Insights

Disruptive Forces in Investing | April 15, 2025

Volatility: Finding True Diversifiers

(20:32) Explore how true diversifiers and dynamic strategies can help investors mitigate market volatility and build resilient portfolios in uncertain times

Asset Allocation Committee Outlook | April 14, 2025

The Storm Before the Calm?

The first weeks of the new U.S. administration have been hugely disruptive—can sentiment improve as focus shifts from trade to tax cuts and deregulation?

CIO Weekly Perspectives | April 14, 2025

First Principles in the Face of Uncertainty

The current situation is unusually difficult to model, and that reinforces the first principles of investment: know your objectives, diversify and rebalance.

White Paper | April 01, 2025

The Endowment Model Reimagined

The endowment model defined the “art” of portfolio management, but now it needs to adopt the latest “science.”

CIO Weekly Perspectives | March 17, 2025

European Renaissance

A broadening of equity market performance beyond U.S. mega-caps was one of our key themes for 2025—right now, Europe is where it is playing out most notably.

CIO Weekly Perspectives | February 16, 2025

A Growth Mindset

For more than two years, inflation news was the prime mover of market prices; we think last week confirmed that a new dynamic is in play.

CIO Weekly Perspectives | January 26, 2025

Are We Any Clearer About Trump 2.0?

Were 26 executive orders enough to convey the new administration’s direction and resolve the uncertainties in our outlook?

CIO Weekly Perspectives | January 20, 2025

A Choppy Start to a Year of Uncertainties

The first two weeks of 2025 perfectly illustrate why we see a wide dispersion of potential outcomes for the year, and advocate staying nimble and diversified.

Asset Allocation Committee Outlook | January 20, 2025

A Delicate Balance

We think easing inflation and a pro-business policy environment will support above-trend growth in 2025, but the balance is delicate with risks piled up on both sides.

Article | January 17, 2025

Navigating the Tides of Political Transition

As a new administration takes the helm, we believe investors should stay focused on the economic metrics, not political theatrics.

Asset Allocation Committee Outlook | October 17, 2024

Rates Relief or Slowdown Uncertainty?

Our outlook for lower rates and a soft landing favors U.S. small caps, and we are watching China’s new stimulus closely for its impact on global cyclical assets.

CIO Weekly Perspectives | October 07, 2024

Amplified Volatility Leads to Muted Bets

To get through the current environment, we think it is important not to chase the markets, but to let them come to you.

CIO Weekly Perspectives | September 16, 2024

The Fifth Stage of Pocketbook Grief

Economic data has been resilient, but everyone seems unhappy—will the consumer cheer up in time to avoid triggering a recession?

CIO Weekly Perspectives | September 08, 2024

Balance Is Critical for the Obstacles Ahead

Rising inflation may be behind us, but now a nervous market parses every data release for signs of recession.

CIO Weekly Perspectives | August 11, 2024

Carried Away

The most important trigger for the recent equity sell-off wasn’t the U.S. jobs data, or the Fed, or even mega-cap tech earnings, but the Bank of Japan.

CIO Weekly Perspectives | August 04, 2024

Innovation, Conflict and a Mysterious Disappearance

This year’s recommendation for vacation reading is a fascinating page-turner about one of the early 20th century’s most influential inventors.

CIO Weekly Perspectives | July 28, 2024

A Soft Landing Is Still a Landing

What do slowing growth, lower inflation, tight credit spreads and a steepening yield curve mean for our fixed income views for the rest of the year?

CIO Weekly Perspectives | July 21, 2024

A Change in Leadership?

As Biden withdraws, we are seeing an historic rotation into small-cap stocks and a growing opinion-polling lead for Donald Trump—are the two things related?

Asset Allocation Committee Outlook | July 16, 2024

Policy and Politics

The first-quarter inflation bump is behind us, but we believe the risks of monetary policy errors and electoral surprises have risen.

CIO Weekly Perspectives | July 07, 2024

To Understand the Macro, Study the Micro

Right now, second-quarter earnings reports may be a better guide to the economic outlook than official statistics.

Article | July 02, 2024

Policy and Politics

The first-quarter inflation bump is behind us, but the risks of a monetary policy error and electoral shocks have risen.

CIO Weekly Perspectives | June 23, 2024

Preparing for Rising Volatility

The second half of 2024 could see the current, localized election-related volatility go global.

CIO Weekly Perspectives | May 19, 2024

The Structural Trends, Whoever Wins

Positioning for geopolitical shocks or election results is difficult, but we think the resulting structural trends are easier to identify and prepare for.

CIO Weekly Perspectives | May 12, 2024

Do We Now Need to Worry About Stagflation?

We believe high nominal growth, peak rates and broadening earnings performance continue to underpin equity market performance.

CIO Weekly Perspectives | May 05, 2024

The Coming Wave of Homebuyers

How higher rates for longer could be positive for U.S. consumption.

Asset Allocation Committee Outlook | April 17, 2024

Breadth and Balance

The economic outlook may have improved, but we believe large parts of the credit and equity markets are fully valued.

CIO Weekly Perspectives | April 15, 2024

Stay Focused on Earnings

Should a sticky inflation release cause investors to revise their outlook for equities?

Disruptive Forces in Investing | April 09, 2024

(16:10) With interest rates peaking, geopolitical uncertainty and the allure of cash savings diminishing, navigating investment opportunities can be a challenge. Is now the right time to make your money move?

Article | April 08, 2024

Breadth and Balance

The economic outlook may have improved, but large parts of the credit and equity markets are fully valued.

CIO Weekly Perspectives | March 24, 2024

A Major Change in the Markets

Investors are now focused on growth more than inflation—what might that mean for portfolios?

CIO Weekly Perspectives | March 10, 2024

The Second Wave of the AI Investment Theme

The artificial intelligence investment theme made the “Magnificent Seven”—but could soon begin to disrupt it.

CIO Weekly Perspectives | February 18, 2024

Inflation and Consumer Sentiment

U.S. consumer sentiment has defied predictions of excess savings running dry, but do hotter inflation data pose a risk?

Article | February 15, 2024

2023 Proxy Season in Review

In a period of unique market and economic dynamics, Neuberger Berman continued our tradition of vocal engagement to encourage best practices from companies.

CIO Weekly Perspectives | February 04, 2024

The News and Our Views

January was packed with news—and much of it supported our views for the year ahead.

Asset Allocation Committee Outlook | January 11, 2024

Flows and Fundamentals

With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market.

Disruptive Forces in Investing | January 09, 2024

What Tailor-Made Investing Looks Like

(15:48) What does it mean to take a customized approach in investing?

CIO Weekly Perspectives | January 08, 2024

Poll Positioning

Voters representing around half of the world’s GDP go to the polls this year—what might that mean for the economy and investors?

CIO Weekly Perspectives | December 18, 2023

Some Credit for Active Management

Tempted by high yield? Here’s why we think investors may want to consider resisting the temptation to invest passively.

Disruptive Forces in Investing | December 12, 2023

Behind the Scenes of Solving for 2024

(23:18) Now that we’ve published our Solving for 2024 themes, we explore the behind the scenes thinking that led us to our assessment on the state of markets.

CIO Weekly Perspectives | December 04, 2023

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 | November 23, 2023

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 | November 12, 2023

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.

CIO Weekly Perspectives | October 15, 2023

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 | October 11, 2023

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.”

CIO Weekly Perspectives | September 25, 2023

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.

CIO Weekly Perspectives | September 11, 2023

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 | August 13, 2023

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.

CIO Weekly Perspectives | August 06, 2023

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.

Article | July 24, 2023

Ten for 2023—Midyear Update

We check in on the key themes we anticipated from the economy and markets in 2023.

CIO Weekly Perspectives | July 23, 2023

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.

Asset Allocation Committee Outlook | July 17, 2023

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 | July 09, 2023

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 | June 28, 2023

The Fine Print of Indexation

A look at opportunity costs, long-term risks and complementary solutions

Disruptive Forces in Investing | June 26, 2023

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 | June 25, 2023

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.

CIO Weekly Perspectives | June 11, 2023

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 | June 08, 2023

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.

Article | June 06, 2023

"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.

CIO Weekly Perspectives | May 28, 2023

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 | May 07, 2023

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 | April 30, 2023

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.

CIO Weekly Perspectives | April 09, 2023

A New ‘Impossible Trilemma’?

Can we lower government debt, sustain positive real rates and finance the transition to a low-carbon economy?

CIO Weekly Perspectives | March 26, 2023

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.

CIO Weekly Perspectives | February 05, 2023

Central Banks Tighten, Markets Loosen

While some pessimism has lifted from central bank messaging, we still think the market may be hearing only what it wants to hear.

CIO Weekly Perspectives | January 29, 2023

Practical Implications of the New Regime

You’ve pinned down your economic and market outlook, but what does it imply for your investment strategy—and how much of that is realistic?

Disruptive Forces in Investing | January 10, 2023

The Portfolio Doctor Is In

(30:31) Now that a new year is upon us, we explore the tactics of seeking to craft attractive portfolios as we continue to see a path of volatility in 2023.

CIO Weekly Perspectives | January 08, 2023

Macro Versus Micro

Top-down and bottom-up forecasts are increasingly diverging, and we think 2023 will be largely about how these divergences resolve themselves.

CIO Weekly Perspectives | January 01, 2023

Outlook 2023

The leaders of our investment platforms welcome the New Year with their views for 2023.

CIO Weekly Perspectives | December 18, 2022

Escape From Flatland

A two-dimensional, return-and-volatility view of investments may not allow you to see important risks.

Disruptive Forces in Investing | December 06, 2022

Bank of Japan: The G-10 Outlier

(20:13) As economies around the world are dealing with the effects of inflation, we evaluate an outlier with a particularly dovish stance…

CIO Weekly Perspectives | November 27, 2022

The Asset Allocation Facts Have Changed

Why we think this year’s dramatic rise in bond yields, together with recent signs that inflation may have peaked, demands a radical re-think of asset allocation.

CIO Weekly Perspectives | November 13, 2022

Divergences and Pivots

The exuberant response to last Thursday’s inflation data suggests markets are primed for the “pivot”—but could they be extrapolating too far?

CIO Weekly Perspectives | October 09, 2022

Be Wary of Bear Market Rallies

We may want to be optimistic about inflation and rates, but that only delays the hard questions we are likely to face as we enter the new economic era.

Disruptive Forces in Investing | September 27, 2022

Investing at a Crossroads

(23:19) How could asset allocators change their approach with the goal of achieving compelling outcomes amid today’s investment landscape?

White Paper | September 26, 2022

Investing at a Crossroads: Three Themes for Today’s New Challenges

As 40-year tailwinds turn to headwinds, we distill an era of sometimes bewildering change into three themes and a new investment playbook.

Article | September 23, 2022

Managing the Risks of a Low-Carbon Portfolio

We recognize that much of the world still runs on fossil fuel. However, we firmly believe investors can construct portfolios that substantially reduce their carbon footprints while retaining exposure to all sectors—including energy.

CIO Weekly Perspectives | September 18, 2022

Hold the Inflation Victory Lap

Inflation still appears to be the biggest source of potential volatility in the market, and we think that’s because it will remain the dominant economic story for the foreseeable future.

White Paper | September 08, 2022

The Case for Unconstrained Multi-Asset Portfolios: Navigating the Challenges of Public-Private Investing

As investors navigate the challenges of integrating public and private markets we believe a single, unconstrained multi-asset portfolio can deliver a more efficient and opportunistic solution.

Article | August 24, 2022

The Unsurprisingly Volatile Business of Bitcoin Mining

Why we think the technicalities of Bitcoin mining explain much of Bitcoin’s extraordinary volatility profile.

CIO Weekly Perspectives | August 21, 2022

The Nominal and the Real

What might be the playbook for a potential recession in which nominal GDP grows by 8%—and are investors only just recognizing that they need one?

CIO Weekly Perspectives | July 31, 2022

Ukraine and the Path to Deglobalization

This year’s recommendation for vacation reading offers a reminder of Ukraine’s millennia-old importance for global trade, helping us understand why today’s conflict could be yet another lasting blow against globalization.

CIO Weekly Perspectives | July 10, 2022

Reasons for Optimism

Caution may be warranted during the uncertainty of the next quarter—but after markets have sold off so much, does it really make sense to be more pessimistic now than at the start of this year?

Article | May 31, 2022

Rising Rates and Risk Premia

In a very challenging environment for long-only investors, long/short risk premia have delivered attractive returns—but not always in the way history would have led us to expect.

White Paper | February 28, 2022

Integrated Liquidity Management for Private Markets Programs

As allocations to private markets grow, so do the cashflow, liquidity and “j-curve” challenges of capital calls and distributions. How might investors set aside assets to fund commitments without disrupting other parts of their portfolios, and without sacrificing too much return potential?

Article | December 23, 2021

The Most Important Rate in the Whole Wide World

Markets may be missing the importance of record-low real rates, and the potential impact if they start to rise.

Article | October 25, 2021

Laying the Foundations: Understanding Current Real Estate Dynamics

From de-urbanization to e-commerce, three heads of our real estate teams debate key sector trends.

Disruptive Forces in Investing | August 10, 2021

Playing Good Defense in Diversification

(18:54) The idiom, “Don’t put your eggs in one basket” might come to mind when it comes to diversification, but how might investors want to go about heeding those timeless words of advice?

Article | July 29, 2021

Ten for 2021—Midyear Update

We check in on the key themes we anticipated from the economy and markets in 2021.

Disruptive Forces in Investing | May 04, 2021

Post-Crisis Investing for the Long Haul

(17:32) Looking to macroeconomics, we evaluate if investors are now at a market inflection point and what the associated implications are that could lie ahead.

Article | March 10, 2021

The Bitcoin Experiment

Recent appreciation in the cryptocurrency may be tantalizing, but understanding the dynamics behind this speculative asset is crucial before considering it as a potential investment.

Article | February 22, 2021

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.

Disruptive Forces in Investing | December 29, 2020

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.

Article | December 18, 2020

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.

Article | December 17, 2020

Don’t Be A Turkey

Like the festive bird in December, investors may want to ask how much better things can get.

Disruptive Forces in Investing | November 03, 2020

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?

Article | September 15, 2020

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.

Article | March 25, 2020

Four Things to Remember in a Market Downturn

Volatility, diversification and the merits of long-term investing

Article | February 19, 2020

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.

White Paper | February 05, 2020

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

FILTERS

Volatility: Finding True Diversifiers

The Storm Before the Calm?

First Principles in the Face of Uncertainty

The Endowment Model Reimagined

European Renaissance

A Growth Mindset

Are We Any Clearer About Trump 2.0?

A Choppy Start to a Year of Uncertainties

A Delicate Balance

Navigating the Tides of Political Transition

Rates Relief or Slowdown Uncertainty?

Amplified Volatility Leads to Muted Bets

The Fifth Stage of Pocketbook Grief

Balance Is Critical for the Obstacles Ahead

Carried Away

Innovation, Conflict and a Mysterious Disappearance

A Soft Landing Is Still a Landing

A Change in Leadership?

Policy and Politics

To Understand the Macro, Study the Micro

Policy and Politics

Preparing for Rising Volatility

The Structural Trends, Whoever Wins

Do We Now Need to Worry About Stagflation?

The Coming Wave of Homebuyers

Breadth and Balance

Stay Focused on Earnings

Make Your Money Move

Breadth and Balance

A Major Change in the Markets

The Second Wave of the AI Investment Theme

Inflation and Consumer Sentiment

2023 Proxy Season in Review

The News and Our Views

Flows and Fundamentals

What Tailor-Made Investing Looks Like

Poll Positioning

Some Credit for Active Management

Behind the Scenes of Solving for 2024

Breaking Down the Liquidity Silos

The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum

The Return of Industrial Policy

Geopolitical Shocks and Portfolio Construction

Higher for Longer, Longer the Stronger

Long the Strong

The Sprint to Year-End

Working the Margins

The Consumer and the Stock Market

Ten for 2023—Midyear Update

The Bridge to the Future

Engine Running, Shifting to Neutral

The Meaning Behind the Mean

The Fine Print of Indexation

Commodities and Their Place in the Transition Pathway

Going Back to Base

Tactics and Strategy

The Inside Track - Public and Private Markets Outlook; Episode 2: Commercial Real Estate

"Investing at a Crossroads" Revisited

Resolving the Puzzle

What ‘Data-Dependent’ Feels Like

Trip Hazards

A New ‘Impossible Trilemma’?

Turning, Not Re-Turning

Central Banks Tighten, Markets Loosen

Practical Implications of the New Regime

The Portfolio Doctor Is In

Macro Versus Micro

Outlook 2023

Escape From Flatland

Bank of Japan: The G-10 Outlier

The Asset Allocation Facts Have Changed

Divergences and Pivots

Be Wary of Bear Market Rallies

Investing at a Crossroads

Investing at a Crossroads: Three Themes for Today’s New Challenges

Managing the Risks of a Low-Carbon Portfolio

Hold the Inflation Victory Lap

The Case for Unconstrained Multi-Asset Portfolios: Navigating the Challenges of Public-Private Investing