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CIO Weekly Perspectives
May 15, 2022
Are We There Yet?
Regardless of whether we get a hard or soft landing, we likely face a steep approach to the runway in trying to “land this plane.” The question is, how well consumers and companies absorb the slowdown, and whether sentiment is already bearish enough to create long-term value.
Insights
May 13, 2022
Japan: Land of the Rising Prices?
Japan looks set to emerge from 30 years of near-zero inflation in 2022—but are its companies able to absorb higher costs, or even re-learn the art of passing price hikes on to their customers?
Insights
May 11, 2022
Alternative Data: Workforce Recovery and the Great Resignation
More displaced workers seem ready to come back into the labor force, but employers may need to watch their highly compensated “stayers.”
CIO Weekly Perspectives
May 08, 2022
Inflation-Fighting Properties
Real estate has tended to get a prominent page in inflation playbooks—but do some parts of the market get a particularly strong tailwind from rising prices?
Disruptive Forces in Investing Podcast
May 03, 2022
How to Keep Energy Going and Going…
(21:20) Energy markets have been dealing with the implications of ongoing inflation, ESG and geopolitical factors that have changed the investment landscape globally, so what’s next for the sector?
White Paper
May 03, 2022
Integrating Climate Risk Into Strategic Asset Allocation
Is your strategic asset allocation process missing climate risks—and foregoing climate opportunities?
CIO Weekly Perspectives
May 01, 2022
Japan Is Back on the Risk Radar
Japan and the extreme moves in its currency are among the most important dynamics in capital markets right now—here’s why we think they should loom much larger in investors’ minds.
Insights
April 29, 2022
A Value Opportunity in Hybrids
Recent spread-widening appears to reflect concern about rising rates incentivizing extensions, and an economic slowdown incentivizing coupon deferrals—concerns we regard as significantly overstated and a source of attractive valuations.
CIO Weekly Perspectives
April 24, 2022
The Rising Costs of a Drawn-Out War
Financial markets may not ebb and flow with major developments on the battlefield anymore, but we believe they do still need to come to terms with the war’s lasting inflationary impact.
Strategy Insights
April 22, 2022
Electrification: Paving the Road to Emissions Reduction
As investors focused on long-term sustainability, we have long focused on emissions, energy efficiency as well as long-term opportunities and threats in business models as it relates to their sustainability and competitiveness over the long run.
Insights
April 22, 2022
EMD as a Hedge Against Inflation
Inflation concerns have caused investors to search for income with lower duration, and we believe Asia high yield delivers on this front.
Insights
April 21, 2022
Why Passive ESG Fails to Deliver
There’s no substitute for nuanced analysis and judgment in ESG investing.
Expert Update
April 20, 2022
U.S. COVID-19 Update: Moving Past the Omicron ‘Bump’ as the Endemic Phase Unfolds
We were struck by speed with which BA.2 arrived in the U.S. and rapidly spread through the country, gaining a foothold in the Northeast, which has been the virus modus operandi for some time now.
White Paper
April 19, 2022
Transitioning to Net-Zero in Credit Portfolios
From defining and setting interim targets from day one, to the critical role of bondholder engagement, we reflect on the process of putting together a major net-zero credit portfolio.
CIO Weekly Perspectives
April 17, 2022
Cautious, Not Bearish
Investors may want to position for persistent volatility as growth begins to slow, but we still believe earnings growth supports the case for equities.
Insights
April 13, 2022
Short Duration High Yield: Replacing Rates Risk With Credit Risk
Short-duration high yield could be an under-explored option for investors who need current income to meet short-term liabilities, but cannot afford the interest rate risk that would accompany a search for yield in longer-dated bonds.
Insights
April 13, 2022
Rethinking the Credit Liquidity Continuum
As private credit markets have expanded, matured and democratized, eligible investors can now, in a cost-effective and operationally efficient manner, combine liquid and less-liquid credit assets in one portfolio. This allows investors to increase yield profile and potentially reduce volatility and correlation.
Asset Allocation Committee Outlook
April 12, 2022
Regime Change
While we do not anticipate a recession over the next 12 months, the prospect of slowing growth and stubborn inflation has led us to downgrade our view on equities, and prepare for a new regime in which real assets could generally perform better than financial assets such as stocks and bonds.
Disruptive Forces in Investing Podcast
April 12, 2022
Understanding Short Duration for the Long Run
(21:01) The current High Yield market seems to display the characteristics that could make it an interesting investment opportunity, but does it answer an investor’s question of, will I get paid back?
Equity Market Outlook
April 11, 2022
Economic and Market Review: Key Considerations for Equity Investors
We believe the conflict in Ukraine may turn out to be less critical for equity markets than the upcoming turn we anticipate in the economic growth cycle.
CIO Weekly Perspectives
April 10, 2022
Has Fear of the Fed Peaked?
As investors continue to digest the likely path of this tightening cycle, we think the dramatic moves of recent weeks are set to ease, laying a good foundation for credit investors.
Fixed Income Investment Outlook
April 08, 2022
Investing Through Inflation and Growth Uncertainty
Recession seems unlikely this year—opening up opportunities in credit.
Insights
April 06, 2022
REITs as a Hedge Against Inflation
Real estate investment trusts across a number of sectors could show strength in 2022, driven by inflation and secular trends.
CIO Weekly Perspectives
April 03, 2022
Virtual Worlds, Real Opportunities
Could the metaverse be a revolution in every aspect of our lives, ridiculous hype that will lead nowhere, or the natural progression of a world we’ve been living in for decades?
Insights
April 01, 2022
Large Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.
Disruptive Forces in Investing Podcast
March 29, 2022
How to Break the Bias for Women in Finance
(29:35) Across industries, we are still seeing a prominent gender gap in the corporate world. How can women become more visible in this case? And what role could men play in a more gender-equitable future?
CIO Weekly Perspectives
March 27, 2022
From Buying the Dips to Fading the Rallies
Equity markets are higher than they were on the eve of the invasion of Ukraine, but here’s why we think there is more volatility, and potentially more downside to come.
White Paper
March 22, 2022
How to Get the Most From Private Placement Debt
Private Placements can offer fixed income investments with enhanced diversification, risk-adjusted yield and downside mitigation, and as demand grows, we believe investors could benefit from an independent route into the market that is better aligned with their needs.
CIO Weekly Perspectives
March 20, 2022
War, Inflation, and Markets
Investors appear to be refocusing on pre-war concerns about economic fundamentals—but finding that this horrific conflict has exacerbated them.
Insights
March 15, 2022
Fixed Income Amid Inflation
What does the current inflationary environment mean for multi-sector fixed income portfolios?
Video
March 14, 2022
Introduction to the Neuberger Berman Commodities Fund
(6:40) In this short video, Hakan Kaya introduces the Neuberger Berman Commodities Fund and gives an overview of the role commodities could play within portfolios.
CIO Weekly Perspectives
March 13, 2022
Value Can Potentially Outperform Even if Growth Slows
We believe value is likely to outperform growth over the coming years—and threats to economic growth from inflation, rate hikes and geopolitical risks do not change our view.
Systematically Speaking
March 10, 2022
Back to Basics: Commodities and Radical Uncertainty
Why we think raw materials can help hedge against the known knowns, the known unknowns, the unknown knowns, and the unknown unknowns.
Insights
March 10, 2022
Senior Floating Rate Loans: A Low-Cost Hedge Against Inflation
Where to find yield without duration when inflation is elevated.
Disruptive Forces in Investing Podcast
March 08, 2022
Commodities: An Inflation Hedge for All Seasons?
(24:55) The inflation we’re seeing today is unlike what we have seen in 40 years. Thus commodities have become top of mind as a traditional inflation hedge. But what other factors come into play in asset allocation?
CIO Weekly Perspectives
March 06, 2022
Uninvestable Russia
We survey the impact on worldwide fixed income markets of the devastation in Ukraine and the sanctions against Russia, and send our thoughts to those in the heart of the conflict.
White Paper
February 28, 2022
Integrated Liquidity Management for Private Markets Programs
As allocations to private markets grow, so do the cashflow, liquidity and “j-curve” challenges of capital calls and distributions. How might investors set aside assets to fund commitments without disrupting other parts of their portfolios, and without sacrificing too much return potential?
CIO Weekly Perspectives
February 27, 2022
Conflict and Commodities
Russia’s invasion of Ukraine adds an unwelcome geopolitical layer to the inflation challenge, and yet another reason to reintroduce commodities to the asset allocation mix.
Insights
February 25, 2022
Commodities and Diversification in 2022: The Best Defense is a Good Offense
Commodities have acted as a call option on “inflationary busts”.
Video
February 22, 2022
Multi Sector Fixed Income Team Outlook
(7:13) Jaina Varsani and Ashok Bhatia discuss the fixed income outlook for 2022 and update on the positioning of our multi-sector fixed income funds.
CIO Weekly Perspectives
February 20, 2022
The Supply-Led Inflation Challenge
The Fed could end up playing checkers while the economy is playing chess—with potentially worldwide consequences.
White Paper
February 15, 2022
Emerging Sovereigns and Sustainability
Global sustainability cannot be achieved without sustainability in the world’s poorer countries—so how can we address the challenges of sustainable investing in emerging markets sovereigns?
Disruptive Forces in Investing Podcast
February 15, 2022
The Weakest Links in the Global Supply Chain: Part III
(17:30) In this final chapter of the supply chain series, we identify some of the key risks and opportunities across the technology sector as the global semiconductor shortages further impact the greater supply chain crisis.
CIO Weekly Perspectives
February 13, 2022
How Deep Is EUR Love?
Thursday’s 7.5% U.S. inflation print reintroduced some volatility, but we still think the euro is building a base for a long-term relationship with its admirers.
CIO Weekly Perspectives
February 06, 2022
Are Markets Signaling a Slowdown?
We see no sign of impending recession in calm credit markets, and in our view the flattening Treasury curve likely has more to do with the market’s failure to recognize growing structural inflationary forces.
Disruptive Forces in Investing Podcast
February 01, 2022
The Weakest Links in the Global Supply Chain: Part II
(19:53) As we continue our conversations around the current global supply chain crisis, we evaluate what companies with production overseas are doing about meeting consumer demands and more.
CIO Weekly Perspectives
January 30, 2022
China Is Still an Asian Tiger
We think the Lunar New Year could see a growth comeback for China.
Systematically Speaking
January 28, 2022
Bitcoin, A Cornerstone Digital Asset: Part 4
Could Bitcoin options be the “picks and shovels” of the cryptocurrency Gold Rush, a way to convert Bitcoin from a “get rich” to a “stay rich” asset?
Investment Quarterly
January 27, 2022
Reading an Evolving Market
Insights on investing, wealth planning, NFTs and more.
CIO Weekly Perspectives
January 23, 2022
Solving for a Year of Inflections
The Solving for 2022 delegates voted on what they think will be this year’s best-performing investment category—and here’s why we think they are right.
Equity Market Outlook
January 19, 2022
Economic and Market Review: Key Considerations for Equity Investors
We believe positive fundamentals are likely to outweigh pandemic, valuation and slowdown concerns in the first half of 2022.
Disruptive Forces in Investing Podcast
January 18, 2022
The Weakest Links in the Global Supply Chain: Part I
(15:38) With store shelves looking emptier and shipments getting delayed, we explore what is happening in the global supply chain and what companies are doing about it.
CIO Weekly Perspectives
January 16, 2022
2022: A Year of Major Inflection Points
These five big transitions are likely to make 2022 a choppy and challenging year for equity investors—and the end of the coronavirus pandemic doesn’t even make the cut.
Asset Allocation Committee Outlook
January 12, 2022
Hike Rates and Carry On
A positive economic outlook makes the case for holding risky assets through 2022, in our view, but higher rates are likely to mean higher volatility: we therefore favor a focus on income or “carry” from risky assets, alongside strategies with the potential to withstand price volatility.
Fixed Income Investment Outlook
January 12, 2022
Persistent Inflation, Policy-Driven Volatility
The evolution of inflation and central bank policy will likely drive higher market volatility in 2022.
CIO Weekly Perspectives
January 09, 2022
New Year, New Monetary Policy
As markets adjust for an environment of tighter monetary conditions, we preview the key themes of our forthcoming Fixed Income Investment Outlook.
CIO Weekly Perspectives
January 02, 2022
Outlook 2022
The heads of our investment platforms welcome the New Year with their views for 2022.
Disruptive Forces in Investing Podcast
December 28, 2021
Emission Impossible? Navigating Climate Action and Regulation
(20:41) At COP26, the 2021 United Nations Climate Change Conference, many promises were made. Now investors are closely watching governments and companies to see how they take concrete action.
Insights
December 23, 2021
The Most Important Rate in the Whole Wide World
Markets may be missing the importance of record-low real rates, and the potential impact if they start to rise.
Insights
December 22, 2021
Engagement Spotlight: Seeking Improved Disclosure in Japan
This week, Neuberger Berman has announced that the firm is seeking improved disclosure from Daibiru Corporation regarding its decision to support its parent company and controlling shareholder, Mitsui O.S.K. Lines’ tender offer.
Systematically Speaking
December 21, 2021
Bitcoin, A Cornerstone Digital Asset: Part 3
Our Option Group believes that Bitcoin is the most likely of all the cryptocurrencies to emerge as a durable new asset—and the difficulty of pinning down exactly what kind of asset it is could be a big reason why.
Strategy Insights
December 20, 2021
The Opportunity in Wind
As the fossil fuel industry, coal in particular, may suffer job losses, it is important to ensure that a low carbon energy transition can work for everyone.
CIO Weekly Perspectives
December 19, 2021
The Fight Against Inflation Has Begun
We think that inflation, central bank policy and real rates will define the battlefield for markets in 2022—but will the most volatile skirmishes come sooner or later in the year?
Disruptive Forces in Investing Podcast
December 14, 2021
The Future State of Real Estate Investing
(17:33) Real estate, both in the public and private markets, can act as a diversifier during times of uncertainty. But what are the other factors to consider within this asset class?
CIO Weekly Perspectives
December 12, 2021
Omicron vs. the Fed
The volatility of the past two weeks may have had less to do with the virus and more to do with underlying cyclical uncertainties about growth, inflation and Fed policy.
Video
December 10, 2021
Solving for 2022: Erik Knutzen on Macro
(4:12) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.
Video
December 10, 2021
Solving for 2022: Brad Tank on Fixed Income
(7:30) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.
Video
December 10, 2021
Ten for 2022: Anthony Tutrone on Alternatives
(3:26) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.
Video
December 10, 2021
Ten for 2022: Suzanne Peck on Private Wealth
(5:32) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.
Video
December 08, 2021
Solving for 2022: Joseph Amato on Equities
(6:24) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.
White Paper
December 08, 2021
Japan’s Coming Wave of Reform
Regulatory changes in Japan could accelerate change on governance, capital efficiency and sustainability.
CIO Weekly Perspectives
December 05, 2021
Real Rates Are the Key to This Cycle
Most of the consensus trades for 2021 failed in the second half of the year, and we think understanding why could be critical to unlocking the rest of this unique cycle.
Systematically Speaking
November 30, 2021
Bitcoin, A Cornerstone Digital Asset: Part 2
Beyond price volatility, the threat of regulation is probably the next biggest source of risk for Bitcoin and other digital assets—with financial-system risk and high energy demands topping the agenda.
Disruptive Forces in Investing Podcast
November 30, 2021
It’s Quitting Time: Exploring Labor Market Dynamics
(18:18) Known as “The Great Resignation” or “The Big Quit”, this phenomenon has been turning heads—but how long might this trend last? And what effects might we see going forward?
CIO Weekly Perspectives
November 28, 2021
Tremors in Credit and Currency Markets
November’s modest uptick in volatility, driven by a recalibration of the market’s macroeconomic expectations, could be a sign of things to come.
Video
November 24, 2021
Understanding China Market Dynamics
(15:00) We believe having on the ground insight is key to understanding China market dynamics.
Insights
November 23, 2021
Global Corporate Credit ESG Engagement Report
Environmental, social and governance (ESG) factors continue to impact the global credit markets. This year, our Credit Research and ESG Investing teams explored engagement issues labor relations, health and safety, climate change and long-term business strategy.
CIO Weekly Perspectives
November 21, 2021
Simple Equity Themes for Complex Times
Here’s why we think value and income can offer equity investors both a buffer against uncertainty and an attractive opportunity in an ongoing reflationary expansion.
Insights
November 19, 2021
COP-Out or COP Half Full?
While there was no “Eureka!” moment, COP26 delivered some important symbolic gestures and substantial progress.
Disruptive Forces in Investing Podcast
November 17, 2021
Taking a Second Look at Real Estate Secondaries
(13:48) With inflation and interest rate risks on the rise, what might make investors want to take a second look at real estate secondaries?
CIO Weekly Perspectives
November 14, 2021
Inflation Could Unbalance Policy and Portfolios
As inflation pressures build and investors question central bank policies, we think it’s increasingly important to diversify against market volatility and rising prices.
Insights
November 11, 2021
Solving for 2022: Entering a New Age
Our senior investment leaders look to the coming year in the global economy and markets.
White Paper
November 08, 2021
Taking the “Byte” Out of Bitcoin
In this paper, we share our proposal on how to gain Bitcoin exposure in what we view as a more risk-efficient, hedged format that seeks to benefit from one of its most notable qualities—its volatility.
CIO Weekly Perspectives
November 07, 2021
Central Banks Emerge From Hibernation
Rates volatility reflects a change in the inflation narrative, and could accelerate central bank policy adjustments.
Insights
November 03, 2021
Public/Private Investing: Broadening Opportunity Within Equities
We believe private equity can serve as a core holding alongside traditional stocks to help improve investment outcomes.
Disruptive Forces in Investing Podcast
November 02, 2021
The Blurred Lines of Public and Private Equity
(21:52) Companies today have a variety of pathways to go public, but we also have seen them want to stay private for longer. So where might the opportunity set be within this gray area of investing?
CIO Weekly Perspectives
October 31, 2021
COP26: The Heat Is On
Why COP26 is arguably the most critical global summit in a generation—for investors, as well as for the climate.
Systematically Speaking
October 27, 2021
Bitcoin, A Cornerstone Digital Asset: Part 1
Several competitors have emerged to challenge Bitcoin and its blockchain over the past decade, but here’s why our options team believes the original digital asset is the only genuine digital asset.
Municipal Basis Points
October 26, 2021
Bring On the Transition
A period of changing policy could bring new opportunities to add to yields in the municipal market.
Insights
October 25, 2021
Laying the Foundations: Understanding Current Real Estate Dynamics
From de-urbanization to e-commerce, three heads of our real estate teams debate key sector trends.
CIO Weekly Perspectives
October 24, 2021
Sustainability in Emerging Markets Debt
Ignoring sustainability in emerging markets debt is, for want of a better term, no longer sustainable.
Disruptive Forces in Investing Podcast
October 20, 2021
ESG: From Evolution to Revolution
(15:30) With regulatory frameworks changing for ESG investing, what might investors want to keep in mind as they develop sustainable portfolios?
Video
October 18, 2021
Identifying Japan’s Hidden Gems
(2:26) In this video, Joe Amato, Chief Investment Officer—Equities, and the Japan Equity team introduce what makes the Japanese market attractive, and how long-term active engagement is the key to enhancing long-term value.
CIO Weekly Perspectives
October 17, 2021
The Worst Seems to Be Over…Now It Gets Complicated
Investors have shifted focus from the immediate COVID-19 threat to the prospect of a cyclical slowdown and secular stagflation.
Insights
October 14, 2021
El Salvador and Bitcoin
Establishing the cryptocurrency as legal tender is a risky move, but also carries some potential benefits.
Insights
October 14, 2021
Public/Private Investing: Fixed Income at a Crossroads
Drawing on multiple fixed income asset classes can help investors navigate varied market environments.
Insights
October 13, 2021
NB Votes in the 2021 Proxy Season
During an important time, we made our voice heard.
Asset Allocation Committee Outlook
October 11, 2021
Clearing the Hurdles
On a 12-month horizon, this looks to us like an attractive environment for risky assets, but the inflection point in the current cycle is proving particularly volatile: adopting a more defensive view in the short term could help investors clear the immediate hurdles.
CIO Weekly Perspectives
October 10, 2021
Caution Today, Opportunity Tomorrow
We think a more cautious stance represents a prudent approach to an already volatile inflection point between early-cycle recovery and mid-cycle expansion.