Insights
CIO Weekly Perspectives
Early-Cycle Conditions Still Support Credit
Why the run-up in rates has troubled equity markets more than credit, and why we think that is poised to continue.Systematically Speaking
What to Expect When You’re Expecting Inflation
Look out for abundant money supply, increasing velocity of money, higher breakeven inflation rates in bond markets, a weaker dollar, higher commodity prices and backwardated commodity futures curves.Disruptive Forces in Investing Podcast
The Workhorse for 5G
(20:08) With society continuing to rapidly rely more and more on the Internet of Things, telecom companies have needed to find ways to stay competitive. But what makes that intriguing for investors?Insights
Inside TaxM™: Transferring Concentrated, Low-Basis Positions to TaxM™ Accounts
This is the first in a series of articles in which we explore the considerations and mechanics associated with making new investments in tax-managed accounts.CIO Weekly Perspectives
How Much Is Too Much?
There is growing concern that the coming stimulus might be more than the economy needs.Insights
COVID-19 Update: Can We Vaccinate Our Way Out of Variants?
In an effort to bring timely insights during these uncertain times, we are pleased to share an update from Terri Towers, PhD, Senior Healthcare Analyst, who shares her views on the COVID-19 (“Coronavirus”) pandemic.White Paper
Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation
We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.CIO Weekly Perspectives
Doves Ascending
Rethinking portfolios now that ex-central bankers Janet Yellen and Mario Draghi have their hands on the purse strings.Insights
Why We Believe Value Still Has Value
Here are three reasons why many investors have neglected value stocks for so long—and why we think each one of them is wrong.Disruptive Forces in Investing Podcast
How to Sustain Sustainability
(14:50) With sustainable investment approaches getting more popular across the globe, we explore the aspects of what may be allowing corporations to be successful as the world tries to reduce its carbon footprint.CIO Weekly Perspectives
Toward a Steeper U.S. Yield Curve
A potentially substantial growth and inflation recovery from the second half of this year could put pressure under long-dated yields, and eventually the Fed.CIO Weekly Perspectives
What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.White Paper
Catastrophe Bonds: Natural Diversification
Following another eventful year in reinsurance, we offer a primer on catastrophe bonds—a growing and genuinely diversifying asset class that we believe is attractively valued.Investment Quarterly
New Beginnings, Familiar Challenges
We find a mix of optimism and stark realities as we move into 2021.Investment Quarterly
Climate Emerges From the Shadows
While the world has focused on the pandemic, actions on climate and advances tied to its investment impact have continued to move forward.Investment Quarterly
Warning Lights as Speed Increases
Moving into the new year, the road ahead is opening up, but may require a degree of caution.Investment Quarterly
Building Tax Efficiency Into Your Return Strategy
Attention to loss harvesting while deferring gains can reduce tax exposure and amplify potential for “take-home” return.Investment Quarterly
Reading the Road Ahead
In this issue of Investment Quarterly, we present our outlook for the markets, consider the impact of climate on portfolios, and provide ideas on value and tax-efficient investing, as well as insights on charitable planning.Investment Quarterly
Could Value Surge Ahead?
Leaning into cyclical value could prove beneficial this year, but we wouldn’t suggest leaving growth stocks behind.Disruptive Forces in Investing Podcast
Shaping the Future of Healthcare
(18:05) As the world saw the coronavirus vaccines get developed and administered within a year of the first confirmed case, we evaluate the level of innovation we’re seeing across the healthcare sector today.White Paper
International Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?CIO Weekly Perspectives
Don’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”CIO Weekly Perspectives
Rates Markets Are Normalizing
It is far too early for taper talk, in our view, but the bias of risk is still toward higher rates to come.Asset Allocation Committee Outlook
A Tentative Recovery
The arrival of coronavirus vaccines means the economy should eventually get out of its sickbed but, faced with risks on both the upside and the downside, the Asset Allocation Committee thinks investors should take things steady.Disruptive Forces in Investing Podcast
Making the Case for Value
(13:36) With the value rally that has now been emerging, what might investors want to consider when it comes to value?Insights
Biden, Taxes and Your Portfolio
Higher personal taxation under a Biden administration could strengthen the case for municipal bonds and tax-managed equity strategies.CIO Weekly Perspectives
Few Things Are Riskier Than Consensus
Investors should be concerned that market participants have begun 2021 with their views and positioning arguably more closely aligned than they have been for years.Fixed Income Investment Outlook
Inflation Risk Reemerges
Even as central banks hold in place, recovery amid currently easy monetary policy could bring renewed pricing pressures.Video
Non-IG News: Earnings Trends in Non-IG Credit
(3:47) During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom line results.CIO Weekly Perspectives
Outlook 2021
The heads of our investment platforms welcome the New Year with their views for 2021.Disruptive Forces in Investing Podcast
Solving for 2021: An Inside Look
(16:34) As 2020 comes to a close, we reflect on the volatile year we have had and look forward to the year ahead, as detailed in our annual investment outlook, Solving for 2021.Systematically Speaking
Integrated Expected Returns
How blending fundamental company insights with quantitative metrics can add depth to the expected return inputs for portfolio optimizations.Insights
2020 Wrap-Up: ESG in Focus
We round off the year with optimism for life beyond the pandemic, but also a laser focus on the ESG issues the pandemic has further zoomed in on.CIO Weekly Perspectives
A Year of Stark Contrasts
Navigating markets in this year of vulnerable resilience and defensive exuberance has required some humility.Strategy Insights
NB ESG Quotient: Broad Perspective and Granular Insights From Proprietary ESG Ratings
Our ratings consider potentially material impacts at both company and portfolio levels.Insights
You May Be Generating Tax Credits Without Realizing It
Actively managing equity portfolios for tax efficiency not only aims to maximizes tax credits—it may reveal tax credits you didn’t know you already had.Video
Municipal Market Views
(3:58) Jamie Iselin, Head of Municipal Fixed Income, discusses the effects of stimulus on the municipal bond markets and their behavior given the ongoing debate in Washington.Insights
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.Insights
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.Insights
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.Disruptive Forces in Investing Podcast
The World Wide Web of Retail
(16:02) Early indications show that Black Friday and Cyber Monday sales went well for retailers and consumers alike, so what are some of these companies are doing to maintain customer satisfaction during this unprecedented time?Insights
Emerging Markets Corporates: High Yield Default Outlook 2021
After a moderate spike in defaults, we anticipate an improving financial environment for the next year.CIO Weekly Perspectives
Building Blocks for Successful Real Estate Investing
Why we think the coronavirus crisis has demonstrated the benefits of real estate company investing.White Paper
Building a Better Model: Real Estate Company Investing
Real estate company investing can bring alignment of interest, economic scale, and efficiency to the asset class, and we believe it is about to become the favored way to structure this business.Insights
Thermal Coal: Aligning Policy With Emerging Reality
In seeking to curb client exposure to a key carbon source, our team’s thermal coal policy acknowledges distinct characteristics found within the emerging markets.CIO Weekly Perspectives
Generating Interest
Must investors settle for sub-zero real returns on their cash allocations?Disruptive Forces in Investing Podcast
Getting Smarter Around Disruption
(11:48) As more and more groundbreaking business concepts continue to enter the market, one might wonder what it is about an idea or concept that makes it truly disruptive and the thought process behind it.Video
Non-IG News: U.S. Elections and Implications for the Energy Sector
(5:41) Robert Gephardt discusses how the Biden administration could impact the Energy sector and what it means for Non-Investment Grade Energy, in particular.Insights
Cash Negative
The central bank pandemic response has left all major short-dated interest rates pricing near or below zero for years into the future: How can cash portfolio managers meet this challenge?CIO Weekly Perspectives
A Heartfelt Thanksgiving
We emerge from the holiday hopeful for a Season of Goodwill in markets, but ready for any last surprises that 2020 might have in store.Systematically Speaking
A Sustainable Option
The launch of S&P 500 ESG Index options marks a step forward for both ESG investing and the options market.Insights
High Demand, Tight Supply: Private Debt Post-Coronavirus
We think private debt fared well relative to publicly traded credit during the coronavirus volatility, but will really differentiate itself in the years following the crisis.Insights
The Path to Carbon Reduction
As investors that take climate change leadership into consideration, we often ask ourselves, how robust and meaningful are these goals and how do a company’s climate and business goals align?CIO Weekly Perspectives
Markets on a Tightrope
Violent equity market rotations present a strong case for balance in portfolios, but an unusually complex knot of factors makes it challenging to achieve.Insights
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.Disruptive Forces in Investing Podcast
The Next Generation of Wealth Management
(13:18) Using a deeper lens into financial crisis management and technological advances, we explore the investment behaviors of Millennials, the newest wave of investors, in comparison to the generations before them.CIO Weekly Perspectives
Stay Flexible in Credit
We still think credit is attractive for 2021, but the flexibility and selectivity that helped investors this year will be even more important—think 2020, with the volume turned up.Insights
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.Video
Markets Unscripted: 2020 U.S. Election Series
(5:18) Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.Video
An Election Update and Market Outlook with Joe Amato
(4:55) Stephanie Luedke, Head of Private Wealth Management leads a discussion with Joseph V. Amato, President and Chief Investment Officer – Equities for an update on the U.S. election and the markets after a historic week.CIO Weekly Perspectives
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.Video
Non-IG News: Record High Yield New Issuance in a Pandemic?
(4:47) Despite the COVID-19 pandemic and a significant contraction in global GDP, the High Yield Market has seen record levels of new issuance in recent months.Video
An Election Update and Market Outlook with Charles Kantor
(5:21) Given the uncertainty of the political landscape, Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspective on investment implications as a result of the U.S. election.CIO Weekly Perspectives
Special Edition: The U.S. Votes: Our First Response
The U.S. has voted in the midst of arguably the most challenging environment for generations. Here’s our first take on the likely result and what it could mean for investors.Disruptive Forces in Investing Podcast
Brexit Means Brexit: But What Could That Mean for Portfolios?
(14:55) As Brexit has gone into effect this year shortly before the COVID-19 crisis hit the globe, what do we think investors could now be considering in a post-Brexit economy?CIO Weekly Perspectives
The Priority Pyramid
Tuesday's election matters—but it is the top of a pyramid whose base is, in our view, supportive of fixed income and credit whatever the outcome.Video
The Four U.S. Election Scenarios with Erik Knutzen
(3:34) As we approach the 2020 U.S. election and its upcoming result, Erik Knutzen, CIO—Multi-Asset Class, dives into the possible scenarios and discusses the economic implications of what could happen with each hypothetical outcome.Fixed Income Investment Outlook
Searching for Relative Value
Growth questions and potential inflation are among the issues fixed income investors face in seeking opportunity in the current environment.CIO Weekly Perspectives
Moving the Needle
The U.S. election will be big news in November, but news on coronavirus vaccines will probably “move the needle” more for markets.Article Reprint
ESG More Than Just a Branding Exercise in ILS
Published by Artemis, this recent article featuring Jennifer Signori, Principal and Senior Vice President, ESG and Impact Investing at Neuberger Berman, discusses the importance of ESG factors when it comes to Insurance-linked Securities (ILS).Disruptive Forces in Investing Podcast
Disruptive Forces: 2020 U.S. Election Special
(20:47) The choice that Americans face in the upcoming election will not only impact the next four years in the United States but could impact the world.CIO Weekly Perspectives
Degrees of Risk
Recognition as a PRI Leader on climate reporting will help us raise awareness of the importance of “Climate Value-at-Risk.”Insights
Materiality Matters
How Environmental, Social and Governance Issues Inform Long-term Growth and Sustainability of CompaniesInsights
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.Insights
Uncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?Investment Quarterly
Learning From the COVID-19 Crisis
Some thought that environmental, social and governance trends would take a step back in the pandemic, but we believe the opposite has occurred.Investment Quarterly
Durable Income: Finding Opportunity in Corporate Bonds
Amid uncertainty and low interest rates, quality corporate bonds can play a key part in diversified portfolios.Investment Quarterly
A Bridge Across Turbulence
Remaining mindful of current market forces, but looking beyond them, may be essential to investment success from here.Video
Accelerator on 5G Infrastructure Deployment
(2:46) Yan Taw Boon talks about how the deal between Verizon and Samsung accelerate 5G infrastructure deployment in US.Asset Allocation Committee Outlook
Bracing for Winter, Looking Forward to Spring
Anticipated near-term volatility around the U.S. election and the path of coronavirus may present opportunities to position for an improvement in sentiment in 2021.CIO Weekly Perspectives
Comfort and Distress
The extreme bifurcation between winners and losers in the post-pandemic world could set up two very different potential value opportunities in high yield.Insights
Flexibility and Fundamentals
The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.Disruptive Forces in Investing Podcast
Evaluating the Options
(19:05) With volatility returning to the Options market, what are investors’ options now in this new investing climate?CIO Weekly Perspectives
Where Was the Debate?
Republican and Democratic policy differences could be meaningful for investors, but we learned little from last Tuesday’s shouting match.Systematically Speaking
Against the Grain
Clear relative-value trades appear abundant in commodity markets, so why is it so hard to make them work in the real world—and is there a solution?White Paper
The Growing Case for Global REITs
Fast growth potential and diversification could make a strong case for going global with real estate—and listed real estate is arguably the only practical way to do it.CIO Weekly Perspectives
On the Road to Secular Stagnation
Sentiment around monetary policy, fiscal policy and a host of other factors can swing markets, but can anything return us to sustained growth and inflation?Insights
Emerging Markets Equity: Active Opportunities, Beyond Benchmarks and ETFs
Active management of emerging markets equity portfolios has the potential to offer demonstrable advantages over ETF investing in terms of performance and long-term strategic positioning, among other consideratons.Disruptive Forces in Investing Podcast
Traveling in the Unknown
(17:00) With social distancing guidelines currently in place, how do we travel amid the unknowns of COVID-19 in today’s “new” normal? And how are these industries doing as a result?CIO Weekly Perspectives
Suganomics
Japan’s new prime minister could boost fiscal and growth strategies to secure his position ahead of the next general election, with a focus on digitalization and deregulation.White Paper
Investing in Connectivity: Beyond Telecoms, Beyond 5G
Almost every aspect of our lives is likely to be changed by the coming of 5G, so we believe understanding the true breadth and depth of this investment theme means understanding more than just the semiconductor and telecoms industries.Insights
Epic Battle or Rope-a-Dope?
Identifying the winner of the rumble between ‘The Japanifier’ and ‘The Stimulator’ is likely to be the key determinant in successful portfolio construction for years to come.CIO Weekly Perspectives
Inflated Expectations
We think the Fed may need to reinforce its policy revolution with additional stimulus announcements this week.Disruptive Forces in Investing Podcast
The Investor’s Almanac: Opportunities in Real Estate
(12:19) The COVID-19 crisis has heavily impacted the current real estate investing landscape. With so many unknowns in this market, are there still opportunities to be found?CIO Weekly Perspectives
Heading for a Fall?
The fall season often trips up the markets, and 2020 promises more than its fair share of hazards.CIO Update
Fixed Income Update – September 2020
(4:22) In this brief update, Ashok Bhatia, Deputy CIO—Fixed Income, provides an overview of the developments within Fixed Income markets and the outlook for what’s ahead.Video
Market Conditions and Opportunities in Private Credit
(4:48) Matthew Bird, Managing Director for our Private Debt team, provides an update on how the Private Debt markets are managing through the COVID-19 crisis, how the team has been managing portfolios since March, and what investors could anticipate in the months ahead.CIO Weekly Perspectives
The Fed Keeps Adapting
A shift in policy highlights central bank commitment as the economy seeks to regain its footing.Disruptive Forces in Investing Podcast
Great Expectations in Credit: Now What Comes Next?
(19:16) Despite volatility since March, the credit markets have in fact seen opportunities, as a result of the COVID-19 crisis. So now, what’s next for investors?CIO Weekly Perspectives
Quarantined From Market Risk?
We look at whether “uncorrelated strategies” lived up to their label through the COVID-19 crisis.CIO Update
Recovery Scenarios and Emerging Themes
(4.13) Erik Knutzen shares guidance on navigating the range of paths through the recovery and our playbook 2.0 for capitalizing on investment themes.Systematically Speaking
When Tax Alpha Is Negative
It may come as a surprise to discover that tax-loss harvesting can result in negative alpha: Here’s what’s going on.White Paper
Tax Alpha: Managing Equity Portfolios for Tax-Efficiency
Tax Loss Harvesting, even in its simplest form, can be a powerful tool to enhance long-term net portfolio returns.CIO Weekly Perspectives
Killer BBBs, Where Is Thy Sting?
While some credit investors have been running scared, we’ve chosen to stick around and harvest the honey.Insights
Narrowing the Living Wage Divergence
The gap between the richest and the poorest U.S. households is now the largest it’s been in the past 50 years.Disruptive Forces in Investing Podcast
Getting a Seat at the Table: Exploring Diversity in Private Equity
(15:26) In light of recent events surrounding racial inequality, what is happening in the Private Equity space in regard to investing with diverse and emerging managers and how do these managers strive for success?CIO Weekly Perspectives
The Circus Is Coming to Town
Quiet markets in the run-up to the U.S. election belie the high political stakes.CIO Weekly Perspectives
Chernobyl and My COVID-19 Summer
The acclaimed drama reminds us of the possibility of the highly improbable, and the importance of clear assessment of difficult facts in a crisis.Insights
Vulnerability to Default in Emerging Markets
While emerging markets sovereign defaults are at levels not seen since 2001 this year, rapid policy responses are helping to avoid the worst—furthermore, we believe the corporate default rate for 2020 could be lower than in 2009 or even 2016.Video
Equity Index Put Option Writing (PutWrite)
(5:50) In this short video, Doug Kramer, Co-Head of Quantitative and Multi-Asset Class Investments, explains the application, mechanics, attributes and common misperceptions of a PutWrite strategy.Expert Update
Advance Vote Disclosure in Action
(7:05) Jonathan Bailey, Head of ESG Investing, and Richard Nackenson, Senior Portfolio Manager, on the importance of Neuberger Berman’s inaugural advance proxy voting initiative.Insights
The 2020 Proxy Season and NB Votes
Neuberger Berman’s Engagement Series presents insights and case studies on our dialogue with companies, government entities and other securities issuers.Disruptive Forces in Investing Podcast
Engagement at Its Core: Inside the Advance Proxy Voting Initiative
(17:01) As we have concluded this year’s inaugural advanced proxy vote disclosure initiative, we highlight the importance of advanced vote disclosure, how engagement with portfolio companies is at the core of the investment process and what lies ahead for the next proxy voting season.CIO Weekly Perspectives
Climbing the Great Wall of China
Why is China’s vast bond market so underappreciated by foreign investors, and is it worth getting to know it better?Video
Thematic Investing: Visibility & Predictability
(1:53) In this video, Jay Aston, Co-Portfolio Manager of the Paduano Global Thematic Investment Group, provides an update on the current pandemic environment and discusses how their thematic process allows them to stay focused during such volatile and uncertain times.CIO Weekly Perspectives
Head Above the Waves
A resurgence of COVID-19 cases is a reminder that this crisis is likely far from over.Insights
Q&A: The Pandemic and Politics
Assessing the 2020 race in light of COVID-19, economic weakness and civil unrest.Disruptive Forces in Investing Podcast
The Past, Present and Future of Insurance-Linked Securities
(14:30) As the insurance industry is potentially facing one of the biggest losses in history due to COVID-19, what can we learn from the past that could allow us to find opportunities in the future?CIO Weekly Perspectives
Engaging Japan’s Hidden Gems
How a more personal investment approach could help uncover Japan’s small- and mid-cap “hidden gems.”Investment Quarterly
Regime Shift in Equities: Digital Takeover
The pandemic has triggered enormous disruption, accelerating existing investment themes and facilitating new ones.Investment Quarterly
Philanthropy Adapts to the Pandemic
A unique environment is challenging nonprofits as never before, but organizations, volunteers and donors are finding solutions.Fixed Income Investment Outlook
The Changing Path to Credit Opportunities
Sector and security selection will likely be the focus of potential fixed income returns from here.Insights
Asian Credit Remains Firmly Investment Grade
Spread-widening in the Asian credit markets due to COVID-19 is understandable, but we believe it overstates downgrade and default risks, and represents an attractive value opportunity for long-term investors.Insights
ESG in Private Markets: Investing for the Long Term
A glimpse into the future of ESG investing in the private markets.CIO Weekly Perspectives
Building the Liquidity Bridge
Unprecedented liquidity from both central banks and the capital markets is helping non-investment grade borrowers survive the COVID-19 crisis, and substantially lowering estimated default rates.Expert Update
Is Europe Ready for 5G?
(2:42) Despite concerns about slower 5G adoption in Europe compared to the U.S. and Asia, progress has accelerated recently in the E.U. YT Boon, Director of Research, Asia, shares his insights on 5G deployment in Europe and the beneficiaries from this trend.Asset Allocation Committee Outlook
Venturing Out
Like societies emerging from lockdown, the AAC is venturing out, cautiously.White Paper
Corporate Credit in China: Beyond Domestic Ratings
Investors remain skeptical of domestic corporate credit rating agencies in China, but independent credit research can be used to categorize bonds in accordance with international credit-rating norms.Disruptive Forces in Investing Podcast
Thriving Amid Volatility: Perspectives on Asian Credit
(13:02) Despite volatility seen across global markets, the emerging markets across Asia have continued to thrive, both before and after the COVID-19 crisis. What is it about this region that has created these key opportunities?CIO Weekly Perspectives
A Strong Recovery Is Not Necessarily a Full One
A run of positive economic data surprises, while welcome, should not distract us from the long struggle ahead.Systematically Speaking
Vixology
How VIX history rhymes—and why we believe option writing strategies are still attractive despite the huge equity market rally.White Paper
“Hidden Quality” in International Equity Markets
Traditional “quality” companies are bunched in a few sectors and appear expensive—is there a more subtle definition that can uncover “hidden” quality?CIO Weekly Perspectives
The Growing Risk in ‘Risk-Free’ Assets
With the short end of yield curves pinned at zero and the long end depressed, government bonds may not be the portfolio hedges they used to be.Disruptive Forces in Investing Podcast
The Growth of Private Equity Secondaries
(20:49) During the Global Financial Crisis, the Secondaries market created opportunities as a means to gain liquidity in times of duress, but is that the same case today as a result of COVID-19?Video
Huawei and 5G
In the past month, there have been new developments in the U.S.-China trade conflict in Huawei. How could this impact 5G? Director of Research, YT Boon, shares his insight on how there is now a “5G Race” as Huawei continues to accelerate 5G deployment along with meeting supply chain demand.CIO Weekly Perspectives
5G Dis-Connectivity
Geopolitical and trade tensions may fragment the 5G supply chain, but while that could make the theme more complex to navigate, it is unlikely to diminish its importance.White Paper
Parametric Insurance: Beneficial By Nature
How a little-known corner of the insurance market brings real benefits for both buyers of protection and investors.Insights
Spotlight on Sustainability: Evolving Engagement in ESG and Non-Investment Grade Credit
In February 2020, Neuberger Berman sat with high yield bond issuers to discuss ESG engagement in the Non-Investment Grade credit market.CIO Weekly Perspectives
The Economy Is Society
As investors and fiduciaries, we have a responsibility to acknowledge the unsustainability of gross inequality.Insights
Neuberger Berman Fixed Income: Company Leadership during COVID-19
Assessing Company Leadership during COVID-19 with Active ESG EngagementWhite Paper
Gender Diversity Impact: Assessing Gender Diversity Impact at the Portfolio Level
Advancing women’s equality in the workplace could boost global GDP by $12 trillion by 2025.Insights
A Very Bond-Friendly Crisis
We believe the COVID-19 crisis and the response from governments and central banks creates an unusually favorable macro environment for credit.Portfolio Manager Update
A New Cold War?
(5:29) U.S.-China relations have been tested over the course of the pandemic. There are rising concerns that a potential decoupling of the two countries could usher in a new cold war, which may bring negative impacts to the overall global economy. How might this affect China? Watch this video where Ning Meng, Portfolio Manager – China Equity, discusses his views with Patrick Liu, Head of China, on the economic and equity market outlook for China.Portfolio Manager Update
“The World’s Factory” Reopens
(5:32) Just as Chinese manufacturers are coming back online, the rest of the global economy is still struggling to contain the outbreak. With overseas demand for Chinese manufactured goods weakening, where does demand come from? How might this affect China’s economy?CIO Weekly Perspectives
A Moment of Solidarity for Europe
There is still much work to do, but the Franco-German-led EU Recovery Fund is potentially a very big deal for Europe.Systematically Speaking
Past Performance Is Not a Guarantee of Future Results
When the world is changing so rapidly and profoundly, how can we trust the underlying data used in our investment models?Insights
Digital Drivers of Real Estate Opportunity
Shifts in technology are contributing to a new landscape in the listed real estate universe.CIO Weekly Perspectives
Not Out of the Woods
The discipline of scenario planning helps us focus on what has been achieved, rather than what we hope will be achieved.Asset Allocation Committee Outlook
Special Update: At the Peak of the Curve
After an apparently strong and rapid equity market rally in April, Neuberger Berman’s AAC reconvenes to reassess its views.CIO Weekly Perspectives
The Stock Market Is Not the Economy
COVID-19 has damaged a lot of things, including the link between the S&P 500 and the U.S. economy.Insights
The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in two recent significant downturns.Portfolio Manager Update
Equity Investing as We Approach a “New Normal”
(3:59) Richard Nackenson, Neuberger Berman Equity Portfolio Manager, discusses how investor psychology has changed over the past month and where he is finding investment opportunities as we approach a “new normal.”Expert Update
PE Investing at Market Inflections
(5:34) Faced with the uncertainties of the COVID-19 crisis and demands for portfolio rebalancing, investors may be tempted to cut their private equity programs or re-think plans to expand them. In this short video interview, John Buser, Executive Vice Chairman—NB Alternatives, looks back to the dotcom era and the Great Financial Crisis to explain why he thinks they should stay the course.CIO Weekly Perspectives
Empty Malls and Conference Calls
The COVID-19 crisis has been tough on REITs in general—but some sectors have been resilient, and may offer a glimpse into the future of the asset class.Insights
The New ‘Fusion’
As the physical and digital worlds merge, companies, investors and society will need to adapt.Disruptive Forces in Investing Podcast
Real Estate Investing in the Digital Age
(18:52) In the last decade, we have seen that Real Estate investing has been impacted from the demand of cloud computing and 5G connectivity. With the added element of COVID-19, how could it shape the current REITS landscape?CIO Weekly Perspectives
Canary in the Coal Mine
The credit market has lagged while equities have rallied—is it warning investors not to get carried away?Portfolio Manager Update
Private Equity Perspectives “Moving from Defense to Offense”
(7:27) David Stonberg, Global Co-Head of Private Equity Co-Investments, provides an update on the private equity market and discusses deal activity in the Co-Investment space.Insights
PE Investing at Turning Points in the Market Cycle
Shifting assets from public to private equity in and around downturns has been a rewarding strategy.CIO Update
Recovery Scenarios and Emerging Themes
(4:39) Erik Knutzen shares insights on navigating the range of paths through the recovery and our playbook for capitalizing on investment themes.Portfolio Manager Update
Trends in Private Market Investing
(3:57) Sean Ward looks at the trends that are emerging across buyout managers and how this is impacting investor sentiment.Insights
The TALF 2.0 Opportunity in Asset Backed Securities
During the 2008 – 10 financial crisis, the Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) enabled double-digit returns from high-rated ABS. What are the prospects under TALF 2.0, part of the Fed’s COVID-19 response?Portfolio Manager Update
Municipal Bond Market Update
(2:27) James Iselin, Neuberger Berman’s Head of Municipal Fixed Income, discusses the potential for a rise in delinquencies and defaults across the municipal bond market.CIO Weekly Perspectives
Futures Shock
Amid unprecedented market dislocations and uncertainty, preparing playbooks for a range of outcomes can help us stay nimble and adaptive.Video
Market Volatility | Closing Bell Insights
(6:48) On this episode of Closing Bell Insights, Stephanie B. Luedke, Head of Private Wealth Management joins Joseph V. Amato, President and Chief Investment Officer of Equities, as he shares an update on the current equity market environment and discusses what to potentially expect from an economic “restart”.Portfolio Manager Update
Private Debt Through the Crisis
(3:44) Susan Kasser explores the themes that remain consistent in private debt portfolios through the crisis and those that will likely reassert themselves following the dislocation.Insights
Commitment to Workplace Issues
Neuberger Berman became an investor signatory to the Workforce Disclosure Initiative (WDI) in 2019, as part of its ongoing commitment to evaluating workplace issues.Fixed Income Investment Outlook
Opportunity in Credit
The Global Fixed Income team sees potential in credit spreads, with an initial focus on quality.Portfolio Manager Update
The Pandemic’s Effect on the Retail Sector
(6:21) Sam Porat discusses the impact the current COVID-19 pandemic has had on the retail sector and how it has compared to previous downturns.Portfolio Manager Update
Perspective on Private Credit
(4:22) Listen to David Lyon as he discusses the current dislocation in the credit markets and the types of investment opportunities that may emerge as a result.Portfolio Manager Update
EM Equity: A Return to Fundamentals, but a Long Road Ahead
(5:55) Conrad Saldanha, Neuberger Berman Emerging Markets Equity Portfolio Manager, discusses April’s EM equity market rally and the impact of falling oil prices on EM economies.Expert Update
Energy Update: Oil Prices Fall to Historic Lows
(3:52) Jeff Wyll, Neuberger Berman Senior Research Analyst, discusses the April 20th collapse in U.S. oil prices and the implications for investors in the energy sector.Portfolio Manager Update
Real Estate Investing Through the Crisis
(4:40) Matthew Kaplan reviews the impact to different sectors of the real estate market resulting from COVID-19 and where opportunities may arise as the market finds its footing.Portfolio Manager Update
Opportunity in Credit Dislocation
(4:18) Michael Holmberg and John Humphrey provide an update on the credit market dislocations resulting from the crisis, what is causing concern in the market and how to find the opportunities that are emerging.Expert Update
Advance Vote Disclosure
(2:18) Jonathan Bailey, Head of ESG Investing at Neuberger Berman, introduces our advance vote disclosure initiative, Neuberger Berman’s commitment to releasing our voting intentions on over 25 proxy votes this proxy season.CIO Weekly Perspectives
A Playbook for the Recovery
We’ve been refining our outlook for the COVID-19 crisis and recovery—and it emphasizes patience and caution about the equity market rally.Portfolio Manager Update
Fixed Income Market Update: A Lower Volatility Environment
(3:13) Ashok Bhatia, Neuberger Berman Deputy Chief Investment Officer - Fixed Income, discusses the decline of fixed income market volatility in April and provides an update on where his team is finding value across the fixed income markets.Investment Quarterly
Investing Through the Pandemic
The health crisis and its aftermath will take time to resolve. Understanding the dynamics and focusing on the long term can help investors stay the course.Investment Quarterly
Capturing the Potential of ‘Big Data’
Drawing investment insights from digital information is all the rage, but analysis and execution may be crucial to achieving success.Portfolio Manager Update
European Private Equity Insights
(7:05) Joana Rocha Scaff, Head of Europe Private Equity, delves into how European private equity firms are dealing with the crisis, best practices for investor communications and the importance of understanding the long and short term impact of the crisis.Portfolio Manager Update
A View of Markets Through Insurance Securities
(6:23) Peter DiFiore, Portfolio Manager on the Insurance Linked Strategies team, discusses developments in the Insurance Linked Securities market while identifying trends and implications investors should be aware of.Portfolio Manager Update
Secondary Private Equity Through Market Cycles
(6:45) Tristram Perkins, Global Co-Head of Secondary Private Equity, looks at the impact of today’s crisis on the secondary market and how it compares to the global financial crisis.Expert Update
The Impact of COVID-19 on Borrowers
(4:57) Peter Sterling, Head of Specialty Finance, addresses the impact of COVID-19 on different segments within specialty finance with a look at how to dampen the impact and expectations for the future.Insights
Using Our Voice in Value Investing
Constructive relationships and a long-term perspective can open doors when engaging with companies and other shareholders.Portfolio Manager Update
Private Equity Investing in Today's Market
(6:40) Jonathan Shofet, Global Head of the Firm’s Private Investment Portfolios group, looks at how private equity funds are navigating the impact of COVID-19, with a focus on the types of investments we are seeing given the current environment.Expert Update
A View of the Private Equity Environment
(4:20) Anthony Tutrone, Global Head of Alternatives, looks at private equity valuations through crises and the investment environment looking ahead.Portfolio Manager Update
Volatility Update: Swings in Sentiment Keep Volatility Levels Elevated
(4:47) Derek Devens, Neuberger Berman Option Group Portfolio Manager, talks about continuing volatility, the factors that could steer it one way or another and the potential implications for Options investors.CIO Weekly Perspectives
Protective and Proactive
Liquid alternatives and private market investors are proving their worth during the current turmoil.Article Reprint
Neuberger Votes Against Lennar Management in First Vote of New Proxy Initiative
Starting on April 3rd, as part of a new Neuberger Berman initiative, NB25+, we began to publish our vote intentions in advance for key votes. We have committed to do so for at least 25 votes this proxy season.Video
In the News: Charles Kantor featured on Bloomberg US Markets
Charles Kantor, Senior Portfolio Manager, The Kantor Group recently appeared on Bloomberg US Markets to discuss the current volatility in the equity markets and why he believes companies with solid balance sheets and business models will likely prevail during this period of uncertainty. Charles also shared his thoughts on why he believes this is different than the Global Financial Crisis of 2008.Portfolio Manager Update
European Fixed Income Market Update
(7:47) In this video, Investment Grade European Fixed Income Head, Patrick Barbe provides an update on current conditions across bond markets, explaining what he believes marks an important turning point in the current situation. He also offers his outlook and an update on positioning, considering potential trends such as a shift away from globalization towards more domestically-oriented growth prospects.CIO Update
Macro Insights and Asset Allocation
(4:17) Erik Knutzen, Chief Investment Officer – Multi-Asset Class Strategies, discusses why he believes the market volatility that has characterized this environment will continue to persist along with highlighting select areas that may present opportunities for investors.Portfolio Manager Update
Small Cap Equity Market Update
(2:30) Benjamin Nahum, Neuberger Berman Small Cap Equity Portfolio Manager, discusses how small cap equities performed amidst the market sell-off in the first quarter of 2020 and provides an update on portfolio positioning.Disruptive Forces in Investing Podcast
The Health Care Sector through a COVID-19 Lens
(17:55) On Thursday, April 2, Senior Health Care Analyst, Terri Towers, spoke with us to discuss her views on the implications of COVID-19 on the health care sector.Portfolio Manager Update
Hedge Fund Market Update
(7:29) Jeff Majit, Co-Head of NB Alternative Investment Management, discusses how various segments of the hedge fund market have performed during the recent period of heightened market volatility and how his team is positioning portfolios during this uncertain time.Portfolio Manager Update
Real Estate Securities Market Update
(4:12) In this short video, Gillian Tiltman, Portfolio Manager of the UK and Continental European portion of Neuberger Berman’s Real Estate Securities Group offers an update on real estate markets. Gillian explains why some of the longer-term secular demand trends her team have been focused on are now being highlighted by the current situation. She also updates on positioning across portfolios.Portfolio Manager Update
Currency Market Update
(9:28) In this video, Neuberger Berman’s Head of Global Currency, Ugo Lancioni provides an update on currency markets during the current period of volatility. Ugo reviews how global currencies have been impacted by the situation, outlining key drivers of FX markets. He also explains how he aims to identify the winners and losers amid the current dynamics.Portfolio Manager Update
EAFE Equity Market Update: Volatility Persists
(6:37) Benjamin Segal, Neuberger Berman EAFE Equity Portfolio Manager, provides an update on non-U.S. developed equity markets and how the impact of COVID-19 varies across and within regions.Expert Update
Credit Dynamics
(19:04) Senior credit professionals Ashok Bhatia, Deputy CIO in Fixed Income, David Brown, Co-Head of Global Investment Grade Fixed Income, Susan Kasser, Co-Head of Private Credit and Joseph Lynch, Global Co-Head of Non-Investment Grade Credit discuss the market implications and potential opportunities arising from the recent unusual market dynamics.CIO Weekly Perspectives
A Tale of Two Markets
March was the worst of times for financial markets, and yet the best of times for primary issuance of investment grade credit.Systematically Speaking
Risk Parity and the Fallacy of the Single Cause
Were risk parity strategies really the cause of the recent correlated stock and bond market sell-off, or one of its victims?Portfolio Manager Update
Small Cap Equity Market Update
(4:35) Judy Vale, Neuberger Berman Small Cap Equity Portfolio Manager, provides an update on the small cap equity market for the first quarter of 2020 and portfolio positioning amidst this period of market uncertainty.Portfolio Manager Update
Large Cap Growth Investing During a Volatile Time
(5:06) Jason Tauber, Neuberger Berman Large Cap Growth Portfolio Manager, discusses how growth stocks have performed amidst the recent equity market decline and provides an update on portfolio positioning.Portfolio Manager Update
Fixed Income Market Update: “A Week of Healing”
(5:37) Thomas Sontag, Neuberger Berman Investment Grade Fixed Income Portfolio Manager, provides an update on the investment grade fixed income market and discusses how the U.S. mortgage-backed securities market fared over recent weeks.Portfolio Manager Update
Real Estate Securities Update: Market Reacts to Stimulus Package
(4:51) Steve Shigekawa, Neuberger Berman Real Estate Securities Portfolio Manager, discusses the impact of the recently approved fiscal and monetary stimulus packages and portfolio positioning in light of the economic slowdown.Insights
China Recovers
China was the first economy to be struck down by COVID-19, but that means it is the first to recover—and its onshore bond and equity markets may be a good place to get exposure.Expert Update
China Private Equity Markets Update
(6:39) The recent outbreak of COVID-19 in China has led to significant impacts on businesses and industries. With the country’s economic activities picking up, Lydia Hao, Principal, Asia Private Equity, provides an update on what happened in the China private equity markets, and how China GPs are navigating the uncertainty and identifying opportunities.Portfolio Manager Update
Equity Market Perspectives
(4:51) Richard Nackenson, Neuberger Berman Equity Portfolio Manager, comments on the unprecedented level of volatility that has characterized the markets over the past month and how this time period compares to historical periods of market stress.Portfolio Manager Update
Municipal Market Perspectives
(4:25) James Iselin, Head of Neuberger Berman Municipal Fixed Income, recaps the unprecedented volatility experienced in the month of March. He also discusses the outlook for municipals and the resiliency of muni credit versus corporate fixed income.Portfolio Manager Update
CLO Market Update
(6:29) Pim van Schie, Neuberger Berman Non-Investment Grade Credit Portfolio Manager, discusses market activity for CLOs over the past month and the team’s approach to navigating the risks associated with the sell-off in the non-investment grade fixed income market.Portfolio Manager Update
Uncorrelated Strategies Market Update
(6:51) In this short video, Portfolio Manager, Fred Ingham provides an update on current conditions across uncorrelated strategies, offering his thoughts on both the short and longer-term impacts of COVID-19 on asset markets. He also updates on the positioning of Neuberger Berman’s portfolios.Asset Allocation Committee Outlook
Contagion
Should investors consider loading up on the riskiest assets when markets begin to stabilize? After a valuation adjustment of this magnitude, that probably isn’t necessary. The markets are unlikely to run away from us.Video
Market Volatility | Closing Bell Insights
(4:40) On this episode of Closing Bell Insights, Joseph V. Amato, President and Chief Investment Officer of Equities, shares his market update and insights after the closing bell, including potential implications for investors.White Paper
Navigating Volatility in Global Non-Investment Grade Credit Markets
High yield spreads and loan prices appear attractive for long-term investors, in our view.Portfolio Manager Update
EMD Market Update
(8:54) Gorky Urquieta, Co-Head of the Neuberger Berman Emerging Markets Debt Team, discusses the factors that contributed to the sell-off of EMD assets over the past month and how the team is positioning portfolios in this volatile market environment.Portfolio Manager Update
High Yield Market Update: Volatility Persists
(6:03) Christopher Kocinski, Neuberger Berman U.S. High Yield Senior Portfolio Manager, discusses the factors that have contributed to the volatility in the non-investment grade credit market and how his team has adjusted portfolios as spreads have widened.Portfolio Manager Update
Perspectives on Volatility
(6:02) Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspectives on the volatility that has characterized the markets over the past month and discusses how this downturn compares to the one that occurred in 2008.Portfolio Manager Update
EM Equity Market Update
(3:55) Marco Spinar, Neuberger Berman Emerging Markets Equity Portfolio Manager, discusses changes in the EM equity market over the past two weeks and how his team is managing through economic uncertainty prevalent across EM countries.Insights
Audio Insight: The Course of COVID-19
Terri Towers, Senior Healthcare Research Analyst looks at the current progression of the COVID-19 pandemic as well as her views on inflection points and treatment timelines.Portfolio Manager Update
How Could Covid-19 Affect 5G?
(2:55) The way we live, work and learn has shifted markedly since the Covid-19 outbreak. With greater reliance on online resources, we see an increased demand for faster network speeds that could be enabled by 5G. How could the pandemic affect 5G rollouts? Where are the opportunities? Watch YT Boon, Director of Research – Asia, as he shares his insights on the demand for this service.CIO Update
Macro Insights and Asset Allocation
(6:35) Erik Knutzen, Chief Investment Officer – Multi-Asset Class Strategies, discusses the impact of last week’s Fed actions and stimulus package along with how this decline is different than 2008 in terms of markets and investment implications.Insights
Have We Reached Herd Immunity?
Understanding the trajectory of the Coronavirus is a core aspect of seeking to control the outbreak, and is also highly relevant to the task of investors as they look to position themselves effectively in current market volatility. Our Chief Data Scientist explains what the data is saying about the spread of COVID-19.Portfolio Manager Update
Equity Market Perspectives
(3:38) Sandy Pomeroy, Neuberger Berman Equity Portfolio Manager, discusses how higher yielding segments of the equity market have held up amidst the recent equity market decline and areas of the market where she is seeing opportunity.CIO Weekly Perspectives
Safety First
After a big sell-off, many fear missing the rebound—but we expect more volatility and think the time for opportunism will come later.Portfolio Manager Update
Fixed Income Market Update
(4:16) David Brown, Co-Head of Global Investment Grade Fixed Income, provides an update on how recent support from the Fed has impacted the fixed income markets and how his team is navigating this uncertain time.Expert Update
Perspectives on Liquidity
(8:57) Anne Brennan, Chief Risk Officer and Ken DeRegt, COO for Fixed Income, share their insights on managing liquidity in today’s markets, with a look at how this compares to 2008.Portfolio Manager Update
Global High Yield Market Update
(2:58) In this video update from Senior Portfolio Manager, Vivek Bommi, we review conditions across global non-investment grade bond markets and offer our outlook for the asset class.Portfolio Manager Update
Sustainable Equity Investing in An Uncertain Market
(4:47) Ingrid Dyott, Neuberger Berman Sustainable Equity Portfolio Manager, discusses recent government efforts to stimulate the economy and how sustainable companies are faring in the current market environment.Portfolio Manager Update
China Bond and Equity Markets Update
(14:49) China was the first economy to be struck down by COVID-19 and looks to be the first to come out the other side. Peter Ru, Senior Portfolio Manager, China Fixed Income Strategy Leader and Meng Ning, Senior Portfolio Manager, China A-Shares provides an update on how the economy is recovering, what happened in China bond and equity markets, and what are the unknowns and opportunities ahead.Expert Update
Using Data Science to Bring Order to the Disruption
(4:45) Michael Recce, Chief Data Scientist, discusses the data sets his team is analyzing to help us look at trends that may give some insight on the path for a return to normalcy in both public health and the economy.Portfolio Manager Update
Corporate Hybrid Bonds Market Update
(5:54) In this short video, Senior Portfolio Manager, Julian Marks provides an update on current conditions within corporate hybrid bond markets, outlining the biggest unknowns and updating investors’ on the current positioning across Neuberger Berman’s portfolios.Insights
Four Things to Remember in a Market Downturn
Volatility, diversification and the merits of long-term investingPortfolio Manager Update
Navigating a Challenging Municipal Bond Market
(5:27) James Iselin, Head of Neuberger Berman Municipal Fixed Income, discusses unprecedented yields and portfolio positioning amidst this period of market volatility.Expert Update
The Significance of ESG Integration
(11:54) Jonathan Bailey, Head of ESG Investing at Neuberger Berman, looks at how companies are responding in the crisis and the significance of sound ESG policies in today’s markets and going forward.Portfolio Manager Update
High Yield Market Update
(5:31) Joe Lind, Neuberger Berman High Yield Portfolio Manager, discusses factors driving the high yield market and strategy positioning during an uncertain time.Portfolio Manager Update
Large Cap Value Investing During A Volatile Time
(4:16) Eli Salzmann, Neuberger Berman Large Cap Value Equity Portfolio Manager, provides an update on large cap equity markets and why the tide might be turning towards value investing.Portfolio Manager Update
Small Cap Equity Market Update
(3:14) Gregory Spiegel, Neuberger Berman Small Cap Equity Portfolio Manager, provides an update on small cap equity markets and portfolio positioning amidst this period of market uncertainty.Portfolio Manager Update
Navigating a Challenging Small Cap Equity Market
(4:00) Kenneth Turek, Neuberger Berman Small Cap Growth Portfolio Manager, discusses uncertainties facing small-cap investors and portfolio positioning for a challenging market environment.Portfolio Manager Update
Emerging Markets Debt Market Update
(6:16) In this brief video update, Rob Drijkoningen, Co-Head Emerging Markets Debt, provides an update on markets and current positioning, offering his views on the most important factors affecting investors at the moment.
Portfolio Manager Update
Volatility and Options Markets: Uncertain Times; But Not Unprecedented
(5:49) Derek Devens, Portfolio Manager from Neuberger Berman’s Option Group, discusses uncertainties facing investors and their implications for option premiums.Insights
Corporate Hybrid Bonds for Insurance Investors
To overcome the low-yield problem, European insurers are eager to identify assets that offer the right balance between quality and return.CIO Update
Macro Insights and Asset Allocation
(6:06) Erik Knutzen, Chief Investment Officer – Multi Asset Class Strategies, discusses uncertainties facing investors and where they may turn to seek “quality investments and quality yields” when re-allocating risk assets.CIO Weekly Perspectives
Shock and Awe
Does this week’s multitrillion-dollar shot in the arm vaccinate the economy against the worst impact of COVID-19?Portfolio Manager Update
EM Equity: Managing Through “Indiscriminate Selling”
(5:04) Conrad Saldanha, Senior Portfolio Manager from Neuberger Berman’s Emerging Markets Equity Team, discusses how he's navigating the turbulent market in both a macro and fundamental context.Portfolio Manager Update
Navigating a Volatile Fixed Income Market
(4:03) David Brown, Global Co-Head of Investment Grade Fixed Income, provides an update on the fixed income markets and strategy positioning during an uncertain time.Portfolio Manager Update
International Equity Investing During A Turbulent Time
(4:52) Elias Cohen, Portfolio Manager on the Neuberger Berman International Equity Team, provides an update on the non-U.S. developed equity markets and strategy positioning in a volatile market environment.Portfolio Manager Update
Navigating Disruption in the REITS Market
(3:25) Brian Jones, Co-Portfolio Manager from Neuberger Berman’s Real Estate Securities Group, provides an update on the listed real estate market and strategy positioning amidst this period of heightened market volatility.CIO Weekly Perspectives
High Drama in High Yield
Coronavirus and the OPEC price war combine for a one-two punch to high yield markets.Insights
Update on Global Non-Investment Grade Credit Markets
We unpack the short-term and long-term, transitory and permanent impacts of recent news on the high yield and loan markets.Disruptive Forces in Investing Podcast
Will Fallen Angels Drive the Market? A Look into BBB Bonds
(17:17) With about half of the investment-grade credit market categorized as BBB, investors have been keeping an eye on volatility, but growth might still be the right outlook.CIO Weekly Perspectives
Prepare for the Long Haul
Why the major uncertainties twisting markets out of shape today are likely to persist for months.CIO Weekly Perspectives
Coronavirus: A Moving Target
If you haven’t reduced risk, it’s probably not too late to do so; if you are already conservatively positioned, it may be too early to buy the dips.Systematically Speaking
Disappearing Alpha & Hidden Beta—A Sleight of Hand
Comparing Option Strategy Indices and Hedge Fund Indices before and after the 2008 ꟷ 09 financial crisis reveals that what many investors thought was “alpha” was just an illusion.Video
Dyal Capital Partners’ Michael Rees on Investing in Private Capital
Watch Neuberger Berman's Managing Director Michael Rees chat on "Bloomberg Markets: The Close."CIO Weekly Perspectives
Will Kraft Heinz Spoil the Credit Markets?
We see the food giant’s recent downgrade as idiosyncratic and at odds with generally stable financial conditions.Video
ESG in Private Equity
(7:43) Maura Reilly Kennedy, Managing Director, NB Private Equity, and Jennifer Signori, Senior Vice President, ESG and Impact Investing, discuss how private equity managers have evolved when it comes to integrating ESG practices into their businesses.Article Reprint
Neuberger Berman Adds $4bn Private Real Estate Business
A recent article published by PERE details about Neuberger Berman’s purchase of New York-based Almanac Realty Investors, marking its largest acquisition to dateInsights
Checking in on BBBs
Improved credit conditions are reflected in spreads, but volatility may create opportunities.Article Reprint
Neuberger Berman Gets Its Sherlock On
Maarten Nederlof, Head of Portfolio Solutions (Americas) at Neuberger Berman, discusses how he is seeking to help clients achieve a better understanding of alpha, traditional premia and alternative premia in their investments, and assisting clients in better managing risk and addressing gaps in portfolio exposures.CIO Weekly Perspectives
Smarter Strategies, Smartly Implemented
Risk management can be more informed when it draws on the full range of quantitative, fundamental and data-science insights.White Paper
Life after LIBOR: Two Years and Counting
An update on what regulators, markets and Neuberger Berman have been doing to prepare for the transition from LIBOR.Disruptive Forces in Investing Podcast
Generating Alpha Through Data Science
(15:32) Data science is a new tool that can enhance traditional fundamental investment research, potentially sparking a revolution in active management.CIO Weekly Perspectives
Coronavirus: The View From China
Aggressive public health, monetary and fiscal interventions appear to be taking effect.Article Reprint
Neuberger Berman First U.S. Asset Manager to Ink ESG-Linked Loan
A recent article published by Bloomberg highlights Neuberger Berman as the first North American financial services firm to sign a sustainability-linked loan which will be benchmarked annually against key ESG metrics.White Paper
Mitigating Inflation Risk at Lower Opportunity Cost
Inflation-mitigating allocations can drag on returns when inflation is subdued: diversifying and tactical allocation can help.Insights
Another Breakthrough Year for China Bonds
The market made it into global indices but also broke records for defaults in 2019 and is facing uncertainty from the coronavirus: we take stock for 2020.White Paper
The Data Science Revolution
How the new richness and accessibility of data, and advances in data science, are enhancing both quantitative and traditional fundamental investment research—and sparking a revolution in active management.CIO Weekly Perspectives
The Coronavirus and Portfolio Risk
We hope for rapid containment of the coronavirus outbreak, but believe it is too early to make big investment decisions.Disruptive Forces in Investing Podcast
The Reality of Retail: Apocalypse or Renaissance?
(20:37) The retail landscape has undergone a transformation as changing consumer preferences and technological advances disrupt the sector.CIO Weekly Perspectives
Credit 2020: Bull or Bear?
At our Solving for 2020 conference in London, we debated the outlook for credit in the simplest possible terms.CIO Weekly Perspectives
Brand Ambassadors
How investors can transform brand loyalties into brand royalties.Fixed Income Investment Outlook
Stable Growth, Policy in Transition
Perspective on growth, interest rates, and opportunities and issues across the fixed income landscape.Disruptive Forces in Investing Podcast
CLOs and Late Cycle Credit Investing
(15:31) How should investors be thinking about the loan market as the bifurcation in credit continues?Asset Allocation Committee Outlook
Risks Rebalanced
A less cautious stance, with upgrades for pro-cyclical sectors and regions—including non-U.S. equity markets, U.S. credit, and emerging markets debt and equity.White Paper
The Solvency Sharpe Ratio: Strategic Asset Allocation for Insurers
New approaches to Strategic Asset Allocation for increasingly complex insurance balance sheets.CIO Weekly Perspectives
Do Middle East Geopolitics Matter?
Factors closer to global economic fundamentals should win out in 2020, and on balance we are prepared to maintain risk in our views.Investment Quarterly
Why WeWork Didn’t
The rental company’s IPO debacle highlights the importance of fundamental research and corporate governance.Investment Quarterly
Looking Out for Political Risk
Elections, policy and protests could have a major impact on markets in 2020.Investment Quarterly
In Small Caps, Be Wary of ‘the Market’
Looking past indices and taking a long-term perspective are keys to investment within U.S. small-cap equities.Investment Quarterly
Demystifying Private Markets
Characteristics, forces behind their recent boom, and circumstances in which they may “work” for individual investors.Investment Quarterly
Caution, Politics Ahead
After a standout year, markets remain healthy but could face new disruptions.Investment Quarterly
Investing in Innovation
Technological change is creating new thematic opportunities across markets.CIO Weekly Perspectives
Outlook 2020
The heads of our investment platforms welcome the New Year with their views for 2020.Video
Thematic Investing at Neuberger Berman
Why we believe Thematic Investing offers significant opportunities for growth.Systematically Speaking
Fixed Expense Investing
Low and even negative yields have turned some fixed income investing into “fixed expense” investing—but there are still good reasons to hold negative-yielding bonds.Disruptive Forces in Investing Podcast
Disruption Outlook: The Political Game of Breaking up Big Tech
(16:44) How might the technology sector fare as antitrust claims put tech giants under fire?Insights
Commitment on Climate
Our Sustainable Equity team explores a recent engagement on measurement of carbon emissions.CIO Weekly Perspectives
Deflated Expectations
Economic recovery in general, and inflation-linked bonds in particular, have become undervalued in Europe.White Paper
Equity Portfolio Construction: Filling the Gap Between Alpha and Beta
Separating equity alpha and beta is a good first step—but could investors be doing more in the space left between them?Disruptive Forces in Investing Podcast
Disruption Outlook: Trade War & Tariffs
(20:57) In emerging markets, it is critical for investors to separate signals from the noise as uncertainty around trade policy continues.Video
Froth Fears in the Credit Market
Susan Kasser, Co-Head of the Private Credit explains that amount of direct lending doesn't necessarily indicate "Froth" on “Bloomberg Money Undercover”CIO Weekly Perspectives
Holiday Spending
Shoppers are out in force, but are businesses and governments catching the holiday spending spirit, too?White Paper
Simply Put(Writing)
PutWrite strategies can improve the risk-return efficiency, liquidity, flexibility and cost-effectiveness of investor portfolios.CIO Weekly Perspectives
Lat-Am Spring?
The succession of political upheavals in South America resist easy categorization.Article Reprint
Taking Advantage of a Downturn: Tips for the Distressed and the Opportunistic Private Credit Investors
Susan Kasser, Co-Head Private Credit, shares her thoughts with SuperReturn 365 on the risks we might see in an eventual downturn, and how we can turn them into positive opportunities.Insights
Asia Bonds: Tactical Value for a Long-Term Opportunity
Asian debt exhibits robust fundamentals and bright long-term prospects, with attractive yields.Disruptive Forces in Investing Podcast
Disruption Outlook: The Politics of Healthcare
(17:49) Where are investors finding opportunities as the healthcare sector faces political uncertainty?CIO Weekly Perspectives
Social Tensions
Social media makes political risk turn up in unexpected places, with more sudden impact—and portfolios may be more exposed than we realize.Systematically Speaking
Two Cultures, One Aim
How genuine collaboration between quantitative and fundamental analysts can enhance stock selection and portfolio construction.Video
Private Markets Will Continue to Disrupt Traditional Markets
In a recent interview on "Bloomberg Money Undercover," Tony Tutrone, Global Head of Alternatives at Neuberger Berman, discusses why he believes private equity is poised to outperform public markets even as buyout firms deal with high valuations and aggressive capital structures.CIO Weekly Perspectives
The Political Economy
As confidence in the economic data grows, wariness about political uncertainty and “fiscal dysfunction” is as elevated as it has been in years.Disruptive Forces in Investing Podcast
Human Capital Management & Investment Decision-Making
(10:57) Investors are increasingly interested in how companies are managing their workforce to drive growth and profitability over the long-term.Insights
Solving for 2020: "Fiscal Dysfunction" Unmasked
The heads of our investment platforms identified the key themes they anticipate will guide investment decisions in 2020.CIO Weekly Perspectives
Catch-Up Potential for EM FX
As growth bottoms out and tail risks ease, attractive valuations support the case for emerging markets currencies.CIO Weekly Perspectives
Buying Time
Consumers and central banks need help from businesses and governments to sustain the economy.Disruptive Forces in Investing Podcast
Quantamental: A New Dimension of Active Investing
(17:55) The collaboration among quantitative and traditional investors are complementing and enhancing the investment process, sparking a revolution in active management.CIO Weekly Perspectives
Mercury Too High, Rates Too Low
At the World Bank and IMF annual meetings, two concerns dominated: climate change and negative interest rates.CIO Weekly Perspectives
Time to Get Off the Sidelines?
Things may be bottoming out.Systematically Speaking
The Alpha Left on the Table?
The 60/40 portfolio looks “efficient”—until we drop the no-leverage constraint.Asset Allocation Committee Outlook
Asset Allocation Committee Outlook 4Q2019: Two-Tier Growth Revisited
As the markets exhibit two-tier performance and the global economy edges back toward two-tier growth, the AAC has adopted a two-tier view.Disruptive Forces in Investing Podcast
Private Credit: The Rise of a Core Asset Class
(15:12) Private credit has established itself as an emerging leader in the alternatives space, becoming a key source of long-term finance for borrowers globally.CIO Weekly Perspectives
Challenges Ahead
The events and data of recent weeks make us want to err on the side of caution.Insights
Governance: Hiding in Plain Sight
Corporate governance remains relevant as a research tool and an anchor for ESG investing.Investment Quarterly
Rebalancing and Taxes: A Classic Conundrum
Resetting portfolio exposures periodically can help minimize the pain of taxes.CIO Weekly Perspectives
Recession in the Making?
Jobs market data suggests that the manufacturing slowdown is not metastasizing into full recession—for now.Disruptive Forces in Investing Podcast
Disruption Outlook: Negative Rates
(19:03) What are the investment implications of this unusual bond market environment?Insights
Engagement, Municipal Style
Working with municipal bond issuers is a subtle art, and has more potential in some areas than others.Fixed Income Investment Outlook
Fixed Income Investment Outlook 4Q2019: Recession Angst vs. Recession Realities
Though some economies are already seeing weakness, confidence shocks elsewhere could undermine solid fundamentals.CIO Weekly Perspectives
Building Momentum
We believe the underappreciated growth story in REITs has many years yet to play out.CIO Weekly Perspectives
Resilient or Reckless?
Extraordinary events are buffeting markets, but equity indices sail on.Insights
Next-Generation Mobility: It’s About the Journey
Finding opportunities along the road to fully autonomous electric vehicles.Disruptive Forces in Investing Podcast
Impact Investing: A Shifting Mindset Across Public and Private Markets
(13:16) Impact investing has come to the forefront as investors have increased interest in understanding the social and environmental impact of their portfolio alongside investment performance.CIO Weekly Perspectives
Reversal
Gloomy market trends have collapsed. So, are investors less gloomy about the economy?CIO Weekly Perspectives
Collateral Damage
China and the U.S. are perhaps the biggest source of current investment risk, but not the most exposed.Insights
Total Portfolio Impact in Investment Management
How different investment strategies across asset classes can contribute to the overall impact of a total portfolio.Insights
Negative Interest Rate Policy: Could It Happen in the U.S.?
The Fed seems more likely to focus on a range of policy tools.Disruptive Forces in Investing Podcast
Activist Investing: The New Normal
(17:20) Shareholder activism has gained traction among investment managers as a means to implement meaningful change to improve long-term profit potential.CIO Weekly Perspectives
Toxic Mix of Politics and Policy
It’s official: We’ve moved into another dimension.CIO Weekly Perspectives
Navigating Summer Squalls
Managing volatility and maximizing opportunities in the late cycle.Disruptive Forces in Investing Podcast
Late Cycle Investing: What’s Next?
(16:51) What can investors expect as the next downturn seems inevitable?CIO Weekly Perspectives
Forget the Barometer
We don’t need an inverted yield curve to tell us a global manufacturing downturn may be underway.Systematically Speaking
PutWrite Goes Global
The launch of CBOE’s ex-U.S. PutWrite indices could help build momentum for these strategies.CIO Weekly Perspectives
Dog Days of August?
News flow has turned ugly again, but equity markets are a long way from irrational exuberance.Disruptive Forces in Investing Podcast
FinTech: Competitor or Collaborator?
(18:35) FinTech innovations have changed consumer expectations around financial services—will the incumbent players be displaced, or have they found a way to collaborate?CIO Weekly Perspectives
Opportunity Knocks in Inflation
As investors take temporarily weak inflation to be structural, it creates potential value in TIPS.CIO Weekly Perspectives
Factful Optimism
Why I am packing Hans Rosling’s Factfulness for this year’s vacation reading.Investment Quarterly
Investment Quarterly: Summer 2019
In this issue of Investment Quarterly, we offer perspectives to help investors navigate the currently shifting climate and ongoing challenges in seeking to maintain and build wealth.Disruptive Forces in Investing Podcast
Climate Change: A Growing Investment Consideration
(21:09) Companies must adapt as investors increasingly incorporate climate change considerations into their portfolios to achieve sustainable returns and avoid risk.CIO Weekly Perspectives
The Final Approach
Last week’s data shows that we may be levelling out for a soft landing.Insights
The Preferred Income Advantage
In an environment of exceptionally low bond yields, preferred shares may provide an opportunity to boost income.Insights
Investing Deep in the Cycle
As the US economic expansion moves past the decade mark, we offer three ideas to help keep portfolios on course.Insights
Rebounds, Records and Uncertainty
A reminder about investment principles emerges in a transitional environment.Insights
Unlocking Inflation
After a decade of disappointment on prices, what can the Federal Reserve do to set the right course?Insights
U.S. and China: The Long Road Ahead
Continued trade tensions and periodic flashpoints will likely become the norm.Insights
Ten for 2019—Midyear Update
The heads of our four investment platforms revisit the key themes they anticipated would guide investment decisions in 2019.Asset Allocation Committee Outlook
Asset Allocation Committee Outlook 3Q2019: Beneath the Surface
Headline economic data and index performance conceal more interesting stories of complexity and opportunity.CIO Weekly Perspectives
Don’t Fight the Fed
Brace for the first rate cut in a decade—but don’t get dragged along by it.Video
Engaging Fixed Income Issuers on ESG Topics
Jonathan Bailey, Head of ESG Investing, sits down with members of our Developed Market Corporate Credit team to discuss why they believe that ESG factors have a meaningful impact on credit quality and therefore are an important component of their credit research process.Disruptive Forces in Investing Podcast
Big Data: Exploiting an Inefficient Market
(13:03) Increasing amounts of digital information offer a new frontier for portfolio managers, allowing investors to evaluate companies on both a fundamental and data driven basis.CIO Weekly Perspectives
Hidden Value
Lagging small caps indicate that, beneath the record-high S&P 500, all may not be as placid as it seems.Fixed Income Investment Outlook
Fixed Income Investment Outlook 3Q2019: Time to Dust Off the Playbook for Easing?
10 years since the Fed’s last rate cuts; we suspect many investors will have forgotten how powerful a Fed tailwind can be for markets.Insights
The World Gets Active in Euro Fixed Income
Steep yield curves make euro bonds attractive in general, but here we outline some specific opportunities.CIO Weekly Perspectives
Buck Down to Earth
Is recent U.S. dollar weakness a resumption of the downtrend that started at the end of 2016?Systematically Speaking
The China Factor
China’s A-share market reminds us of developed markets 20 years ago, in the heyday of quant investing.CIO Weekly Perspectives
Do We Really Need Lower Rates?
They may discourage the fiscal reform and corporate investment that the economy needs.Disruptive Forces in Investing Podcast
5G: The Next Generation of Connectivity
(20:04) The implementation of 5G networks will allow for greater connectivity, affecting just about every area of the economy—how should investors prepare?Disruptive Forces in Investing Podcast
Autonomous Vehicles: An Evolution, not Revolution
(15:58) The convergence of tech and auto has led to rapid advancements in auto safety features, creating the building blocks for truly autonomous vehicles.CIO Weekly Perspectives
The Narrative Arc
Late-cycle data points are noisy and inconclusive, and the stories we tell about them don’t always add up.Disruptive Forces in Investing Podcast
Introduction to Disruptive Forces
(1:34) Dive into the world of Disruptive Forces, where we explore timely topics changing the investment landscape and new opportunities as a result of these movements.CIO Weekly Perspectives
The Powell Put
Was last week’s bounce for risk assets a mere taste of what’s to come if the Fed cuts rates this year?CIO Weekly Perspectives
Wrestling in the Markets
Slowing growth, low yields and geopolitical maneuvers are making for quite a spectacle.Systematically Speaking
Harvesting Insights from Insider Activity
The intuitive link between legal insider trades and stock returns proves elusive as a quant strategy.CIO Weekly Perspectives
Still Emerging
News flow may be distracting from emerging markets’ attractive, mid-cycle fundamentals and valuations.White Paper
Quantitative Investing in China A Shares
How China’s retail investors create a rich opportunity set for quantitative strategies.White Paper
An Insurers’ Guide to Below-Investment Grade Exposure: The Platform Approach
Exploring the advantages of a broad platform approach to fixed income and credit for insurance company investors.Insights
U.S. BBB Corporate Risk: Flexibility in Focus
In a varied landscape, accurately assessing vulnerability to downgrades will come down to specifics.CIO Weekly Perspectives
News Cycle vs. Business Cycle
Trade talks are important and may cause volatility, but they should not determine portfolio strategy.Insights
What Active Engagement Looks Like
The Ashland proxy dispute displayed the power of an owner’s long-term perspective and commitment.Insights
Conversations With… Ray Carroll
Alternative risk premia can be great diversifiers, but it takes human insight to realize their full potential.CIO Weekly Perspectives
Tariffied
Is the U.S.-China deal dead, and how bad might this get for risk assets?Insights
Late-Cycle Investing: Distinguish Signals from Noise
How to tell when late-cycle is turning over into end-cycle? Two places: look at data coming from the real economy and at indicators from financial markets.White Paper
Survive and Thrive: Late-Cycle Investing
Late-cycle is arguably the most challenging time for investors and asset allocators.Insights
Late-Cycle Investing: Be Prepared to Provide Market Liquidity
Illiquidity poses risks, but may also generate opportunity for those prepared to provide market liquidity.Insights
Late-Cycle Investing: Re-Assess Strategic Asset Allocation
The challenge of maintaining exposure to growth potential without losing control of risk.Insights
Late-Cycle Investing: Identify Through-Cycle Themes
Look for investments whose performance is not primarily determined by the business cycle, or whose dynamics supersede or “look through” that cycle.CIO Weekly Perspectives
On the Meaning of “Transitory”
The Fed Chair has been stretching semantics on inflation, but his growth outlook mirrors ours.White Paper
Index Option Writing Strategy Benchmarks
How the continued success of option strategies arguably depends on the investment industry’s ability to consistently benchmark the strategies.CIO Weekly Perspectives
Earning Sustainable Gains
Human tragedy, financial damage, regulatory tightening and people power are driving ESG up the agenda.CIO Weekly Perspectives
Time to Rethink Euro-Pessimism
Threats to euro-zone growth are now more external than internal.CIO Weekly Perspectives
Storm Warnings Over the Atlantic
Our geopolitical risk focus turns to Europe—and trade conflict with the U.S. looms largest.CIO Weekly Perspectives
A Higher Degree of Debt
Should we worry about bubbles in leveraged loans, BBBs—or the Millennials’ student debt burden?Insights
A Drive Around the Yield Curve
An inverted yield curve can still be a useful leading indicator, but don’t read too much into it.White Paper
FX Markets: What’s Top-Down and What’s Bottom-Up?
Introducing a new five-factor model of the global, top-down determinants of foreign-exchange returns.Asset Allocation Committee Outlook
Asset Allocation Committee Outlook 2Q2019: On the Wings of a Dove
Markets soared on the wings of a central-bank dove during 1Q, but the engines of the global economy must spark back to life if we are to remain airborne.Insights
China Local Bonds Go Global
Are global bond managers ready for the operational challenges of the China onshore market?CIO Weekly Perspectives
Bonds vs. Stocks: Which Market Is Right?
Is the bond market cautious or confused? Is the equity market confident or complacent?Article Reprint
Beware of Box-Checking in Sustainable Investing
On March 27, Bloomberg Environment published an article, written by George Walker, CEO and Jonathan Bailey, Head of ESG Investing, which addresses the EU vote on requiring institutional investors to declare whether they consider sustainability objectives in their process.Insights
The Hidden Growth Themes in REITs
Think listed real estate is dull, defensive and exposed to rising rates? Think again.CIO Weekly Perspectives
Is ‘Goldilocks’ Back?
As the Fed turns more dovish, a familiar fairytale heroine returns—but will there be another happy ending?CIO Weekly Perspectives
Clearing the Hurdles
The ECB’s accommodative stance removes one more obstacle from a global soft landing.White Paper
The Term Premium Conundrum
What is the “term premium”, why is it so low, why might it rise—and what does it mean for investors?Systematically Speaking
The S&P 500 Sweepstakes
Buying call options has made unusual profits recently—has the “fear index” become a “greed index”?CIO Weekly Perspectives
Five Eyes on 5G
The spy stories reveal 5G as a true strategic asset and an investment theme whose time has come.Insights
Hybrids: The Spread Over Senior is Key
The end of ECB QE was expected to test the hybrids market—so far it has passed comfortably.CIO Weekly Perspectives
Political Theater
Political dramas are coming to a head, but we think this economic cycle still has an act or two to play out.CIO Weekly Perspectives
Good News, Bad News and Walls of Worry
For investors, the mature part of this cycle may feel like the rest of the cycle writ large.Systematically Speaking
Volatility Seems Here to Stay
Our volatility models indicate that a return to the low-vol of 2017 is highly unlikely.CIO Weekly Perspectives
