Insights
Insights
The 2024 Election: Navigating Potential Financial Sector Shifts
We believe the outcome of the US presidential election could alter fundamental dynamics across the financial sector: Banking regulation, crypto, private equity, insurance—all stand to be shaped by the winner in November. Here is a look at some key areas and, in our view, the potential implications for investors.Insights
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.Insights
Returning to REITs
As inflation declines and interest rates are cut, the future may be brightening for one of the most beaten-down U.S. equity sectors.Insights
Technology Runs Through Asia
Across the “Golden Triangle” and beyond, Asian companies are forming a foundation for global technological growth and development.Insights
The U.S. Election and Energy: More Than Meets the Eye
The presidential candidates have well-known policy profiles on energy, but how could they translate in the real world?Insights
Basel III Endgame and the “Reg Cap” Opportunity
Tighter bank capital regulation looks set to make U.S. banks adopt a risk-transfer practice that has long been common in Europe—and attractive to investors.Insights
Private Debt: Few Facts Behind the Fears
Despite a rising tide of negative media coverage, we believe that private debt still has tremendous potential to deliver attractive risk-adjusted returns for investors.Insights
Corporate Hybrid Issuers Adopt a 30-Year Maturity Standard
A growing trend for issuing corporate hybrids with shorter contractual maturities is further reducing aspects of risk in the asset class.Insights
A New Era for Small Caps?
After a decade of lagging market results, stocks of small companies seem poised for a resurgence.Insights
U.S. Election: The Policy Choice
Putting rhetoric and personality (mostly) aside, we explore key policy differences—and similarities—between the political combatants.Insights
Gen AI: The Next Wave
As artificial intelligence tools gather steam, what’s the potential impact on businesses, investors and the planet?Insights
Putting Put-Writing Into Perspective
When equities sputter, market volatility simmers and interest rates remain elevated, we believe underwriting market risk—by writing puts on the S&P 500 Index—can be a capital-efficient strategy for investors seeking to generate a diversified source of income in an uncertain economic environment.Insights
Asia Private Equity: Riding the ‘Three Locomotives’
Broadly diversified economies and a limited private equity presence appear to be enhancing regional opportunities for private capital.Insights
U.S. Election: Near-Term Turbulence, Long-Term Questions
A close election could see increased U.S. equity volatility followed by a relief rally, while resulting policy impacts could take time to play out and may be affected by fiscal constraints.Insights
Policy and Politics
The first-quarter inflation bump is behind us, but the risks of a monetary policy error and electoral shocks have risen.Insights
ESG Momentum in Non-Investment Grade Credit
Issuers are facing an increasingly high bar in relation to environmental, social and governance standards. Our recent panel discussion provided ideas on setting goals and working toward achieving them.Insights
Are U.S. and European Bonds About to Break Ranks?
The two markets have marched in lockstep for several months, setting up the potential for attractive relative-value and dispersion trades.Insights
China Takes It Slow
The world may want higher growth, but Chinese policymakers are employing a balanced approach.Insights
Deconstructing Opportunities in IG Credit
With narrow spreads and supportive fundamentals, watch for opportunities tied to value dislocations.Insights
Can India Keep Up the Pace?
Perspectives on the India success story and where it can go from here.Insights
U.S. Election: Age, Cash and Conflict
A political observer gives Joe Biden the edge, but thinks plenty could happen before November.Insights
Breadth and Balance
The economic outlook may have improved, but large parts of the credit and equity markets are fully valued.Insights
Japan Enters a New Era
We explore Japan’s revival, corporate reforms and where its equity opportunities may emerge next.Insights
Opportunity in the Undercapitalized World of Private Equity Secondaries
While an increasing volume of GP-led transactions is being brought to the market, there is an acute shortage of capital—providing an attractive and likely lasting opportunity for experienced investors.Insights
Neuberger Berman Private Markets Q4 2023 Preliminary Valuation Summary and Analysis
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
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
Real Estate Secondaries: A Discount to What?
Finding opportunity in a period of falling valuationsInsights
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.Insights
A Perspective on Private Equity NAV Loans
Net Asset Value loans have captured popular interest across the Private Equity universe.Insights
Building Momentum: 2024 Outlook for ESG Regulation
After a year of burgeoning regulatory development, we assess what may come nextInsights
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.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
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
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.”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
Why Passive ESG Fails to Deliver
There’s no substitute for nuanced analysis and judgment in ESG investing.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.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
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
