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Private Equity and Rates, Part II: Do Rates Really Matter for Private Equity?

Head of Private Markets Research Ralph Eissler, Research Associate Yiran Wang — Thu, 23 Jan 2025 0:00:00 -05:00

Index Definitions

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

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

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

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

Corporate Hybrids Take the World Stage—Revisited

Portfolio Manager Linus Claesson, Senior Research Analyst, CFA Robin Usson — Tue, 21 Jan 2025 0:00:00 -05:00

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

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.

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.

Brightening Capex: A Value Tailwind?

Senior Investment Strategist Raheel Siddiqui — Tue, 21 Jan 2025 0:00:00 -05:00

Sources: 1) Neuberger Berman research and FactSet, data as of November 30, 2024; 2) Ibid; 3) Goldman Sachs, Neuberger Berman research, FactSet, and Bloomberg, data as of November 11, 2024.

A Delicate Balance

Co-CIO, Multi-Asset Strategies Erik Knutzen — Mon, 20 Jan 2025 0:00:00 -05:00

Private Equity and Rates, Part I: The Theoretical Framework

Head of Private Markets Research Ralph Eissler, Research Associate Yiran Wang — Mon, 20 Jan 2025 0:00:00 -05:00

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

A Choppy Start to a Year of Uncertainties

Mon, 20 Jan 2025 0:00:00 -05:00

Illustration has been generated by AI.

Economic and market data is sourced from FactSet unless stated otherwise.

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.

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

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

Navigating the Tides of Political Transition

Senior Portfolio Manager Tokufumi Kato — Fri, 17 Jan 2025 0:00:00 -05:00

Navigating New Fiscal Forces

Wed, 15 Jan 2025 0:00:00 -05:00

Growth, Inflation and Equity Markets

President and Chief Investment Officer—Equities Joseph Amato — Mon, 13 Jan 2025 0:00:00 -05:00

Illustration has been generated by AI.

Economic and market data is sourced from FactSet unless stated otherwise.

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

In the Balance

Mon, 13 Jan 2025 0:00:00 -05:00

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

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

Navigating Private Credit’s Next Act

Thu, 09 Jan 2025 0:00:00 -05:00

This material is provided for educational purposes only.

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

Past performance is not indicative of future results.

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.

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

The Potential Power Of AI Agents

Head of Thematic – Asia YT Boon — Wed, 08 Jan 2025 0:00:00 -05:00

¹Forbes, The Amazing Ways Walmart Is Using Generative AI, February 15, 2024

²Research And Markets, AI Agents Market, November 2024

Equity Market Outlook 1Q 2025

Wed, 08 Jan 2025 0:00:00 -05:00

Comparing Evergreen and Traditional Fund Returns

Head of Private Markets Research Ralph Eissler — Wed, 08 Jan 2025 0:00:00 -05:00

DISCLAIMER

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.

Small Caps, Big Opportunities

Portfolio Manager Gregory Spiegel — Tue, 07 Jan 2025 0:00:00 -05:00

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

Navigating 2025: The Intersection of Sustainability and Pragmatism

Mon, 06 Jan 2025 0:00:00 -05:00

¹Source: ABC News, November 18, 2024, https://abcnews.go.com/538/democrats-incumbent-parties-lost-elections-world/story?id=115972068.

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

The Year Ahead for Bond Markets

Chief Investment Officer—Fixed Income Ashok Bhatia — Mon, 06 Jan 2025 0:00:00 -05:00

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

Solving for 2025

Tue, 17 Dec 2024 0:00:00 -05:00

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

Positive on Equities, Cautious on the S&P 500

Sun, 15 Dec 2024 0:00:00 -05:00

Illustration has been generated by AI.

Economic and market data is sourced from FactSet unless stated otherwise.

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.

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

Navigating the Health Care Industry in Trump’s Second Term

Wed, 11 Dec 2024 0:00:00 -05:00

NB Alternatives Advisers LLC (“NBAA”) provides support services to certain Athyrium funds pursuant to a master services agreement between NBAA and Athyrium Capital Management LP (“Athyrium”). As partial consideration for its services, Athyrium has agreed to pay NBAA or its affiliates a portion of the carried interest distributions made by certain Athyrium funds to the applicable Athyrium general partners. Neuberger Berman Group is a minority owner of Athyrium.

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

Emerging Markets Debt Under Trump 2.0

Mon, 09 Dec 2024 0:00:00 -05:00

Index Definitions

The JPMorgan Emerging Markets Bond Global Diversified (EMBIGD) Index includes USD-denominated Brady bonds, Eurobonds and traded loans issued by sovereign and quasi-sovereign entities, with a 10% cap for each issuing country.

The JPMorgan Emerging Government Bond Index—Emerging Markets Global Diversified (GBI-EMGD) tracks the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer, excluding countries with explicit capital controls and with a 10% cap for each issuing country.

The JPMorgan Corporate Emerging Markets Bond Broad Diversified Index (CEMBID) tracks liquid, USD-denominated emerging market fixed and floating-rate debt instruments issued by corporates.

The JPMorgan Emerging Markets Bond Global Diversified High Yield Ex-Default Sub-Index is a sub-index of the JPM EMBI GD Index that excludes the bonds of investment grade issuers and those that have defaulted.

The Bloomberg U.S. High Yield Bond Index measures the USD-denominated, high yield, fixed-rate bond market, rated BB or B by S&P or the equivalent rating by Fitch or Moody’s.

Economic and market data is sourced from Bloomberg unless stated otherwise.

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

Fiscal to the Fore

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 08 Dec 2024 0:00:00 -05:00

Illustration has been generated by AI.

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 Funds CFO Roundtable: The Strategic CFO

Chief Financial Officer - NB Alternatives Barry Giarraputo — Fri, 06 Dec 2024 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) 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.

Buyouts Secondaries Roundtable: This is Not a Market Moment

Managing Director Boriana Karastoyanova — Tue, 03 Dec 2024 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) 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.

Trump 2.0 and the Semiconductor Supply Chain

Head of Thematic – Asia YT Boon — Tue, 03 Dec 2024 0:00:00 -05:00

¹ TSMC annual award newsletters.

² Cal-Comp Electronics conference calls and meetings.

The Opportunities Across Private Equity’s Current Liquidity Landscape

Mon, 02 Dec 2024 0:00:00 -05:00

¹NBAA Analysis as of August 2024.

²Lincoln International and NBAA analysis. These estimates are based on market observations and no party provides any guarantee or assurance that these projections are accurate.

³NBAA Analysis as of August 2024. Represents Pure PE primary investments, excluding venture as of Q2 2024.

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.

COP29: Show Me the Money!

Head of Europe ESG Investing Sarah Peasey — Sun, 01 Dec 2024 0:00:00 -05:00

Illustration has been generated by AI.

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

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.

Neuberger Berman Private Markets: Q3 2024 Preliminary Valuation Summary & Analysis

Doug Manor — Mon, 25 Nov 2024 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) 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.

The Dollar and the Euro: On a Path to Parity?

Sun, 24 Nov 2024 0:00:00 -05:00

Illustration has been generated by AI.

Market data are sourced from FactSet, unless stated otherwise.

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

Small Caps: What You Don't Know But Should

Senior Investment Strategist Raheel Siddiqui — Wed, 20 Nov 2024 0:00:00 -05:00

¹ Neuberger Berman Research and FactSet, data as of Sept. 30, 2024

² Neuberger Berman Research and FactSet, data as of Oct. 15, 2024

³ Empirical Research Partners, data as of June 30, 2024

⁴ Neuberger Berman Research and FactSet, data as of Sept. 30, 2024

⁵ BofA Equity Strategy, data as of May 30, 2024

⁶ Neuberger Berman Research and FactSet, data as of Oct. 31, 2024.

Back to Business

President and Chief Investment Officer—Equities Joseph Amato — Mon, 18 Nov 2024 0:00:00 -05:00

Illustration has been generated by AI.

Economic and market data is sourced from FactSet unless stated otherwise.

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

Disruptive Forces Election Special: Trump's Cabinet

Co-Chief Investment Officer and Global Head of Fixed Income Brad Tank — Thu, 14 Nov 2024 0:00:00 -05:00

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

Key Implications of Trump 2.0 for Private Equity

Thu, 14 Nov 2024 0:00:00 -05:00

¹Source: OECD, past year real GDP growth by the end of Q2 2024.

This communication 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.

RISK CONSIDERATIONS RELATING TO PRIVATE EQUITY FUNDS

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

You should consider the risks inherent with investing in private equity funds:

Market Conditions: Private equity strategies are based, in part, upon the premise that investments will be available for purchase by at prices considered favorable. To the extent that current market conditions change or change more quickly anticipated investment opportunities may cease to be available. There can be no assurance or guarantee that investment objectives will be achieved, that the past, targeted or estimated results be achieved or that investors will receive any return on their investments. Performance may be volatile. An investment should only be considered by persons who can afford a loss of their entire investment.

Legal, Tax and Regulatory Risks: Legal, tax and regulatory changes (including changing enforcement priorities, changing interpretations of legal and regulatory precedents or varying applications of laws and regulations to particular facts and circumstances) could occur that may adversely affect a private equity strategy.

Default or Excuse: If an Investor defaults on or is excused from its obligation to contribute capital to a private equity fund, other Investors may be required to make additional contributions to replace such shortfall. In addition, an Investor may experience significant economic consequences should it fail to make required capital contributions.

Leverage: Investments in underlying portfolio companies whose capital structures may have significant leverage. These companies may be subject to restrictive financial and operating covenants. The leverage may impair these companies’ ability to finance their future operations and capital needs. The leveraged capital structure of such investments will increase the exposure of the portfolio companies to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the portfolio company or its industry.

Highly Competitive Market for Investment Opportunities: The activity of identifying, completing and realizing attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance or guarantee that a private equity strategy will be able to locate, consummate and exit investments that satisfy rate of return objectives or realize upon their values or that it will be able to invest fully its committed capital.

Reliance on Key Management Personnel. The success of a private equity strategy may depend, in large part, upon the skill and expertise of investment professionals that manage the strategy.

Limited Liquidity: There is no organized secondary market for investors in most private equity funds, and none is expected to develop. There are typically also restrictions on withdrawal and transfer of interests.

Epidemics, Pandemics, Outbreaks of Disease and Public Health Issues: Private equity funds’ operations and investments could be adversely affected by outbreaks of disease, epidemics and public health issues in Asia, Europe, North America, the Middle East and/or globally, such as COVID-19 (and other novel coronaviruses), Ebola, H1N1 flu, H7N9 flu, H5N1 flu, Severe Acute Respiratory Syndrome, or SARS, or other epidemics, pandemics, outbreaks of disease or public health issues. Coronavirus, or COVID-19, has spread and is currently spreading rapidly around the world since its initial emergence in December 2019 and has negatively affected (and will likely continue to negatively affect or materially impact) the global economy, global equity markets and supply chains (including as a result of quarantines and other government-directed or mandated measures or actions to stop the spread of outbreaks). Although the long-term effects of coronavirus, or COVID-19 (and the actions and measures taken by governments around the world to halt the spread of such virus), cannot currently be predicted, previous occurrences of other epidemics, pandemics and outbreaks of disease, such as H5N1, H1N1 and the Spanish flu, had material adverse effects on the economies, equity markets and operations of those countries and jurisdictions in which they were most prevalent. A recurrence of an outbreak of any kind of epidemic, communicable disease, virus or major public health issue could cause a slowdown in the levels of economic activity generally (or push the world or local economies into recession), which would be reasonably likely to adversely affect the business, financial condition and operations of private equity funds. Should these or other major public health issues, including pandemics, arise or spread farther (or continue to worsen), private equity funds could be adversely affected by more stringent travel restrictions (such as mandatory quarantines and social distancing), additional limitations on fund operations and business activities and governmental actions limiting the movement of people and goods between regions and other activities or operations.

Valuation Risk: Due to the illiquid nature of many fund investments, any approximation of their value will be based on a good-faith determination as to the fair value of those investments. There can be no assurance that these values will equal or approximate the price at which such investments may be sold or otherwise liquidated or disposed of.

This presentation is for illustrative and discussion purposes only and does not constitute an offer or solicitation with respect to the purchase or sale of any security.

IN ADDITION TO THESE RISK CONSIDERATIONS, THERE ARE SPECIFIC RISKS THAT MAY APPLY TO A PARTICULAR PRIVATE EQUITY FUND. ANY INVESTMENT DECISION WITH RESPECT TO AN INVESTMENT IN A PRIVATE EQUITY FUND SHOULD BE MADE BASED UPON THE INFORMATION CONTAINED IN THE CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM OF THAT FUND.

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

COP29: Temperature Overshoot, Policy Undershoot

Head of Europe ESG Investing Sarah Peasey — Mon, 11 Nov 2024 0:00:00 -05:00

¹ H.E. Mukhtar Babayev, COP29 President-Designate and Minister of Ecology and Natural Resources, Republic of Azerbaijan, “COP29 Presidency Action Agenda Letter,” at https://cop29.az/en/pages/cop29-presidency-action-agenda-letter.

² UNEP, Emissions Gap Report 2024, at https://www.unep.org/resources/emissions-gap-report-2024.

³ IRENA, Delivering on the UAE Consensus: Tracking Progress Toward Tripling Renewable Energy Capacity and Doubling Energy Efficiency by 2030, at https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2024/Oct/IRENA_UAE_Consensus_2030_tripling_renewables_doubling_efficiency_2024.pdf.

⁴ BloombergNEF, Energy Transition Investment Trends 2024: Tracking global investment in the low-carbon transition (January 2024), at https://assets.bbhub.io/professional/sites/24/Energy-Transition-Investment-Trends-2024.pdf.

⁵ Ibid.

⁶ U.S. Department of Energy, 2024 U.S. Energy & Employment Jobs Report (USEER), at https://www.energy.gov/policy/us-energy-employment-jobs-report-useer.

⁷ IEA, Renewables 2023 (January 2024), at https://www.iea.org/reports/renewables-2023.

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Small Caps: To Index or Not to Index

Senior Investment Strategist Raheel Siddiqui, Macro Analyst Amr Hanafy — Mon, 11 Nov 2024 0:00:00 -05:00

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

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Post-Election Vibes, New Year Realities

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

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Value & Alpha in Private Equity

Thu, 07 Nov 2024 0:00:00 -05:00

Assessing Trump 2.0

Chief Investment Officer—Fixed Income Ashok Bhatia — Thu, 07 Nov 2024 0:00:00 -05:00

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

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Private Real Estate: From Uncertainty to Opportunity

Justin Hakimian — Wed, 06 Nov 2024 0:00:00 -05:00

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Small Caps Are Poised to Shine—Here’s Why

Senior Investment Strategist Raheel Siddiqui — Tue, 05 Nov 2024 0:00:00 -05:00

¹Neuberger Berman Research, data as of September 30, 2024.

²Neuberger Berman Research and FactSet, data as of June 30, 2024.

³Neuberger Berman Research, data as of September 30, 2024.

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

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An Investor's Election Survival Guide

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

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

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Subdued Tone at the IMF

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

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Networking the AI Data Center Autobahn

Head of Thematic – Asia YT Boon — Mon, 04 Nov 2024 0:00:00 -05:00

¹Broadcom, Enabling AI Infrastructure, 2024.

²Marvell, Scaling Ai Means Scaling Interconnects, May 23, 2024.

³Marvell, Accelerated Infrastructure for the AI Era, 2024.

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

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Real Assets: A Balancing Act

Associate Portfolio Manager Seth Tolev — Wed, 30 Oct 2024 0:00:00 -04:00

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Small Caps: The Next Cycle Is Upon Us

Senior Investment Strategist Raheel Siddiqui, Macro Analyst Amr Hanafy — Wed, 30 Oct 2024 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. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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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Beware of Buying the Dip in Bonds

Sun, 27 Oct 2024 0:00:00 -04:00

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Equity Market-Neutral Investing: More Than One Type of Catalyst

Managing Director Adam Stanislavsky — Tue, 22 Oct 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.

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The U.S. Election, the Economy and the Markets

President and Chief Investment Officer—Equities Joseph Amato — Sun, 20 Oct 2024 0:00:00 -04:00

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Rates Relief or Slowdown Uncertainty?

Thu, 17 Oct 2024 0:00:00 -04:00

Japan's New Prime Minister Should Provide Continuity

Portfolio Manager Kei Okamura — Tue, 15 Oct 2024 0:00:00 -04:00

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What Is the Opposite of Confirmation Bias?

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Sun, 13 Oct 2024 0:00:00 -04:00

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Treading Carefully Downhill

Fri, 11 Oct 2024 0:00:00 -04:00

The 2024 Election: Navigating Potential Financial Sector Shifts

Thu, 10 Oct 2024 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. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

Index Definitions

The S&P 500 Index consists of 500 US 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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Private Debt: The Appeal, The Fears & The Facts

Parrish Smith — Wed, 09 Oct 2024 0:00:00 -04:00

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Amplified Volatility Leads to Muted Bets

Mon, 07 Oct 2024 0:00:00 -04:00

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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.

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Equity Market Outlook 4Q 2024

Fri, 04 Oct 2024 0:00:00 -04:00

Rates Relief or Slowdown Uncertainty?

Thu, 03 Oct 2024 0:00:00 -04:00

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CLOs Go Mainstream

Tue, 01 Oct 2024 0:00:00 -04:00

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Rates and REITs

Associate Portfolio Manager Archena Alagappan — Wed, 25 Sep 2024 0:00:00 -04:00

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Comparing Evergreen and Traditional Fund Returns

Head of Private Markets Research Ralph Eissler — Tue, 24 Sep 2024 0:00:00 -04:00

DISCLAIMER

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

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The Fed “Recalibrates” to Buy Some Insurance

President and Chief Investment Officer—Equities Joseph Amato — Sun, 22 Sep 2024 0:00:00 -04:00

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Returning to REITs

Thu, 19 Sep 2024 0:00:00 -04:00

¹ According to Cushman & Wakefield’s Market Beat U.S. Office Reports for Q2 2023 and Q2 2024, nationwide leasing activity for the first half of 2024 is up 10.7% from the same period last year.

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

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

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Technology Runs Through Asia

Tue, 17 Sep 2024 0:00:00 -04:00

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The Fifth Stage of Pocketbook Grief

Chief Investment Officer—Private Wealth Shannon Saccocia, CFA — Mon, 16 Sep 2024 0:00:00 -04:00

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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

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.

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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.

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Balance Is Critical for the Obstacles Ahead

Co-CIO, Multi-Asset Strategies Erik Knutzen — Sun, 08 Sep 2024 0:00:00 -04:00

Market data are sourced from FactSet.

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.

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Buyouts Keynote Interview: Private equity for all

Head of Investment Solutions 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.

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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.

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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

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.

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

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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

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

Innovation, Conflict and a Mysterious Disappearance

Co-CIO, Multi-Asset Strategies Erik Knutzen — Sun, 04 Aug 2024 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.

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

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?

Co-CIO, Multi-Asset Strategies Erik Knutzen — Sun, 21 Jul 2024 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.

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

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.

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

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

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.

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.

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

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

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

Policy and Politics

Co-CIO, Multi-Asset Strategies Erik Knutzen — Tue, 02 Jul 2024 0:00:00 -04:00

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

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

ESG Momentum in Non-Investment Grade Credit

Fri, 28 Jun 2024 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. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

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

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

Co-CIO, Multi-Asset Strategies Erik Knutzen — Sun, 23 Jun 2024 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.

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

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

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

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.

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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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

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.

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

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.

Re-Rating Financials

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

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

The Wonders of Japan’s Economy

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

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

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.

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

The Structural Trends, Whoever Wins

Co-CIO, Multi-Asset Strategies Erik Knutzen — Sun, 19 May 2024 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.

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

The Equity Breakdown: Parsing the Key Debate in Five Sectors

Fri, 17 May 2024 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. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

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

Why Almanac Prefers Real Estate Platforms

Justin Hakimian, Chairman, Group Head Matthew Kaplan — Thu, 16 May 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) 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.

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

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.

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.

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.

Making Dollars and Sense: The Critical Role of Financial Literacy

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

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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

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

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?

Tue, 23 Apr 2024 0:00:00 -04:00

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Hot Commodities

Co-CIO, Multi-Asset Strategies Erik Knutzen, Senior Portfolio Manager Hakan Kaya — 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

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A Winding, Downward Path

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

Breadth and Balance

Co-CIO, Multi-Asset Strategies 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

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.

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

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

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

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

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

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

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.

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

A Major Change in the Markets

Co-CIO, Multi-Asset Strategies 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.

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.

Neuberger Berman Private Markets Q4 2023 Preliminary Valuation Summary and Analysis

Doug Manor — Wed, 20 Mar 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) 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.

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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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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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

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

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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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.

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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Real Estate Secondaries: A Discount to What?

Head of Real Estate Secondaries Scott Koenig — 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. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types.

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Added Value in ABS

Mon, 12 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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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.

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

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.

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The News and Our Views

Co-CIO, Multi-Asset Strategies Erik Knutzen — Sun, 04 Feb 2024 0:00:00 -05:00

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Access for All

Head of Investment Solutions 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.

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

Investing entails risks, including possible loss of principal. 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.

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.

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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