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Amid the Volatility: What Are Investors’ Best Options?

Senior Portfolio Manager Derek Devens — Wed, 11 Sep 2024 0:00:00 -04:00

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

The information in this material may contain projections, market outlooks or other forward-looking statements regarding future events, including economic, asset class and market outlooks or expectations, and is only current as of the date indicated. There is no assurance that such events, outlook and expectations will be achieved, and actual results may be significantly different than that shown here. The duration and characteristics of past market/economic cycles and market behavior, including any bull/bear markets, is no indication of the duration and characteristics of any current or future be market/economic cycles or behavior. Information on historical observations about asset or sub-asset classes is not intended to represent or predict future events. Historical trends do not imply, forecast or guarantee future results. Information is based on current views and market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. 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.

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.

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The U.S. Election and Energy: More Than Meets the Eye

Senior Research Analyst Ronald Silvestri, Senior Research Analyst Jeff Wyll — Tue, 10 Sep 2024 0:00:00 -04:00

¹Source: U.S. Treasury.

²Source: IEA Oil Market Report, July 2024.

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.

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

Balance Is Critical for the Obstacles Ahead

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 08 Sep 2024 0:00:00 -04:00

Market data are sourced from FactSet.

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.

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

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

Buyouts Keynote Interview: Private equity for all

Head of Investment Solutions and Strategy Peter von Lehe — Tue, 03 Sep 2024 0:00:00 -04:00

Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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

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

Why Japan Bounced Back

Portfolio Manager Keita Kubota, Portfolio Manager Kei Okamura — Sun, 01 Sep 2024 0:00:00 -04:00

Market and economic data are sourced from FactSet, Bloomberg and MSCI unless stated otherwise.

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

Basel III Endgame and the “Reg Cap” Opportunity

Managing Director Ian Haas, Alexander Gottlieb — Thu, 29 Aug 2024 0:00:00 -04:00

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Neuberger Berman Private Markets: Q2 2024 Preliminary Valuation Summary & Analysis

Doug Manor — Tue, 27 Aug 2024 0:00:00 -04:00

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Municipal Fixed Income: Shelter From the Storm?

Senior Portfolio Manager and Head of Municipal Fixed Income James Iselin — Sun, 25 Aug 2024 0:00:00 -04:00

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Let the [Micro] Chips Fall Where They May

Portfolio Manager Eileen Furukawa — Wed, 21 Aug 2024 0:00:00 -04:00

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It’s Hard to Relax

President and Chief Investment Officer—Equities Joseph Amato — Fri, 16 Aug 2024 0:00:00 -04:00

The views expressed herein include those of Neuberger Berman’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.

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

Private Debt: Few Facts Behind the Fears

Head of Private Debt Susan Kasser — Thu, 15 Aug 2024 0:00:00 -04:00

¹ Source: JPM Default Monitor, October 2023. Note: There can be no assurance historical trends will continue or lead to profitable outcomes.

² Source: Proskauer Private Credit Default Index.

³ Preqin data, as of the end of Q1 2024.

⁴ Ibid.

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

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

Tier One Interview: Susan Kasser

Head of Private Debt Susan Kasser — Mon, 12 Aug 2024 0:00:00 -04:00

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Carried Away

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 11 Aug 2024 0:00:00 -04:00

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

Elections, Equities and the Economy

Wed, 07 Aug 2024 0:00:00 -04:00

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

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

Innovation, Conflict and a Mysterious Disappearance

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 04 Aug 2024 0:00:00 -04:00

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Corporate Hybrid Issuers Adopt a 30-Year Maturity Standard

Thu, 01 Aug 2024 0:00:00 -04:00

¹ Linus Claesson and Robin Usson, “Corporate Hybrids Take the World Stage” (May 2024) at https://www.nb.com/en/link?type=article&name=whitepaper-corporate-hybrids-take-the-world-stage

² Corporate hybrid bonds have equity-like characteristics. Like equity, they are either long-dated or perpetual; like dividends, their coupon payments can be deferred without triggering a default. In recognition of their equity-like features, the main rating agencies assess European hybrids as having 50% equity content. However, this equity content may not last forever. At Moody’s, for example, it expires 10 years before the hybrid’s maturity date. For Standard & Poor’s (S&P), equity content lasts until 20 years before the hybrid’s “effective maturity,” which is the sooner of (i) the instrument’s actual maturity date or (ii) the date when cumulative coupon step-ups have reached 100 basis points or higher.

Index Definitions

The Bloomberg Euro Universal Corporate ex-Financials Hybrid Capital 8% Capped Index tracks euro-denominated corporate bonds issued by companies active in the industrial or utility sector and with a minimum rating of Ba1/BB+. The weighting of any single security is limited to 8%.

The Bloomberg European Banks CoCo Tier 1 Index tracks the performance of contingent convertible securities, issued by European financial institutions, that qualify as Alternative Tier-1 bank capital.

The Bloomberg Euro Aggregate Credit Corporate/Banking Lower Tier 2 Index tracks the performance of subordinated bonds that qualify as Tier-2 bank capital and are included in the Bloomberg Euro Aggregate Credit Index, which tracks the investment grade, euro-denominated, fixed-rate corporate bond market.

The Bloomberg Europe Aggregate Corporate Index tracks the performance of euro-denominated 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.

The Bloomberg Global Aggregate Corporate Index EURHedged measures the performance, hedged to euros, 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.

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A New Era for Small Caps?

Portfolio Manager Gregory Spiegel — Wed, 31 Jul 2024 0:00:00 -04:00

¹ Source: Jefferies Research, 2023 average annual sales.

² Source: Furey Research Partners, Standard & Poor’s, as of June 30, 2024.

³ Source: Jeffries Research, as of December 31, 2023.

⁴ Source: Furey Research Partners, as of June 30, 2024.

⁵ Source: Furey Research Partners, as of June 30, 2024.

⁶ Source: Jefferies Research, as of June 30, 2024. Measured based on generally accepted accounting principles (GAAP).

⁷ Source: Jefferies Research, as of June 30, 2024. Earnings represented by earnings before debt, interest, taxes and amortization (EBITDA). Excludes financial companies.

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

U.S. Election: The Policy Choice

Wed, 31 Jul 2024 0:00:00 -04:00

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 and Neuberger Berman does not endorse any third-party views expressed. 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 may differ significantly from those presented. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

Neuberger Berman Investment Advisers LLC is a registered investment adviser. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

Gen AI: The Next Wave

Senior Research Analyst Daniel Flax — Wed, 31 Jul 2024 0:00:00 -04:00

¹ Drug compound-related data is spread across multiple databases, making it hard to estimate. ChemBLE, a “manually curated database of bioactive molecules with drug-like properties” includes about 2.4 million compounds, according to its website.

² Pequenio IV, Antonio, “TerraPower: What We Know About Bill Gates’s Nuclear Power Plant in Wyoming,” Forbes, March 19, 2024.

Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

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

A Soft Landing Is Still a Landing

Sun, 28 Jul 2024 0:00:00 -04:00

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A Change in Leadership?

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 21 Jul 2024 0:00:00 -04:00

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

Putting Put-Writing Into Perspective

Thu, 18 Jul 2024 0:00:00 -04:00

¹Source: Bloomberg, data from 1986 to 2023. Put-Writing Strategies as measured by the S&P 500 index. Note: We find that collateralized put-writing generally incurs smaller drawdowns, allowing for a higher base of capital from which to compound during a recovery; also, premiums on puts tend to be larger during market pullbacks, which can help this strategy recover faster than simply owning the broader index.

²Ibid.

Disclosures

Glossary of Terms

The S&P 500 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 “500” is one of the most widely used benchmarks of U.S. equity performance. As of September 16, 2005, S&P switched to a float-adjusted format, which weights only those shares that are available to investors, not all of a company’s outstanding shares. The value of the index now reflects the value available in the public market.

The Cboe S&P 500 PutWrite Index (PUT) is designed to track the performance of an index option putwriting strategy that sells a sequence of one-month, at-the- money S&P 500 Index puts and invest cash at one- and three-month Treasury Bill rates. The number of puts sold varies from month to month, but is limited so that the amount held in Treasury Bills can finance the maximum possible loss from final settlement of the SPX puts, i.e., put options are fully collateralized.

This material is presently solely for educational and informational purposes. nothing herein is intended to represent any strategy or product and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Any analogy to insurance products used herein is solely for illustrative purposes. Options strategies are not insurance products and do not protect or guarantee against any losses. 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.

The portfolio composition, strategy, risks and fees and expenses, and accordingly the performance, of alternative products such as actively- managed options strategies may differ significantly from other traditional asset class offerings, including equities and fixed income products and from passive strategies. In up markets, option put-writing strategies typically will not participate in the full gain of the underlying index above the premium collected.

The Cboe S&P 500 Index incepted in June 2007 with historical backtested data available since June 30, 1986; the Cboe MSCI EAFE PutWrite Index and Cboe MSCI Emerging Markets 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. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Certain products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance. Diversification does not guarantee profit or protect against loss in declining markets. As with any investment, there is the possibility of profit as well as the risk of loss. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Unless otherwise indicated, returns shown reflect reinvestment of dividends and distributions. Past performance is no guarantee of future results.

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

Asia Private Equity: Riding the ‘Three Locomotives’

Kent Chen — Thu, 18 Jul 2024 0:00:00 -04:00

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.

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

U.S. Election: Near-Term Turbulence, Long-Term Questions

Wed, 17 Jul 2024 0:00:00 -04:00

¹Keep in mind that the averages disguise the performance with a particular calendar year, which may be driven by a host of factors other than the election.

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Widening Differences, New Opportunities

Tue, 16 Jul 2024 0:00:00 -04:00

Policy and Politics

Tue, 16 Jul 2024 0:00:00 -04:00

High-Vol Politics, Low-Vol Markets

President and Chief Investment Officer—Equities Joseph Amato — Mon, 15 Jul 2024 0:00:00 -04:00

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

Private Equity and the Polls

Head of Private Markets Research Ralph Eissler, Research Associate Yiran Wang — Mon, 15 Jul 2024 0:00:00 -04:00

No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman Europe Limited.

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

Equity Market Outlook 3Q 2024

Wed, 10 Jul 2024 0:00:00 -04:00

Disruptive Investments Within Disruptive Regulations

Managing Director Ian Haas — Tue, 09 Jul 2024 0:00:00 -04:00

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

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

To Understand the Macro, Study the Micro

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 07 Jul 2024 0:00:00 -04:00

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Policy and Politics

Chief Investment Officer—Multi-Asset Erik Knutzen — Tue, 02 Jul 2024 0:00:00 -04:00

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

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

Higher for Longer: The CIOs’ Weigh In

Co-Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 30 Jun 2024 0:00:00 -04:00

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ESG Momentum in Non-Investment Grade Credit

Fri, 28 Jun 2024 0:00:00 -04:00

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Steve Eisman: From The Big Short to the Long Way Home

Senior Portfolio Manager Steven Eisman — Tue, 25 Jun 2024 0:00:00 -04:00

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

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

Private Equity and the Polls

Head of Private Markets Research Ralph Eissler, Research Associate Yiran Wang — Mon, 24 Jun 2024 0:00:00 -04:00

No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman Europe Limited.

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

Preparing for Rising Volatility

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 23 Jun 2024 0:00:00 -04:00

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Un Pas à Droite?

Senior Portfolio Manager Patrick Barbe, Senior Portfolio Manager Ugo Lancioni — Sun, 16 Jun 2024 0:00:00 -04:00

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Specialty Finance: High-Yielding, Short-Duration and Uncorrelated Private Credit

Managing Director Peter Sterling, Managing Director Sachin Patel — Tue, 11 Jun 2024 0:00:00 -04:00

No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman Europe Limited.

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

The Importance of Active Ownership

President and Chief Investment Officer—Equities Joseph Amato — Sun, 09 Jun 2024 0:00:00 -04:00

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Are U.S. and European Bonds About to Break Ranks?

Senior Portfolio Manager and Head of Trading London Robert Dishner — Fri, 07 Jun 2024 0:00:00 -04:00

¹ Solving for 2024 (November 2023)

² CIO Weekly Perspectives: “An Ocean of Difference” (April 2024)

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.

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

China Takes It Slow

Senior Economist Puay Yeong Goh — Wed, 05 Jun 2024 0:00:00 -04:00

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.

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

Buyouts Keynote Interview: Motivated Sellers Create Buyers’ Market

Wed, 05 Jun 2024 0:00:00 -04:00

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

Consumer Dynamics Amid the Credit Crunch

Co-Director of Investment Grade Credit Research Kristin Cejda — Wed, 05 Jun 2024 0:00:00 -04:00

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It All Rests on Infrastructure

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 02 Jun 2024 0:00:00 -04:00

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

Neuberger Berman Private Markets: Q1 2024 Preliminary Valuation Summary & Analysis

Doug Manor — Tue, 28 May 2024 0:00:00 -04:00

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Re-Rating Financials

Sun, 26 May 2024 0:00:00 -04:00

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The Wonders of Japan’s Economy

Portfolio Manager Kei Okamura — Tue, 21 May 2024 0:00:00 -04:00

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Deconstructing Opportunities in IG Credit

Tue, 21 May 2024 0:00:00 -04:00

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

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The Structural Trends, Whoever Wins

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 19 May 2024 0:00:00 -04:00

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The Equity Breakdown: Parsing the Key Debate in Five Sectors

Fri, 17 May 2024 0:00:00 -04:00

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

Index Definitions

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

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

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Why Almanac Prefers Real Estate Platforms

Justin Hakimian, Head of Almanac Matthew Kaplan — Thu, 16 May 2024 0:00:00 -04:00

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Do We Now Need to Worry About Stagflation?

President and Chief Investment Officer—Equities Joseph Amato — Sun, 12 May 2024 0:00:00 -04:00

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Can India Keep Up the Pace?

Thu, 09 May 2024 0:00:00 -04:00

¹Source: Euromonitor, Goldman Sachs.

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De-Siloing Your Fixed Income Portfolio

Wed, 08 May 2024 0:00:00 -04:00

Index Definitions

The ICE BofA Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade, but not in default, corporate debt publicly issued in the major domestic or Eurobond markets, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P.

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

The ICE BofA Global Corporate Index measures the market capitalization-weighted performance of public debt of investment-grade corporate issuers, issued and denominated in their own domestic market and currency.

The ICE BofA U.S. ABS & CMBS Index tracks the performance of U.S. dollar-denominated investment grade fixed and floating rate asset backed securities and fixed rate commercial mortgage backed securities publicly issued in the U.S. domestic market.

The ICE BofA U.S. Agency Index tracks the performance of U.S. dollar-denominated non-subordinated U.S. Agency debt issued in the U.S. domestic market.

The ICE BofA U.S. Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at the time of issuance, a fixed coupon schedule and an investment grade rating (based on an average of Moody’s, S&P and Fitch).

The ICE BofA Global Government Index measures the market capitalization-weighted performance of public debt of investment-grade sovereign issuers, issued and denominated in their own domestic market and currency.

The ICE BofA Global Inflation-Linked Government Index tracks the performance of inflation-protected securities issued by sovereigns in their own currency, with a minimum term to maturity of at least one year.

The ICE BofA U.S. High Yield Index (BB) tracks the performance of BB rated securities included in the ICE BofA U.S. High Yield Index.

The ICE BofA U.S. High Yield Index (CCC and Lower) tracks the performance of securities rated CCC or lower that are included in the ICE BofA U.S. High Yield Index.

The ICE BofA U.S. High Yield Index tracks the performance of below investment grade, but not in default, U.S. dollar-denominated corporate bonds, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P, greater than one year of remaining maturity and a minimum amount outstanding of $100m.

The ICE BofAML Euro High Yield Index tracks the performance of below investment grade, but not in default, euro-denominated corporate bonds, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P.

The ICE BofA US Corporate Index (1-5 Years) measures the market capitalization-weighted performance of public debt of investment-grade corporate issuers, issued and denominated in U.S. dollars, with between one and five years to maturity.

The ICE BofA US Corporate Index (5-10 Years) measures the market capitalization-weighted performance of public debt of investment-grade corporate issuers, issued and denominated in U.S. dollars, with between five and 10 years to maturity.

The ICE BofA Hybrid Non-Financial Corporate Index tracks the performance of investment grade non-financial hybrid corporate debt publicly issued in major domestic and Eurobond markets.

Diversification does not guarantee investment returns and does not eliminate the risk of loss

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Corporate Hybrids Take the World Stage

Portfolio Manager Linus Claesson, Senior Research Analyst, CFA Robin Usson — Wed, 08 May 2024 0:00:00 -04:00

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The Coming Wave of Homebuyers

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 05 May 2024 0:00:00 -04:00

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PEI Secondaries Roundtable: Private Markets’ Most Undercapitalized Asset Class

Global Co-Head of Secondary Private Equity Ben Perl — Thu, 02 May 2024 0:00:00 -04:00

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U.S. Election: Age, Cash and Conflict

Wed, 01 May 2024 0:00:00 -04:00

¹ Source: FiveThirtyEight, June 28, 2018.

² Source: NBC News, November 3, 2020.

³ Source: USA Today, April 3, 2024.

⁴ Source: The New York Times, March 5, 2024.

⁵ Source: The New York Times, August 30, 2016.

⁶ Source: Pew Research Center, June 30, 2021.

⁷ Source: Insightnova, March 5, 2024.

⁸ Source: Emerson College Polling, February 26, 2024.

⁹ Source: Reuters, March 28, 2024.

¹⁰ Source: U.S. Senate.

¹¹ Source: The Hill, July 11, 2023.

¹² Source: The Conversation, March 18, 2024.

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

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Making Dollars and Sense: The Critical Role of Financial Literacy

Mon, 29 Apr 2024 0:00:00 -04:00

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

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An Ocean of Difference

Sun, 28 Apr 2024 0:00:00 -04:00

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The Pitfalls of Investing In Factor Indices

Fri, 26 Apr 2024 0:00:00 -04:00

Nothing herein constitutes a recommendation to buy, sell or hold a security. Securities described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

Index Definitions

The S&P 900 Index combines the S&P 500 and the S&P MidCap 400 to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.

The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Index is reconstituted annually to ensure new and growing equities are included

The MSCI USA Investible Market Index is designed to measure the performance of the large, mid and small cap segments of the US market. With 2,378 constituents, the index covers approximately 99% of the free float-adjusted market capitalization in the US.

The Russell 3000 Index measures the performance of the largest 3,000 US companies. The Index is reconstituted annually to ensure new and growing equities are included.

The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

The S&P 500 High Dividend Index serves as a benchmark for income seeking equity investors. The index is designed to measure the performance of 80 high yield companies within the S&P 500 and is equally weighted to best represent the performance of this group, regardless of constituent size.

The Dow Jones U.S. Select Dividend index aims to represent the U.S.'s leading stocks by dividend yield.

The MSCI World Diversified Multiple-Factor Index is based on the MSCI World Index, its parent index, which includes large and mid-cap stocks across 23 Developed Markets (DM) countries.

The FTSE Developed Comprehensive Factor Net Tax Index is a benchmark designed to capture exposure to five factors – Quality, Value, Momentum, Low Volatility and Size. These factors represent common factor characteristics for which there is a broad academic and practitioner consensus, supported by a body of empirical evidence across different geographies and time periods.

The S&P 500 Total Return Index is different from the standard S&P Index (SPX), which does not include dividend gains. The total return indexes follow a similar pattern in which many mutual funds operate, where all resulting cash payouts are automatically reinvested back into the fund itself.

The MSCI World Net Total Return USD Index is a free float-adjusted market capitalization weighted index that is designed to measure the large and mid-cap equity market performance of developed markets. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World (Net) Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The RAFI Multi-Factor Developed Total Return Index. The RAFI™ Multi-Factor index series offers diversified factor exposures through allocations to value, low volatility, quality, momentum, and size. The Dynamic Multi-Factor strategy takes time-varying exposures to the same five factors. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

SciBeta Developed iHFI Diversified Multi-Beta Multi-Strategy Six-Factor Equal Weight USD Gross Total Return indices are formed by equally weighting six smart factor indices that are designed to efficiently capture the long-term risk premia associated with the well-documented risk factors of size, momentum, value, low volatility, low investment and high profitability.

The MSCI USA Value index captures large and mid cap US securities exhibiting overall value style characteristics. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

The S&P Dividend Aristocrats Index measures the performance of S&P 500 companies that have increased dividends every year for the last 25 consecutive years.

The S&P Composite 1500 Index combines three leading indices, the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600, to cover approximately 90% of U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks.

The S&P 500 Pure Value Index a style-concentrated index designed to track the performance of stocks that exhibit the strongest value characteristics by using a style-attractiveness-weighting scheme.

The S&P 500 Value Index is a float-adjusted market capitalization weighted index that measures value stocks using three factors: the ratios of book value, earnings, and sales to price. The index covers all stocks in the parent index universe, and divides the complete market capitalization of each parent index approximately equally into growth and value indices. The index is a part of the S&P U.S. Style Indices that measures the performance of U.S. equities fully or partially categorized as either growth or value stocks, as determined by style scores for each security.

The Russell 1000 Value Index measures the performance of the large cap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years).

The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Index is reconstituted annually to ensure the represented companies continue to reflect value characteristics.

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What’s Up in the Air?

Senior Research Analyst Michael Barr — Tue, 23 Apr 2024 0:00:00 -04:00

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

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Hot Commodities

Mon, 22 Apr 2024 0:00:00 -04:00

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Breadth and Balance

Wed, 17 Apr 2024 0:00:00 -04:00

Stay Focused on Earnings

President and Chief Investment Officer—Equities Joseph Amato — Mon, 15 Apr 2024 0:00:00 -04:00

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Extreme Distortions Everywhere: A Moment for Active Management

Wed, 10 Apr 2024 0:00:00 -04:00

Make Your Money Move

Associate Portfolio Manager Rebekah McMillan — Tue, 09 Apr 2024 0:00:00 -04:00

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

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A Winding, Downward Path

Tue, 09 Apr 2024 0:00:00 -04:00

Breadth and Balance

Chief Investment Officer—Multi-Asset Erik Knutzen — Mon, 08 Apr 2024 0:00:00 -04:00

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Broaden Your Investment Horizons

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 07 Apr 2024 0:00:00 -04:00

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Japan Enters a New Era

Portfolio Manager Kei Okamura — Thu, 04 Apr 2024 0:00:00 -04:00

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PEI Keynote Interview: Private Markets in Japan Continue to Accelerate

Wed, 03 Apr 2024 0:00:00 -04:00

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Time for the Yen to Blossom?

Mon, 01 Apr 2024 0:00:00 -04:00

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Why This Market Theme is Ripe for Active Investing

Global Head of ESG and Impact Investing Jonathan Bailey — Wed, 27 Mar 2024 0:00:00 -04:00

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The Challenge of Active Engagement in a World of Passive Ownership

Global Head of ESG and Impact Investing Jonathan Bailey — Tue, 26 Mar 2024 0:00:00 -04:00

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Reassessing Retirement Savings with Robin Diamonte

Mon, 25 Mar 2024 0:00:00 -04:00

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

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

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

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.

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A Major Change in the Markets

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 24 Mar 2024 0:00:00 -04:00

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Opportunity in the Undercapitalized World of Private Equity Secondaries

Fri, 22 Mar 2024 0:00:00 -04:00

¹See "Three Notable Trends in the World of Secondaries," November 2023, at https://www.nb.com/en/link?type=article&name=insights-three-notable-trends-in-the-world-of-secondaries; "How Asset Selection Drives Deals," September 2023, at https://www.nb.com/en/link?type=article&name=article-reprint-keynote-interview-how-asset-selection-drives-deals; “Private Equity: New Value in Secondaries,” February 2023, at https://www.nb.com/en/link?type=article&name=insights-private-equity-new-value-insecondaries; "Undercapitalization Slows Secondaries Activity," December 2022, at https://www.nb.com/en/link?type=article&name=article-reprint-undercapitalization-slows-secondaries-activity.

²PJT Partners, FY 2023 Secondary Market Insight, Investor Roadmap.

³Goldman Sachs Secondaries Advisory, Preqin data. Specific criteria includes: balanced, buyout, co-investment and turnaround private equity funds of a size greater than $500mn, managed by firms based in Africa, Asia, Australasia, Europe, Latin America & the Caribbean, the Middle East and North America.

⁴Source: Jefferies, 2023 Global Secondary Market Review. Data as of Q4 2023. NB analysis as of January 2024.

⁵PJT Partners, FY 2023 Secondary Market Insight, Investor Roadmap.

⁶These data represent all of the deals that we see, not the deals that we enter into.

⁷“LP Perspectives: Seven LP Opinions That Matter”, Private Equity International, December 2023.

⁸Secondaries Investor. Please note 2% in 2018 is an estimate.

⁹Source: CAIS Group, “Evolving drivers of private equity value creation” (March 2023), citing data from the Institute for Private Capital. Data sample includes 1,179 fully exited deals between 2008 and 2018. Data as of January 2022.

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Neuberger Berman Private Markets Q4 2023 Preliminary Valuation Summary and Analysis

Doug Manor — Wed, 20 Mar 2024 0:00:00 -04:00

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Re-Emerging Markets

Mon, 18 Mar 2024 0:00:00 -04:00

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When Specialty Finance Meets Silicon Valley Innovation

Managing Director Peter Sterling — Tue, 12 Mar 2024 0:00:00 -04:00

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The Second Wave of the AI Investment Theme

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 10 Mar 2024 0:00:00 -05:00

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The Credit Opportunity in M&A

Mon, 04 Mar 2024 0:00:00 -05:00

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Cyber Risk and ILS

Catastrophe Modeler Callum O’Rourke, Analyst George Caughey — Fri, 01 Mar 2024 0:00:00 -05:00

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The Muddy Logic of Passive Commodity Investing

Senior Portfolio Manager Hakan Kaya, Client Portfolio Manager Nicole Vettise — Tue, 27 Feb 2024 0:00:00 -05:00

Commodity futures and forward contract prices are highly volatile and the commodity markets can also lack sustained movements of prices in one direction, whether up or down, for extended periods. Participation in a market that is either volatile or trendless could produce substantial losses. Price movements of commodity interests are influenced by, among other factors: changing supply and demand relationships; governmental, agricultural and trade programs and policies; climate; and national and international political and economic events.

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

The S&P GSCI Index is the first major investable commodity index. It is one of the most widely recognized benchmarks that is broad-based and production weighted to represent the global commodity market beta. The index is designed to be investable by including the most liquid commodity futures, and provides diversification with low correlations to other asset classes.

The Bloomberg Commodity Index is a leading commodities benchmark. It is constructed using 24 of the most traded commodities futures contracts across six sectors. One third of the target weights of the 24 commodities in BCOM is derived according to world production of each commodity and two thirds is derived from the underlying liquidity of each commodities futures market. Weights are then adjusted further to cap commodity and sector exposures enhancing diversification and reducing the impact of idiosyncratic risk. Each of the six sectors that make up BCOM: Energy, Grains, Softs, Industrial Metals, Precious Metals, and Livestock, is restricted to a maximum weight of 33% and each individual commodity is restricted to a maximum weight of 15%. BCOM indices use a consistent, systematic process to best represent the commodities markets today.

The Bloomberg Natural Gas Subindex is a single commodity subindex of the Bloomberg CI composed of futures contracts on Natural Gas. It reflects the return of underlying commodity futures price movements only and is quoted in USD.

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

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

Tracking risk 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.

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Real Estate Secondaries: A Diamond in the Rough Market?

Head of Real Estate Secondaries Scott Koenig — Tue, 27 Feb 2024 0:00:00 -05:00

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Earnings Remain Key in a Confusing Macro Picture

President and Chief Investment Officer—Equities Joseph Amato — Mon, 26 Feb 2024 0:00:00 -05:00

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Inflation and Consumer Sentiment

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 18 Feb 2024 0:00:00 -05:00

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2023 Proxy Season in Review

Head of Investment Stewardship Caitlin McSherry, Rebecca Kim — Thu, 15 Feb 2024 0:00:00 -05:00

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

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.

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

Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

The 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.

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.

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Real Estate Secondaries: A Discount to What?

Head of Real Estate Secondaries Scott Koenig — Thu, 15 Feb 2024 0:00:00 -05:00

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The Importance of Monitoring Credit Spreads In Positioning Equity Portfolios

Senior Investment Strategist Raheel Siddiqui, Macro Analyst Amr Hanafy — Mon, 12 Feb 2024 0:00:00 -05:00

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

S&P 500 Index 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 “500” is one of the most widely used benchmarks of U.S. equity performance. As of September 16, 2005, S&P switched to a float-adjusted format, which weights only those shares that are available to investors, not all of a company’s outstanding shares. The value of the index now reflects the value available in the public markets.

A bond’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’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.

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No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman

Added Value in ABS

Mon, 12 Feb 2024 0:00:00 -05:00

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A Perspective on Private Equity NAV Loans

Tue, 06 Feb 2024 0:00:00 -05:00

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. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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Private Credit Is Gaining Steam—Where Do We Go From Here?

Mon, 05 Feb 2024 0:00:00 -05:00

This material is provided for educational purposes only.

Past performance is not indicative of future results.

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

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

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.

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The News and Our Views

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 04 Feb 2024 0:00:00 -05:00

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Private Equity Outlook - 2024

Managing Director José Luis González Pastor — Fri, 02 Feb 2024 0:00:00 -05:00

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.

Access for All

Head of Investment Solutions and Strategy Peter von Lehe — Fri, 02 Feb 2024 0:00:00 -05:00

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.

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.

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.

Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

A New Era for Private Credit

Nikhil Krishnan — Tue, 30 Jan 2024 0:00:00 -05:00

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The Year Ahead for the Major Industry Sectors, Part 2

President and Chief Investment Officer—Equities Joseph Amato — Mon, 29 Jan 2024 0:00:00 -05:00

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The Year Ahead for the Major Industry Sectors, Part 1

President and Chief Investment Officer—Equities Joseph Amato — Mon, 22 Jan 2024 0:00:00 -05:00

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

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The Destination, Not the Journey

Sun, 14 Jan 2024 0:00:00 -05:00

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Flows and Fundamentals

Thu, 11 Jan 2024 0:00:00 -05:00

Building Momentum: 2024 Outlook for ESG Regulation

Wed, 10 Jan 2024 0:00:00 -05:00

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.

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.

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

What Tailor-Made Investing Looks Like

Head Strategist, NB Custom Direct Investing Jacob Greene — Tue, 09 Jan 2024 0:00:00 -05:00

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Poll Positioning

Client Portfolio Manager Nicole Vettise, — Mon, 08 Jan 2024 0:00:00 -05:00

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

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

Flows and Fundamentals

Chief Investment Officer—Multi-Asset Erik Knutzen, — Fri, 05 Jan 2024 0:00:00 -05:00

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Making Sense of Mixed Signals

Senior Investment Strategist Raheel Siddiqui — Thu, 04 Jan 2024 0:00:00 -05:00

As Inflation Fades, Focus on Growth

Wed, 03 Jan 2024 0:00:00 -05:00

Outlook 2024

Tue, 02 Jan 2024 0:00:00 -05:00

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.

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.

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COP28: So Near and Yet So Far

Head of Europe ESG Investing Sarah Peasey — Fri, 22 Dec 2023 0:00:00 -05:00

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Some Credit for Active Management

Mon, 18 Dec 2023 0:00:00 -05:00

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Navigating Value Creation in Private Equity

Head of Investment Solutions and Strategy Peter von Lehe — Wed, 13 Dec 2023 0:00:00 -05:00

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Behind the Scenes of Solving for 2024

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Tue, 12 Dec 2023 0:00:00 -05:00

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

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

Investors Cannot Ignore the Debt-Sustainability Question

President and Chief Investment Officer—Equities Joseph Amato — Mon, 11 Dec 2023 0:00:00 -05:00

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Breaking Down the Liquidity Silos

Chief Investment Officer—Multi-Asset Erik Knutzen — Mon, 04 Dec 2023 0:00:00 -05:00

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Neuberger Berman Private Markets: Q3 2023 Preliminary Valuation Summary & Analysis

Doug Manor — Wed, 29 Nov 2023 0:00:00 -05:00

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The Art of Giving in Philanthropy

Head of Philanthropy & Family Governance Advisory Julia Chu — Tue, 28 Nov 2023 0:00:00 -05:00

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.

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.

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European High Yield: A Clear Case for Active Management

Tue, 28 Nov 2023 0:00:00 -05:00

Index Definition

ICE BofA European Non-Financial High Yield 3% Constrained Index 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%.

Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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

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

COP28: Expect Disappointment and You'll Never Be Disappointed

Head of Europe ESG Investing Sarah Peasey — Mon, 27 Nov 2023 0:00:00 -05:00

¹https://www.ipcc.ch/assessment-report/ar6/

²https://www.ngfs.net/sites/default/files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf

³https://www.iea.org/news/the-energy-world-is-set-to-change-significantly-by-2030-based-on-today-s-policy-settings-alone

⁴https://www.unep.org/resources/adaptation-gap-report-2023?actId=ebwp0YMB8s3SJuK97proKdUcvuQDVN7a57ET3fWtrS98Fwwf-Sox0otgiTnfrADJ&actCampaignType=CAMPAIGN_MAIL&actSource=519259

⁵https://unfccc.int/sites/default/files/resource/TC5_4_Cochairs%20draft%20text_Rev2.pdf?actId=ebwp0YMB8s3SJuK97proKdUcvuQDVN7a57ET3fWtrS98Fwwf-Sox0otgiTnfrADJ&actCampaignType=CAMPAIGN_MAIL&actSource=519313

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

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

The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum

Thu, 23 Nov 2023 0:00:00 -05:00

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

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.

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.

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

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

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The Mortgage-Backed Moment

Mon, 20 Nov 2023 0:00:00 -05:00

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Navigating Value Creation in Private Equity

Head of Investment Solutions and Strategy Peter von Lehe — Wed, 15 Nov 2023 0:00:00 -05:00

¹This 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. https://www.bain.com/globalassets/noindex/2020/bain_report_private_equity_report_2020.pdf

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The Liquidity Squeeze in Secondaries

Tue, 14 Nov 2023 0:00:00 -05:00

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The Return of Industrial Policy

, Senior Portfolio Manager and Head of Trading London Robert Dishner — Sun, 12 Nov 2023 0:00:00 -05:00

The views expressed herein are generally those of Neuberger Berman’s Asset Allocation Committee, which comprises professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates 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.

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The Limitations of Passive Investing to Achieve a Net-Zero Outcome

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

The MSCI World Index 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.

The MSCI ACWI Investable Market Index (IMI) 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.

The MSCI World Climate Paris Aligned Index 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.

The MSCI World Climate Change Index 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).

The FTSE TPI Climate Transition Index 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’ 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).

The FTSE Developed ex Korea TPI Climate Transition Index 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’ climate governance activities (aligned with the Taskforce on Climate-related Financial Disclosures’ 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).

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Three Notable Trends in the World of Secondaries

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

Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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

Is Too Much Riding on the Tech Titans?

President and Chief Investment Officer—Equities Joseph Amato — Sun, 05 Nov 2023 0:00:00 -04:00

The views expressed herein include those of the Neuberger Berman Multi-Asset Class (MAC) team and Neuberger Berman’s Asset Allocation Committee. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. 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.

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The Case for Co-investments

Managing Director Jacquelyn Wang — Sun, 29 Oct 2023 0:00:00 -04:00

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

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

The Global Challenges for the Next Generation

Co-Chief Investment Officer—Fixed Income Ashok Bhatia — Sun, 22 Oct 2023 0:00:00 -04:00

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

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

Private Markets Update

Thu, 19 Oct 2023 0:00:00 -04:00

¹Based on Neuberger Berman market observations and analysis as of September 2023 and no future date.

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

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

NB Alternatives Advisers LLC (“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 http://www.nb.com/reg_BI_disclosure_nbbd/ and Form CRS at http://www.nb.com/form_CRS_nbia_nbbd/.

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A Force to Be Reckoned With

Chief Executive Officer George Walker — Tue, 17 Oct 2023 0:00:00 -04:00

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

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

Geopolitical Shocks and Portfolio Construction

Chief Investment Officer—Multi-Asset Erik Knutzen — Sun, 15 Oct 2023 0:00:00 -04:00

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Higher for Longer, Longer the Stronger

Wed, 11 Oct 2023 0:00:00 -04:00

Staying Airborne

Mon, 09 Oct 2023 0:00:00 -04:00

Tighten Your Seatbelts

Co-Chief Investment Officer and Global Head of Fixed Income Brad Tank — Sun, 08 Oct 2023 0:00:00 -04:00

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Mid-Life Opportunities

Thu, 05 Oct 2023 0:00:00 -04:00

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

Japan: Unlocking Hidden Value Through Engagement

Portfolio Manager Kei Okamura — Thu, 05 Oct 2023 0:00:00 -04:00

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Higher for Longer, Longer the Stronger

Chief Investment Officer—Multi-Asset Erik Knutzen, — Wed, 04 Oct 2023 0:00:00 -04:00

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

From Hype to Reality: The Impact of Generative AI

Senior Research Analyst Daniel Flax, Research Analyst Jamie Zakalik — Tue, 03 Oct 2023 0:00:00 -04:00

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

Artificial Intelligence Risk. 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.

Innovation Risk. 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.

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A Change of Season

Senior Investment Strategist Raheel Siddiqui — Tue, 03 Oct 2023 0:00:00 -04:00

Opportunity in the Private Equity Liquidity Squeeze

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

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A New Energy Investment Paradigm

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

Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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

Long the Strong

Mon, 25 Sep 2023 0:00:00 -04:00

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

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

How Asset Selection Drives Deals

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

Disclaimers:

2023 Global Corporate Credit ESG Engagement Report

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

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

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

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

Asset Allocation at Official Institutions: Three Critical Steps

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

ASSET CLASS ASSUMPTIONS & ESTIMATES

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

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

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

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

Index Definitions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bonds and Beyond in Today’s Fixed Income Markets

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

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

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

Political Gridlock but Fiscal Largesse

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

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