corporate BB High Yield (1 – 3 years) Index measures the USD-denominated, high yield, fixed-rate corporate bond market with maturities of 1 – 3 years and a BB rating.

The STOXX Europe 600 Index is a subset of the STOXX Global 1800 Index. With a fixed number of 600 components, the Index represents large, mid and small capitalization companies across 17 countries of the European region: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

The MSCI World Index tracks the performance of large- and mid-cap stocks across 23 developed markets countries.

The MSCI World Value Index tracks the performance of large- and mid-cap stocks across 23 developed markets countries that exhibit overall value style characteristics.

The MSCI World Growth Index tracks the performance of large- and mid-cap stocks across 23 developed markets countries that exhibit overall growth style characteristics.

The MSCI EAFEIndex tracks the performance of large- and mid-cap stocks across 21 developed markets countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

The MSCI EAFEValue Index tracks the performance of large- and mid-cap stocks across 21 developed markets countries in Europe, Australasia and the Far East, excluding the U.S. and Canada that exhibit overall value style characteristics.

The MSCI EAFEGrowth Index tracks the performance of large- and mid-cap stocks across 21 developed markets countries in Europe, Australasia and the Far East, excluding the U.S. and Canada that exhibit overall growth style characteristics.

The ICEBofAML U.S. High Yield Index (0-3 Years) tracks the performance of below investment grade, but not in default, U.S. dollar-denominated corporate bonds, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P, with less than five years remaining term to final maturity, and a minimum amount outstanding of $100m.

Asset Class Assumptions & Estimates

Capital market assumptions used herein reflect Neuberger Berman’s forward-looking estimates of the benchmark return or volatility associated with an asset class. Estimated returns and volatilities are hypothetical return and risk estimates generated by Neuberger Berman’s Institutional Solutions Group. Estimated returns and volatilities do not reflect the alpha of any investment manager or investment strategy/vehicle within an asset class. Information is not intended to be representative of any investment product or strategy and does not reflect the fees and expenses associated with managing a portfolio or any other related charges, such as commissions and surrender charges. Estimated returns and volatilities are hypothetical and generated by Neuberger Berman based on various assumptions and inputs, including current market conditions, historical market conditions and subjective views and estimates. Capital market assumptions shown reflect Neuberger Berman’s long-term (20+ years into the future) estimates or intermediate-term (5-7 years into the future) estimates which are reviewed at least annually. Results will differ depending on whether they are based on Neuberger Berman’s long-term (20+ years into the future) or intermediate-term (5-7 years into the future) capital market assumptions. Neuberger Berman’s capital market assumptions are derived using a building block approach that reflects historical, current, and projected market environments, forward-looking trends of return drivers, and the historical relationships asset classes have to one another. These hypothetical returns are used for discussion purposes only and are not intended to represent, and should not be construed to represent, predictions of future rates of return. Actual returns may vary significantly. Neuberger Berman makes no representations regarding the reasonableness or completeness of any such assumptions and inputs. Assumptions, inputs, and estimates are periodically revised and subject to change without notice. Estimated returns and volatilities should not be used, or relied upon, to make investment decisions.

Rate of Return Estimate: Rate of return or geometric return is a measure of average returns of an investment over a period of time. Geometric rate of returns are typically referred to as annualized compound rate of returns and are always less than or equal to the arithmetic mean return of the same time series. Geometric rate of returns are used for straight-line calculations within the analysis, for example, the cash flow calculations. In straight-line calculations, each year is represented as a gain, so the compound (geometric mean) rate of return is used to adjust for the amount needed to make up for a loss in a given year. For example, if you lose 5% in one year, and gain 5% the year after, you still have less than you started with at the beginning of year one.

Arithmetic Mean Estimate: Arithmetic mean or average return is calculated by dividing the sum of a series of numbers by the number of overall items. This is more typically thought of as an “average” of the data set. Arithmetic mean or average return ignores the impact of compounding in the context of analyzing investment returns and is the simple average of returns observed over a period of time. Arithmetic mean returns are used in this material and, if applicable, the Efficient Frontier, because, through randomization, losses and gains are being accounted for each year.

Standard Deviation: A statistical measure of the volatility based on the distribution of a set of data from its mean (average value). For example, a portfolio with an average return of 10% and a standard deviation of 15% would return a result between -5% and +25% the majority of the time (68% probability or 1 standard deviation), almost all of the time the return would be between -20% and +40% (95% probability or 2 standard deviations). If there were 0 standard deviation then the result would always be 10%. Generally, more aggressive portfolios have a higher standard deviation and more conservative portfolios have a lower standard deviation.

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Finding the Silver Lining in Commercial Real Estate

Portfolio Manager Jose Pluto — Tue, 06 Jun 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Private Equity Valuations Withstand the Volatility of 2022

Doug Manor — Sun, 04 Jun 2023 0:00:00 -04:00

The views expressed herein include those of our guest contributor and may reflect those of the Neuberger Berman Multi-Asset Class (MAC) team and Neuberger Berman’s Asset Allocation Committee. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. The views may not reflect the views of the firm as a whole and Neuberger Berman advisers and portfolio managers may take contrary positions to the views presented here. The views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

Prospective investors should be aware that an investment in any private equity fund is speculative and involves a high degree of risk that is suitable only for those investors who have the financial sophistication and expertise to evaluate the merits and risks of such investment and for which the investment does not represent a complete investment program. An investment should only be considered by persons who can afford a loss of their entire investment. This material is not intended to replace any the materials that would be provided in connection with an investor’s consideration to invest in an actual private equity fund, which would only be done pursuant to the terms of the applicable confidential private placement memorandum and other related material. Prospective investors are urged to consult with their own tax and legal advisors about the implications of investing in a private equity strategy, including the risks and fees of such an investment.

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Resolving the Puzzle

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 28 May 2023 0:00:00 -04:00

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Is the Consumer Cracking?

Sun, 21 May 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

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International Small Caps: Quality Plus Quantity

Portfolio Manager David Bunan — Tue, 16 May 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. The firm, its employees and advisory accounts may hold positions of any companies discussed. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Certain Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

INDEX DEFINITIONS

The MSCI EAFE Small Cap Index aims to capture the performance of small cap stocks across 21 developed market countries excluding the U.S. and Canada.

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The Many Facets of Japanese Investing

Portfolio Manager Kei Okamura — Tue, 16 May 2023 0:00:00 -04:00

This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only. Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security, and the views and beliefs expressed are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally. This presentation is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this presentation should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability, and has not been independently verified. All information, opinions and beliefs set forth in this presentation are current as of the date of this presentation and are subject to change without notice. We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation. Any views or opinions expressed may not reflect those of the firm as a whole. We may issue presentations or have opinions that are inconsistent with, and reach different conclusions from, this presentation. No representation is made that any investment process, investment objectives, goals or risk management techniques discussed herein will or are likely to be achieved or successful.

Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, “Statements”), constitute only subjective views, estimations or intentions, should not be relied on, are subject to change due to many factors, including fluctuating market conditions and economic factors. Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice. Considering the foregoing, there can be no assurance and no representation is given that these Statements are now, or will prove to be, accurate or complete. Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements.

Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Investments in hedge funds, private equity and other private funds are speculative and involve more risk than more traditional investments. Investments in hedge funds, private equity and other private funds are intended for sophisticated investors only. Past performance is no guarantee of future results.

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Private Markets in Volatile Times

Head of NB Alternatives Anthony Tutrone, Elizabeth Traxler — Mon, 15 May 2023 0:00:00 -04:00

¹ Based on NB Private Markets analysis and observations as of May 1, 2023.
² Data as of April 3, 2023, based on NB Private Markets analysis. Due to the illiquid nature of many fund investments, any approximation of their value will be based on good-faith determination as to the fair value of those investments. There can be no assurance that these values will equal or approximate the price at which such investments may be sold or otherwise liquidated or disposed of. In particular, the impact of the recent COVID-19 pandemic is likely to lead to adverse impacts on valuations and other financial analyses for current or future periods. Past performance is no guarantee of future results.
³ Source: Preqin, data through June 2022.
⁴ Source: Preqin, data as of Q3 2022
⁵ Source: Pitchbook LCD, as of 4Q 2022.
⁶ Source: NB Private Markets analysis, Burgiss and PitchBook data as of December 2022.
⁷ Source: PitchBook. Data as of 3Q 2022, which is the latest available. Excludes energy, venture capital, real estate and co-investments.
⁸ Source: Jefferies. Data as of January 2023.

In connection with your consideration of an investment in any Private Market Investment, you should be aware of the following risks:

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A Tale of Two Indices

President and Chief Investment Officer—Equities Joseph Amato — Sun, 14 May 2023 0:00:00 -04:00

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The Case for Private Credit in Insurance Portfolios

Fri, 12 May 2023 0:00:00 -04:00

¹Source: Perqin, data through June 2022.

This material is provided for educational purposes only.

Past performance is not indicative of future results.

Prospective investors should be aware that an investment in any private credit strategy is speculative and involves a high degree of risk that is suitable only for those investors who have the financial sophistication and expertise to evaluate the merits and risks of such investment and for which the investment does not represent a complete investment program. An investment should only be considered by persons who can afford a loss of their entire investment.

This material is not intended to replace any the materials that would be provided in connection with an investor’s consideration to invest in an actual private credit strategy, which would only be done pursuant to the terms of a confidential private placement memorandum and other related material. Prospective investors are urged to consult with their own tax and legal advisors about the implications of investing in a private credit strategy, including the risks and fees of such an investment.

What ‘Data-Dependent’ Feels Like

Chief Investment Officer, Multi Asset Strategies – EMEA Niall O’Sullivan — Sun, 07 May 2023 0:00:00 -04:00

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Trip Hazards

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 30 Apr 2023 0:00:00 -04:00

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Institutional Investor: America’s Top Asset Management Firms

Tue, 25 Apr 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. Third-party media content is being redistributed with permission and may not be redistributed without the publisher’s consent. This article was written by a reporter and the publisher was not compensated for its publication. This article and the information contained in it are not directed to any investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman was not involved in the writing of the article, and any revisions to the original article for this reprint were generally made for regulatory purposes. Neuberger Berman makes no representation or warranty as to the accuracy, completeness or reliability of the information contained herein. Any views or opinions expressed by Anthony Tutrone may not reflect those of the firm as a whole, and the views or opinions expressed by the reporter are his only. Select clients and investments referenced were independently sourced and selected by the publisher without input from Neuberger Berman. Specific securities and investments identified and described do not represent all of the securities and investments purchased, sold or recommended for advisory clients or comingled vehicles. It should not be assumed that any investments in securities or companies identified and described were or will be profitable. It is not known whether any listed clients approve or disapprove of any of Neuberger Berman investment advisers, products or services. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team-dedicated economists/strategists.

This article is not intended to replace any of the materials that would be provided in connection with an investor’s consideration to invest in an actual Neuberger Berman fund or product, which would only be done pursuant to the terms of a confidential private placement memorandum or other approved documents, the governing documents of any such fund or product and other related material. Investors considering an investment in a private equity fund are always urged to consult with their own tax and legal advisors about the implications of investing in a private equity strategy, including the risks and fees of such an investment. Investments in private equity are speculative and involve a higher degree of risk than more traditional investments, including possible loss of principal. Investments in private equity are therefore intended for sophisticated investors only who have the financial expertise to evaluate the merits and risks of such investment and for which the investment does not represent a complete investment program. This material is for illustrative and discussion purposes only and does not constitute an offer or solicitation with respect to the purchase or sale of any security. It is in no way intended to be used as a marketing material for potential investors in Neuberger Berman private equity funds.

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Proxy Voting: Engagement Matters

Sun, 23 Apr 2023 0:00:00 -04:00

Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

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Paid to Be Patient

Tue, 18 Apr 2023 0:00:00 -04:00

Are Agency Mortgages a Home Run?

Deputy Chief Investment Officer—Fixed Income Ashok Bhatia — Mon, 17 Apr 2023 0:00:00 -04:00

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Insurance-Linked Strategies State of the Market 2023

Senior Vice President Peter Miller — Thu, 13 Apr 2023 0:00:00 -04:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the earlier of the dates specifies herein or the date of this presentation and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

All information as of the date indicated. Firm data, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history and timelines includes the history and business expansions of all firm subsidiaries, including predecessor entities and acquisition entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.

NB Alternatives Advisers LLC (“NBAA”) is a registered investment adviser. For additional information and required disclosure regarding the advisory services provided by NBAA, please see NBAA’s Form ADV Part 2A. Brokerage services, if any, are provided by Neuberger Berman BD LLC (“NBBD”), an affiliate of NBAA and a registered broker-dealer and member FINRA/SIPC. For additional information and required disclosure regarding the brokerage services provided by NBBD, please see NBBD’s Regulation Best Interest Disclosure Statement at http://www.nb.com/reg_BI_disclosure_nbbd/ and Form CRS at http://www.nb.com/form_CRS_nbia_nbbd/.

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A Sharp Turn

Wed, 12 Apr 2023 0:00:00 -04:00

SMAs are here to stay among Japanese LPs

Tue, 11 Apr 2023 0:00:00 -04:00

A New ‘Impossible Trilemma’?

Chief Investment Officer, Multi Asset Strategies – EMEA Niall O’Sullivan — Sun, 09 Apr 2023 0:00:00 -04:00

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Economic and Market Review: Continue to Recommend Defensive Positioning, Focus on Quality

Senior Investment Strategist Raheel Siddiqui — Thu, 06 Apr 2023 0:00:00 -04:00

Paid to Be Patient

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Thu, 06 Apr 2023 0:00:00 -04:00

The views expressed herein are generally those of Neuberger Berman’s Asset Allocation Committee, which comprises professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The views and recommendations of the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisors and portfolio managers may recommend or take contrary positions to the views and recommendations of the Asset Allocation Committee. The Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

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As Credit Goes, So Goes the Economy

President and Chief Investment Officer—Equities Joseph Amato — Sun, 02 Apr 2023 0:00:00 -04:00

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Private Credit: An All-Weather Asset Class

Fri, 31 Mar 2023 0:00:00 -04:00

This material is provided for educational purposes only.

Neuberger Berman Private Markets: Q4 2022 Preliminary Valuation Summary & Analysis

Doug Manor — Mon, 27 Mar 2023 0:00:00 -04:00

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factors and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

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Turning, Not Re-Turning

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 26 Mar 2023 0:00:00 -04:00

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The Deal or No Deal of Event-Driven Investing

Portfolio Manager Joseph Rotter, Portfolio Specialist Jonathan Adolph — Tue, 21 Mar 2023 0:00:00 -04:00

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The More Things Change, Part II

Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 19 Mar 2023 0:00:00 -04:00

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Simply Put(Writing)

Tue, 14 Mar 2023 0:00:00 -04:00

The CBOE S&P 500 Index incepted in June 2007 with historical backtested data available since June 30, 1986; the CBOE Russell 2000 PutWrite Index incepted in November 2015 with historical backtested data available since January 1, 2001; the CBOE MSCI EAFE PutWrite Index and CBOE MSCI EM PutWrite Index were introduced in June 2019 with historical backtested data available since March 1, 2006; the CBOE S&P 500 2% OTM PutWrite Index incepted in March 2019 with historical backtested data available since June 30, 1986.

This material is presently solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Certain products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance. Diversification does not guarantee profit or protect against loss in declining markets. As with any investment, there is the possibility of profit as well as the risk of loss. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Unless otherwise indicated, returns shown reflect reinvestment of dividends and distributions. Past performance is no guarantee of future results.

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Silicon Valley Bank: Market Reaction and Implications

Mon, 13 Mar 2023 0:00:00 -04:00

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At the Crossroads, Seeking Direction

Sun, 12 Mar 2023 0:00:00 -05:00

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The Chatbot Phenomenon

Head of Investment & Data Technology CJ Jaskoll — Tue, 07 Mar 2023 0:00:00 -05:00

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ESG: Making Sense of the Mudslinging

Sun, 05 Mar 2023 0:00:00 -05:00

Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment.

This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communicationsfor the specific entities and jurisdictional limitations and restrictions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Commodities: From Destocking to Restocking

Senior Portfolio Manager Hakan Kaya — Sun, 26 Feb 2023 0:00:00 -05:00

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Natural Catastrophes in Today’s Climate

Principal Alex Conyers — Tue, 21 Feb 2023 0:00:00 -05:00

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NASDAQ-100 Index Call Writing Overlays

Tue, 21 Feb 2023 0:00:00 -05:00

¹Index options may be eligible for tax treatment as 1256 contracts at 60% long-term and 40% short-term. Overlay strategies involve the use of leverage. See leverage risk disclosures at the end of this material.

²Source: Bloomberg LP.

³Source: NASDAQ, Bloomberg LP. Alphabet (Google) is consolidated as one position for purposes of calculating the top 20 NASDAQ-100 Index constituents.

⁴Source: Bloomberg LP, Neuberger Berman. The results of the model covered call strategies are hypothetical and for illustrative purposes only. They results do not represent the performance of any Neuberger Berman product or strategy and do not reflect the fees and expenses associated with managing a portfolio. See “Hypothetical Model Illustrations” and the end of the material for information on the hypotheticals results, including assumptions. The hypothetical growth illustration shown reflects the growth of a hypothetical investment in the model(s) and index(es) as of the date indicated and assumes reinvestment of any dividends and distributions. Results shown are hypothetical and do not represent the returns of any particular investment. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. See Additional Disclosures at the end of this material which are an important part of this presentation.

Hypothetical Model Illustrations

The hypothetical model results included in this material are of various hypothetical model strategies, including simulated backtested models, that are shown for illustrative purposes only. The results do not reflect actual performance results. The hypothetical results we calculated by running the hypothetical/model portfolios using the stated methodologies and assumptions. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the hypothetical results have been stated or fully considered. Changes in the model assumptions may have a material impact on the hypothetical returns presented. The results do not represent the performance of any Neuberger Berman product or strategy and do not reflect the fees and expenses associated with managing a portfolio strategy. There are frequently material differences between hypothetical performance results and actual results achieved by a portfolio. Unless otherwise indicated, results assume no withdrawals or additional contributions and reinvestment of any dividends and distributions.

Hypothetical performance has certain inherent limitations. Unlike actual investment performance, hypothetical results does not represent actual trading and accordingly the performance results may have under- or over-compensated for the impact, if any, that certain economic or other market factors, such as lack of liquidity or price fluctuations, might have had on the investment decision-making process or results if assets were actually being managed. Hypothetical performance may also not accurately reflect the impact, if any, of other material economic and market factors, or the impact of financial risk and the ability to withstand losses. Hypothetical performance results are also subject to the fact that they are generally designed with the benefit of hindsight and established at a point in time. As a result, the hypothetical assumptions, including any asset allocations, could theoretically be modified in order to produce more favorable simulated performance results. In addition, the results are based, in part, on hypothetical assumptions. Certain of the assumptions have been made for modeling or simulation purposes and may not have been realized in the actual management of accounts. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the hypothetical results have been stated or fully considered. Changes in the hypothetical assumptions may have a material impact on the hypothetical returns presented. To the extent a hypothetical portfolio or asset allocation includes asset class returns, such returns are for illustrative purposes only and not reflective of the returns of a specific strategy. There are frequently material differences between hypothetical performance results and actual results achieved by any investment portfolio or strategy. Unless otherwise indicated the target allocations are static with no rebalancing, contributions, withdrawals, redemptions or corporate actions and reinvestment of any dividends or distributions.

This following is a summary of simulated models show and the associated methodology and assumptions:

AAPL Covered Call Strategy Model, AAPL w/ NDX Call Writing Overlay Model, MSFT Covered Call Strategy Model, MSFT w/ NDX Call Writing Overlay Model, AMZN Covered Call Strategy Model, AMZN w/ NDX Call Writing Overlay Model, GOOGL Covered Call Strategy Model, GOOGL w/ NDX Call Writing Overlay Model, NVDA Covered Call Strategy Model and NVDA w/ NDX Call Writing Overlay Model

The option strategy back-testing platform is designed to estimate historical performance of portfolios that implement systematic option writing strategies. Models support a multitude of variables including option strategy, e.g., put writing or call writing, underlying exposure (index or stock), tenor, moneyness, risk management parameters and collateral investments. While models incorporate different parameter sets, they adhere to a consistent structure across all back-tested model scenarios and our model architecture is such that returns are estimated independent of account size.

All models rely on a Black-Scholes pricing to estimate option prices based on historical implied volatility surfaces. We compile daily implied volatility surfaces from exchange listed option price and/or option implied volatility data available from external data providers including the Chicago Board of Options Exchange (“CBOE”) and Bloomberg LP. Additional inputs for option pricing (dividends, risk-free rate, etc.) are sourced from Bloomberg LP.

Daily implied volatility surfaces allow models to price weekly expiration dates even though weekly option expirations may not have been actively traded on an exchange over the full history of a model back-test. Models methodically allocate options across weekly expirations to promote diversification across expiration dates and are assumed to settle on each Friday consistent with current option market practices.

Exposures are rebalanced on a daily basis at the close of each trading day. Daily model rebalancing adjusts portfolio exposures and rolls (covers and writes) option positions consistent with specified risk management targets. Options are rolled in a manner that seeks to preserve exposures across multiple expiration dates, and risk management targets, e.g., option delta and or moneyness, are set at the inception of a back-test and applied over its full history. All trading is assumed to be transacted at market closing prices derived from closing implied volatility levels and includes estimates for transaction costs. Option strike prices follow standard option market conventions unique to the underlying index/security. Models may round up, down or to the nearest strike price when selecting option to write.

Funded/collateralized models assume fully collateralized such that model portfolios are assumed to hold fixed income securities whose aggregate market values are greater than or equal to the aggregate notional exposure of the options. Collateral is assumed to be invested in a widely followed index(s) that approximates the performance of short-term U.S. Treasuries. Models may vary from actual strategy performance due to assignment risk for American style options, exchanged traded option contract availability, intra-day trading and differences in transaction costs (implicit and explicit).

Overlay overlay models assume sufficient collateral and no margin calls, but do not reflect investment of collateral or any appreciation or depreciation thereon. Models may vary from actual strategy performance due to assignment risk for American style options, exchanged traded option contract availability, intra-day trading and differences in transaction costs (implicit and explicit).

Additional Disclosures

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. References to third-party sites are for informational purposes only and do not imply any endorsement, approval, investigation, verification or monitoring by Neuberger Berman of any content or information contained within or accessible from such sites. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

Options involve investment strategies and risks different from those associated with ordinary portfolio securities transactions. By writing put options, an investor assumes the risk of declines in the value of the underlying instrument and the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. If there is a broad market decline and the investor is not able to close out its written put options, it may result in substantial losses to the investor. The investor will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options. Put writing makes an explicit trade-off between up-market participation and down-market participation, while still seeking reasonable returns in flat markets. As such, in up markets, an investor typically will not participate in the full gain of the underlying index above the premium collected.

Leverage. Option overlay strategies employ the use of derivatives and leverage, which involves the risk of loss greater that the actual cost of the investment, and also involves margin and collateral requirements. Leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by an account, which may subject it to substantial risk of loss. In the event of a sudden, precipitous drop in value of an account’s assets occasioned by a sudden market decline, it might not be able to liquidate assets quickly enough to meet its margin or borrowing obligations. Also, because acquiring and maintaining positions on margin allows an account to control positions worth significantly more than its investment in those positions, the amount that it stands to lose in the event of adverse price movements is higher in relation to the amount of its investment. In addition, since margin interest will be one of the account’s expenses and margin interest rates tend to fluctuate with interest rates generally, it is at risk that interest rates generally, and hence margin interest rates, will increase, thereby increasing its expenses

The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. No security can have more than a 24% weighting. The index was developed with a base value of 125 as of February 1, 1985. Prior to December 21,1998 the Nasdaq 100 was a cap-weighted index.

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Politics, Deficits and the Debt Limit

President and Chief Investment Officer—Equities Joseph Amato — Sun, 19 Feb 2023 0:00:00 -05:00

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Merger Arbitrage Investing: When Deals Fall Through

Portfolio Manager Joseph Rotter, Portfolio Specialist Jonathan Adolph — Thu, 16 Feb 2023 0:00:00 -05:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. References to third-party sites are for informational purposes only and do not imply any endorsement, approval, investigation, verification or monitoring by Neuberger Berman of any content or information contained within or accessible from such sites.

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Nothing herein constitutes a recommendation to buy, sell or hold a security. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

Index Definitions

The S&P Merger Arbitrage Index measures the performance of stocks from developed countries that are in active pending merger deals based on a risk arbitrage strategy that exploits commonly observed price changes associated with publicly announced mergers, acquisitions, or other corporate reorganizations. The index is comprised of a maximum of 80 companies, including up to 40 companies that are currently targets in merger deals, which are represented by long positions in the index, and up to 40 companies that are currently acquirers for the same stock merger deals, which are represented by short positions in the index. The index includes a cash component, which earns the three-month U.S. Treasury Bill rate.

The Russell 2000 Index consists of the 2,000 smallest stocks by market capitalization in the Russell 3000 Index, which is a market value-weighted index of the 3,000 largest listed U.S. stocks by market capitalization.

The HFRI Event Driven: Merger Arbitrage Index is an equal-weighted index of the performance of merger arbitrage hedge fund strategies reporting into the HFR Database, defined as those strategies that typically have more than 75% of their positions in announced merger transactions over a given market cycle. Strategies must report monthly, U.S. dollar, net of all fees performance and assets under management, and have either (a) $50 million assets under management or (b) at least $10 Million assets under management on the last reported =month prior to the index rebalance, and have been actively trading for at least 12 months.

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Non-Investment Grade Defaults: Up From the Lows, but Contained

Wed, 15 Feb 2023 0:00:00 -05:00

¹ICE BofA U.S. High Yield Master II Constrained Index.

This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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Equity Opportunities After Easy Money

Wed, 15 Feb 2023 0:00:00 -05:00

The information in this material may contain projections, market outlooks or other forward-looking statements regarding future events, including economic, asset class and market outlooks or expectations, and is only current as of the date indicated. There is no assurance that such events, outlook and expectations will be achieved, and actual results may be signiﬁcantly different than that shown here. The duration and characteristics of past market/ economic cycles and market behavior, including any bull/bear markets, is no indication of the duration and characteristics of any current or future be market/economic cycles or behavior. Information on historical observations about asset or sub-asset classes is not intended to represent or predict future events. Historical trends do not imply, forecast or guarantee future results. Information is based on current views and market conditions, which will ﬂuctuate and may be superseded by subsequent market events or for other reasons.

The views expressed herein may include those of the Neuberger Berman Equity Research team. The views of the Equity Research team may not reﬂect the views of the ﬁrm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the Equity Research team. The Equity Research team’s leading indicators and research models are based upon a variety of inputs, including markets surveys, market prices and government and economic data. The Equity Research team’s views do not constitute a prediction or projection of future events or future market behavior. Discussions of any speciﬁc sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The ﬁrm, its employees and advisory accounts may hold positions of any companies discussed. Speciﬁc securities identiﬁed and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identiﬁed and described were or will be proﬁtable.

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Funding the Future

Global Head of ESG and Impact Investing Jonathan Bailey, Theresa Whitmarsh — Tue, 14 Feb 2023 0:00:00 -05:00

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Japanese Small Caps May Hop in the Year of the Rabbit

Portfolio Manager Kei Okamura — Mon, 13 Feb 2023 0:00:00 -05:00

¹ Bloomberg data as of December 2022. MSCI Japan Small Cap Net Return Index, MSCI USA Small Cap Net Toral Return Index, MSCI Europe Small Cap Net Return Index, (1/4/2022-12/30/2022, JPY)

² Bloomberg data as of December 2022. MSCI Japan Small Cap Index, MSCI USA Small Cap Index, MSCI Europe Small Cap Index (JPY)

³ FactSet.

⁴ Japan Ministry of Finance Data as of December 2022. Trade ranking calculated as sum of annual export value and import value (JPY).

⁵ China Household Deposits, CLSA data as of December 2022.

⁶ SMBC Nikko data as of December 2020.

⁷ Japan Cabinet Office data as of December 2022. A: Actual. E: Estimates.

⁸ Nikkei newspaper, December 22^nd, 2022.

⁹ Company data as of December 2022.

¹⁰ JP Morgan Securities data as of December 2023.

¹¹ Okasan Securities data as of September 2022.

¹² SMBC Nikko Securities data as of October 2022. 2022* figure based on SMBC Nikko forecast.

¹³ Company data as of December 2022.

The information in this material may contain projections, market outlooks or other forward-looking statements regarding future events, including economic, asset class and market outlooks or expectations, and is only current as of the date indicated. There is no assurance that such events, outlook and expectations will be achieved, and actual results may be signiﬁcantly different than that shown here. The duration and characteristics of past market/ economic cycles and market behavior, including any bull/bear markets, is no indication of the duration and characteristics of any current or future be market/economic cycles or behavior. Information on historical observations about asset or sub-asset classes is not intended to represent or predict future events. Historical trends do not imply, forecast or guarantee future results. Information is based on current views and market conditions, which will ﬂuctuate and may be superseded by subsequent market events or for other reasons.

Discussions of any speciﬁc sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The ﬁrm, its employees and advisory accounts may hold positions of any companies discussed. Speciﬁc securities identiﬁed and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identiﬁed and described were or will be proﬁtable.

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The More Things Change

Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 12 Feb 2023 0:00:00 -05:00

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NB Votes: The 2022 Proxy Season

Thu, 09 Feb 2023 0:00:00 -05:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

Firm data, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history and timelines include the history and business expansions of all firm subsidiaries, including predecessor entities and acquisition entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, product specialists and team-dedicated economists/strategists.

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Central Banks Tighten, Markets Loosen

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 05 Feb 2023 0:00:00 -05:00

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Practical Implications of the New Regime

Chief Investment Officer, Multi Asset Strategies – EMEA Niall O’Sullivan — Sun, 29 Jan 2023 0:00:00 -05:00

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The Investors Have Left the Building

Wed, 25 Jan 2023 0:00:00 -05:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. The firm, its employees and advisory accounts may hold positions of any companies discussed. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

A portfolio’s concentration in real estate investments makes it subject to greater potential risks and volatility than a more diversified portfolio, and the value of its shares may decline due to events affecting the real estate industry. The properties held by REITs could fall in value for a variety of reasons, such as declines in rental income, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. There is also a risk that REIT stock prices overall will decline over short or even long periods because of rising interest rates.

Index Definitions

The FTSE Nareit All Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. It is part of the FTSE Nareit U.S. Real Estate Index Series, which is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The index series provides investors with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indexes provide the facility to concentrate commercial real estate exposure in more selected markets.

The NCREIF Fund Index—Open-End Diversified Core Equity Fund Index is a capitalization-weighted, gross of fee, time-weighted return index of the performance of the net invested capital of open-end funds whose investing style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties diversified across regions and property types.

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Navigating Secondaries Amid Choppy Markets

Tue, 24 Jan 2023 0:00:00 -05:00

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A Delayed Reckoning

President and Chief Investment Officer—Equities Joseph Amato — Sun, 22 Jan 2023 0:00:00 -05:00

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Economic and Market Review: Key Considerations For Equity Investors

Senior Investment Strategist Raheel Siddiqui — Thu, 19 Jan 2023 0:00:00 -05:00

A Peak That Persists

Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 15 Jan 2023 0:00:00 -05:00

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From Policy Risk to Recession Risk

Thu, 12 Jan 2023 0:00:00 -05:00

Reducing Altitude

Wed, 11 Jan 2023 0:00:00 -05:00

The Portfolio Doctor Is In

Head of Portfolio Solutions Maarten Nederlof — Tue, 10 Jan 2023 0:00:00 -05:00

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Macro Versus Micro

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 08 Jan 2023 0:00:00 -05:00

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From Policy Risk to Recession Risk

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Fri, 06 Jan 2023 0:00:00 -05:00

The views expressed herein are generally those of Neuberger Berman’s Asset Allocation Committee, which comprises professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The views and recommendations of the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisors and portfolio managers may recommend or take contrary positions to the views and recommendations of the Asset Allocation Committee. The Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

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BBBs in the ‘Old Normal’

Senior Research Analyst Kristin Cejda — Wed, 04 Jan 2023 0:00:00 -05:00

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Outlook 2023

Sun, 01 Jan 2023 0:00:00 -05:00

The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team and Neuberger Berman’s Asset Allocation Committee. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The views of the MAC team or the Asset Allocation Committee may not reflect the views of the firm as a whole and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team or the Asset Allocation Committee. The MAC team and the Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. The duration and characteristics of past market/economic cycles and market behavior, including length and recovery time of past recessions and market downturns, is no indication of the duration and characteristics of any current or future market/economic cycles or behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

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Solving for 2023: How the Tables Have Turned

Fri, 30 Dec 2022 0:00:00 -05:00

The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team and Neuberger Berman’s Asset Allocation Committee. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. The views of the MAC team or the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team or the Asset Allocation Committee. The MAC team and the Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

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What Goes Up Must Come Down…Right?

Wed, 21 Dec 2022 0:00:00 -05:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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Escape From Flatland

Sun, 18 Dec 2022 0:00:00 -05:00

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Undercapitalization Slows Secondaries Activity

Global Co-Head of Secondary Private Equity Ben Perl — Mon, 12 Dec 2022 0:00:00 -05:00

COP27: Treating the Symptoms, Not the Disease

Mon, 12 Dec 2022 0:00:00 -05:00

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

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A Tale of Two Cities

President and Chief Investment Officer—Equities Joseph Amato — Sun, 11 Dec 2022 0:00:00 -05:00

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Broadening Access to Private Equity

Fri, 09 Dec 2022 0:00:00 -05:00

Private Equity in the Economic Headwinds

Fri, 09 Dec 2022 0:00:00 -05:00

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Bank of Japan: The G-10 Outlier

Senior Portfolio Manager Tokufumi Kato — Tue, 06 Dec 2022 0:00:00 -05:00

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Cryptonite

Senior Research Analyst Scott Woodcock — Sun, 04 Dec 2022 0:00:00 -05:00

This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Rise of GP-Led Secondaries

Thu, 01 Dec 2022 0:00:00 -05:00

¹Source: Secondaries Investor: Lack of Capital Available to Deploy is Choking Secondaries Dealflow, August 2022.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. The firm, its employees and advisory accounts may hold positions of any companies discussed. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. References to third-party sites are for informational purposes only and do not imply any endorsement, approval, investigation, verification or monitoring by Neuberger Berman of any content or information contained within or accessible from such sites.

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Nothing herein constitutes a recommendation to buy, sell or hold a security. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.

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2022 Global Corporate Credit ESG Engagement Report

Wed, 30 Nov 2022 0:00:00 -05:00

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An Emerging Opportunity

Tue, 29 Nov 2022 0:00:00 -05:00

Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. The firm, its employees and advisory accounts may hold positions of any companies discussed. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

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Hardening Borders: Opportunities in Security, Health and Trade

Mon, 28 Nov 2022 0:00:00 -05:00

Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Nothing herein constitutes a recommendation to buy, sell or hold a security. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

The Asset Allocation Facts Have Changed

Chief Investment Officer, Multi Asset Strategies – EMEA Niall O’Sullivan — Sun, 27 Nov 2022 0:00:00 -05:00

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Shooting Down the Hawks

Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 20 Nov 2022 0:00:00 -05:00

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Solving for 2023: Back to the "Old Normal"

Tue, 15 Nov 2022 0:00:00 -05:00

Divergences and Pivots

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 13 Nov 2022 0:00:00 -05:00

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Could Liquid Alternatives Provide Answers?

Research Analyst Paresh Shah — Tue, 08 Nov 2022 0:00:00 -05:00

This communication is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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COP27: A Chance to Reset

Head of Europe ESG Investing Sarah Peasey — Sun, 06 Nov 2022 0:00:00 -04:00

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Key Considerations When Navigating the Net-Zero Transition

Thu, 03 Nov 2022 0:00:00 -04:00

This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Certain products and services may not be available in all jurisdictions or to all client types. Unless otherwise indicated, returns shown reflect reinvestment of dividends and distributions. The use of tools cannot guarantee performance. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

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Is This ‘Nightmare on Wall Street’ Coming to an End?

President and Chief Investment Officer—Equities Joseph Amato — Sun, 30 Oct 2022 0:00:00 -04:00

This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

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Building on Infrastructure Investing

Managing Director Michael McCarthy — Wed, 26 Oct 2022 0:00:00 -04:00

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An Eventful Time for Event-Driven Investing

Portfolio Manager Joseph Rotter, Portfolio Specialist Jonathan Adolph — Sun, 23 Oct 2022 0:00:00 -04:00

The views expressed herein include those of Neuberger Berman’s Asset Allocation Committee, which comprises professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The views and recommendations of the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisors and portfolio managers may recommend or take contrary positions to the views and recommendations of the Asset Allocation Committee. The Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Thinking Strategically About Commodities

Thu, 20 Oct 2022 0:00:00 -04:00

¹Source: Goldman Sachs.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory clients may hold positions within sectors discussed, including any companies specifically identified. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Neuberger Berman, as well as its employees, does not provide tax or legal advice. You should consult your accountant, tax adviser and/or attorney for advice concerning your particular circumstances. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance. Diversification does not guarantee profit or protect against loss in declining markets. As with any investment, there is the possibility of profit as well as the risk of loss. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Unless otherwise indicated, returns reflect reinvestment of dividends and distributions. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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Tighter Conditions Begin to Squeeze the Economy

Wed, 19 Oct 2022 0:00:00 -04:00

Schooling the Sovereigns

Sun, 16 Oct 2022 0:00:00 -04:00

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Making Sense of Markets and Policy Change

Senior Portfolio Manager and Head of Trading London Robert Dishner — Tue, 11 Oct 2022 0:00:00 -04:00

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Be Wary of Bear Market Rallies

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Sun, 09 Oct 2022 0:00:00 -04:00

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Policy Stays in the Crosshairs

Fri, 07 Oct 2022 0:00:00 -04:00

Tighter Conditions Begin to Squeeze the Economy

Chief Investment Officer—Multi-Asset Class Erik Knutzen — Thu, 06 Oct 2022 0:00:00 -04:00

The views expressed herein are generally those of Neuberger Berman’s Asset Allocation Committee, which comprises professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The views and recommendations of the Asset Allocation Committee may not reflect the views of the firm as a whole, and Neuberger Berman advisors and portfolio managers may recommend or take contrary positions to the views and recommendations of the Asset Allocation Committee. The Asset Allocation Committee views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Economic and Market Review: Key Considerations for Equity Investors

Senior Investment Strategist Raheel Siddiqui — Tue, 04 Oct 2022 0:00:00 -04:00