Insights
Insights
Not a Home Run, But Maybe a Late Innings
Our Tactical Allocation team thinks markets could be close to peak pessimism: here is a detailed look at the indicators they are monitoring—and the key levels that could trigger a positive view on risky assets.CIO Weekly Perspectives
Recession Semantics
Whether the U.S. is actually in a recession is debatable, but high inflation will affect companies both positively and negatively.Disruptive Forces in Investing Podcast
The Private Equity of Yesterday, Today and Tomorrow
(22:07) Traditionally, Private Equity has offered key return potential and diversification benefits, which has allowed it to grow dramatically in the last 30 years. But could we see that growth continue as markets take a downturn?CIO Weekly Perspectives
Ukraine and the Path to Deglobalization
This year’s recommendation for vacation reading offers a reminder of Ukraine’s millennia-old importance for global trade, helping us understand why today’s conflict could be yet another lasting blow against globalization.CIO Weekly Perspectives
Inflation is Hot—and Could Stay Hot
Autumn and winter should bring respite from the northern hemisphere’s punishing summer heatwave, but we don’t think they will ease the inflation temperature.Insights
Real Estate: Built to Withstand Both Inflation and a Slowdown
Real estate could serve as a foundation for portfolios in an environment of high inflation, rising interest rates and slowing growth, and investing at the real estate company level can offer valuable advantages during a time of market uncertainty.Disruptive Forces in Investing Podcast
Forgo FOMO: Growth Investing for the Long Term
(12:08) As investors grapple with what the options are in today’s market, we look to growth stocks, which some may consider to be too risky right now, but we uncover how we believe that might not actually be the case…Equity Market Outlook
Economic and Market Review: Key Considerations for Equity Investors
We see increasing likelihood of a recession, but even if we avoid one, we think the coming months are going to feel like a recession as the decline in stock market valuations in the first half of the year are likely followed by a decline in corporate earnings in the second half.CIO Weekly Perspectives
Earnings at a Crossroads
The guidance in this season’s earnings reports could start to tell us how far earnings are likely to decline and how much is already priced in.Asset Allocation Committee Outlook
Into the Inflationary Slowdown
As inflation persists and recession risks rise, our Asset Allocation Committee sees more yield potential in fixed income and favors commodities for ongoing inflation exposure, but remains cautious in equities.CIO Weekly Perspectives
Reasons for Optimism
Caution may be warranted during the uncertainty of the next quarter—but after markets have sold off so much, does it really make sense to be more pessimistic now than at the start of this year?Fixed Income Investment Outlook
Building Value as Conditions Tighten
We anticipate resilient fundamentals, but also volatility tied to inflation and higher short rates.CIO Weekly Perspectives
The ECB’s Trilemma
Are we seeing the start of another eurozone crisis, or can the ECB fashion an effective tool to manage volatile southern European bond spreads?Systematically Speaking
Did You Miss the Commodity Boom?
Commodity prices are up substantially this year, but we believe structural supply and demand imbalances mean we are still in the early innings of this cycle.Disruptive Forces in Investing Podcast
The Mission Toward Carbon Transition
(17:11) What role does carbon play across infrastructure and are companies implementing changes across their operations as a result?Video
NB Votes: Kei Okamura on Amada Co. Ltd.
Neuberger Berman expects company management to allocate capital to maximize long-term risk adjusted shareholder value. Learn more from Portfolio Manager, Kei Okamura, about our views on Amada at NB Votes.CIO Weekly Perspectives
After the Revaluation, the Slowdown
Our Asset Allocation Committee believes that, whether we enter a recession or not, the expected slowdown and ongoing market volatility could feel like one for investors.CIO Weekly Perspectives
The Space Economy Achieves Lift-Off
Space-based industry is much more down-to-earth than you might think—and every day it touches more and more of our lives.Disruptive Forces in Investing Podcast
The Paradigm of Purpose and Profit
(18:26) How can companies respond to ESG issues in a way that goes beyond ticking-the-box exercises to capitalizing on these megatrends?CIO Weekly Perspectives
Descending From Extremes Is a Rocky Process
To understand the current volatility, it helps to get reacquainted with just how out of whack things were coming into 2022—in terms of both magnitude and timing.Video
NB Votes: Marvin Schwartz on General Motors Company
Neuberger Berman expects compensation committees to design, adopt and clearly articulate a strong link between executive compensation and performance. Learn more from Senior Portfolio Manager, Marvin Schwartz, about our views on General Motors at NB Votes.CIO Weekly Perspectives
The Two-Way Market Persists
The search for value is on, particularly in short to medium duration.Article Reprint
Private Markets—From Alternative to Mainstream
In the June 2022 30th Anniversary Issue of Journal of Investing, Erik Knutzen, CIO—Multi-Asset, details the evolution of private markets over the last three decades and highlights the key trends and challenges anticipated for the future.Insights
Smoothing Long-Term ESG Transition
Our Non-Investment Grade Credit team explores key issues and trends facing issuers.White Paper
Investing in Infrastructure
The world faces a $15 trillion infrastructure financing gap by 2040, and cash-strapped governments are increasingly calling on private capital to achieve their digitalization, decarbonization, supply-chain enhancement and social-infrastructure goals.Disruptive Forces in Investing Podcast
Mythbusting Crypto Investing
(22:11) Digital currency has been considered the new frontier for many investors, so we bring in the experts to explore the ramifications of investing in one of the newer asset classes amid today’s investment backdrop.Systematically Speaking
Rising Rates and Risk Premia
In a very challenging environment for long-only investors, long/short risk premia have delivered attractive returns—but not always in the way history would have led us to expect.Video
NB Votes: Jason Tauber on Netflix
Neuberger Berman supports management proposals to declassify the board, eliminate supermajority voting requirements, and provide shareholders the right to call special meetings at Netflix Inc. Portfolio Manager, Jason Tauber, shares his insights on the proposals in further detail.CIO Weekly Perspectives
Two Perspectives on the Sell-Off
We see signs that many investors are changing the way they think about the current sell-off—and that might challenge the way you think about the balance of risk.Article Reprint
Why LP-Led Secondaries Remain Relevant
In a recent PERE interview, Scott Koenig, Managing Director & Head of Real Estate Secondaries, discusses why he believes the volume of traditional style LP-led transactions will continue to grow and why they still offer attractive characteristics that remain appealing for investors seeking to buy into the long-established benefits of the secondaries.CIO Weekly Perspectives
Staying On Theme
When inflation, interest rates and global economic uncertainty are rising, cash today can seem more urgent than exposure to the markets of tomorrow—but could that mean investors risk missing out on the potential of thematic strategies?CIO Weekly Perspectives
Are We There Yet?
Regardless of whether we get a hard or soft landing, we likely face a steep approach to the runway in trying to “land this plane.” The question is, how well consumers and companies absorb the slowdown, and whether sentiment is already bearish enough to create long-term value.Insights
Japan: Land of the Rising Prices?
Japan looks set to emerge from 30 years of near-zero inflation in 2022—but are its companies able to absorb higher costs, or even re-learn the art of passing price hikes on to their customers?Insights
The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in three recent significant downturns.Insights
Alternative Data: Workforce Recovery and the Great Resignation
More displaced workers seem ready to come back into the labor force, but employers may need to watch their highly compensated “stayers.”CIO Weekly Perspectives
Inflation-Fighting Properties
Real estate has tended to get a prominent page in inflation playbooks—but do some parts of the market get a particularly strong tailwind from rising prices?Disruptive Forces in Investing Podcast
How to Keep Energy Going and Going…
(21:20) Energy markets have been dealing with the implications of ongoing inflation, ESG and geopolitical factors that have changed the investment landscape globally, so what’s next for the sector?White Paper
Integrating Climate Risk Into Strategic Asset Allocation
Is your strategic asset allocation process missing climate risks—and foregoing climate opportunities?CIO Weekly Perspectives
Japan Is Back on the Risk Radar
Japan and the extreme moves in its currency are among the most important dynamics in capital markets right now—here’s why we think they should loom much larger in investors’ minds.Insights
A Value Opportunity in Hybrids
Recent spread-widening appears to reflect concern about rising rates incentivizing extensions, and an economic slowdown incentivizing coupon deferrals—concerns we regard as significantly overstated and a source of attractive valuations.CIO Weekly Perspectives
The Rising Costs of a Drawn-Out War
Financial markets may not ebb and flow with major developments on the battlefield anymore, but we believe they do still need to come to terms with the war’s lasting inflationary impact.Strategy Insights
Electrification: Paving the Road to Emissions Reduction
As investors focused on long-term sustainability, we have long focused on emissions, energy efficiency as well as long-term opportunities and threats in business models as it relates to their sustainability and competitiveness over the long run.Insights
EMD as a Hedge Against Inflation
Inflation concerns have caused investors to search for income with lower duration, and we believe Asia high yield delivers on this front.Insights
Why Passive ESG Fails to Deliver
There’s no substitute for nuanced analysis and judgment in ESG investing.Expert Update
U.S. COVID-19 Update: Moving Past the Omicron ‘Bump’ as the Endemic Phase Unfolds
We were struck by speed with which BA.2 arrived in the U.S. and rapidly spread through the country, gaining a foothold in the Northeast, which has been the virus modus operandi for some time now.White Paper
Transitioning to Net-Zero in Credit Portfolios
From defining and setting interim targets from day one, to the critical role of bondholder engagement, we reflect on the process of putting together a major net-zero credit portfolio.CIO Weekly Perspectives
Cautious, Not Bearish
Investors may want to position for persistent volatility as growth begins to slow, but we still believe earnings growth supports the case for equities.Insights
Short Duration High Yield: Replacing Rates Risk With Credit Risk
Short-duration high yield could be an under-explored option for investors who need current income to meet short-term liabilities, but cannot afford the interest rate risk that would accompany a search for yield in longer-dated bonds.Insights
Rethinking the Credit Liquidity Continuum
As private credit markets have expanded, matured and democratized, eligible investors can now, in a cost-effective and operationally efficient manner, combine liquid and less-liquid credit assets in one portfolio. This allows investors to increase yield profile and potentially reduce volatility and correlation.Asset Allocation Committee Outlook
Regime Change
While we do not anticipate a recession over the next 12 months, the prospect of slowing growth and stubborn inflation has led us to downgrade our view on equities, and prepare for a new regime in which real assets could generally perform better than financial assets such as stocks and bonds.Disruptive Forces in Investing Podcast
Understanding Short Duration for the Long Run
(21:01) The current High Yield market seems to display the characteristics that could make it an interesting investment opportunity, but does it answer an investor’s question of, will I get paid back?Equity Market Outlook
Economic and Market Review: Key Considerations for Equity Investors
We believe the conflict in Ukraine may turn out to be less critical for equity markets than the upcoming turn we anticipate in the economic growth cycle.CIO Weekly Perspectives
Has Fear of the Fed Peaked?
As investors continue to digest the likely path of this tightening cycle, we think the dramatic moves of recent weeks are set to ease, laying a good foundation for credit investors.Fixed Income Investment Outlook
Investing Through Inflation and Growth Uncertainty
Recession seems unlikely this year—opening up opportunities in credit.Insights
REITs as a Hedge Against Inflation
Real estate investment trusts across a number of sectors could show strength in 2022, driven by inflation and secular trends.CIO Weekly Perspectives
Virtual Worlds, Real Opportunities
Could the metaverse be a revolution in every aspect of our lives, ridiculous hype that will lead nowhere, or the natural progression of a world we’ve been living in for decades?Insights
Large Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.Disruptive Forces in Investing Podcast
How to Break the Bias for Women in Finance
(29:35) Across industries, we are still seeing a prominent gender gap in the corporate world. How can women become more visible in this case? And what role could men play in a more gender-equitable future?CIO Weekly Perspectives
From Buying the Dips to Fading the Rallies
Equity markets are higher than they were on the eve of the invasion of Ukraine, but here’s why we think there is more volatility, and potentially more downside to come.White Paper
How to Get the Most From Private Placement Debt
Private Placements can offer fixed income investments with enhanced diversification, risk-adjusted yield and downside mitigation, and as demand grows, we believe investors could benefit from an independent route into the market that is better aligned with their needs.CIO Weekly Perspectives
War, Inflation, and Markets
Investors appear to be refocusing on pre-war concerns about economic fundamentals—but finding that this horrific conflict has exacerbated them.Insights
Fixed Income Amid Inflation
What does the current inflationary environment mean for multi-sector fixed income portfolios?Video
Introduction to the Neuberger Berman Commodities Fund
(6:40) In this short video, Hakan Kaya introduces the Neuberger Berman Commodities Fund and gives an overview of the role commodities could play within portfolios.CIO Weekly Perspectives
Value Can Potentially Outperform Even if Growth Slows
We believe value is likely to outperform growth over the coming years—and threats to economic growth from inflation, rate hikes and geopolitical risks do not change our view.Systematically Speaking
Back to Basics: Commodities and Radical Uncertainty
Why we think raw materials can help hedge against the known knowns, the known unknowns, the unknown knowns, and the unknown unknowns.Insights
Senior Floating Rate Loans: A Low-Cost Hedge Against Inflation
Where to find yield without duration when inflation is elevated.Disruptive Forces in Investing Podcast
Commodities: An Inflation Hedge for All Seasons?
(24:55) The inflation we’re seeing today is unlike what we have seen in 40 years. Thus commodities have become top of mind as a traditional inflation hedge. But what other factors come into play in asset allocation?CIO Weekly Perspectives
Uninvestable Russia
We survey the impact on worldwide fixed income markets of the devastation in Ukraine and the sanctions against Russia, and send our thoughts to those in the heart of the conflict.White Paper
Integrated Liquidity Management for Private Markets Programs
As allocations to private markets grow, so do the cashflow, liquidity and “j-curve” challenges of capital calls and distributions. How might investors set aside assets to fund commitments without disrupting other parts of their portfolios, and without sacrificing too much return potential?CIO Weekly Perspectives
Conflict and Commodities
Russia’s invasion of Ukraine adds an unwelcome geopolitical layer to the inflation challenge, and yet another reason to reintroduce commodities to the asset allocation mix.Insights
Commodities and Diversification in 2022: The Best Defense is a Good Offense
Commodities have acted as a call option on “inflationary busts”.Video
Multi Sector Fixed Income Team Outlook
(7:13) Jaina Varsani and Ashok Bhatia discuss the fixed income outlook for 2022 and update on the positioning of our multi-sector fixed income funds.CIO Weekly Perspectives
The Supply-Led Inflation Challenge
The Fed could end up playing checkers while the economy is playing chess—with potentially worldwide consequences.White Paper
Emerging Sovereigns and Sustainability
Global sustainability cannot be achieved without sustainability in the world’s poorer countries—so how can we address the challenges of sustainable investing in emerging markets sovereigns?Disruptive Forces in Investing Podcast
The Weakest Links in the Global Supply Chain: Part III
(17:30) In this final chapter of the supply chain series, we identify some of the key risks and opportunities across the technology sector as the global semiconductor shortages further impact the greater supply chain crisis.CIO Weekly Perspectives
How Deep Is EUR Love?
Thursday’s 7.5% U.S. inflation print reintroduced some volatility, but we still think the euro is building a base for a long-term relationship with its admirers.CIO Weekly Perspectives
Are Markets Signaling a Slowdown?
We see no sign of impending recession in calm credit markets, and in our view the flattening Treasury curve likely has more to do with the market’s failure to recognize growing structural inflationary forces.Disruptive Forces in Investing Podcast
The Weakest Links in the Global Supply Chain: Part II
(19:53) As we continue our conversations around the current global supply chain crisis, we evaluate what companies with production overseas are doing about meeting consumer demands and more.CIO Weekly Perspectives
China Is Still an Asian Tiger
We think the Lunar New Year could see a growth comeback for China.Systematically Speaking
Bitcoin, A Cornerstone Digital Asset: Part 4
Could Bitcoin options be the “picks and shovels” of the cryptocurrency Gold Rush, a way to convert Bitcoin from a “get rich” to a “stay rich” asset?Investment Quarterly
Reading an Evolving Market
Insights on investing, wealth planning, NFTs and more.CIO Weekly Perspectives
Solving for a Year of Inflections
The Solving for 2022 delegates voted on what they think will be this year’s best-performing investment category—and here’s why we think they are right.Equity Market Outlook
Economic and Market Review: Key Considerations for Equity Investors
We believe positive fundamentals are likely to outweigh pandemic, valuation and slowdown concerns in the first half of 2022.Disruptive Forces in Investing Podcast
The Weakest Links in the Global Supply Chain: Part I
(15:38) With store shelves looking emptier and shipments getting delayed, we explore what is happening in the global supply chain and what companies are doing about it.CIO Weekly Perspectives
2022: A Year of Major Inflection Points
These five big transitions are likely to make 2022 a choppy and challenging year for equity investors—and the end of the coronavirus pandemic doesn’t even make the cut.Asset Allocation Committee Outlook
Hike Rates and Carry On
A positive economic outlook makes the case for holding risky assets through 2022, in our view, but higher rates are likely to mean higher volatility: we therefore favor a focus on income or “carry” from risky assets, alongside strategies with the potential to withstand price volatility.Fixed Income Investment Outlook
Persistent Inflation, Policy-Driven Volatility
The evolution of inflation and central bank policy will likely drive higher market volatility in 2022.CIO Weekly Perspectives
New Year, New Monetary Policy
As markets adjust for an environment of tighter monetary conditions, we preview the key themes of our forthcoming Fixed Income Investment Outlook.CIO Weekly Perspectives
Outlook 2022
The heads of our investment platforms welcome the New Year with their views for 2022.Disruptive Forces in Investing Podcast
Emission Impossible? Navigating Climate Action and Regulation
(20:41) At COP26, the 2021 United Nations Climate Change Conference, many promises were made. Now investors are closely watching governments and companies to see how they take concrete action.Insights
The Most Important Rate in the Whole Wide World
Markets may be missing the importance of record-low real rates, and the potential impact if they start to rise.Insights
Engagement Spotlight: Seeking Improved Disclosure in Japan
This week, Neuberger Berman has announced that the firm is seeking improved disclosure from Daibiru Corporation regarding its decision to support its parent company and controlling shareholder, Mitsui O.S.K. Lines’ tender offer.Systematically Speaking
Bitcoin, A Cornerstone Digital Asset: Part 3
Our Option Group believes that Bitcoin is the most likely of all the cryptocurrencies to emerge as a durable new asset—and the difficulty of pinning down exactly what kind of asset it is could be a big reason why.Strategy Insights
The Opportunity in Wind
As the fossil fuel industry, coal in particular, may suffer job losses, it is important to ensure that a low carbon energy transition can work for everyone.CIO Weekly Perspectives
The Fight Against Inflation Has Begun
We think that inflation, central bank policy and real rates will define the battlefield for markets in 2022—but will the most volatile skirmishes come sooner or later in the year?Disruptive Forces in Investing Podcast
The Future State of Real Estate Investing
(17:33) Real estate, both in the public and private markets, can act as a diversifier during times of uncertainty. But what are the other factors to consider within this asset class?CIO Weekly Perspectives
Omicron vs. the Fed
The volatility of the past two weeks may have had less to do with the virus and more to do with underlying cyclical uncertainties about growth, inflation and Fed policy.Video
Solving for 2022: Erik Knutzen on Macro
(4:12) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.Video
