Neuberger Berman GB Feed. Neuberger Berman GB Feed. https://www.nb.com/en/gb/rssfeed Earnings Remain Key in a Confusing Macro Picture https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-earnings-remain-key-in-a-confusing-macro-picture President and Chief Investment Officer—Equities Joseph Amato Macro uncertainty is high, but the earnings season has been solid—and not only in the U.S. <p>This material is provided for informational and educational 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. </p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 26 Feb 2024 0:00:00 -05:00 Inflation and Consumer Sentiment https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-inflation-and-consumer-sentiment Chief Investment Officer—Private Wealth Shannon Saccocia, CFA U.S. consumer sentiment has defied predictions of excess savings running dry, but do hotter inflation data pose a risk? <p>This material is provided for informational and educational 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. 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. </p> <p>The views expressed herein include those of Neuberger Berman&rsquo;s Private Wealth Investment Group. The Private Wealth Investment Group analyzes market and economic indicators to develop asset allocation strategies. The Private Wealth Investment Group works in partnership with the Office of the CIO. The Private Wealth Investment Group also consults regularly with portfolio managers and investment officers across the firm. The views of the Private Wealth Investment Group 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 Private Wealth Investment Group. The Private Wealth Investment Group views do not constitute a prediction or projection of future events or future market behavior.</p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 18 Feb 2024 0:00:00 -05:00 2023 Proxy Season in Review https://www.nb.com/en/link?type=article&name=insights-2023-proxy-season-in-review Head of Investment Stewardship Caitlin McSherry, Senior Associate, ESG Investing Rebecca Kim In a period of unique market and economic dynamics, Neuberger Berman continued our tradition of vocal engagement to encourage best practices from companies. <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p><strong>impact investing and/or environmental, Social and Governance (eSG) managers may take into consideration factors beyond traditional financial information to select securities, which could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. Further, eSG strategies may rely on certain values based criteria to eliminate exposures found in similar strategies or broad market benchmarks, which could also result in relative investment performance deviating.</strong></p> <p>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 &ldquo;firm&rdquo;). 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.</p> <p>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.</p> <p>The United Nations Sustainable Development Goals (UN SDGs) are a common set of social and environmental outcomes that governments, non-profits, companies and investors can work together to achieve.</p> <p>United Kingdom and outside the European Economic Area (EEA): This document is a financial promotion and is issued by Neuberger Berman Europe Limited, which is authorised and regulated by the Financial Conduct Authority and is registered in England and Wales, at The Zig Zag Building, 70 Victoria Street, London SW1E 6SQ. Neuberger Berman Europe Limited is also a registered investment adviser with the Securities and Exchange Commission in the US, and the Dubai branch is regulated by the Dubai Financial Services Authority in the Dubai International Financial Centre.European Economic Area (EEA): This is a marketing document and is issued by Neuberger Berman Asset Management Ireland Limited, which is regulated by the Central Bank Ireland and is registered in Ireland, at 2 Central Plaza, Dame Street, Dublin, D02 T0X4.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure- global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 15 Feb 2024 0:00:00 -05:00 Real Estate Secondaries: A Discount to What? https://www.nb.com/en/link?type=article&name=insights-real-estate-secondaries-a-discount-to-what Head of Real Estate Secondaries Scott Koenig Finding opportunity in a period of falling valuations <p>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&rsquo;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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 15 Feb 2024 0:00:00 -05:00 The Importance of Monitoring Credit Spreads In Positioning Equity Portfolios https://www.nb.com/en/link?type=article&name=insight-the-importance-of-monitoring-credit-spreads-in-positioning-equity-portfolios Senior Investment Strategist Raheel Siddiqui, Macro Analyst Amr Hanafy On February 2, 2024, the yield spread between the Baa corporate bond and the 10-year Treasury bond sat at 147 bps—the narrowest level since 2000. <p>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 &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong> </p> <p><strong>S&amp;P 500 Index </strong>consists of 500 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 &ldquo;500&rdquo; is one of the most widely used benchmarks of U.S. equity performance. As of September 16, 2005, S&amp;P switched to a float-adjusted format, which weights only those shares that are available to investors, not all of a company&rsquo;s outstanding shares. The value of the index now reflects the value available in the public markets.</p> <p>A bond&rsquo;s value may fluctuate based on interest rates, market conditions, credit quality and other factors. You may have a gain or 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&rsquo;s state of residence. High-yield bonds, also known as &ldquo;junk bonds,&rdquo; 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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="http://www.nb.com/disclosure-global-communications" target="_blank" rel="noopener"><span class="blank">www.nb.com/disclosure-global-communications</span></a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC. </p> <p>No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman</p> Mon, 12 Feb 2024 0:00:00 -05:00 Added Value in ABS https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-added-value-in-abs Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Co-Chief Investment Officer—Fixed Income Brad Tank Corporate credit offers tight spreads and a broad consensus—might the complex crosscurrents of securitized products be more interesting? <p>This material is provided for informational and educational 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.</p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 12 Feb 2024 0:00:00 -05:00 A Perspective on Private Equity NAV Loans https://www.nb.com/en/link?type=article&name=insights-a-perspective-on-private-equity-nav-loans Head of Investment Solutions and Strategy Peter von Lehe, Elizabeth Traxler, Associate Justin Welfeld Net Asset Value loans have captured popular interest across the Private Equity universe. <p>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 </p> <p>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. 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="http://www.nb.com/disclosure-global-communications" target="_blank" rel="noopener"><span class="blank">www.nb.com/disclosure-global-communications</span></a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 06 Feb 2024 0:00:00 -05:00 Private Credit Is Gaining Steam—Where Do We Go From Here? https://www.nb.com/en/link?type=article&name=whitepaper-private-credit-is-gaining-steam-where-do-we-go-from-here Head of Multi-Sector Private Credit Louay Mikdashi, Chief Operating Officer, Global Research Strategies Jonathan Shahrabani A vast menu of private credit arrangements now finance nearly every aspect of the real economy. <p>This material is provided for educational purposes only.&nbsp;</p> <p>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.</p> <p><strong>Past performance is not indicative of future results.</strong></p> <p>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.</p> <p>This material is not intended to replace any the materials that would be provided in connection with an investor&rsquo;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.</p> <p>&copy; 2024 NB Alternatives Advisers LLC</p> <p>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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="http://www.nb.com/disclosure-global-communications" target="_blank" rel="noopener"><span class="blank">www.nb.com/disclosure-global-communications</span></a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 05 Feb 2024 0:00:00 -05:00 The News and Our Views https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-news-and-our-views Chief Investment Officer—Multi-Asset Erik Knutzen January was packed with news—and much of it supported our views for the year ahead. <p>This material is provided for informational and educational 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.&nbsp;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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team or Neuberger Berman&rsquo;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 &ldquo;forward-looking statements.&rdquo; Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 04 Feb 2024 0:00:00 -05:00 Private Equity Outlook - 2024 https://www.nb.com/en/link?type=article&name=article-reprint-private-equity-outlook-2024 Managing Director José Luis González Pastor Going into 2024, we believe the record-high dry powder reserves suggest potential for significant PE activity as values slowly recover and conditions improve… This article is for illustrative and discussion purposes only and does not constitute financial product advice. It is general information only. 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. 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. We have not considered your individual objectives, financial situation or needs. Fri, 02 Feb 2024 0:00:00 -05:00 Access for All https://www.nb.com/en/link?type=article&name=article-reprint-access-for-all Head of Investment Solutions and Strategy Peter von Lehe “The democratisation of private equity is about broadening access to the asset class, both in terms of who can invest and the ways in which they do so” <p>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.</p> <p>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. Accordingly, “retail” retirement investors are not the intended recipients of this material as they are expected to engage the services of an advisor in evaluating this material for any investment decision. If your understanding is different, we ask that you inform us immediately.</p> <p>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.</p> <p>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. 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.</p> <p>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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="http://www.nb.com/disclosure-global-communications" target="_blank" rel="noopener"><span class="blank">www.nb.com/disclosure-global-communications</span></a> for the specific entities and jurisdictional limitations and restrictions.</p> Fri, 02 Feb 2024 0:00:00 -05:00 A New Era for Private Credit https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-a-new-era-for-private-credit Managing Director Nikhil Krishnan (15:12) Will the private credit bubble burst, or is it the dawn of a lasting investment trend? <p>This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only.&nbsp; 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.&nbsp; 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.&nbsp; We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation.&nbsp; 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.&nbsp; 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.</p> <p>Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, &ldquo;Statements&rdquo;), 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.&nbsp; Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control.&nbsp; 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.&nbsp; 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.&nbsp; Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements.</p> <p>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.&nbsp; <strong>Past performance is no guarantee of future results.</strong></p> <p>Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes.&nbsp; Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions.&nbsp; Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods.&nbsp; Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.&nbsp; Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management.&nbsp; No representation is made that these targets or objectives will be achieved, in whole or in part.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 30 Jan 2024 0:00:00 -05:00 The Year Ahead for the Major Industry Sectors, Part 2 https://www.nb.com/en/link?type=article&name=cio-weekly-prespectives-the-year-ahead-for-the-major-industry-sectors-part-2 President and Chief Investment Officer—Equities Joseph Amato The second of two Perspectives outlining some of the key themes we think will drive the major industry sectors in 2024. <p>This material is provided for informational and educational 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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 29 Jan 2024 0:00:00 -05:00 The Year Ahead for the Major Industry Sectors, Part 1 https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-year-ahead-for-the-major-industry-sectors-part-1 President and Chief Investment Officer—Equities Joseph Amato The first of two Perspectives outlining some of the key themes we think will drive the major industry sectors in 2024. <p>This material is provided for informational and educational 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. 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. </p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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&rsquo;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&rsquo;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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 22 Jan 2024 0:00:00 -05:00 The Destination, Not the Journey https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-destination-not-the-journey Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Co-Chief Investment Officer—Fixed Income Brad Tank Interest rate expectations are volatile right now, but focus on the fact that almost everyone agrees rates have peaked and their next move is down. <p>This material is provided for informational and educational 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 14 Jan 2024 0:00:00 -05:00 Flows and Fundamentals https://www.nb.com/en/link?type=article&name=aac-outlook-1q2024 President and Chief Investment Officer—Equities Joseph Amato, Chief Investment Officer—Multi-Asset Erik Knutzen, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Senior Portfolio Manager and Global Co-Head of Investment Grade Thanos Bardas, Director of Global Equity Research Timothy Creedon, Senior Portfolio Manager Tokufumi Kato, Senior Portfolio Manager Hakan Kaya, Co-Head, NB Alternative Investment Management David Kupperman, Senior Portfolio Manager Ugo Lancioni, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Chief Investment Officer—Private Wealth Shannon Saccocia, CFA, Senior Investment Strategist Raheel Siddiqui, Senior Portfolio Manager Robert Surgent, Co-Chief Investment Officer—Fixed Income Brad Tank, Elizabeth Traxler, Global Head of Alternatives Anthony Tutrone With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market. Thu, 11 Jan 2024 0:00:00 -05:00 Building Momentum: 2024 Outlook for ESG Regulation https://www.nb.com/en/link?type=article&name=insights-building-momentum-2024-outlook-for-esg-regulation ESG Policy and Regulatory Strategist Argi Sampedro, Head of Europe ESG Investing Sarah Peasey After a year of burgeoning regulatory development, we assess what may come next <p>The information on ESG policy and regulatory initiatives is sourced by Neuberger Berman from sources deemed reliable, including publicly available materials from the relevant regulators and policymakers. The information provided does not constitute legal advice and is not intended to constitute an exhaustive list of regulatory requirements, but rather illustrate Neuberger Berman’s assessment of the current and future regulatory landscape.</p> <p>This material is provided for informational and educational 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 10 Jan 2024 0:00:00 -05:00 What Tailor-Made Investing Looks Like https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-what-tailor-made-investing-looks-like Head Strategist, NB Custom Direct Investing Jacob Greene (15:48) What does it mean to take a customized approach in investing? <p>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. <b>Past performance is no guarantee of future results. </b></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 09 Jan 2024 0:00:00 -05:00 Poll Positioning https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-poll-positioning Client Portfolio Manager Nicole Vettise, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan Voters representing around half of the world’s GDP go to the polls this year—what might that mean for the economy and investors? <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 08 Jan 2024 0:00:00 -05:00 Flows and Fundamentals https://www.nb.com/en/link?type=article&name=insights-flows-and-fundamentals Chief Investment Officer—Multi-Asset Erik Knutzen, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market. <p>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. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. 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. 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>The views expressed herein are generally those of Neuberger Berman&rsquo;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 &ldquo;forward-looking statements.&rdquo; Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Fri, 05 Jan 2024 0:00:00 -05:00 Making Sense of Mixed Signals https://www.nb.com/en/link?type=article&name=emo-making-sense-of-mixed-signals Senior Investment Strategist Raheel Siddiqui Against long odds, 2023 marked the return of investor optimism. We examine the sustainability of the potentially precarious drivers that may be underpinning last year’s stunning market rally. Thu, 04 Jan 2024 0:00:00 -05:00 As Inflation Fades, Focus on Growth https://www.nb.com/en/link?type=article&name=as-inflation-fades-focus-on-growth Central bank actions could take a backseat to growth trends in pricing bonds Wed, 03 Jan 2024 0:00:00 -05:00 Outlook 2024 https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-outlook-2024 President and Chief Investment Officer—Equities Joseph Amato, Chief Investment Officer—Multi-Asset Erik Knutzen, Co-Chief Investment Officer—Fixed Income Brad Tank, Global Head of Alternatives Anthony Tutrone, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Chief Investment Officer—Private Wealth Shannon Saccocia, CFA The leaders of our investment platforms welcome the new year with their views for 2024. <p>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. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. 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. 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>The views expressed herein include those of the Neuberger Berman Multi-Asset 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 Multi-Asset 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 Multi-Asset team or the Asset Allocation Committee. The Multi-Asset 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 02 Jan 2024 0:00:00 -05:00 COP28: So Near and Yet So Far https://www.nb.com/en/link?type=article&name=insights-cop28-so-near-and-yet-so-far Head of Europe ESG Investing Sarah Peasey Though not enough to limit warming to 1.5°C, and weaker than some had hoped, the outcomes of the climate conference are better than many had feared. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Fri, 22 Dec 2023 0:00:00 -05:00 Some Credit for Active Management https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-some-credit-for-active-management Co-Head of U.S. High Yield & Senior Portfolio Manager Christopher Kocinski, Co-Head of U.S. High Yield & Senior Portfolio Manager Joe Lind, Senior Portfolio Manager Simon Matthews Tempted by high yield? Here’s why we think investors may want to consider resisting the temptation to invest passively. <p>This material is provided for informational and educational 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 18 Dec 2023 0:00:00 -05:00 Navigating Value Creation in Private Equity https://www.nb.com/en/link?type=article&name=video-navigating-value-creation-in-private-equity Head of Investment Solutions and Strategy Peter von Lehe Private equity managers have several levers they can pull to create value, but which are the most effective today, and what does that mean for investors? <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 13 Dec 2023 0:00:00 -05:00 Behind the Scenes of Solving for 2024 https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-solving-for-2024 Chief Investment Officer—Private Wealth Shannon Saccocia, CFA (23:18) Now that we’ve published our Solving for 2024 themes, we explore the behind the scenes thinking that led us to our assessment on the state of markets. <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>The views expressed herein include those of the Neuberger Berman Multi-Asset 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 Multi-Asset 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 Multi-Asset team or the Asset Allocation Committee. The Multi-Asset 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.</p> <p>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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 12 Dec 2023 0:00:00 -05:00 Investors Cannot Ignore the Debt-Sustainability Question https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-investors-cannot-ignore-the-debt-sustainability-question President and Chief Investment Officer—Equities Joseph Amato Despite a pullback in bond yields, clients at our Solving for 2024 event were still uncertain about how to invest in a world of runaway government debt. <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results</strong>.</p> <p>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. <strong>Past performance is no guarantee of future results</strong>.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 11 Dec 2023 0:00:00 -05:00 Breaking Down the Liquidity Silos https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-breaking-down-the-liquidity-silos Chief Investment Officer—Multi-Asset Erik Knutzen Breaking down the boundaries between liquid and illiquid assets could broaden our outlook and better align portfolios to our objectives and time horizon. <p>This material is provided for informational and educational 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 04 Dec 2023 0:00:00 -05:00 Neuberger Berman Private Markets: Q3 2023 Preliminary Valuation Summary & Analysis https://www.nb.com/en/link?type=article&name=video-q3-2023-preliminary-valuation-summary-and-analysis Doug Manor (7:54) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace. <p>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. 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. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events may differ significantly from those presented. 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. 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. <b>Past performance is no guarantee of future results.</b></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>  for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 29 Nov 2023 0:00:00 -05:00 The Art of Giving in Philanthropy https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-philanthropy Head of Philanthropy & Family Governance Advisory Julia Chu (24:54) Charitable contributions are a vital source of capital for non-profit organizations, but how do investors consider allocating to these causes within their portfolio construction? <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>Philanthropic & Family Governance Advisory Services and related materials are provided as a courtesy and are for informational and discussion purposes only. Neuberger Berman is not acting in a fiduciary capacity or recommending any specific governance structures or philanthropic or charitable activities. Recipients of Philanthropic & Family Governance Advisory Services should consult their own tax or legal advisors before implementing any governance structure or philanthropic or charitable activities.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 28 Nov 2023 0:00:00 -05:00 European High Yield: A Clear Case for Active Management https://www.nb.com/en/link?type=article&name=whitepaper-european-high-yield-a-clear-case-for-active-management Passive European high-yield strategies may not be as cheap as they appear, and may pose more risk than you think. <p><strong>Index Definition</strong></p> <p><strong> ICE BofA European Non-Financial High Yield 3% Constrained Index</strong> is a modified market capitalization-weighted index of EUR denominated below investment grade corporate debt publicly issued in the euro domestic or Eurobond markets, with at least one year remaining to final maturity, a fixed coupon schedule and a minimum amount outstanding of €100mn. The index excludes bonds issued by the financial sector and caps issuer exposure at 3%.</p> <p>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. 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. </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosureglobal-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC</p> Tue, 28 Nov 2023 0:00:00 -05:00 COP28: Expect Disappointment and You'll Never Be Disappointed https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-cop28-expect-disappointment-and-youll-never-be-disappointed Head of Europe ESG Investing Sarah Peasey Four things to look out for amid the pessimism at this year’s climate-change gathering. <p><sup>1</sup><a href="https://www.ipcc.ch/assessment-report/ar6/">https://www.ipcc.ch/assessment-report/ar6/ </a></p> <p><sup>2</sup><a href="https://www.ngfs.net/sites/default/files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf">https://www.ngfs.net/sites/default/files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf</a> </p> <p><sup>3</sup><a href="https://www.iea.org/news/the-energy-world-is-set-to-change-significantly-by-2030-based-on-today-s-policy-settings-alone">https://www.iea.org/news/the-energy-world-is-set-to-change-significantly-by-2030-based-on-today-s-policy-settings-alone</a> </p> <p><sup>4</sup><a href="https://www.unep.org/resources/adaptation-gap-report-2023?actId=ebwp0YMB8s3SJuK97proKdUcvuQDVN7a57ET3fWtrS98Fwwf-Sox0otgiTnfrADJ&actCampaignType=CAMPAIGN_MAIL&actSource=519259">https://www.unep.org/resources/adaptation-gap-report-2023?actId=ebwp0YMB8s3SJuK97proKdUcvuQDVN7a57ET3fWtrS98Fwwf-Sox0otgiTnfrADJ&actCampaignType=CAMPAIGN_MAIL&actSource=519259</a> </p> <p><sup>5</sup><a href="https://unfccc.int/sites/default/files/resource/TC5_4_Cochairs%20draft%20text_Rev2.pdf?actId=ebwp0YMB8s3SJuK97proKdUcvuQDVN7a57ET3fWtrS98Fwwf-Sox0otgiTnfrADJ&actCampaignType=CAMPAIGN_MAIL&actSource=519313">https://unfccc.int/sites/default/files/resource/TC5_4_Cochairs%20draft%20text_Rev2.pdf?actId=ebwp0YMB8s3SJuK97proKdUcvuQDVN7a57ET3fWtrS98Fwwf-Sox0otgiTnfrADJ&actCampaignType=CAMPAIGN_MAIL&actSource=519313</a> </p> <p>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. 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. </p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 27 Nov 2023 0:00:00 -05:00 The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum https://www.nb.com/en/link?type=article&name=video-the-inside-track-public-and-private-markets-outlook-episode-3-the-credit-continuum Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Senior Portfolio Manager and Head of Trading London Robert Dishner, Institutional Alternative Investments Specialist Manuel Kalbreier (08:27) In this short video, experts from our public and private markets teams share their outlook on credit markets. <p>This document is addressed to professional clients/qualified investors only.</p> <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>Statements contained herein are based on current expectations, estimates, projections, opinions and/or beliefs of the Firm. This video 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.</p> <p>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. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.</p> <p>In connection with your consideration of an investment in any Private Market Investment, you should be aware of the following risks:</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosureglobal-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 23 Nov 2023 0:00:00 -05:00 The Mortgage-Backed Moment https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-mortgage-backed-moment Co-Chief Investment Officer—Fixed Income Brad Tank, Senior Portfolio Manager Jason Smith, Portfolio Manager Jose Pluto Securitized credit, and especially mortgage-backed securities, can be an attractive source of income while waiting for volatile bond markets to settle. <p>This material is provided for informational and educational 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.</p> <p>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. <b>Past performance is no guarantee of future results.</b></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 20 Nov 2023 0:00:00 -05:00 Navigating Value Creation in Private Equity https://www.nb.com/en/link?type=article&name=insights-navigating-value-creation-in-private-equity Head of Investment Solutions and Strategy Peter von Lehe Private equity managers have several levers they can pull to create value, but which are the most effective today, and what does that mean for investors? <p><sup>1</sup>This has been a consistent finding across many studies using various data and methods. For example, see Bain & Company, Global Private Equity Report 2020, p.82, which compares U.S. buyout funds’ returns with the returns of the S&P 500 Index adjusted with the Long-Nickels public market equivalent (PME) method, as of June 2019, and finds the buyout funds outperforming over all time horizons out to 30 years with the exception of the 10-year horizon, where the annualized returns are 15.3% and 15.5%, respectively. <a href="https://www.bain.com/globalassets/noindex/2020/bain_report_private_equity_report_2020.pdf">https://www.bain.com/globalassets/noindex/2020/bain_report_private_equity_report_2020.pdf</a></p> <p>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&rsquo;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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 15 Nov 2023 0:00:00 -05:00 The Liquidity Squeeze in Secondaries https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-the-liquidity-squeeze-in-secondaries Global Co-Head of Secondary Private Equity Ben Perl, Managing Director Philipp Patschkowski (23:05) As the thirst for liquidity solutions intensifies, are we on the brink of a major market growth spurt in Private Equity Secondaries? <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes. Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions. Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods. Performance targets or objectives should not be relied upon as an indication of actual or projected future performance. Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management. No representation is made that these targets or objectives will be achieved, in whole or in part.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 14 Nov 2023 0:00:00 -05:00 The Return of Industrial Policy https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-return-of-industrial-policy Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Senior Portfolio Manager and Head of Trading London Robert Dishner As governments play a bigger role in the economy, we think businesses and investors will need to think more about inflation, location and taxation. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 12 Nov 2023 0:00:00 -05:00 Three Notable Trends in the World of Secondaries https://www.nb.com/en/link?type=article&name=insights-three-notable-trends-in-the-world-of-secondaries Managing Director Peter Bock, Managing Director Philipp Patschkowski, Global Co-Head of Secondary Private Equity Ben Perl Why we think macro uncertainty and the private equity liquidity squeeze are making secondary market conditions particularly favorable for targeted buyers. <p>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.</p> <p>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.&nbsp;Past performance is no guarantee of future results.</p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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.&nbsp;<strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit&nbsp;<a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 09 Nov 2023 0:00:00 -05:00 The Limitations of Passive Investing to Achieve a Net-Zero Outcome https://www.nb.com/en/link?type=article&name=insights-the-limitations-of-passive-investing-to-achieve-a-net-zero-outcome Global Head of ESG and Impact Investing Jonathan Bailey, Head of Europe ESG Investing Sarah Peasey, Portfolio Manager and Head of Investment Research and Development Simon Griffiths In our second installment of The Fine Print of Indexation, we tackle the challenge of building net-zero-aligned portfolios. <p>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&rsquo;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. 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. Indexes are unmanaged and are not available for direct investment. <strong>Past performance is no guarantee of future results.&nbsp;</strong></p> <p>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.</p> <p>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&rsquo;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&rsquo;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.</p> <p>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. Nothing herein constitutes a recommendation to buy, sell or hold a security. </p> <p>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.</p> <p>The <strong>MSCI World Index</strong> captures large and mid-cap representation across 23 Developed Markets (DM) countries. With 1,510 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.</p> <p>The <strong>MSCI ACWI Investable Market Index (IMI)</strong> captures large, mid and small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries*. With 9,216 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set.</p> <p>The <strong>MSCI World Climate Paris Aligned Index</strong> is based on the MSCI World Index, its parent index, and includes large and midcap securities across 23 Developed Markets (DM)* countries. The index is designed to support investors seeking to reduce their exposure to transition and physical climate risks and who wish to pursue opportunities arising from the transition to a lower carbon economy while aligning with the Paris Agreement requirements. The index incorporates the TCFD recommendations and are designed to exceed the minimum standards of the EU Paris-Aligned Benchmark.</p> <p>The <strong>MSCI World Climate Change Index</strong> is based on the MSCI World Index, its parent index, and includes large and mid-cap securities across 23 Developed Markets (DM)* countries. The index aims to represent the performance of an investment strategy that re-weights securities based upon the opportunities and risks associated with the transition to a lower carbon economy, while seeking to minimize exclusions from the parent index. The Indexes are designed to exceed the minimum standards of the EU Climate Transition Benchmark (CTB).</p> <p>The <strong>FTSE TPI Climate Transition Index</strong> Series is designed to reflect the performance of global and diversified indices, where constituent weights vary to account for risks and opportunities associated with the transition to a low carbon economy. Constituent weights are based on five key climate considerations: company exposure to green revenues, fossil fuel reserves and carbon emissions, as well as companies' climate governance activities (aligned with the Taskforce on Climate-related Financial Disclosures&rsquo; recommendations) and forward-looking commitments to carbon emission pathways (aligned to the Paris Agreement and 2DC/below 2DC warming scenarios). The indices combine data and analysis from FTSE Russell and the Transition Pathway Initiative (TPI).</p> <p>The <strong>FTSE Developed ex Korea TPI Climate Transition Index </strong>is designed to reflect the performance of a global and diversified indices, where constituent weights vary to account for risks and opportunities associated with the transition to a low carbon economy. Constituent weights are based on five key climate considerations: company exposure to green revenues, fossil fuel reserves and carbon emissions; as well as companies&rsquo; climate governance activities (aligned with the Taskforce on Climate-related Financial Disclosures&rsquo; recommendations) and forward-looking commitments to carbon emission pathways (aligned to the Paris Agreement and 2DC/1.5DC warming scenarios). The index combines data and analysis from FTSE Russell and the Transition Pathway Initiative (TPI).</p> <p><strong>Tracking risk </strong>is simply the standard deviation of a portfolio's relative returns (relative to some benchmark). Whereas the standard risk measure of standard deviation measures the absolute return volatility, tracking error measures the volatility of the return differences between the portfolio and the benchmark over time. A portfolio that is actively managed in an aggressive manner would have a large amount of tracking error versus its index, whereas a portfolio that is more constrained to look like its index (an index fund being the extreme) would have smaller amounts of tracking error.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="http://www.nb.com/disclosure-global-communications" target="_blank" rel="noopener"><span class="blank">www.nb.com/disclosure-global-communications</span></a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 09 Nov 2023 0:00:00 -05:00 Is Too Much Riding on the Tech Titans? https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-is-too-much-riding-on-the-tech-titans President and Chief Investment Officer—Equities Joseph Amato U.S. tech is “Magnificent” in many ways, but it cannot lead the market forever—investors may want to seek performance elsewhere. <p>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. </p> <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 05 Nov 2023 0:00:00 -04:00 The Case for Co-investments https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-case-for-co-investments Managing Director Jacquelyn Wang Scarcity of co-investment capital could be creating a window of opportunity. <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 29 Oct 2023 0:00:00 -04:00 The Global Challenges for the Next Generation https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-global-challenges-for-the-next-generation Co-Chief Investment Officer—Fixed Income Ashok Bhatia The Annual IMF Meetings in Marrakech raised an interesting question: Is the whole world a developing economy now—and can it pay for that development? <p>This material is provided for informational and educational 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 22 Oct 2023 0:00:00 -04:00 Private Markets Update https://www.nb.com/en/link?type=article&name=insights-private-markets-update Private equity performance has thus far held up well in 2023 as the market landscape shifted and key trends emerged across the phases of the private equity cycle: fundraising, deal activity, debt financing and exit opportunities. <p><sup>1</sup>Based on Neuberger Berman market observations and analysis as of September 2023 and no future date.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. </p> <p>NB Alternatives Advisers LLC (“the Adviser”) is a registered investment adviser. For additional information and required disclosure regarding the advisory services provided by the Adviser, please see the Adviser’s Form ADV Part 2A. Brokerage services, if any, are provided by Neuberger Berman BD LLC (“NBBD”), an affiliate of the Adviser 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 <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="https://www.nb.com/en/us/regulatory-disclosures/reg-bi-disclosure-nbbd" target="_blank" rel="noopener"><span class="blank">http://www.nb.com/reg_BI_disclosure_nbbd/</span></a> and Form CRS at <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="https://www.nb.com/en/us/regulatory-disclosures/form-crs-nbia-nbbd" target="_blank" rel="noopener"><span class="blank">http://www.nb.com/form_CRS_nbia_nbbd/</span></a>.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a style="color: #2f88c5; text-decoration: none;" title="Follow the link" href="http://www.nb.com/disclosure-global-communications" target="_blank" rel="noopener"><span class="blank">www.nb.com/disclosure-global-communications</span></a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 19 Oct 2023 0:00:00 -04:00 A Force to Be Reckoned With https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-a-force-to-be-reckoned-with Chief Executive Officer George Walker (22:41) As we mark our 100th episode, we explore the disruptions facing our industry at large. <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 17 Oct 2023 0:00:00 -04:00 Geopolitical Shocks and Portfolio Construction https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-geopolitical-shocks-and-portfolio-construction Chief Investment Officer—Multi-Asset Erik Knutzen Investors should try to respond not to the events of the past week, but to the deeper global trends they reflect. <p>This material is provided for informational and educational 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 15 Oct 2023 0:00:00 -04:00 Higher for Longer, Longer the Stronger https://www.nb.com/en/link?type=article&name=higher-for-longer-longer-the-stronger-aac President and Chief Investment Officer—Equities Joseph Amato, Chief Investment Officer—Multi-Asset Erik Knutzen, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Senior Portfolio Manager and Global Co-Head of Investment Grade Thanos Bardas, Director of Global Equity Research Timothy Creedon, Senior Portfolio Manager Tokufumi Kato, Senior Portfolio Manager Hakan Kaya, Co-Head, NB Alternative Investment Management David Kupperman, Senior Portfolio Manager Ugo Lancioni, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Chief Investment Officer—Private Wealth Shannon Saccocia, CFA, Senior Investment Strategist Raheel Siddiqui, Senior Portfolio Manager Robert Surgent, Co-Chief Investment Officer—Fixed Income Brad Tank, Elizabeth Traxler, Global Head of Alternatives Anthony Tutrone “Savings depletion and weakness among small-cap and regional bank stocks suggest that the U.S. economy may not be as strong as it seems.” Wed, 11 Oct 2023 0:00:00 -04:00 Staying Airborne https://www.nb.com/en/link?type=article&name=staying-airborne Slowing growth could still be enough to avoid a hard landing; look to yield for total return. Mon, 09 Oct 2023 0:00:00 -04:00 Tighten Your Seatbelts https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-tighten-your-seatbelts Co-Chief Investment Officer—Fixed Income Brad Tank Shifting supply-and-demand dynamics appear to be driving bond markets more than fundamentals, which makes for a bumpy ride. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 08 Oct 2023 0:00:00 -04:00 Mid-Life Opportunities https://www.nb.com/en/link?type=article&name=article-reprint-mid-life-opportunities Deputy Head of NB Alternatives and the Global Co-Head of Private Equity Co-Investments David Stonberg, Global Co-Head of Private Equity Co-Investments David Morse, Managing Director Joana Rocha Scaff We believe sponsors are increasingly looking for co-investment partners to support growth ambitions in existing portfolio companies or to generate liquidity. <p>Third-party media content is being redistributed with permission and may not be redistributed without the publisher&rsquo;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.</p> <p>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&rsquo;s individual objectives and circumstances and in consultation with his or her advisors. Accordingly, &ldquo;retail&rdquo; retirement investors are not the intended recipients of this material as they are expected to engage the services of an advisor in evaluating this material for any investment decision. If your understanding is different, we ask that you inform us immediately. </p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo and &ldquo;Neuberger Berman Investment Advisers LLC&rdquo; 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.</p> <p>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. 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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p> This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">http://www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> Thu, 05 Oct 2023 0:00:00 -04:00 Japan: Unlocking Hidden Value Through Engagement https://www.nb.com/en/link?type=article&name=whitepaper-japan-unlocking-hidden-value-through-engagement Portfolio Manager Kei Okamura Reforms could continue to drive performance, particularly in a small to midcap space that is ripe for engagement-driven capital efficiency gains. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 05 Oct 2023 0:00:00 -04:00 Higher for Longer, Longer the Stronger https://www.nb.com/en/link?type=article&name=higher-for-longer-longer-the-stronger Chief Investment Officer—Multi-Asset Erik Knutzen, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan We are leaning into quality as markets start to focus away from near-term tailwinds and onto medium-term headwinds. <p>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. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. 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. 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 04 Oct 2023 0:00:00 -04:00 From Hype to Reality: The Impact of Generative AI https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-from-hype-to-reality-the-impact-of-generative-ai Senior Research Analyst Daniel Flax, Research Analyst Jamie Zakalik (26:14) With the boom of generative AI, we explore the sector to determine whether we truly are amid the next industrial revolution or if it is just beginning… <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>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.</p> <p><strong>Artificial Intelligence Risk</strong>. Companies involved in, or exposed to, artificial intelligence-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize artificial intelligence. Further, many companies involved in, or exposed to, artificial intelligence-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and an investor may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in artificial intelligence will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Legal and regulatory changes, particularly related information privacy and data protection, may have an impact on a company’s products or services. Artificial intelligence companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Artificial intelligence companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. Companies that engage in artificial intelligence activities may also face cyberattacks. The customers and/or suppliers of companies engaged in artificial intelligence activities may be concentrated in a particular country, region or industry, and any adverse event affecting one of these countries, regions or industries could have a negative impact on performance.</p> <p><strong>Innovation Risk</strong>. Companies that are capitalizing on innovation and developing technologies to displace older technologies or create new markets may not be successful. Such companies may not currently derive any revenue from innovation or developing technologies. There is no assurance that a company will derive any revenue from innovation or developing technologies in the future.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 03 Oct 2023 0:00:00 -04:00 A Change of Season https://www.nb.com/en/link?type=article&name=a-change-of-season Senior Investment Strategist Raheel Siddiqui For all the exuberance over a potential soft landing, we believe a rising tide of data reveals an economy that is more likely tracing a scenic detour to recession. Tue, 03 Oct 2023 0:00:00 -04:00 Opportunity in the Private Equity Liquidity Squeeze https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-opportunity-in-the-private-equity-liquidity-squeeze Managing Director Peter Bock, Managing Director Philipp Patschkowski, Global Co-Head of Secondary Private Equity Ben Perl Why we think macro uncertainty and the private equity liquidity squeeze are making secondary market conditions particularly favorable for targeted buyers. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 01 Oct 2023 0:00:00 -04:00 A New Energy Investment Paradigm https://www.nb.com/en/link?type=article&name=whitepaper-a-new-energy-investment-paradigm Senior Research Analyst Ronald Silvestri, Senior Research Analyst Jeff Wyll, ESG Engagement Director - Global Research Jared Mann, Head of Investment Stewardship Caitlin McSherry Using today’s fossil-fuel profits to invest in the long-term growth and emissions reduction of clean and renewable power. <p>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. 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. </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 27 Sep 2023 0:00:00 -04:00 Long the Strong https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-long-the-strong Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan The prolonged adjustment to higher rates is just beginning, and we think it will likely be more painful for some than others. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 25 Sep 2023 0:00:00 -04:00 How Asset Selection Drives Deals https://www.nb.com/en/link?type=article&name=article-reprint-keynote-interview-how-asset-selection-drives-deals Managing Director Boriana Karastoyanova, Global Co-Head of Secondary Private Equity Ben Perl, Principal Victor Ko Intelligent asset selection is crucial in periods of volatility. GP-led secondaries provide the perfect opportunity to hand-pick the very best. <p><strong>Disclaimers:</strong></p> <p>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.</p> <p>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. Accordingly, “retail” retirement investors are not the intended recipients of this material as they are expected to engage the services of an advisor in evaluating this material for any investment decision. If your understanding is different, we ask that you inform us immediately.</p> <p>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.</p> <p>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. 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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> Thu, 21 Sep 2023 0:00:00 -04:00 2023 Global Corporate Credit ESG Engagement Report https://www.nb.com/en/link?type=article&name=insights-2023-global-corporate-credit-esg-engagement-report Global Head of ESG and Impact Investing Jonathan Bailey, Director of Research & Senior Research Analyst Rachel Young, Co-Director of Investment Grade Credit Research Stephen Flaherty, Emerging Markets - ESG Specialist John Amoasi, Senior Fixed Income Engagement Analyst Savannah Irving, Fixed Income Engagement Analyst Emily Bond During the past year our established relationships with issuers in developed and emerging markets enabled us to have meaningful engagements with a number of management teams. We engaged on key ESG issues such as climate transition, equity, inclusion and diversity (EID), and executive compensation structure. <p>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.</p> <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">http://www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 21 Sep 2023 0:00:00 -04:00 Asset Allocation at Official Institutions: Three Critical Steps https://www.nb.com/en/link?type=article&name=whitepaper-asset-allocation-at-official-institutions-three-critical-steps Head of Official Institutions Jahangir Aka, Head of EMEA Insurance Analytics & Institutional Solutions Tully Cheng, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan Three critical steps for asset allocation at Official Institutions: embrace less liquid markets; explore a fuller credit universe; think globally. <p><strong>ASSET CLASS ASSUMPTIONS &amp; ESTIMATES</strong></p> <p>Capital market assumptions used herein reflect Neuberger Berman&rsquo;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&rsquo;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&rsquo;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&rsquo;s intermediate-term (5-7 years into the future) capital market assumptions were used, the results presented would be different. Neuberger Berman&rsquo;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.</p> <p>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.</p> <p>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 &ldquo;average&rdquo; 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.</p> <p>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.</p> <p><strong>Index Definitions</strong></p> <p>USD Cash is represented by the <strong>Barclays Benchmark Overnight USD Cash Index</strong>, which measures the performance of a daily rolling money market deposit in USD.</p> <p>Non-USD Cash is represented by the <strong>SDR Currency Index</strong>, which tracks the performance of the currencies in the International Monetary Fund&rsquo;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%).</p> <p>Domestic Government Bond and Global Treasuries are represented by the <strong>Bloomberg Global Aggregate Treasuries Total Return Index</strong> 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.</p> <p>TIPS are represented by the <strong>Bloomberg U.S. Government Inflation-Linked All Maturities Index</strong> 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.</p> <p>Domestic Corporate Bond and Global Credit is represented by the <strong>Bloomberg Global Aggregate Credit Total Return Index</strong>, 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.</p> <p>U.S. Agency MBS are represented by the <strong>Bloomberg U.S. Mortgage Backed Securities Index Total Return Index</strong>, 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).</p> <p>ABS and CMBS are represented by the <strong>Bloomberg ABS+CMBS Index</strong>, which tracks asset backed securities, agency mortgage backed pass-through securities, and investment grade commercial mortgage backed securities.</p> <p>CLOs are represented by the <strong>J.P. Morgan Collateralized Loan Obligation Index</strong>, which Tracks debt from broadly-syndicated, arbitrage floating-rate U.S. CLOs.</p> <p>Global High Yield is represented by the <strong>Bloomberg Global High Yield Index</strong>, 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.</p> <p>Local Projects are represented by the <strong>ICE Bank of America U.S. High Yield Energy Index</strong>, 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&rsquo;s and S&amp;P.</p> <p>Emerging Markets Debt is represented by the<strong> J.P. Morgan Emerging Markets Bond Index (EMBI) Global Index</strong>, which measures total returns for traded hard currency debt instruments in the emerging markets; and the <strong>JPMorgan Corporate Emerging Markets Bond Index (CEMBI)</strong>, which is a market-capitalization weighted index of corporate bonds issued by entities in emerging countries. </p> <p>Developed Market ex-U.S. Equities are represented by the <strong>MSCI World Ex U.S. Index</strong>, which tracks the performance of large- and mid-cap stocks across 22 developed markets countries.</p> <p>Emerging Market Equities are represented by the <strong>MSCI Emerging Markets Index</strong>, which tracks the performance of large- and mid-cap stocks across 24 emerging markets countries.</p> <p>U.S Equities and Domestic Equities are represented by the respective <strong>Bloomberg Equity Large &amp; Mid Cap Indices</strong>.</p> <p>Domestic Real Estate, Core Real Estate and Value-Added Real Estate is represented by the <strong>NCREIF Property Index</strong>, 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.</p> <p>Hedge Funds are represented by <strong>HFRI Fund Weighted Composite Index</strong>, 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.</p> <p>Commodities and Gold are represented by the <strong>Bloomberg Commodity Index</strong>, 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).</p> <p>Private Equity is represented by their respective sectors in the <strong>Cambridge Associates LLC U.S. Private Equity Index</strong>, 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.</p> <p>Private Infrastructure Equity &ndash; Infrastructure/Other is represented by the <strong>Cambridge Associates Infrastructure Inde</strong>x, 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.</p> <p>Private Debt is represented by the <strong>Credit Suisse Leveraged Loan Index</strong>, which tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated &ldquo;5B&rdquo; or lower, meaning that the highest rated issues included in this index are Moody&rsquo;s/S&amp;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.</p> <p>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&rsquo;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.</p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 20 Sep 2023 0:00:00 -04:00 Bonds and Beyond in Today’s Fixed Income Markets https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-bonds-and-beyond-in-todays-fixed-income-markets Portfolio Specialist Jaina Varsani, Client Portfolio Manager - Fixed Income Toby Bracey (25:51) As investors reassess their strategic asset allocation in this new investment regime, how should they position their fixed income portfolio? <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Mon, 18 Sep 2023 0:00:00 -04:00 Political Gridlock but Fiscal Largesse https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-political-gridlock-but-fiscal-largesse President and Chief Investment Officer—Equities Joseph Amato How political dysfunction undermines debt sustainability and helps embed structurally higher inflation. <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 17 Sep 2023 0:00:00 -04:00 The Active Foundations of Sustainable Investing https://www.nb.com/en/link?type=article&name=whitepaper-the-active-foundations-of-sustainable-investing Global Head of ESG and Impact Investing Jonathan Bailey, Group Head and Senior Portfolio Manager—U.S. Sustainable Equity Daniel Hanson, Senior Portfolio Manager and Global Equities Team Group Head Hendrik-Jan Boer, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan As ESG and sustainability indices proliferate, we argue that sustainable investing is inherently an active management discipline. <p>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&rsquo;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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Fri, 15 Sep 2023 0:00:00 -04:00 The Sprint to Year-End https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-sprint-to-year-end Chief Investment Officer—Multi-Asset Erik Knutzen As the September starting gun sounds, here’s what we are looking out for on the track ahead. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 11 Sep 2023 0:00:00 -04:00 Navigating by Flashes of Lightning https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-navigating-by-flashes-of-lightning Co-Chief Investment Officer—Fixed Income Brad Tank, Senior Portfolio Manager Olumide Owolabi Central banks may be reluctant to hike further, but as long as they tie themselves to incoming data their hands may be forced. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 03 Sep 2023 0:00:00 -04:00 Strike (Big) 3? https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-strike-big-3 President and Chief Investment Officer—Equities Joseph Amato A potential U.S. auto strike has significant implications for the economy, earnings and inflation. <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications" target="_blank">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 28 Aug 2023 0:00:00 -04:00 Neuberger Berman Private Markets: Q2 2023 Preliminary Valuation Summary & Analysis https://www.nb.com/en/link?type=article&name=video-q2-2023-preliminary-valuation-summary-analysis Doug Manor (8:10) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace. <p>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. 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. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events may differ significantly from those presented. 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. 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 24 Aug 2023 0:00:00 -04:00 Real Estate in a Time of Uncertainty https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-real-estate-in-a-time-of-uncertainty Josh Overbay (20:40) As concerns about bank failures and rising interest rates persist, how has the real estate market been impacted? <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 22 Aug 2023 0:00:00 -04:00 Late-Summer Debates https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-late-summer-debates Director of Global Equity Research Timothy Creedon A few key issues could disrupt investors’ peace and quiet as fall approaches in the Northern Hemisphere. <p>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. 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. </p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 20 Aug 2023 0:00:00 -04:00 Working the Margins https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-working-the-margins Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan While this is no time to be making major calls on asset allocation, in our view, there are abundant opportunities for generating incremental returns. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 13 Aug 2023 0:00:00 -04:00 The Changing Sentiment Around Wealth https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-the-changing-sentiment-around-wealth Head of NB Private Wealth Stephanie Birrell Luedke (24:41) As baby boomers have started to transfer their wealth to the next generation, how could their heirs reshape the wealth management industry? <p>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. <strong>Past performance is no guarantee of future results. </strong> </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Tue, 08 Aug 2023 0:00:00 -04:00 The Consumer and the Stock Market https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-consumer-and-the-stock-market Chief Investment Officer—Private Wealth Shannon Saccocia, CFA As the “wealth effect” is driven less by house prices and more by investment markets, it may change our views on asset valuations and portfolio construction. <p>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. 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. </p> <p>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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 06 Aug 2023 0:00:00 -04:00 What if Everything’s Going to Be OK? https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-what-if-everythings-going-to-be-ok Co-Chief Investment Officer—Fixed Income Brad Tank Falling inflation, recovering growth, relaxed central bankers—how one of the most widely forecast recessions in history failed to happen. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 30 Jul 2023 0:00:00 -04:00 The Implications Behind Indexation https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-the-implications-behind-indexation Head of Institutional Equities & Multi-Asset Class Doug Kramer (14:33) Are there misunderstood aspects of indexation that investors should be aware of? <p>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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 25 Jul 2023 0:00:00 -04:00 Ten for 2023—Midyear Update https://www.nb.com/en/link?type=article&name=insights-ten-for-2023-midyear-update President and Chief Investment Officer—Equities Joseph Amato, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Chief Investment Officer—Multi-Asset Erik Knutzen, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Co-Chief Investment Officer—Fixed Income Brad Tank, Global Head of Alternatives Anthony Tutrone We check in on the key themes we anticipated from the economy and markets in 2023. <p>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. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. 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. 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team and Neuberger Berman&rsquo;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 &ldquo;forward-looking statements.&rdquo; Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.</p> <p>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.</p> <p>A bond&rsquo;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&rsquo;s state of residence. High-yield bonds, also known as &ldquo;junk bonds,&rdquo; 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 24 Jul 2023 0:00:00 -04:00 The Bridge to the Future https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-bridge-to-the-future Chief Investment Officer—Multi-Asset Erik Knutzen This year’s recommendation for vacation reading is the epic story of the building of the Brooklyn Bridge, resonant with dilemmas we still recognize today. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 23 Jul 2023 0:00:00 -04:00 Net-Zero Alignment: Beyond the Numbers https://www.nb.com/en/link?type=article&name=whitepaper-net-zero-alignment-beyond-the-numbers Global Head of ESG and Impact Investing Jonathan Bailey, Head of Europe ESG Investing Sarah Peasey, Associate, ESG Investing Laura Kunstler-Brooks There is no shortcut to assessing a portfolio’s net-zero alignment: data is incomplete, and we believe analysts’ insights are critical. <p>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&rsquo;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. 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosureglobal-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 19 Jul 2023 0:00:00 -04:00 Engine Running, Shifting to Neutral https://www.nb.com/en/link?type=article&name=aac-outlook-3q2023 President and Chief Investment Officer—Equities Joseph Amato, Chief Investment Officer—Multi-Asset Erik Knutzen, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Senior Portfolio Manager and Global Co-Head of Investment Grade Thanos Bardas, Director of Global Equity Research Timothy Creedon, Senior Portfolio Manager Tokufumi Kato, Senior Portfolio Manager Hakan Kaya, Co-Head, NB Alternative Investment Management David Kupperman, Senior Portfolio Manager Ugo Lancioni, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Chief Investment Officer—Private Wealth Shannon Saccocia, CFA, Senior Investment Strategist Raheel Siddiqui, Senior Portfolio Manager Robert Surgent, Co-Chief Investment Officer—Fixed Income Brad Tank, Elizabeth Traxler, Global Head of Alternatives Anthony Tutrone In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views. Mon, 17 Jul 2023 0:00:00 -04:00 Taking Stock https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-taking-stock President and Chief Investment Officer—Equities Joseph Amato As we reach the halfway point of an unexpected year for markets, what’s next for equities? <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 16 Jul 2023 0:00:00 -04:00 Emerging Opportunities in Emerging Markets Debt https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-emerging-opportunities-in-emerging-markets-debt Senior Economist and Portfolio Manager Kaan Nazli (18:02) As a wave of sovereign debt default is on the rise, what’s next for Emerging Markets? <p>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. <strong>Past performance is no guarantee of future results. </strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 11 Jul 2023 0:00:00 -04:00 The Meaning Behind the Mean https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-meaning-behind-the-mean Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Elizabeth Traxler The headline characteristics of today’s market obscure a wealth of opportunity, in both public and private markets. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 09 Jul 2023 0:00:00 -04:00 Climate Innovation and the New Capex Cycle https://www.nb.com/en/link?type=article&name=whitepaper-climate-innovation-and-the-new-capex-cycle Senior Research Analyst Evelyn Chow, Research Analyst Charlie Lim, Head of Europe ESG Investing Sarah Peasey The backdrop for investing in climate innovation is at a critical infection point <p><sup>1</sup>IEA, <em>World Energy Investment 2022</em>.</p> <p><sup>2</sup>“Governments That Invest in Climate Innovation Invest in Growth,” Boston Consulting Group, July 21, 2021.</p> <p><sup>3</sup>Spazzapan, Irene, “A Historic Capex Boom Could Converge With the Climate Crisis to Create a Wave of Climate Technology Investment,” Systemiq Capital, November 28, 2022.</p> <p><sup>4</sup>McKinsey & Co., “Climate Investing: Continued Breakout Growth Through Uncertain Times,” March 13, 2023.</p> <p><sup>5</sup>Clifford, Catherine, “Why America’s Energy Grid Is a Climate Problem,” CNBC.com, February 17, 2023.</p> <p><sup>6</sup>Keefer, DW, “Report Aims to Tie Long-Haul Transmission to Carbon-Reduction Goals,” Energy Central, January 17, 2020.</p> <p><sup>7</sup><em>The Economist</em>, “Lithium Battery Costs Have Fallen by 98% in Three Decades,” March 21, 2021.</p> <p><sup>8</sup>Mitchell, Tom, “Boosting Climate Adaptation With Innovation,” Climate-KIC, January 25, 2021.</p> <p><sup>9</sup>IEA, <em>World Energy Investment 2022</em>.</p> <p><sup>10</sup>Davis, Carolyn, “Global Oil, Natural Gas Companies Juggling Capital to Green Up Portfolios,” NGI, May 23, 2021.</p> <p><sup>11</sup>Air Liquide, 2022 Sustainability Report Conference Call Transcript, Friday, March 24, 2023.</p> <p><sup>12</sup>Zettelmeyer, Jeromin, Simone Tagliapietra, Georg Zacchmann, Connall Heussaff, “Beating the European Energy Crisis,” International Monetary Fund, December 2022.</p> <p><sup>13</sup><a href="https://www.forbes.com/sites/sap/2022/04/04/how-hitachi-is-making-the-decarbonization-of-society-a-reality/?sh=1b3a97a9125a">https://www.forbes.com/sites/sap/2022/04/04/how-hitachi-is-making-the-decarbonization-of-society-a-reality/?sh=1b3a97a9125a</a></p> <p><sup>14</sup>Haoyue, Liang, Fengqi You, “Reshoring Silicon Photovoltaics Manufacturing Contributes to Decarbonization and Climate Change Mitigation,” Nature Communications, March 8, 2023.</p> <p><sup>15</sup>Reuters, March 24, 2023.</p> <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 05 Jul 2023 0:00:00 -04:00 The View From the Peak https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-view-from-the-peak Co-Chief Investment Officer—Fixed Income Brad Tank Despite hawkish policymakers and very mixed economic data, the approaching plateau in rates brings more clarity and conviction to our fixed income views. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 02 Jul 2023 0:00:00 -04:00 Navigating the Evolving ESG Landscape https://www.nb.com/en/link?type=article&name=insights-navigating-the-evolving-esg-landscape Global Head of ESG and Impact Investing Jonathan Bailey, Co-Head of U.S. High Yield & Senior Portfolio Manager Christopher Kocinski, Co-Head of U.S. High Yield & Senior Portfolio Manager Joe Lind, Director of Research & Senior Research Analyst Rachel Young, Senior Fixed Income Engagement Analyst Savannah Irving Expanding interest in ESG suggests that issuers are likely to be called upon for more disclosure, communication and progress in the coming years, making it crucial to effectively navigate these areas. <p>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&rsquo;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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> <p>© 2023 Neuberger Berman Group LLC. All rights reserved </p> Fri, 30 Jun 2023 0:00:00 -04:00 Economic and Market Review: Long-Term Optimism Amid Short-Term Headwinds https://www.nb.com/en/link?type=article&name=economic-and-market-review-long-term-optimism-amid-short-term-headwinds Senior Investment Strategist Raheel Siddiqui While the rally in mega-cap growth stocks has helped delay the next downturn, we reaffirm our emphasis on low-beta portfolios, higher earnings quality and defensive sectors. Fri, 30 Jun 2023 0:00:00 -04:00 Navigating Climate Analysis in Private Equity https://www.nb.com/en/link?type=article&name=insight-navigating-climate-analysis-in-private-equity Head of Private Markets ESG and Impact Investing Jennifer Signori, ESG Integration Manager Alyssa Reardon The climate transition continues to be a topic of strategic focus for asset owners and private equity managers alike, but major hurdles remain in order to implement and evidence the progress toward decarbonization. <p><strong>ESG-RELATED DISCLOSURES</strong></p> <p>The use of ESG factors could result in selling or avoiding investments that subsequently perform well or purchas</p> <p>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”).</p> <p>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.</p> <p><strong>Neuberger Berman Net Zero Matrix<sup>&trade;</sup> Disclaimer</strong></p> <p>In 2022, Neuberger Berman (“NB”) engaged Ortec Finance (“Ortec”) to assist in the production of the Neuberger Berman Net Zero Matrix<sup>&trade;</sup> 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.</p> <p>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.</p> <p><strong>ORTEC FINANCE DISCLAIMER</strong></p> <p>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 <a href="https://www.ortecfinance.com/">https://www.ortecfinance.com/</a> and shall be forwarded free of charge upon request.</p> <p>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).</p> <p><strong>Disclaimer</strong></p> <p>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.</p> <p>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.<strong> Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo, including without limitation “Neuberger Berman Net Zero Matrix,” are registered service marks of Neuberger Berman Group LLC.</p> Fri, 30 Jun 2023 0:00:00 -04:00 Last Mile for Tightening https://www.nb.com/en/link?type=article&name=last-mile-for-tightening Co-Chief Investment Officer—Fixed Income Brad Tank, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Senior Portfolio Manager and Global Co-Head of Investment Grade Thanos Bardas, Senior Portfolio Manager and Global Co-Head of Investment Grade David Brown, Senior Portfolio Manager Patrick Barbe, Senior Portfolio Manager and Head of Private Residential Credit Strategies Dmitry Gasinsky, Senior Portfolio Manager Ugo Lancioni, Senior Portfolio Manager and Global Head of Non-Investment Grade Credit Joseph Lynch, Senior Portfolio Manager and Global Co-Head of Emerging Markets Debt Gorky Urquieta, Senior Portfolio Manager and Global Co-Head of Emerging Markets Debt - Head of Fixed Income Europe Rob Drijkoningen, Senior Portfolio Manager and Head of Municipal Fixed Income James Iselin, Senior Portfolio Manager and Head of Insurance Fixed Income Jason Pratt With tightening nearing an end but policy rates likely to remain elevated, we currently favor shorter durations, quality and attention to underwriting. Wed, 28 Jun 2023 0:00:00 -04:00 The Fine Print of Indexation https://www.nb.com/en/link?type=article&name=whitepaper-the-fine-print-of-indexation Head of Institutional Equities & Multi-Asset Class Doug Kramer A look at opportunity costs, long-term risks and complementary solutions <p>1. Morningstar, as of March 2023.</p> <p>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. 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. Indexes are unmanaged and are not available for direct investment. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>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.</p> <p>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. Nothing herein constitutes a recommendation to buy, sell or hold a security.</p> <p>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. </p> <p>The <strong>S&P 500 Index</strong> 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.</p> <p>The <strong>Russell 3000 Index</strong> 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.</p> <p>The <strong>MSCIAll-Cap World Index</strong> 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. </p> <p>The <strong>FTSEGlobal All-Cap Index</strong> 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.</p> <p>The <strong>Wilshire 5000 Index</strong> (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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 28 Jun 2023 0:00:00 -04:00 Commodities and Their Place in the Transition Pathway https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-commodities-and-their-place-in-the-transition-pathway Head of Europe ESG Investing Sarah Peasey, Senior Portfolio Manager Hakan Kaya (29:08) While commodities have been known to be a great inflation hedge, can this asset class also align with meeting the objectives of investors concerned about their environmental and social footprint? <p>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. <strong>Past performance is no guarantee of future results. </strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 26 Jun 2023 0:00:00 -04:00 Going Back to Base https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-going-back-to-base Chief Investment Officer—Multi-Asset Erik Knutzen, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 25 Jun 2023 0:00:00 -04:00 Commodities and Responsible Investing: An Impossible Marriage? https://www.nb.com/en/link?type=article&name=whitepaper-commodities-and-responsible-investing-an-impossible-marriage Senior Portfolio Manager Hakan Kaya, Head of Europe ESG Investing Sarah Peasey A framework for thinking about commodities in a responsible investing context. <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 20 Jun 2023 0:00:00 -04:00 Don’t Give Up on China https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-dont-give-up-on-china President and Chief Investment Officer—Equities Joseph Amato The post-COVID reopening has disappointed, but has that disappointment and the prospect of new policy stimulus created a relative value opportunity? <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 18 Jun 2023 0:00:00 -04:00 How to Get the Most From Private Placement Debt https://www.nb.com/en/link?type=article&name=whitepaper-how-to-get-the-most-from-private-placement-debt Head of Private Placements Frank LaTorraca, Senior Portfolio Manager Chuck Devereux, Senior Portfolio Manager Lori Cuneo, Senior Portfolio Manager and Head of Insurance Fixed Income Jason Pratt Private Placement Debt can offer fixed income investments enhanced diversification, risk-adjusted yield and downside mitigation. We anticipate growing recognition of the role it can play in a wide range of investor portfolios. <p><sup>1</sup>Source: Bank of America Securities. </p> <p><sup>2</sup>Source: Private Placement Monitor. As of January 2023. For illustrative purposes only. <strong>Historical trends do not imply, forecast or guarantee future results.</strong> </p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p><p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p></p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Fri, 16 Jun 2023 0:00:00 -04:00 Tactics and Strategy https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-tactics-and-strategy Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Senior Portfolio Manager Robert Surgent We tend to think about diversifying across asset classes, sectors and regions, but diversifying across investment timeframes can add value, too. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 11 Jun 2023 0:00:00 -04:00 The Inside Track - Public and Private Markets Outlook; Episode 2: Commercial Real Estate https://www.nb.com/en/link?type=article&name=video-the-inside-track-public-and-private-markets-outlook-episode-2-commercial-real-estate Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Senior Portfolio Manager and Head of Trading London Robert Dishner, Head of Almanac Matthew Kaplan (9:15) In this short video experts from our public and private markets teams consider the outlook for commercial real estate. <p>This document is addressed to professional clients/qualified investors only.</p> <p>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. 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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.</p> <p>In connection with your consideration of an investment in any Private Market Investment, you should be aware of the following risks:</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosureglobal-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 08 Jun 2023 0:00:00 -04:00 Neuberger Berman Private Markets: Q1 2023 Preliminary Valuation Summary & Analysis https://www.nb.com/en/link?type=article&name=video-q1-2023-preliminary-valuation-summary-analysis Doug Manor (7:38) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace. <p>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. 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. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events may differ significantly from those presented. 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. 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 07 Jun 2023 0:00:00 -04:00 GP-Led Secondaries: Private Equity’s Most Underserved Market? https://www.nb.com/en/link?type=article&name=insights-gp-led-secondaries-private-equitys-most-underserved-market Managing Director Philipp Patschkowski, Global Co-Head of Secondary Private Equity Ben Perl Current macroeconomic and capital market conditions appear to be creating attractive investment opportunities for secondary buyers. <p><sup>1 </sup> Burgiss Global Private Capital Performance Report 2022 Q4. </p> <p><sup>2 </sup> PJT Park Hill Secondary Market Insight Investor Roadmap 2023 Q1.</p> <p>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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Wed, 07 Jun 2023 0:00:00 -04:00 "Investing at a Crossroads" Revisited https://www.nb.com/en/link?type=article&name=insights-investing-at-a-crossroads-revisited Chief Investment Officer—Multi-Asset Erik Knutzen, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan Nine months ago, we set out a playbook for the transition to the new investing environment—here’s why it still applies as the rates cycle peaks and inflation eases. <p>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&rsquo;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. </p> <p>Statements contained herein are based on current expectations, estimates, projections, opinions and/or beliefs of the Firm. This presentation contains &ldquo;forward-looking&rdquo; or statements which often can be identified by the use of forward-looking terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;project,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;continue,&rdquo; &ldquo;target,&rdquo; &ldquo;plan&rdquo; or &ldquo;believe&rdquo; 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong></p> <p><strong>Index Definitions </strong> </p> <p> The <strong>Bloomberg </strong>E<strong>uro </strong>T<strong>reasury Index </strong>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. </p> <p> The <strong>Bloomberg </strong>E<strong>uro Corporate Bond Index </strong>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. </p> <p> The <strong>Bloomberg </strong>E<strong>uro High Yield Index </strong>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. </p> <p> The <strong>Markit iBoxx </strong>E<strong>U</strong>R<strong>Liquid </strong>N<strong>on-Financials Index </strong>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 &ndash; 7yrs and a BBB rating. All bonds need to have an average rating of investment grade from Fitch Ratings, Moody&rsquo;s Investor Service and Standard &amp; Poor&rsquo;s Rating Services. </p> <p> The <strong>MSCI Europe Index </strong>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. </p> <p> The <strong>MSCI Europe Large Cap Index </strong>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. </p> <p> The S<strong>&amp;P </strong>E<strong>urozone </strong>S<strong>overeign Bond Index </strong>seeks to measure the performance of fixed-rate locally denominated sovereign debt publicly issued by Eurozone country governments for their domestic markets. </p> <p> The <strong>Bloomberg U.</strong>S<strong>. </strong>G<strong>overnment Index </strong>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). </p> <p> The <strong>Bloomberg U.</strong>S<strong>. Corporate Index </strong>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. </p> <p> The <strong>Bloomberg U.</strong>S<strong>. Corporate High Yield Bond Index </strong>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&rsquo;s Fitch, and S&amp;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. </p> <p> The <strong>Credit </strong>S<strong>uisse Leveraged Loan Index </strong>tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated &ldquo;5B&rdquo; or lower, meaning that the highest rated issues included in this index are Moody&rsquo;s/S&amp;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. </p> <p> The <strong>JPMorgan </strong>E<strong>merging Markets Bond </strong>G<strong>lobal </strong>D<strong>iversified Index (EMBI GD) </strong>includes U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasi-sovereign entities. </p> <p> The <strong>JPMorgan Corporate </strong>E<strong>merging Markets Bond Index (C</strong>E<strong>MBI) </strong>is a market-capitalization weighted index of corporate bonds issued by entities in emerging countries. </p> <p> The <strong>Bloomberg U.</strong>S<strong>. MB</strong>S<strong>Index </strong>tracks fixed-rate agency mortgage-backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). </p> <p> The <strong>S&amp;P 500 Index </strong>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&rsquo;s weight in the Index proportionate to its market value.</p> <p> The <strong>MSCI Emerging Markets Index </strong>is a market-value weighted index designed to represent the performance of large- and mid-cap securities in 26 emerging markets. </p> <p> The <strong>Cambridge Associates Global Buyout Index </strong>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. </p> <p> The <strong>Bloomberg U.</strong>S<strong>. Corporate BB High Yield (1 &ndash; 3 years) Index </strong>measures the USD-denominated, high yield, fixed-rate corporate bond market with maturities of 1 &ndash; 3 years and a BB rating. </p> <p> The <strong>STOXX Europe 600 Index </strong>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. </p> <p> The <strong>MSCI World Index </strong>tracks the performance of large- and mid-cap stocks across 23 developed markets countries. </p> <p> The <strong>M</strong>S<strong>CI World </strong>V<strong>alue Index </strong>tracks the performance of large- and mid-cap stocks across 23 developed markets countries that exhibit overall value style characteristics. </p> <p> The <strong>M</strong>S<strong>CI World </strong>G<strong>rowth Index </strong>tracks the performance of large- and mid-cap stocks across 23 developed markets countries that exhibit overall growth style characteristics. </p> <p> The <strong>MSCI EAFEIndex </strong>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. </p> <p> The <strong>MSCI EAFEValue Index </strong>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. </p> <p> The <strong>MSCI EAFEGrowth Index </strong>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. </p> <p> The <strong>IC</strong>E<strong>Bof</strong>A<strong>ML U.</strong>S<strong>. High Yield Index (0-3 Years) </strong>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&rsquo;s and S&amp;P, with less than five years remaining term to final maturity, and a minimum amount outstanding of $100m.</p> <p><strong>Asset Class Assumptions &amp; Estimates </strong></p> <p>Capital market assumptions used herein reflect Neuberger Berman&rsquo;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&rsquo;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&rsquo;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&rsquo;s long-term (20+ years into the future) or intermediate-term (5-7 years into the future) capital market assumptions. Neuberger Berman&rsquo;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. </p> <p><strong>Rate of Return Estimate:</strong> 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. </p> <p><strong>Arithmetic Mean Estimate:</strong> 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 &ldquo;average&rdquo; 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. </p> <p><strong>Standard Deviation:</strong> 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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 06 Jun 2023 0:00:00 -04:00 Finding the Silver Lining in Commercial Real Estate https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-finding-the-silver-lining-in-commercial-real-estate Portfolio Manager Jose Pluto (19:40) Given the market crises that have challenged real estate markets, is there a silver lining to be found in commercial real estate? <p>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. <strong>Past performance is no guarantee of future results. </strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 06 Jun 2023 0:00:00 -04:00 Private Equity Valuations Withstand the Volatility of 2022 https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-private-equity-valuations-with-stand-the-volatility-of-2022 Doug Manor We see valuation data from more than 400 funds each quarter, and it suggests the recovery from a relatively shallow downturn may be underway for buyout funds. <p>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. 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. </p> <p>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.<strong> Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 04 Jun 2023 0:00:00 -04:00 Resolving the Puzzle https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-resolving-the-puzzle Chief Investment Officer—Multi-Asset Erik Knutzen To make sense of today’s market conundrum, remember that things could have been worse than they are, and that investors are more defensive than they appear. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. </p> Sun, 28 May 2023 0:00:00 -04:00 Is the Consumer Cracking? https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-is-the-consumer-cracking Co-Chief Investment Officer—Fixed Income Brad Tank, Co-Director of Investment Grade Credit Research Kristin Cejda, Senior Research Analyst Jennifer Haidu News from the consumer sector reveals intriguing trends, as well as the importance of credit and security selection in today’s complex market environment. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 21 May 2023 0:00:00 -04:00 The Many Facets of Japanese Investing https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-the-many-facets-of-japanese-investing Portfolio Manager Kei Okamura (29:48) Given Japan’s unique macroeconomic backdrop, what can this market offer to its investors? <p>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. </p> <p>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.</p> <p>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. <strong> Past performance is no guarantee of future results.</strong></p> <p>Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes. Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions. Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods. Performance targets or objectives should not be relied upon as an indication of actual or projected future performance. Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management. No representation is made that these targets or objectives will be achieved, in whole or in part.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 16 May 2023 0:00:00 -04:00 International Small Caps: Quality Plus Quantity https://www.nb.com/en/link?type=article&name=white-paper-international-small-caps-quality-plus-quantity Portfolio Manager David Bunan Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much? <p>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&rsquo;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.</p> <p>This material may include estimates, outlooks, projections and other &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>INDEX DEFINITIONS</p> <p>The <strong>MSCI EAFE Small Cap Index</strong> aims to capture the performance of small cap stocks across 21 developed market countries excluding the U.S. and Canada.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosureglobalcommunications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 16 May 2023 0:00:00 -04:00 Private Markets in Volatile Times https://www.nb.com/en/link?type=article&name=insights-private-markets-in-volatile-times Global Head of Alternatives Anthony Tutrone, Elizabeth Traxler Recent market turbulence provides yet another example of how private equity managers have improved their ability to weather volatile conditions. <p> <sup>1</sup> Based on NB Private Markets analysis and observations as of May 1, 2023.<br /> <sup>2</sup> 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. <strong>Past performance is no guarantee of future results.</strong><br /> <sup>3</sup> Source: Preqin, data through June 2022. <br /> <sup>4</sup> Source: Preqin, data as of Q3 2022 <br /> <sup>5</sup> Source: Pitchbook LCD, as of 4Q 2022.<br /> <sup>6</sup> Source: NB Private Markets analysis, Burgiss and PitchBook data as of December 2022. <br /> <sup>7</sup> Source: PitchBook. Data as of 3Q 2022, which is the latest available. Excludes energy, venture capital, real estate and co-investments.<br /> <sup>8</sup> Source: Jefferies. Data as of January 2023.</p> <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.</p> <p>In connection with your consideration of an investment in any Private Market Investment, you should be aware of the following risks:</p> <p>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.</p> <p>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.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 15 May 2023 0:00:00 -04:00 A Tale of Two Indices https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-a-tale-of-two-indices President and Chief Investment Officer—Equities Joseph Amato How an “optical illusion” might be making the S&P 500 look more expensive, and better-performing, than it really is. <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 14 May 2023 0:00:00 -04:00 The Case for Private Credit in Insurance Portfolios https://www.nb.com/en/link?type=article&name=whitepaper-the-case-for-private-credit-in-insurance-portfolios Institutional Alternative Investments Specialist Manuel Kalbreier, Head of EMEA Insurance Solutions Gilles Drukier, Head of EMEA Insurance Analytics & Institutional Solutions Tully Cheng, Insurance Strategist Flora Xu An ever-expanding menu of private credit strategies can offer insurers the potential for attractive risk-adjusted returns. <p><sup>1</sup>Source: Perqin, data through June 2022.</p> <p>This material is provided for educational purposes only.</p> <p>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.</p> <p><strong>Past performance is not indicative of future results.</strong></p> <p>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.</p> <p>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.</p> Fri, 12 May 2023 0:00:00 -04:00 What ‘Data-Dependent’ Feels Like https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-what-data-dependent-feels-like Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan As central banks become more “data-dependent,” will monetary policy become less predictable and markets potentially more volatile? <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 07 May 2023 0:00:00 -04:00 Trip Hazards https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-trip-hazards Chief Investment Officer—Multi-Asset Erik Knutzen The U.S. debt ceiling is just one of a long list of obstacles waiting to trip up markets, and there is very little opportunity cost for remaining cautious. <p>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.</p> <p>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.<strong> Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 30 Apr 2023 0:00:00 -04:00 Institutional Investor: America’s Top Asset Management Firms https://www.nb.com/en/link?type=article&name=article-reprint-institutional-investor-americas-top-asset-management-firms <em>Institutional Investor</em> published their list of America’s top asset management firms, according to the companies owned by them. We are proud to announce that we were ranked within their top 10 list. See the full publication and details below: <p>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&rsquo;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. </p> <p>This article is not intended to replace any of the materials that would be provided in connection with an investor&rsquo;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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 25 Apr 2023 0:00:00 -04:00 Proxy Voting: Engagement Matters https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-proxy-voting-engagement-matters President and Chief Investment Officer—Equities Joseph Amato, Head of Investment Stewardship Caitlin McSherry As we kick off our latest NB Votes campaign, we look at what detailed bottom-up knowledge brings to the process, and what can happen when it’s absent. <p>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. </p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 23 Apr 2023 0:00:00 -04:00 Paid to Be Patient https://www.nb.com/en/link?type=article&name=aac-outlook-2q2023 President and Chief Investment Officer—Equities Joseph Amato, Chief Investment Officer—Multi-Asset Erik Knutzen, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Senior Portfolio Manager and Global Co-Head of Investment Grade Thanos Bardas, Director of Global Equity Research Timothy Creedon, Senior Portfolio Manager Tokufumi Kato, Senior Portfolio Manager Hakan Kaya, Co-Head, NB Alternative Investment Management David Kupperman, Senior Portfolio Manager Ugo Lancioni, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan, Senior Investment Strategist Raheel Siddiqui, Senior Portfolio Manager Robert Surgent, Co-Chief Investment Officer—Fixed Income Brad Tank, Global Head of Alternatives Anthony Tutrone It may be time to plan the journey back to risk, but not yet time to act—peak rates could still be disruptive, and they pay investors for proceeding carefully. Tue, 18 Apr 2023 0:00:00 -04:00 Are Agency Mortgages a Home Run? https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-are-agency-mortgages-a-home-run Co-Chief Investment Officer—Fixed Income Ashok Bhatia Why we think recent banking-sector stress has made already attractive U.S. mortgage securities even more keenly valued. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 17 Apr 2023 0:00:00 -04:00 Insurance-Linked Strategies State of the Market 2023 https://www.nb.com/en/link?type=article&name=video-insurance-linked-strategies-state-of-the-market-2023 Senior Vice President Peter Miller (4:23) Peter Miller, Senior Vice President on the Insurance-Linked Strategies team, discusses the current dislocation in the Insurance-Linked Securities market and what this could mean for investors. <p>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.</p> <p>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 &ldquo;firm&rdquo;). 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. </p> <p>NB Alternatives Advisers LLC (&ldquo;NBAA&rdquo;) is a registered investment adviser. For additional information and required disclosure regarding the advisory services provided by NBAA, please see NBAA&rsquo;s Form ADV Part 2A. Brokerage services, if any, are provided by Neuberger Berman BD LLC (&ldquo;NBBD&rdquo;), 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&rsquo;s Regulation Best Interest Disclosure Statement at <a href="/en/global/regulatory-disclosures/reg-bi-disclosure-nbbd">http://www.nb.com/reg_BI_disclosure_nbbd/</a>&nbsp;and Form CRS at <a href="/en/global/regulatory-disclosures/form-crs-nbia-nbbd">http://www.nb.com/form_CRS_nbia_nbbd/</a>.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC. </p> Thu, 13 Apr 2023 0:00:00 -04:00 A Sharp Turn https://www.nb.com/en/link?type=article&name=fii-outlook-2q2023 Co-Chief Investment Officer—Fixed Income Brad Tank, Co-Chief Investment Officer—Fixed Income Ashok Bhatia, Senior Portfolio Manager and Global Co-Head of Investment Grade Thanos Bardas, Senior Portfolio Manager and Global Co-Head of Investment Grade David Brown, Senior Portfolio Manager Patrick Barbe, Senior Portfolio Manager Jon Jonsson, Senior Portfolio Manager and Head of Private Residential Credit Strategies Dmitry Gasinsky, Senior Portfolio Manager Ugo Lancioni, Senior Portfolio Manager and Global Head of Non-Investment Grade Credit Joseph Lynch, Senior Portfolio Manager and Global Co-Head of Emerging Markets Debt Gorky Urquieta, Senior Portfolio Manager and Global Co-Head of Emerging Markets Debt - Head of Fixed Income Europe Rob Drijkoningen, Senior Portfolio Manager and Head of Municipal Fixed Income James Iselin, Senior Portfolio Manager and Head of Insurance Fixed Income Jason Pratt Risk/reward for many fixed income sectors has been shifting. Wed, 12 Apr 2023 0:00:00 -04:00 SMAs are here to stay among Japanese LPs https://www.nb.com/en/link?type=article&name=article-reprint-smas-are-here-to-stay-among-japanese-lps Global Head of Private Investment Portfolios and Co-Investments Jonathan Shofet, Yoshiyuki Yagisawa Japanese institutions have continued to utilize separately managed accounts, or SMAs, to gain exposure to private equity. <p>Third-party media content is being redistributed with permission and may not be redistributed without the publisher&rsquo;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.</p> <p>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&rsquo;s individual objectives and circumstances and in consultation with his or her advisors. Accordingly, &ldquo;retail&rdquo; retirement investors are not the intended recipients of this material as they are expected to engage the services of an advisor in evaluating this material for any investment decision. If your understanding is different, we ask that you inform us immediately.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo and &ldquo;Neuberger Berman Investment Advisers LLC&rdquo; 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.</p> <p>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. 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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">http://www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> Tue, 11 Apr 2023 0:00:00 -04:00 A New ‘Impossible Trilemma’? https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-a-new-impossible-trilemma Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan Can we lower government debt, sustain positive real rates <em>and</em> finance the transition to a low-carbon economy? <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 09 Apr 2023 0:00:00 -04:00 Paid to Be Patient https://www.nb.com/en/link?type=article&name=aac-paid-to-be-patient Chief Investment Officer—Multi-Asset Erik Knutzen We remain cautious on equities given stubborn inflation and threats to economic growth, but believe it is time to start planning the journey back to a more neutral stance on risk. <p>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. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. 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. 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. <strong>Past performance is no guarantee of future results.</strong></p> <p>The views expressed herein are generally those of Neuberger Berman&rsquo;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 &ldquo;forward-looking statements.&rdquo; Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>&nbsp;for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Thu, 06 Apr 2023 0:00:00 -04:00 Economic and Market Review: Continue to Recommend Defensive Positioning, Focus on Quality https://www.nb.com/en/link?type=article&name=economic-and-market-review-continue-to-recommend-defensive-positioning-focus-on-quality-2q2023 Senior Investment Strategist Raheel Siddiqui What happens when the lowest interest rates in 400 years meet the fastest hikes in 100? Thu, 06 Apr 2023 0:00:00 -04:00 As Credit Goes, So Goes the Economy https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-as_credit-goes-so-goes-the-economy President and Chief Investment Officer—Equities Joseph Amato Credit is the lifeblood of the economy, and the credit system just had a heart murmur. <p>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. 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. </p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 02 Apr 2023 0:00:00 -04:00 Private Credit: An All-Weather Asset Class https://www.nb.com/en/link?type=article&name=whitepaper-private-credit-an-all-weather-asset-class Head of Multi-Sector Private Credit Louay Mikdashi, Head of Private Debt Susan Kasser, Head of Capital Solutions David Lyon, Senior Portfolio Manager and Head of Private Residential Credit Strategies Dmitry Gasinsky, Senior Vice President Jay Berger, Head of Alternative Specialists, North America Institutional Andrea Mulzet Borghoff, Institutional Alternative Investments Specialist Manuel Kalbreier As private-credit markets continue to expand in size, choice and sophistication, we believe they should play an important role in well-diversified investment portfolios. <p>This material is provided for educational purposes only. </p> <p>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. Past performance is not indicative of future results.</p> <p>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. </p> <p>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. </p> Fri, 31 Mar 2023 0:00:00 -04:00 Neuberger Berman Private Markets: Q4 2022 Preliminary Valuation Summary & Analysis https://www.nb.com/en/link?type=article&name=video-q4-2022-preliminary-valuation-summary-analysis Doug Manor (9:14) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace. <p>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. 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. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events may differ significantly from those presented. 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. 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.</p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 27 Mar 2023 0:00:00 -04:00 Turning, Not Re-Turning https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-turning-not-re-turning Chief Investment Officer—Multi-Asset Erik Knutzen It makes sense to prepare for the turning point in this cycle—but not by returning to the winners from the last cycle. <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 26 Mar 2023 0:00:00 -04:00 The Deal or No Deal of Event-Driven Investing https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-the-deal-or-no-deal-of-event-driven-investing Portfolio Manager Joseph Rotter, Portfolio Specialist Jonathan Adolph (19:48) Exploring the nuances of event-driven investing in today’s markets, we attempt to answer: how do the deals get made? And what happens when they don’t? <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes. Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions. Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods. Performance targets or objectives should not be relied upon as an indication of actual or projected future performance. Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management. No representation is made that these targets or objectives will be achieved, in whole or in part.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions. </p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 21 Mar 2023 0:00:00 -04:00 The More Things Change, Part II https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-the-more-things-change-part-ii Co-Chief Investment Officer—Fixed Income Brad Tank Banking stresses may have tightened conditions enough for policymakers to pause their hiking cycles indefinitely. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 19 Mar 2023 0:00:00 -04:00 Simply Put(Writing) https://www.nb.com/en/link?type=article&name=simply-put-writing Senior Portfolio Manager Derek Devens, Portfolio Manager Rory Ewing, Portfolio Manager Eric Zhou, Head of Investment Engineering Beryl Lou PutWrite strategies can improve the risk-return efficiency, liquidity, flexibility and cost-effectiveness of investor portfolios. <p><strong>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.</strong></p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>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. 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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="https://www.nb.com/disclosure- global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 14 Mar 2023 0:00:00 -04:00 Silicon Valley Bank: Market Reaction and Implications https://www.nb.com/en/link?type=article&name=silicon-valley-bank-market-reaction-and-implications Director of Global Equity Research Timothy Creedon, Senior Research Analyst Andrew Arbesman In this bulletin, we provide our view of the events of the last week and their implications for the bank sector. <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Mon, 13 Mar 2023 0:00:00 -04:00 At the Crossroads, Seeking Direction https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-at-the-crossroads-seeking-direction Chief Investment Officer—Multi-Asset Erik Knutzen, Chief Investment Officer—Multi-Asset Strategies, EMEA Niall O’Sullivan Faced with historically inverted yield curves, unbalanced equity markets and economic conditions unseen for 40 years, investors are agonizing over their next steps. <p>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.</p> <p>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.</p> <p>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. <strong>Past performance is no guarantee of future results.</strong></p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 12 Mar 2023 0:00:00 -05:00 The Chatbot Phenomenon https://www.nb.com/en/link?type=article&name=disruptive-forces-podcast-the-chatbot-phenomenon Head of Investment & Data Technology CJ Jaskoll (18:58) Could chatbots and artificial intelligence take over? Or simply change the way we work? <p>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 &ldquo;forward-looking statements.&rdquo; 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. <strong>Past performance is no guarantee of future results.</strong> </p> <p>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. </p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a> for the specific entities and jurisdictional limitations and restrictions.</p> <p>The &ldquo;Neuberger Berman&rdquo; name and logo are registered service marks of Neuberger Berman Group LLC.</p> Tue, 07 Mar 2023 0:00:00 -05:00 ESG: Making Sense of the Mudslinging https://www.nb.com/en/link?type=article&name=cio-weekly-perspectives-esg-making-sense-of-the-mudslinging President and Chief Investment Officer—Equities Joseph Amato, Global Head of ESG and Impact Investing Jonathan Bailey What ESG, sustainable investment and impact investment mean at Neuberger Berman, and how they are consistent with active management and the diverse needs of our clients. <p>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. 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. </p> <p>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. <strong>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. </strong></p> <p>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.</p> <p>This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit <a href="/en/global/disclosure-global-communications">www.nb.com/disclosure-global-communications</a>for the specific entities and jurisdictional limitations and restrictions.</p> <p>The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.</p> Sun, 05 Mar 2023 0:00:00 -05:00 © 2009-2018 Neuberger Berman Group LLC. | All rights reserved