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White Paper
November 2022
Hardening Borders: Opportunities in Security, Health and Trade
Seeking the potential beneficiaries of a new age of deglobalization and insecurity.
CIO Weekly Perspectives
November 2022
The Asset Allocation Facts Have Changed
Why we think this year’s dramatic rise in bond yields, together with recent signs that inflation may have peaked, demands a radical re-think of asset allocation.
CIO Weekly Perspectives
November 2022
Shooting Down the Hawks
As the U.S. Federal Reserve’s messaging gets blurrier, markets are focusing on the data.
Insights
November 2022
Solving for 2023: Back to the "Old Normal"
Our senior investment leaders discuss their market and investment themes for the coming year.
CIO Weekly Perspectives
November 2022
Divergences and Pivots
The exuberant response to last Thursday’s inflation data suggests markets are primed for the “pivot”—but could they be extrapolating too far?
Disruptive Forces in Investing Podcast
November 2022
Could Liquid Alternatives Provide Answers?
(15:21) As liquidity remains a key area of focus for investors, particularly amid a volatile backdrop, what opportunities can be explored across more alternative investment categories?
CIO Weekly Perspectives
November 2022
COP27: A Chance to Reset
Broken promises, fraught debates and a dire economic and geopolitical backdrop are precisely why we believe COP27 is so important.
White Paper
November 2022
Key Considerations When Navigating the Net-Zero Transition
What investors should keep in mind when decarbonizing their portfolios
CIO Weekly Perspectives
October 2022
Is This ‘Nightmare on Wall Street’ Coming to an End?
Do corporate earnings disappointments signal a weaker economy and easing inflation pressures, which could end this scary market—or are there more twists to come?
Disruptive Forces in Investing Podcast
October 2022
Building on Infrastructure Investing
(12:04) As governments seem to be finally getting serious about infrastructure spending, we explore some considerations of investing in this space.
CIO Weekly Perspectives
October 2022
An Eventful Time for Event-Driven Investing
In a tough market environment, we believe company management teams and boards have to be more creative, daring and decisive; seeking event-driven opportunities is all about finding those taking the most impactful action.
Insights
October 2022
Thinking Strategically About Commodities
A laggard over the past decade, commodities appear, in our view, poised for continued strength in the years ahead.
Asset Allocation Committee Outlook
October 2022
Tighter Conditions Begin to Squeeze the Economy
As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.
CIO Weekly Perspectives
October 2022
Schooling the Sovereigns
Bond markets appear to be disciplining policy inconsistencies, both within sovereigns and among them.
Disruptive Forces in Investing Podcast
October 2022
Making Sense of Markets and Policy Change
(16:00) From the Fed’s rate hikes to the BoE’s historic fiscal stimulus package, how should investors make sense of policy actions occurring around the world right now?
CIO Weekly Perspectives
October 2022
Be Wary of Bear Market Rallies
We may want to be optimistic about inflation and rates, but that only delays the hard questions we are likely to face as we enter the new economic era.
Fixed Income Investment Outlook
October 2022
Policy Stays in the Crosshairs
Despite volatility, the basic storyline of inflation and the Federal Reserve should continue to drive market behavior.
Equity Market Outlook
October 2022
Economic and Market Review: Key Considerations for Equity Investors
We put out a cautious Equity Market Outlook three months ago, and after a quarter of worsening economic data and inflation trends we are now even more focused on low beta and high earnings quality.
CIO Weekly Perspectives
October 2022
Policy Excesses and Market Discipline
We are seeing bond investors standing up for themselves against policymakers, and while equity investors are experiencing pain from this struggle, the end result may be a more sustainable, fundamentals-based market.
Disruptive Forces in Investing Podcast
September 2022
Investing at a Crossroads
(23:19) How could asset allocators change their approach with the goal of achieving compelling outcomes amid today’s investment landscape?
Insights
September 2022
Navigating the Emerging Markets Default Wave
Despite record defaults, stresses remain relatively low for the asset class overall.
White Paper
September 2022
Investing at a Crossroads: Three Themes for Today’s New Challenges
As 40-year tailwinds turn to headwinds, we distill an era of sometimes bewildering change into three themes and a new investment playbook.
CIO Weekly Perspectives
September 2022
A High-Yielding Haven
As an ever-more-aggressive rate-hiking cycle rocks the financial markets, might corporate credit offer a space that is both remunerative and relatively calm?
Insights
September 2022
Managing the Risks of a Low-Carbon Portfolio
We recognize that much of the world still runs on fossil fuel. However, we firmly believe investors can construct portfolios that substantially reduce their carbon footprints while retaining exposure to all sectors—including energy.
CIO Weekly Perspectives
September 2022
Hold the Inflation Victory Lap
Inflation still appears to be the biggest source of potential volatility in the market, and we think that’s because it will remain the dominant economic story for the foreseeable future.
Disruptive Forces in Investing Podcast
September 2022
Inside the Psyche of the Connected Consumer
(19:35) As generational populations shift, what is going on in the psyche of today's digitally native consumer?
CIO Weekly Perspectives
September 2022
The Climate Has Changed for Infrastructure
Following a year of starkly revealed vulnerabilities in water, energy and supply-chain assets, some game-changing legislation suggests that governments are finally getting serious about infrastructure investment.
White Paper
September 2022
The Case for Unconstrained Multi-Asset Portfolios: Navigating the Challenges of Public-Private Investing
As investors navigate the challenges of integrating public and private markets we believe a single, unconstrained multi-asset portfolio can deliver a more efficient and opportunistic solution.
CIO Weekly Perspectives
September 2022
The Uncertainty May Be Worse Than the Slowdown
We do think the onset of recession is a time to tread carefully, but it could also be a time of opportunity for equity investors.
Disruptive Forces in Investing Podcast
August 2022
How the Space Economy Is Achieving Liftoff
(17:04) As we take off further into the Space Age, we explore the growth potential and opportunity set within this quickly evolving sector.
CIO Weekly Perspectives
August 2022
Euro Parity: Threshold or Boundary?
The euro is subject to enormous economic forces that could equally be very positive for the currency or the cause of an even greater fall.
Systematically Speaking
August 2022
The Unsurprisingly Volatile Business of Bitcoin Mining
Why we think the technicalities of Bitcoin mining explain much of Bitcoin’s extraordinary volatility profile.
Insights
August 2022
Japan’s New Horizon in Small Caps
We believe smaller companies are poised to shine brightly in the “land of the rising sun.”
CIO Weekly Perspectives
August 2022
The Nominal and the Real
What might be the playbook for a potential recession in which nominal GDP grows by 8%—and are investors only just recognizing that they need one?
Disruptive Forces in Investing Podcast
August 2022
SDGs: A Framework for Investing
(28:35) How can investors utilize the UN’s Sustainable Development Goals as an informative framework to achieve better investment outcomes?
CIO Weekly Perspectives
August 2022
China: Suspended Animation
The run-up to China’s leadership meetings this fall is delaying substantial policy changes, in our view creating opportunities in advance of potential economic improvement next year.
White Paper
August 2022
Value, Growth and the True Exposures in Your Portfolio
If your portfolio has fallen more heavily than you anticipated this year, it may be because it has become biased to growth stocks: a full analysis could help restore the balance—and the exposure to a more disciplined style of value investing—you intended.
CIO Weekly Perspectives
August 2022
Recession Semantics
Whether the U.S. is actually in a recession is debatable, but high inflation will affect companies both positively and negatively.
Disruptive Forces in Investing Podcast
August 2022
The Private Equity of Yesterday, Today and Tomorrow
(22:07) Traditionally, Private Equity has offered key return potential and diversification benefits, which has allowed it to grow dramatically in the last 30 years. But could we see that growth continue as markets take a downturn?
CIO Weekly Perspectives
July 2022
Ukraine and the Path to Deglobalization
This year’s recommendation for vacation reading offers a reminder of Ukraine’s millennia-old importance for global trade, helping us understand why today’s conflict could be yet another lasting blow against globalization.
CIO Weekly Perspectives
July 2022
Inflation is Hot—and Could Stay Hot
Autumn and winter should bring respite from the northern hemisphere’s punishing summer heatwave, but we don’t think they will ease the inflation temperature.
Insights
July 2022
Real Estate: Built to Withstand Both Inflation and a Slowdown
Real estate could serve as a foundation for portfolios in an environment of high inflation, rising interest rates and slowing growth, and investing at the real estate company level can offer valuable advantages during a time of market uncertainty.
Disruptive Forces in Investing Podcast
July 2022
Forgo FOMO: Growth Investing for the Long Term
(12:08) As investors grapple with what the options are in today’s market, we look to growth stocks, which some may consider to be too risky right now, but we uncover how we believe that might not actually be the case…
Equity Market Outlook
July 2022
Economic and Market Review: Key Considerations for Equity Investors
We see increasing likelihood of a recession, but even if we avoid one, we think the coming months are going to feel like a recession as the decline in stock market valuations in the first half of the year are likely followed by a decline in corporate earnings in the second half.
CIO Weekly Perspectives
July 2022
Earnings at a Crossroads
The guidance in this season’s earnings reports could start to tell us how far earnings are likely to decline and how much is already priced in.
Asset Allocation Committee Outlook
July 2022
Into the Inflationary Slowdown
As inflation persists and recession risks rise, our Asset Allocation Committee sees more yield potential in fixed income and favors commodities for ongoing inflation exposure, but remains cautious in equities.
CIO Weekly Perspectives
July 2022
Reasons for Optimism
Caution may be warranted during the uncertainty of the next quarter—but after markets have sold off so much, does it really make sense to be more pessimistic now than at the start of this year?
Fixed Income Investment Outlook
July 2022
Building Value as Conditions Tighten
We anticipate resilient fundamentals, but also volatility tied to inflation and higher short rates.
CIO Weekly Perspectives
July 2022
The ECB’s Trilemma
Are we seeing the start of another eurozone crisis, or can the ECB fashion an effective tool to manage volatile southern European bond spreads?
Systematically Speaking
June 2022
Did You Miss the Commodity Boom?
Commodity prices are up substantially this year, but we believe structural supply and demand imbalances mean we are still in the early innings of this cycle.
Disruptive Forces in Investing Podcast
June 2022
The Mission Toward Carbon Transition
(17:11) What role does carbon play across infrastructure and are companies implementing changes across their operations as a result?
Video
June 2022
NB Votes: Kei Okamura on Amada Co. Ltd.
Neuberger Berman expects company management to allocate capital to maximize long-term risk adjusted shareholder value. Learn more from Portfolio Manager, Kei Okamura, about our views on Amada at NB Votes.
CIO Weekly Perspectives
June 2022
After the Revaluation, the Slowdown
Our Asset Allocation Committee believes that, whether we enter a recession or not, the expected slowdown and ongoing market volatility could feel like one for investors.
Insights
June 2022
Integrating Climate Risk into Private Markets
Laying the groundwork for future iterations of climate-integrated SAA by exploring the additional factors an investor may consider evaluating for private markets application.
CIO Weekly Perspectives
June 2022
The Space Economy Achieves Lift-Off
Space-based industry is much more down-to-earth than you might think—and every day it touches more and more of our lives.
Disruptive Forces in Investing Podcast
June 2022
The Paradigm of Purpose and Profit
(18:26) How can companies respond to ESG issues in a way that goes beyond ticking-the-box exercises to capitalizing on these megatrends?
CIO Weekly Perspectives
June 2022
Descending From Extremes Is a Rocky Process
To understand the current volatility, it helps to get reacquainted with just how out of whack things were coming into 2022—in terms of both magnitude and timing.
Video
June 2022
NB Votes: Marvin Schwartz on General Motors Company
Neuberger Berman expects compensation committees to design, adopt and clearly articulate a strong link between executive compensation and performance. Learn more from Senior Portfolio Manager, Marvin Schwartz, about our views on General Motors at NB Votes.
CIO Weekly Perspectives
June 2022
The Two-Way Market Persists
The search for value is on, particularly in short to medium duration.
Article Reprint
June 2022
Private Markets—From Alternative to Mainstream
In the June 2022 30th Anniversary Issue of Journal of Investing, Erik Knutzen, CIO—Multi-Asset, details the evolution of private markets over the last three decades and highlights the key trends and challenges anticipated for the future.
Insights
June 2022
Smoothing Long-Term ESG Transition
Our Non-Investment Grade Credit team explores key issues and trends facing issuers.
Video
May 2022
NB Votes: Jason Tauber on Netflix
Neuberger Berman supports management proposals to declassify the board, eliminate supermajority voting requirements, and provide shareholders the right to call special meetings at Netflix Inc. Portfolio Manager, Jason Tauber, shares his insights on the proposals in further detail.
White Paper
May 2022
Investing in Infrastructure
The world faces a $15 trillion infrastructure financing gap by 2040, and cash-strapped governments are increasingly calling on private capital to achieve their digitalization, decarbonization, supply-chain enhancement and social-infrastructure goals.
Disruptive Forces in Investing Podcast
May 2022
Mythbusting Crypto Investing
(22:11) Digital currency has been considered the new frontier for many investors, so we bring in the experts to explore the ramifications of investing in one of the newer asset classes amid today’s investment backdrop.
Systematically Speaking
May 2022
Rising Rates and Risk Premia
In a very challenging environment for long-only investors, long/short risk premia have delivered attractive returns—but not always in the way history would have led us to expect.
CIO Weekly Perspectives
May 2022
Two Perspectives on the Sell-Off
We see signs that many investors are changing the way they think about the current sell-off—and that might challenge the way you think about the balance of risk.
Article Reprint
May 2022
Why LP-Led Secondaries Remain Relevant
In a recent PERE interview, Scott Koenig, Managing Director & Head of Real Estate Secondaries, discusses why he believes the volume of traditional style LP-led transactions will continue to grow and why they still offer attractive characteristics that remain appealing for investors seeking to buy into the long-established benefits of the secondaries.
CIO Weekly Perspectives
May 2022
Staying On Theme
When inflation, interest rates and global economic uncertainty are rising, cash today can seem more urgent than exposure to the markets of tomorrow—but could that mean investors risk missing out on the potential of thematic strategies?
CIO Weekly Perspectives
May 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 2022
The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in three recent significant downturns.
Insights
May 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 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 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?
White Paper
May 2022
Integrating Climate Risk Into Strategic Asset Allocation
Is your strategic asset allocation process missing climate risks—and foregoing climate opportunities?
Disruptive Forces in Investing Podcast
May 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?
CIO Weekly Perspectives
May 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 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 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.
Insights
April 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.
Strategy Insights
April 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 2022
Why Passive ESG Fails to Deliver
There’s no substitute for nuanced analysis and judgment in ESG investing.
Expert Update
April 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 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 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 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 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 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 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 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 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 2022
Investing Through Inflation and Growth Uncertainty
Recession seems unlikely this year—opening up opportunities in credit.
Insights
April 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 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 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 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 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 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 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 2022
Fixed Income Amid Inflation
What does the current inflationary environment mean for multi-sector fixed income portfolios?