Insights
CIO Weekly Perspectives
Breaking Down the Liquidity Silos
Breaking down the boundaries between liquid and illiquid assets could broaden our outlook and better align portfolios to our objectives and time horizon.Video
Neuberger Berman Private Markets: Q3 2023 Preliminary Valuation Summary & Analysis
(7:54) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.White Paper
European High Yield: A Clear Case for Active Management
Passive European high-yield strategies may not be as cheap as they appear, and may pose more risk than you think.Podcast
The Art of Giving in Philanthropy
(24:54) Charitable contributions are a vital source of capital for non-profit organizations, but how do investors consider allocating to these causes within their portfolio construction?CIO Weekly Perspectives
COP28: Expect Disappointment and You'll Never Be Disappointed
Four things to look out for amid the pessimism at this year’s climate-change gathering.Video
The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum
(08:27) In this short video, experts from our public and private markets teams share their outlook on credit markets.CIO Weekly Perspectives
The Mortgage-Backed Moment
Securitized credit, and especially mortgage-backed securities, can be an attractive source of income while waiting for volatile bond markets to settle.Insights
Navigating Value Creation in Private Equity
Private equity managers have several levers they can pull to create value, but which are the most effective today, and what does that mean for investors?Podcast
The Liquidity Squeeze in Secondaries
(23:05) As the thirst for liquidity solutions intensifies, are we on the brink of a major market growth spurt in Private Equity Secondaries?CIO Weekly Perspectives
The Return of Industrial Policy
As governments play a bigger role in the economy, we think businesses and investors will need to think more about inflation, location and taxation.Insights
Three Notable Trends in the World of Secondaries
Why we think macro uncertainty and the private equity liquidity squeeze are making secondary market conditions particularly favorable for targeted buyers.White Paper
The Limitations of Passive Investing to Achieve a Net-Zero Outcome
In our second installment of The Fine Print of Indexation, we tackle the challenge of building net-zero-aligned portfolios.CIO Weekly Perspectives
Is Too Much Riding on the Tech Titans?
U.S. tech is “Magnificent” in many ways, but it cannot lead the market forever—investors may want to seek performance elsewhere.CIO Weekly Perspectives
The Case for Co-investments
Scarcity of co-investment capital could be creating a window of opportunity.CIO Weekly Perspectives
The Global Challenges for the Next Generation
The Annual IMF Meetings in Marrakech raised an interesting question: Is the whole world a developing economy now—and can it pay for that development?Insights
Private Markets Update
Private equity performance has thus far held up well in 2023 as the market landscape shifted and key trends emerged across the phases of the private equity cycle: fundraising, deal activity, debt financing and exit opportunities.Podcast
A Force to Be Reckoned With
(22:41) As we mark our 100th episode, we explore the disruptions facing our industry at large.CIO Weekly Perspectives
Geopolitical Shocks and Portfolio Construction
Investors should try to respond not to the events of the past week, but to the deeper global trends they reflect.Asset Allocation Committee Outlook
Higher for Longer, Longer the Stronger
“Savings depletion and weakness among small-cap and regional bank stocks suggest that the U.S. economy may not be as strong as it seems.”Fixed Income Investment Outlook
Staying Airborne
Slowing growth could still be enough to avoid a hard landing; look to yield for total return.CIO Weekly Perspectives
Tighten Your Seatbelts
Shifting supply-and-demand dynamics appear to be driving bond markets more than fundamentals, which makes for a bumpy ride.Article Reprint
Mid-Life Opportunities
We believe sponsors are increasingly looking for co-investment partners to support growth ambitions in existing portfolio companies or to generate liquidity.White Paper
Japan: Unlocking Hidden Value Through Engagement
Reforms could continue to drive performance, particularly in a small to midcap space that is ripe for engagement-driven capital efficiency gains.Podcast
From Hype to Reality: The Impact of Generative AI
(26:14) With the boom of generative AI, we explore the sector to determine whether we truly are amid the next industrial revolution or if it is just beginning…Equity Market Outlook
A Change of Season
For all the exuberance over a potential soft landing, we believe a rising tide of data reveals an economy that is more likely tracing a scenic detour to recession.CIO Weekly Perspectives
Opportunity in the Private Equity Liquidity Squeeze
Why we think macro uncertainty and the private equity liquidity squeeze are making secondary market conditions particularly favorable for targeted buyers.White Paper
A New Energy Investment Paradigm
Using today’s fossil-fuel profits to invest in the long-term growth and emissions reduction of clean and renewable power.CIO Weekly Perspectives
Long the Strong
The prolonged adjustment to higher rates is just beginning, and we think it will likely be more painful for some than others.Insights
2023 Global Corporate Credit ESG Engagement Report
During the past year our established relationships with issuers in developed and emerging markets enabled us to have meaningful engagements with a number of management teams. We engaged on key ESG issues such as climate transition, equity, inclusion and diversity (EID), and executive compensation structure.Article Reprint
How Asset Selection Drives Deals
Intelligent asset selection is crucial in periods of volatility. GP-led secondaries provide the perfect opportunity to hand-pick the very best.White Paper
Asset Allocation at Official Institutions: Three Critical Steps
Three critical steps for asset allocation at Official Institutions: embrace less liquid markets; explore a fuller credit universe; think globally.Podcast
Bonds and Beyond in Today’s Fixed Income Markets
(25:51) As investors reassess their strategic asset allocation in this new investment regime, how should they position their fixed income portfolio?CIO Weekly Perspectives
Political Gridlock but Fiscal Largesse
How political dysfunction undermines debt sustainability and helps embed structurally higher inflation.White Paper
The Active Foundations of Sustainable Investing
As ESG and sustainability indices proliferate, we argue that sustainable investing is inherently an active management discipline.CIO Weekly Perspectives
The Sprint to Year-End
As the September starting gun sounds, here’s what we are looking out for on the track ahead.CIO Weekly Perspectives
Navigating by Flashes of Lightning
Central banks may be reluctant to hike further, but as long as they tie themselves to incoming data their hands may be forced.CIO Weekly Perspectives
Strike (Big) 3?
A potential U.S. auto strike has significant implications for the economy, earnings and inflation.Video
Neuberger Berman Private Markets: Q2 2023 Preliminary Valuation Summary & Analysis
(8:10) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.Podcast
Real Estate in a Time of Uncertainty
(20:40) As concerns about bank failures and rising interest rates persist, how has the real estate market been impacted?CIO Weekly Perspectives
Late-Summer Debates
A few key issues could disrupt investors’ peace and quiet as fall approaches in the Northern Hemisphere.CIO Weekly Perspectives
Working the Margins
While this is no time to be making major calls on asset allocation, in our view, there are abundant opportunities for generating incremental returns.Podcast
The Changing Sentiment Around Wealth
(24:41) As baby boomers have started to transfer their wealth to the next generation, how could their heirs reshape the wealth management industry?CIO Weekly Perspectives
The Consumer and the Stock Market
As the “wealth effect” is driven less by house prices and more by investment markets, it may change our views on asset valuations and portfolio construction.CIO Weekly Perspectives
What if Everything’s Going to Be OK?
Falling inflation, recovering growth, relaxed central bankers—how one of the most widely forecast recessions in history failed to happen.Podcast
The Implications Behind Indexation
(14:33) Are there misunderstood aspects of indexation that investors should be aware of?Insights
Ten for 2023—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2023.CIO Weekly Perspectives
The Bridge to the Future
This year’s recommendation for vacation reading is the epic story of the building of the Brooklyn Bridge, resonant with dilemmas we still recognize today.White Paper
Net-Zero Alignment: Beyond the Numbers
There is no shortcut to assessing a portfolio’s net-zero alignment: data is incomplete, and we believe analysts’ insights are critical.Asset Allocation Committee Outlook
Engine Running, Shifting to Neutral
In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.CIO Weekly Perspectives
Taking Stock
As we reach the halfway point of an unexpected year for markets, what’s next for equities?Podcast
Emerging Opportunities in Emerging Markets Debt
(18:02) As a wave of sovereign debt default is on the rise, what’s next for Emerging Markets?CIO Weekly Perspectives
The Meaning Behind the Mean
The headline characteristics of today’s market obscure a wealth of opportunity, in both public and private markets.White Paper
Climate Innovation and the New Capex Cycle
The backdrop for investing in climate innovation is at a critical infection pointCIO Weekly Perspectives
The View From the Peak
Despite hawkish policymakers and very mixed economic data, the approaching plateau in rates brings more clarity and conviction to our fixed income views.Insights
Navigating the Evolving ESG Landscape
Expanding interest in ESG suggests that issuers are likely to be called upon for more disclosure, communication and progress in the coming years, making it crucial to effectively navigate these areas.Equity Market Outlook
Economic and Market Review: Long-Term Optimism Amid Short-Term Headwinds
While the rally in mega-cap growth stocks has helped delay the next downturn, we reaffirm our emphasis on low-beta portfolios, higher earnings quality and defensive sectors.Insights
Navigating Climate Analysis in Private Equity
The climate transition continues to be a topic of strategic focus for asset owners and private equity managers alike, but major hurdles remain in order to implement and evidence the progress toward decarbonization.Fixed Income Investment Outlook
Last Mile for Tightening
With tightening nearing an end but policy rates likely to remain elevated, we currently favor shorter durations, quality and attention to underwriting.White Paper
The Fine Print of Indexation
A look at opportunity costs, long-term risks and complementary solutionsPodcast
Commodities and Their Place in the Transition Pathway
(29:08) While commodities have been known to be a great inflation hedge, can this asset class also align with meeting the objectives of investors concerned about their environmental and social footprint?CIO Weekly Perspectives
Going Back to Base
In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.White Paper
Commodities and Responsible Investing: An Impossible Marriage?
A framework for thinking about commodities in a responsible investing context.CIO Weekly Perspectives
Don’t Give Up on China
The post-COVID reopening has disappointed, but has that disappointment and the prospect of new policy stimulus created a relative value opportunity?White Paper
How to Get the Most From Private Placement Debt
Private Placement Debt can offer fixed income investments enhanced diversification, risk-adjusted yield and downside mitigation. We anticipate growing recognition of the role it can play in a wide range of investor portfolios.CIO Weekly Perspectives
Tactics and Strategy
We tend to think about diversifying across asset classes, sectors and regions, but diversifying across investment timeframes can add value, too.Video
The Inside Track - Public and Private Markets Outlook; Episode 2: Commercial Real Estate
(9:15) In this short video experts from our public and private markets teams consider the outlook for commercial real estate.Video
Neuberger Berman Private Markets: Q1 2023 Preliminary Valuation Summary & Analysis
(7:38) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.Insights
GP-Led Secondaries: Private Equity’s Most Underserved Market?
Current macroeconomic and capital market conditions appear to be creating attractive investment opportunities for secondary buyers.Insights
"Investing at a Crossroads" Revisited
Nine months ago, we set out a playbook for the transition to the new investing environment—here’s why it still applies as the rates cycle peaks and inflation eases.Podcast
Finding the Silver Lining in Commercial Real Estate
(19:40) Given the market crises that have challenged real estate markets, is there a silver lining to be found in commercial real estate?CIO Weekly Perspectives
Private Equity Valuations Withstand the Volatility of 2022
We see valuation data from more than 400 funds each quarter, and it suggests the recovery from a relatively shallow downturn may be underway for buyout funds.CIO Weekly Perspectives
Resolving the Puzzle
To make sense of today’s market conundrum, remember that things could have been worse than they are, and that investors are more defensive than they appear.CIO Weekly Perspectives
Is the Consumer Cracking?
News from the consumer sector reveals intriguing trends, as well as the importance of credit and security selection in today’s complex market environment.Podcast
The Many Facets of Japanese Investing
(29:48) Given Japan’s unique macroeconomic backdrop, what can this market offer to its investors?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?Insights
Private Markets in Volatile Times
Recent market turbulence provides yet another example of how private equity managers have improved their ability to weather volatile conditions.CIO Weekly Perspectives
A Tale of Two Indices
How an “optical illusion” might be making the S&P 500 look more expensive, and better-performing, than it really is.White Paper
The Case for Private Credit in Insurance Portfolios
An ever-expanding menu of private credit strategies can offer insurers the potential for attractive risk-adjusted returns.CIO Weekly Perspectives
What ‘Data-Dependent’ Feels Like
As central banks become more “data-dependent,” will monetary policy become less predictable and markets potentially more volatile?CIO Weekly Perspectives
Trip Hazards
The U.S. debt ceiling is just one of a long list of obstacles waiting to trip up markets, and there is very little opportunity cost for remaining cautious.Article Reprint
Institutional Investor: America’s Top Asset Management Firms
Institutional Investor published their list of America’s top asset management firms, according to the companies owned by them. We are proud to announce that we were ranked within their top 10 list. See the full publication and details below:Podcast
The True Meaning of Sustainable Investing
(19:50) How can investors approach sustainable investing in today's investment landscape?CIO Weekly Perspectives
Proxy Voting: Engagement Matters
As we kick off our latest NB Votes campaign, we look at what detailed bottom-up knowledge brings to the process, and what can happen when it’s absent.Asset Allocation Committee Outlook
Paid to Be Patient
It may be time to plan the journey back to risk, but not yet time to act—peak rates could still be disruptive, and they pay investors for proceeding carefully.CIO Weekly Perspectives
Are Agency Mortgages a Home Run?
Why we think recent banking-sector stress has made already attractive U.S. mortgage securities even more keenly valued.Video
Insurance-Linked Strategies State of the Market 2023
(4:23) Peter Miller, Senior Vice President on the Insurance-Linked Strategies team, discusses the current dislocation in the Insurance-Linked Securities market and what this could mean for investors.Fixed Income Investment Outlook
A Sharp Turn
Risk/reward for many fixed income sectors has been shifting.Article Reprint
SMAs are here to stay among Japanese LPs
Japanese institutions have continued to utilize separately managed accounts, or SMAs, to gain exposure to private equity.CIO Weekly Perspectives
A New ‘Impossible Trilemma’?
Can we lower government debt, sustain positive real rates and finance the transition to a low-carbon economy?Equity Market Outlook
Economic and Market Review: Continue to Recommend Defensive Positioning, Focus on Quality
What happens when the lowest interest rates in 400 years meet the fastest hikes in 100?CIO Weekly Perspectives
As Credit Goes, So Goes the Economy
Credit is the lifeblood of the economy, and the credit system just had a heart murmur.White Paper
Private Credit: An All-Weather Asset Class
As private-credit markets continue to expand in size, choice and sophistication, we believe they should play an important role in well-diversified investment portfolios.Video
Neuberger Berman Private Markets: Q4 2022 Preliminary Valuation Summary & Analysis
(9:14) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.CIO Weekly Perspectives
Turning, Not Re-Turning
It makes sense to prepare for the turning point in this cycle—but not by returning to the winners from the last cycle.Podcast
The Deal or No Deal of Event-Driven Investing
(19:48) Exploring the nuances of event-driven investing in today’s markets, we attempt to answer: how do the deals get made? And what happens when they don’t?CIO Weekly Perspectives
The More Things Change, Part II
Banking stresses may have tightened conditions enough for policymakers to pause their hiking cycles indefinitely.White Paper
Simply Put(Writing)
PutWrite strategies can improve the risk-return efficiency, liquidity, flexibility and cost-effectiveness of investor portfolios.Insights
Silicon Valley Bank: Market Reaction and Implications
In this bulletin, we provide our view of the events of the last week and their implications for the bank sector.CIO Weekly Perspectives
