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CIO Weekly Perspectives
February 2024
Earnings Remain Key in a Confusing Macro Picture
Macro uncertainty is high, but the earnings season has been solid—and not only in the U.S.
CIO Weekly Perspectives
February 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?
Insights
February 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.
Insights
February 2024
Real Estate Secondaries: A Discount to What?
Finding opportunity in a period of falling valuations
Insights
February 2024
The Importance of Monitoring Credit Spreads In Positioning Equity Portfolios
On February 2, 2024, the yield spread between the Baa corporate bond and the 10-year Treasury bond sat at 147 bps—the narrowest level since 2000.
CIO Weekly Perspectives
February 2024
Added Value in ABS
Corporate credit offers tight spreads and a broad consensus—might the complex crosscurrents of securitized products be more interesting?
Insights
February 2024
A Perspective on Private Equity NAV Loans
Net Asset Value loans have captured popular interest across the Private Equity universe.
White Paper
February 2024
Private Credit Is Gaining Steam—Where Do We Go From Here?
A vast menu of private credit arrangements now finance nearly every aspect of the real economy.
CIO Weekly Perspectives
February 2024
The News and Our Views
January was packed with news—and much of it supported our views for the year ahead.
Article Reprint
February 2024
Private Equity Outlook - 2024
Going into 2024, we believe the record-high dry powder reserves suggest potential for significant PE activity as values slowly recover and conditions improve…
Article Reprint
February 2024
Access for All
“The democratisation of private equity is about broadening access to the asset class, both in terms of who can invest and the ways in which they do so”
Podcast
January 2024
A New Era for Private Credit
(15:12) Will the private credit bubble burst, or is it the dawn of a lasting investment trend?
CIO Weekly Perspectives
January 2024
The Year Ahead for the Major Industry Sectors, Part 2
The second of two Perspectives outlining some of the key themes we think will drive the major industry sectors in 2024.
CIO Weekly Perspectives
January 2024
The Year Ahead for the Major Industry Sectors, Part 1
The first of two Perspectives outlining some of the key themes we think will drive the major industry sectors in 2024.
CIO Weekly Perspectives
January 2024
The Destination, Not the Journey
Interest rate expectations are volatile right now, but focus on the fact that almost everyone agrees rates have peaked and their next move is down.
Asset Allocation Committee Outlook
January 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.
Insights
January 2024
Building Momentum: 2024 Outlook for ESG Regulation
After a year of burgeoning regulatory development, we assess what may come next
Podcast
January 2024
What Tailor-Made Investing Looks Like
(15:48) What does it mean to take a customized approach in investing?
CIO Weekly Perspectives
January 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?
Equity Market Outlook
January 2024
Making Sense of Mixed Signals
Against long odds, 2023 marked the return of investor optimism. We examine the sustainability of the potentially precarious drivers that may be underpinning last year’s stunning market rally.
Fixed Income Investment Outlook
January 2024
As Inflation Fades, Focus on Growth
Central bank actions could take a backseat to growth trends in pricing bonds
CIO Weekly Perspectives
January 2024
Outlook 2024
The leaders of our investment platforms welcome the new year with their views for 2024.
Insights
December 2023
COP28: So Near and Yet So Far
Though not enough to limit warming to 1.5°C, and weaker than some had hoped, the outcomes of the climate conference are better than many had feared.
CIO Weekly Perspectives
December 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.
Video
December 2023
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
December 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 2023
Investors Cannot Ignore the Debt-Sustainability Question
Despite a pullback in bond yields, clients at our Solving for 2024 event were still uncertain about how to invest in a world of runaway government debt.
CIO Weekly Perspectives
December 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 2023
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.
Podcast
November 2023
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?
White Paper
November 2023
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.
CIO Weekly Perspectives
November 2023
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
November 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 2023
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
November 2023
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
November 2023
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
November 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.
Insights
November 2023
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
November 2023
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
November 2023
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
October 2023
The Case for Co-investments
Scarcity of co-investment capital could be creating a window of opportunity.
CIO Weekly Perspectives
October 2023
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
October 2023
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
October 2023
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
October 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 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.”
Fixed Income Investment Outlook
October 2023
Staying Airborne
Slowing growth could still be enough to avoid a hard landing; look to yield for total return.
CIO Weekly Perspectives
October 2023
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
October 2023
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
October 2023
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
October 2023
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
October 2023
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
October 2023
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
September 2023
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
September 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.
Article Reprint
September 2023
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.
Insights
September 2023
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.
White Paper
September 2023
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
September 2023
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
September 2023
Political Gridlock but Fiscal Largesse
How political dysfunction undermines debt sustainability and helps embed structurally higher inflation.
White Paper
September 2023
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
September 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
September 2023
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
August 2023
Strike (Big) 3?
A potential U.S. auto strike has significant implications for the economy, earnings and inflation.
Video
August 2023
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
August 2023
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
August 2023
Late-Summer Debates
A few key issues could disrupt investors’ peace and quiet as fall approaches in the Northern Hemisphere.
CIO Weekly Perspectives
August 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.
Podcast
August 2023
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
August 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.
CIO Weekly Perspectives
July 2023
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
July 2023
The Implications Behind Indexation
(14:33) Are there misunderstood aspects of indexation that investors should be aware of?
Insights
July 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 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.
White Paper
July 2023
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
July 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 2023
Taking Stock
As we reach the halfway point of an unexpected year for markets, what’s next for equities?
Podcast
July 2023
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
July 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
July 2023
Climate Innovation and the New Capex Cycle
The backdrop for investing in climate innovation is at a critical infection point
CIO Weekly Perspectives
July 2023
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
June 2023
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
June 2023
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
June 2023
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
June 2023
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
June 2023
The Fine Print of Indexation
A look at opportunity costs, long-term risks and complementary solutions
Podcast
June 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 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.
White Paper
June 2023
Commodities and Responsible Investing: An Impossible Marriage?
A framework for thinking about commodities in a responsible investing context.
CIO Weekly Perspectives
June 2023
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
June 2023
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
June 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 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.
Video
June 2023
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
June 2023
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
June 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.
Podcast
June 2023
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
June 2023
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
May 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.