Insights

White Paper | June 25, 2025

Real Estate: Uncovering Value Amid Uncertainty

Five years after the COVID-19 pandemic sent tremors through the real estate (RE) industry, we believe evolving market dynamics are opening more opportunities for well positioned investors across the sector.

White Paper | June 16, 2025

Navigating Secondary Growth: Opportunities Beyond the Horizon

While secondaries have been one of the fastest growing segments of the private equity market for more than a decade, we expect that further demand for liquidity, along with renewed macroeconomic uncertainty and recent market volatility, will continue to create attractive opportunities for seasoned secondaries investors in the current environment.

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.”

White Paper | March 20, 2025

Corporate Hybrids: What Are They?

A short introduction to a unique and fast-growing asset class.

White Paper | March 03, 2025

Local-Currency Frontier Bonds: EMD’s New Horizon

High yields, surprisingly low volatility and strong diversification benefits are attracting investor interest.

White Paper | February 11, 2025

Japanese Equities in 2025: Goldilocks Would Approve

Japanese Equities: Are the “Lost Decades” Finally in the Rear View?

White Paper | February 10, 2025

Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk

Is there structural mispricing in Corporate Hybrids?

White Paper | January 23, 2025

Private Equity and Rates, Part II: Do Rates Really Matter for Private Equity?

As the Federal Reserve embarks on a new rate cut cycle, we explore the long-term relationship between interest rates and private equity performance.

White Paper | January 21, 2025

Corporate Hybrids Take the World Stage—Revisited

The U.S. corporate hybrid market emerged as a competitor to Europe’s in 2024, creating alpha opportunities for global investors like Neuberger Berman.

White Paper | January 20, 2025

Private Equity and Rates, Part I: The Theoretical Framework

Why we think declining rates should raise private equity valuations, and help unblock deal activity and fund distributions.

White Paper | January 09, 2025

Navigating Private Credit’s Next Act

As the private credit market rapidly evolves, we believe investors should consider a more flexible and specialized allocation approach.

White Paper | November 11, 2024

Small Caps: To Index or Not to Index

Small caps are the most passively managed among all equity size categories, yet we believe they offer a highly contoured and target-rich landscape for active stock selection.

White Paper | October 30, 2024

Small Caps: The Next Cycle Is Upon Us

We believe higher-quality small caps look poised to outperform their large-cap peers over the near- to mid-term.

White Paper | October 22, 2024

Equity Market-Neutral Investing: More Than One Type of Catalyst

How going under the radar offers the potential of a sustained uncorrelated return profile in equity market neutral investing.

White Paper | September 24, 2024

Comparing Evergreen and Traditional Fund Returns

As the landscape of private equity investing continues to evolve, evergreen funds have emerged as a compelling alternative to traditional funds.

White Paper | June 24, 2024

Private Equity and the Polls

Have U.S. elections had any effect on private equity performance?

White Paper | June 11, 2024

Specialty Finance: High-Yielding, Short-Duration and Uncorrelated Private Credit

The underlying assets, bespoke structuring and market dynamics of Specialty Finance can complement a traditional private debt strategy.

White Paper | May 17, 2024

The Equity Breakdown: Parsing the Key Debate in Five Sectors

Five of our senior equity analysts weigh in on the crucial conversation in each of their sectors.

White Paper | May 08, 2024

Corporate Hybrids Take the World Stage

Why a predominantly European asset class is now growing in the U.S., creating new opportunities for seasoned investors.

White Paper | May 08, 2024

De-Siloing Your Fixed Income Portfolio

The potential benefits of multi-asset over siloed fixed income management, and why we think asset allocation should be a bottom-up as much as a top-down process.

White Paper | April 26, 2024

The Pitfalls of Investing In Factor Indices

Factor indices are a far cry from “passive” investing and may be ill-designed to deliver optimal risk-adjusted returns.

White Paper | March 01, 2024

Cyber Risk and ILS

Exploring opportunities in the cyber (re)insurance market.

White Paper | February 27, 2024

The Muddy Logic of Passive Commodity Investing

Passive investing in commodities is a bit of an oxymoron.

White Paper | February 05, 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.

White Paper | November 28, 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.

White Paper | November 09, 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.

White Paper | October 05, 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.

White Paper | September 27, 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.

White Paper | September 20, 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.

White Paper | September 15, 2023

The Active Foundations of Sustainable Investing

As ESG and sustainability indices proliferate, we argue that sustainable investing is inherently an active management discipline.

White Paper | July 19, 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.

White Paper | July 05, 2023

Climate Innovation and the New Capex Cycle

The backdrop for investing in climate innovation is at a critical infection point

White Paper | June 28, 2023

The Fine Print of Indexation

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

White Paper | June 20, 2023

Commodities and Responsible Investing: An Impossible Marriage?

A framework for thinking about commodities in a responsible investing context.

White Paper | June 16, 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.

White Paper | May 16, 2023

International Small Caps: Quality Plus Quantity

Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?

White Paper | May 12, 2023

The Case for Private Credit in Insurance Portfolios

An ever-expanding menu of private credit strategies can offer insurers the potential for attractive risk-adjusted returns.

White Paper | March 31, 2023

Private Credit: An All-Weather Asset Class

As private-credit markets continue to expand in size, choice and sophistication, we believe they should play an important role in well-diversified investment portfolios.

White Paper | March 14, 2023

Simply Put(Writing)

PutWrite strategies can improve the risk-return efficiency, liquidity, flexibility and cost-effectiveness of investor portfolios.

White Paper | December 01, 2022

The Rise of GP-Led Secondaries

As private equity investors scramble for liquidity in this volatile climate, more general partners are orchestrating transactions in the secondary market.

White Paper | November 28, 2022

Hardening Borders: Opportunities in Security, Health and Trade

Seeking the potential beneficiaries of a new age of deglobalization and insecurity.

White Paper | November 03, 2022

Key Considerations When Navigating the Net-Zero Transition

What investors should keep in mind when decarbonizing their portfolios

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.

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.

White Paper | August 09, 2022

Value, Growth and the True Exposures in Your Portfolio

If your portfolio has fallen more heavily than you anticipated this year, it may be because it has become biased to growth stocks: a full analysis could help restore the balance—and the exposure to a more disciplined style of value investing—you intended.

White Paper | May 31, 2022

Investing in Infrastructure

The world faces a $15 trillion infrastructure financing gap by 2040, and cash-strapped governments are increasingly calling on private capital to achieve their digitalization, decarbonization, supply-chain enhancement and social-infrastructure goals.

White Paper | May 03, 2022

Integrating Climate Risk Into Strategic Asset Allocation

Is your strategic asset allocation process missing climate risks—and foregoing climate opportunities?

White Paper | April 19, 2022

Transitioning to Net-Zero in Credit Portfolios

From defining and setting interim targets from day one, to the critical role of bondholder engagement, we reflect on the process of putting together a major net-zero credit portfolio.

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?

White Paper | February 15, 2022

Emerging Sovereigns and Sustainability

Global sustainability cannot be achieved without sustainability in the world’s poorer countries—so how can we address the challenges of sustainable investing in emerging markets sovereigns?

White Paper | December 08, 2021

Japan’s Coming Wave of Reform

Regulatory changes in Japan could accelerate change on governance, capital efficiency and sustainability.

White Paper | November 08, 2021

Taking the “Byte” Out of Bitcoin

In this paper, we share our proposal on how to gain Bitcoin exposure in what we view as a more risk-efficient, hedged format that seeks to benefit from one of its most notable qualities—its volatility.

White Paper | August 04, 2021

Durable, Sustainable, Adaptable: Identifying Potential “Transition Winners”

In the modern economy, we believe the best long-term prospects belong to companies that have a durable competitive position, do little to no harm to society or the environment, and can adapt to change.

White Paper | July 22, 2021

Private Equity in Focus

We believe private equity constitutes an appealing addition to traditional assets, with an array of options for access and diversification.

White Paper | April 23, 2021

Transitioning to Net-Zero Investing

Support for the goal of net-zero emissions gained strong momentum during 2020. What does this imply for market participants, and what initial steps can asset owners and managers take on this daunting path?

White Paper | April 19, 2021

“Hidden Quality” in International Equity Markets

Traditional “quality” companies are bunched in a few sectors and appear expensive—is there a more subtle definition that can uncover “hidden” quality?

White Paper | February 17, 2021

Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation

We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.

White Paper | January 29, 2021

Catastrophe Bonds: Natural Diversification

Following another eventful year in reinsurance, we offer a primer on catastrophe bonds—a growing and genuinely diversifying asset class that we believe is attractively valued.

White Paper | September 28, 2020

The Growing Case for Global REITs

Fast growth potential and diversification could make a strong case for going global with real estate—and listed real estate is arguably the only practical way to do it.

White Paper | September 16, 2020

Investing in Connectivity: Beyond Telecoms, Beyond 5G

Almost every aspect of our lives is likely to be changed by the coming of 5G, so we believe understanding the true breadth and depth of this investment theme means understanding more than just the semiconductor and telecoms industries.

White Paper | August 18, 2020

Tax Alpha: Managing Equity Portfolios for Tax-Efficiency

Tax Loss Harvesting, even in its simplest form, can be a powerful tool to enhance long-term net portfolio returns.

White Paper | July 01, 2020

Corporate Credit in China: Beyond Domestic Ratings

Investors remain skeptical of domestic corporate credit rating agencies in China, but independent credit research can be used to categorize bonds in accordance with international credit-rating norms.

White Paper | June 12, 2020

Parametric Insurance: Beneficial By Nature

How a little-known corner of the insurance market brings real benefits for both buyers of protection and investors.

White Paper | April 01, 2020

Navigating Volatility in Global Non-Investment Grade Credit Markets

High yield spreads and loan prices appear attractive for long-term investors, in our view.

White Paper | February 12, 2020

Life after LIBOR: Two Years and Counting

An update on what regulators, markets and Neuberger Berman have been doing to prepare for the transition from LIBOR.

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.

White Paper | February 03, 2020

The Data Science Revolution

How the new richness and accessibility of data, and advances in data science, are enhancing both quantitative and traditional fundamental investment research—and sparking a revolution in active management.

White Paper | January 12, 2020

The Solvency Sharpe Ratio: Strategic Asset Allocation for Insurers

New approaches to Strategic Asset Allocation for increasingly complex insurance balance sheets.

White Paper | December 11, 2019

Equity Portfolio Construction: Filling the Gap Between Alpha and Beta

Separating equity alpha and beta is a good first step—but could investors be doing more in the space left between them?

White Paper | May 22, 2019

Quantitative Investing in China A Shares

How China’s retail investors create a rich opportunity set for quantitative strategies.

White Paper | May 21, 2019

An Insurers’ Guide to Below-Investment Grade Exposure: The Platform Approach

Exploring the advantages of a broad platform approach to fixed income and credit for insurance company investors.

White Paper | April 29, 2019

Index Option Writing Strategy Benchmarks

How the continued success of option strategies arguably depends on the investment industry’s ability to consistently benchmark the strategies.

White Paper | April 04, 2019

FX Markets: What’s Top-Down and What’s Bottom-Up?

Introducing a new five-factor model of the global, top-down determinants of foreign-exchange returns.

White Paper | March 15, 2019

The Term Premium Conundrum

What is the “term premium”, why is it so low, why might it rise—and what does it mean for investors?

White Paper | January 31, 2019

Diversifying into Insurance Risk Premia

How Insurance Linked Securities can potentially improve the diversification in an institutional portfolio.

White Paper | January 25, 2019

Life after LIBOR

The all-important LIBOR benchmark is likely to disappear after 2021. What does that mean for investors?

White Paper | January 18, 2019

ESG for EMD: Toward Best Practice

A serious approach to ESG in emerging markets is increasingly a proprietary approach.

White Paper | December 21, 2018

Strength in Numbers

Volatility and correlations are rising. Here are three liquid, high-value proposition quant-investing ideas to fortify portfolios.

White Paper | November 07, 2018

Combining Public and Private Debt: Considerations for Investors

We believe there are a number of good reasons fixed income investors should consider a one-portfolio public/private debt solution.

White Paper | October 09, 2018

ESG Fixed Income Engagement Report

Our engagement process, key themes and observations, data summarizing our engagement activities and relevant case studies.

White Paper | September 19, 2018

How Risk Parity Can Cope with Rising Rates

It seems counterintuitive that risk parity can outperform when rates are rising—we explain why it is not.

White Paper | August 10, 2018

Improving Diversification by Adding Momentum

For investors looking to balance risk mitigation with cost considerations and return potential, we offer momentum strategies as a potential solution.

White Paper | August 06, 2018

BBBs: Beyond the Headlines

The growth of BBB credits is causing many investors to worry, but the reality is far more nuanced than the headlines would suggest.

White Paper | August 03, 2018

Unlocking Shareholder Value in Europe

While European equity markets outpaced much of the developed market competition in 2017, a bout of global volatility in the first half of 2018 dampened their momentum.

White Paper | June 08, 2018

Optimizing Currency Exposures under Solvency II

Recalibrating the Dynamic Ideal Hedge Ratio for European Insurers.

White Paper | April 27, 2018

Welcome to the Real China Bond Market

China’s onshore bond market liberalizes further, offering more exposure to China’s economic transition.

White Paper | December 07, 2017

Inflation: Slain Dragon or Sleeping Giant?

As markets price for a long period of low inflation we ask, is it really as low as it seems, and are there really no signs of it stirring?

White Paper | February 08, 2017

The Case for Floating Rate Loans

In a rising interest rate environment, the case for investing in senior floating rate loans should be revisited.

White Paper | November 18, 2016

Multi-Asset Income: Re-thinking Risk

Investors who need income face unprecedented challenges in the current low-yield environment.

White Paper | March 11, 2016

Emerging Markets: The Fear, The Facts and The Future

Where emerging markets are today and where they need to go next.

White Paper | September 11, 2015

Beyond Beta

Alternative Risk Premia may offer a low-cost, transparent route to uncorrelated returns.