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Insights
November 2022
Solving for 2023: Back to the "Old Normal"
Our senior investment leaders discuss their market and investment themes for the coming year.
Insights
October 2022
Thinking Strategically About Commodities
A laggard over the past decade, commodities appear, in our view, poised for continued strength in the years ahead.
Insights
September 2022
Navigating the Emerging Markets Default Wave
Despite record defaults, stresses remain relatively low for the asset class overall.
Insights
September 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.
Insights
August 2022
Japan’s New Horizon in Small Caps
We believe smaller companies are poised to shine brightly in the “land of the rising sun.”
Insights
July 2022
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
June 2022
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
June 2022
Smoothing Long-Term ESG Transition
Our Non-Investment Grade Credit team explores key issues and trends facing issuers.
Insights
May 2022
The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in three recent significant downturns.
Insights
May 2022
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
May 2022
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
April 2022
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
April 2022
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
April 2022
Why Passive ESG Fails to Deliver
There’s no substitute for nuanced analysis and judgment in ESG investing.
Insights
April 2022
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
April 2022
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
April 2022
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
April 2022
Large Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.
Insights
March 2022
Fixed Income Amid Inflation
What does the current inflationary environment mean for multi-sector fixed income portfolios?
Insights
March 2022
Senior Floating Rate Loans: A Low-Cost Hedge Against Inflation
Where to find yield without duration when inflation is elevated.
Insights
February 2022
Commodities and Diversification in 2022: The Best Defense is a Good Offense
Commodities have acted as a call option on “inflationary busts”.
Insights
December 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.
Insights
December 2021
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
November 2021
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
November 2021
COP-Out or COP Half Full?
While there was no “Eureka!” moment, COP26 delivered some important symbolic gestures and substantial progress.
Insights
November 2021
Solving for 2022: Entering a New Age
Our senior investment leaders look to the coming year in the global economy and markets.
Insights
November 2021
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
October 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.
Insights
October 2021
El Salvador and Bitcoin
Establishing the cryptocurrency as legal tender is a risky move, but also carries some potential benefits.
Insights
October 2021
Public/Private Investing: Fixed Income at a Crossroads
Drawing on multiple fixed income asset classes can help investors navigate varied market environments.
Insights
September 2021
Evergrande Heads for Default
We believe systematic risk beyond the Chinese property market remains limited.
Insights
September 2021
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
August 2021
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
August 2021
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
July 2021
Ten for 2021—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2021.
Insights
July 2021
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
July 2021
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
July 2021
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
June 2021
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
May 2021
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
May 2021
The State of BBBs: Here to Stay
A significant, if misunderstood, market segment continues to offer attractive investment opportunity.
Insights
May 2021
REITS and Rates
History suggests that real estate securities can be an attractive investment if you expect inflation and rates to go higher.
Insights
April 2021
Hedge Fund Perspectives
We explore hedge fund strategies with structural appeal in a complex market environment.
Insights
April 2021
Data Science Through the Crisis
Judicious use of data has provided key insights into the pandemic, the economy and businesses.
Insights
March 2021
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
March 2021
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
March 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.
Insights
February 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.
Insights
February 2021
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
January 2021
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
December 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.
Insights
December 2020
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.
Insights
December 2020
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.
Insights
December 2020
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.
Insights
December 2020
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
December 2020
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
December 2020
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
November 2020
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
November 2020
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.
Insights
November 2020
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.
Insights
October 2020
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.
Insights
October 2020
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
October 2020
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
September 2020
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
September 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.
Insights
July 2020
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
July 2020
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
July 2020
Q&A: The Pandemic and Politics
Assessing the 2020 race in light of COVID-19, economic weakness and civil unrest.
Insights
July 2020
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
July 2020
ESG in Private Markets: Investing for the Long Term
A glimpse into the future of ESG investing in the private markets.
Insights
June 2020
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
June 2020
Neuberger Berman Fixed Income: Company Leadership during COVID-19
Assessing Company Leadership during COVID-19 with Active ESG Engagement
Insights
June 2020
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
May 2020
Digital Drivers of Real Estate Opportunity
Shifts in technology are contributing to a new landscape in the listed real estate universe.
Insights
May 2020
The New ‘Fusion’
As the physical and digital worlds merge, companies, investors and society will need to adapt.
Insights
April 2020
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
April 2020
Using Our Voice in Value Investing
Constructive relationships and a long-term perspective can open doors when engaging with companies and other shareholders.
Insights
April 2020
China Recovers
China was the first economy to be struck down by COVID-19, but that means it is the first to recover—and its onshore bond and equity markets may be a good place to get exposure.
Insights
March 2020
Audio Insight: The Course of COVID-19
Terri Towers, Senior Healthcare Research Analyst looks at the current progression of the COVID-19 pandemic as well as her views on inflection points and treatment timelines.
Insights
March 2020
Have We Reached Herd Immunity?
Understanding the trajectory of the Coronavirus is a core aspect of seeking to control the outbreak, and is also highly relevant to the task of investors as they look to position themselves effectively in current market volatility. Our Chief Data Scientist explains what the data is saying about the spread of COVID-19.
Insights
March 2020
Four Things to Remember in a Market Downturn
Volatility, diversification and the merits of long-term investing
Insights
Insights
March 2020
Corporate Hybrid Bonds for Insurance Investors
To overcome the low-yield problem, European insurers are eager to identify assets that offer the right balance between quality and return.
Insights
March 2020
Update on Global Non-Investment Grade Credit Markets
We unpack the short-term and long-term, transitory and permanent impacts of recent news on the high yield and loan markets.
Insights
February 2020
Checking in on BBBs
Improved credit conditions are reflected in spreads, but volatility may create opportunities.
Insights
February 2020
Another Breakthrough Year for China Bonds
The market made it into global indices but also broke records for defaults in 2019 and is facing uncertainty from the coronavirus: we take stock for 2020.
Insights
November 2019
Asia Bonds: Tactical Value for a Long-Term Opportunity
Asian debt exhibits robust fundamentals and bright long-term prospects, with attractive yields.
Insights
November 2019
Solving for 2020: "Fiscal Dysfunction" Unmasked
The heads of our investment platforms identified the key themes they anticipate will guide investment decisions in 2020.
Insights
October 2019
Governance: Hiding in Plain Sight
Corporate governance remains relevant as a research tool and an anchor for ESG investing.
Insights
September 2019
Engagement, Municipal Style
Working with municipal bond issuers is a subtle art, and has more potential in some areas than others.
Insights
September 2019
Next-Generation Mobility: It’s About the Journey
Finding opportunities along the road to fully autonomous electric vehicles.
Insights
September 2019
Total Portfolio Impact in Investment Management
How different investment strategies across asset classes can contribute to the overall impact of a total portfolio.
Insights
September 2019
Negative Interest Rate Policy: Could It Happen in the U.S.?
The Fed seems more likely to focus on a range of policy tools.
Insights
July 2019
Ten for 2019—Midyear Update
The heads of our four investment platforms revisit the key themes they anticipated would guide investment decisions in 2019.
Insights
July 2019
U.S. and China: The Long Road Ahead
Continued trade tensions and periodic flashpoints will likely become the norm.
Insights
July 2019
Unlocking Inflation
After a decade of disappointment on prices, what can the Federal Reserve do to set the right course?
Insights
July 2019
The Preferred Income Advantage
In an environment of exceptionally low bond yields, preferred shares may provide an opportunity to boost income.
Insights
July 2019
Rebounds, Records and Uncertainty
A reminder about investment principles emerges in a transitional environment.
Insights
July 2019
Investing Deep in the Cycle
As the US economic expansion moves past the decade mark, we offer three ideas to help keep portfolios on course.