Insights
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?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.Insights
Solving for 2024: 10 Key Themes to Navigate the Markets
Each year, our investment leaders identify 10 key themes that they believe will be prominent in the markets over the next 12 months.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.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.Insights
Ten for 2023—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2023.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.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.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.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.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.Insights
NASDAQ-100 Index Call Writing Overlays
Monetizing Low-Cost Basis Stock Positions while Preserving Long-Term Stock AlphaInsights
Merger Arbitrage Investing: When Deals Fall Through
Why we believe a recent failed acquisition is a reminder to think twice about systematic approaches to merger arbitrage.Insights
Non-Investment Grade Defaults: Up From the Lows, but Contained
With defaults rising off of all-time lows, but likely remaining well below recession norms, we remain constructive on high yield and non-investment grade credit.Insights
Equity Opportunities After Easy Money
Fourteen years of rock-bottom interest rates helped fuel a passive-indexing revolution. At Neuberger Berman, we believe we’ve entered a new economic regime that, in our view, calls for even more thoughtful and selective active management.Insights
Japanese Small Caps May Hop in the Year of the Rabbit
Despite their recent outperformance, we believe Japanese small caps have further room to run in 2023 and beyond. In this report, we highlight a few catalysts that could support earnings growth within this relatively under-researched asset class.Insights
NB Votes: The 2022 Proxy Season
In this challenging economic environment, we believe that quality corporate governance is crucial to creating shareholder value—and that active investment managers have a vital role to play on behalf of their clients.Insights
The Investors Have Left the Building
Is money rushing to exit from non-traded real estate because there is more attractive value in listed real estate?Insights
BBBs in the ‘Old Normal’
A key investment-grade sector retains its appeal, but selectivity may be important.Insights
COP27: Treating the Symptoms, Not the Disease
In many respects, COP27 was neither feat nor flop.Insights
Private Equity in the Economic Headwinds
Against the current economic headwinds, concerns about sourcing, financing, managing and selling private equity assets are understandable—but might these concerns be obscuring the underlying resilience of the asset class?Insights
2022 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 change, community relations, and human capital management.Insights
An Emerging Opportunity
If you are one of the many investors looking positively at high yield bonds, you might want to consider emerging markets debt, too.Insights
Solving for 2023: Back to the "Old Normal"
Our senior investment leaders discuss their market and investment themes for the coming year.Insights
Thinking Strategically About Commodities
A laggard over the past decade, commodities appear, in our view, poised for continued strength in the years ahead.Insights
Navigating the Emerging Markets Default Wave
Despite record defaults, stresses remain relatively low for the asset class overall.Insights
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.Insights
Japan’s New Horizon in Small Caps
We believe smaller companies are poised to shine brightly in the “land of the rising sun.”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.Insights
Integrating Climate Risk into Private Markets
Laying the groundwork for future iterations of climate-integrated SAA by exploring the additional factors an investor may consider evaluating for private markets application.Insights
Smoothing Long-Term ESG Transition
Our Non-Investment Grade Credit team explores key issues and trends facing issuers.Insights
The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in three recent significant downturns.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
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.”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.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.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.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
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.Insights
Large Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.Insights
Fixed Income Amid Inflation
What does the current inflationary environment mean for multi-sector fixed income portfolios?Insights
Senior Floating Rate Loans: A Low-Cost Hedge Against Inflation
Where to find yield without duration when inflation is elevated.Insights
Commodities and Diversification in 2022: The Best Defense is a Good Offense
Commodities have acted as a call option on “inflationary busts”.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.Insights
Global Corporate Credit ESG Engagement Report
Environmental, social and governance (ESG) factors continue to impact the global credit markets. This year, our Credit Research and ESG Investing teams explored engagement issues labor relations, health and safety, climate change and long-term business strategy.Insights
COP-Out or COP Half Full?
While there was no “Eureka!” moment, COP26 delivered some important symbolic gestures and substantial progress.Insights
Solving for 2022: Entering a New Age
Our senior investment leaders look to the coming year in the global economy and markets.Insights
Public/Private Investing: Broadening Opportunity Within Equities
We believe private equity can serve as a core holding alongside traditional stocks to help improve investment outcomes.Insights
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.Insights
El Salvador and Bitcoin
Establishing the cryptocurrency as legal tender is a risky move, but also carries some potential benefits.Insights
Public/Private Investing: Fixed Income at a Crossroads
Drawing on multiple fixed income asset classes can help investors navigate varied market environments.Insights
Evergrande Heads for Default
We believe systematic risk beyond the Chinese property market remains limited.Insights
Should Investors Stay Onboard the Chinese Dragon Boat?
Surprising policy developments are rocking the craft, but in our view the course remains set for the same long-term destination, and the uncertainty and volatility may present some attractive investment opportunities.Insights
EM Corporate High Yield 2021 Default Outlook – Midyear Review
We expect a marginal uptick in defaults from our original estimates, given rising China corporate default risk offset by an improving outlook for much of the emerging markets.Insights
Private Debt, Capital Solutions and the Early-Cycle/Later-Cycle Paradox
Early-cycle growth prospects should incentivize investment, but later-cycle valuations can give pause: Private debt and capital solutions could resolve the paradox.Insights
Ten for 2021—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2021.Insights
Developing a Roadmap for ESG Performance
Neuberger Berman’s Engagement Series presents insights and case studies on our dialogue with companies, government entities and other securities issuers.Insights
Inside TaxM™: Realizing Capital Gains vs. Managing Tracking Error
When funding a TaxM™: portfolio, it’s critical for the investor to understand the tradeoff between realizing capital gains (and having a subsequent tax burden) and maintaining a particular tracking error to the selected benchmark.Insights
The Great Reset: Rethinking Sustainability
In the second of our conversations about the post-pandemic landscape, we spoke with a power utility and an industrial gases company about climate-related risks and opportunities.Insights
The Great Reset: Rethinking Globalization
In the first of our conversations about the post-pandemic landscape, Erik Knutzen spoke with economist Nancy Lazar about the future of globalization.Insights
Next Generation Connectivity (5G) Strategy Update
In this video, Yan Taw (YT) Boon, Director of Research (Asia), shares his views on recent market volatility and how our 5G strategy is positioned to mitigate near-term risks. He also shares exciting opportunities emerged as a result of Biden’s infrastructure stimulus plan and the global semi-conductor shortages.Insights
The State of BBBs: Here to Stay
A significant, if misunderstood, market segment continues to offer attractive investment opportunity.Insights
REITS and Rates
History suggests that real estate securities can be an attractive investment if you expect inflation and rates to go higher.Insights
Hedge Fund Perspectives
We explore hedge fund strategies with structural appeal in a complex market environment.Insights
Data Science Through the Crisis
Judicious use of data has provided key insights into the pandemic, the economy and businesses.Insights
Senior Floating Rate Loans: Opportunity as Rates Rise
Where to find yield without duration when inflation expectations and nominal long rates are on the rise.Insights
Politics in Focus: The Case for Optimism
A political scientist weighs the potential for real progress out of Washington, DC, across a range of important issues.Insights
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.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.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.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.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.Insights
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.Insights
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.Insights
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.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.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.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?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
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.Insights
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?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.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.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.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.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.Insights
Q&A: The Pandemic and Politics
Assessing the 2020 race in light of COVID-19, economic weakness and civil unrest.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.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.Insights
Neuberger Berman Fixed Income: Company Leadership during COVID-19
Assessing Company Leadership during COVID-19 with Active ESG EngagementInsights
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.Insights
Digital Drivers of Real Estate Opportunity
Shifts in technology are contributing to a new landscape in the listed real estate universe.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?Insights
