Investing in Volatile Markets
COVID-19 is impacting societies and markets around the world. The below insights from Neuberger Berman thought leaders and senior investment professionals aim to provide guidance and useful knowledge, in real time, to help investors navigate through this uncertain period.
Webinar | Venturing Out: AAC Outlook 3Q2020Listen to Joe Amato, Erik Knutzen, Brad Tank and Tony Tutrone, as they discuss short-term and long-term views of the bear, base and bull case scenarios for the COVID-19 crisis View Replay
Videos: Markets Unscripted
“The World’s Factory” Reopens(5:32) Just as Chinese manufacturers are coming back online, the rest of the global economy is still struggling to contain the outbreak. With overseas demand for Chinese manufactured goods weakening, where does demand come from? How might this affect China’s economy?
A New Cold War?(5:29) U.S.-China relations have been tested over the course of the pandemic. There are rising concerns that a potential decoupling of the two countries could usher in a new cold war, which may bring negative impacts to the overall global economy. How might this affect China? Watch this video where Ning Meng, Portfolio Manager – China Equity, discusses his views with Patrick Liu, Head of China, on the economic and equity market outlook for China.
Equity Investing as We Approach a “New Normal”(3:59) Richard Nackenson, Neuberger Berman Equity Portfolio Manager, discusses how investor psychology has changed over the past month and where he is finding investment opportunities as we approach a “new normal.”
PE Investing at Market Inflections(5:34) Faced with the uncertainties of the COVID-19 crisis and demands for portfolio rebalancing, investors may be tempted to cut their private equity programs or re-think plans to expand them. In this short video interview, John Buser, Executive Vice Chairman—NB Alternatives, looks back to the dotcom era and the Great Financial Crisis to explain why he thinks they should stay the course.
Private Equity Perspectives “Moving from Defense to Offense”(7:27) David Stonberg, Global Co-Head of Private Equity Co-Investments, provides an update on the private equity market and discusses deal activity in the Co-Investment space.
Recovery Scenarios and Emerging Themes(4:39) Erik Knutzen shares insights on navigating the range of paths through the recovery and our playbook for capitalizing on investment themes.
Trends in Private Market Investing(3:57) Sean Ward looks at the trends that are emerging across buyout managers and how this is impacting investor sentiment.
Municipal Bond Market Update(2:27) James Iselin, Neuberger Berman’s Head of Municipal Fixed Income, discusses the potential for a rise in delinquencies and defaults across the municipal bond market.
Market Volatility | Closing Bell Insights(6:48) On this episode of Closing Bell Insights, Stephanie B. Luedke, Head of Private Wealth Management joins Joseph V. Amato, President and Chief Investment Officer of Equities, as he shares an update on the current equity market environment and discusses what to potentially expect from an economic “restart”.
Private Debt Through the Crisis(3:44) Susan Kasser explores the themes that remain consistent in private debt portfolios through the crisis and those that will likely reassert themselves following the dislocation.
EM Equity: A Return to Fundamentals, but a Long Road Ahead(5:55) Conrad Saldanha, Neuberger Berman Emerging Markets Equity Portfolio Manager, discusses April’s EM equity market rally and the impact of falling oil prices on EM economies.
The Pandemic’s Effect on the Retail Sector(6:21) Sam Porat discusses the impact the current COVID-19 pandemic has had on the retail sector and how it has compared to previous downturns.
Perspective on Private Credit(4:22) Listen to David Lyon as he discusses the current dislocation in the credit markets and the types of investment opportunities that may emerge as a result.
Real Estate Investing Through the Crisis(4:40) Matthew Kaplan reviews the impact to different sectors of the real estate market resulting from COVID-19 and where opportunities may arise as the market finds its footing.
Energy Update: Oil Prices Fall to Historic Lows(3:52) Jeff Wyll, Neuberger Berman Senior Research Analyst, discusses the April 20th collapse in U.S. oil prices and the implications for investors in the energy sector.
Opportunity in Credit Dislocation(4:18) Michael Holmberg and John Humphrey provide an update on the credit market dislocations resulting from the crisis, what is causing concern in the market and how to find the opportunities that are emerging.
Fixed Income Market Update: A Lower Volatility Environment(3:13) Ashok Bhatia, Neuberger Berman Deputy Chief Investment Officer - Fixed Income, discusses the decline of fixed income market volatility in April and provides an update on where his team is finding value across the fixed income markets.
The Impact of COVID-19 on Borrowers(4:57) Peter Sterling, Head of Specialty Finance, addresses the impact of COVID-19 on different segments within specialty finance with a look at how to dampen the impact and expectations for the future.
European Private Equity Insights(7:05) Joana Rocha Scaff, Head of Europe Private Equity, delves into how European private equity firms are dealing with the crisis, best practices for investor communications and the importance of understanding the long and short term impact of the crisis.
Secondary Private Equity Through Market Cycles(6:45) Tristram Perkins, Global Co-Head of Secondary Private Equity, looks at the impact of today’s crisis on the secondary market and how it compares to the global financial crisis.
Private Equity Investing in Today's Market(6:40) Jonathan Shofet, Global Head of the Firm’s Private Investment Portfolios group, looks at how private equity funds are navigating the impact of COVID-19, with a focus on the types of investments we are seeing given the current environment.
A View of the Private Equity Environment(4:20) Anthony Tutrone, Global Head of Alternatives, looks at private equity valuations through crises and the investment environment looking ahead.
Volatility Update: Swings in Sentiment Keep Volatility Levels Elevated(4:47) Derek Devens, Neuberger Berman Option Group Portfolio Manager, talks about continuing volatility, the factors that could steer it one way or another and the potential implications for Options investors.
European Fixed Income Market Update(7:47) In this video, Investment Grade European Fixed Income Head, Patrick Barbe provides an update on current conditions across bond markets, explaining what he believes marks an important turning point in the current situation. He also offers his outlook and an update on positioning, considering potential trends such as a shift away from globalization towards more domestically-oriented growth prospects.
Macro Insights and Asset Allocation(4:17) Erik Knutzen, Chief Investment Officer – Multi-Asset Class Strategies, discusses why he believes the market volatility that has characterized this environment will continue to persist along with highlighting select areas that may present opportunities for investors.
Small Cap Equity Market Update(2:30) Benjamin Nahum, Neuberger Berman Small Cap Equity Portfolio Manager, discusses how small cap equities performed amidst the market sell-off in the first quarter of 2020 and provides an update on portfolio positioning.
Hedge Fund Market Update(7:29) Jeff Majit, Co-Head of NB Alternative Investment Management, discusses how various segments of the hedge fund market have performed during the recent period of heightened market volatility and how his team is positioning portfolios during this uncertain time.
Real Estate Securities Market Update(4:12) In this short video, Gillian Tiltman, Portfolio Manager of the UK and Continental European portion of Neuberger Berman’s Real Estate Securities Group offers an update on real estate markets. Gillian explains why some of the longer-term secular demand trends her team have been focused on are now being highlighted by the current situation. She also updates on positioning across portfolios.
Currency Market Update(9:28) In this video, Neuberger Berman’s Head of Global Currency, Ugo Lancioni provides an update on currency markets during the current period of volatility. Ugo reviews how global currencies have been impacted by the situation, outlining key drivers of FX markets. He also explains how he aims to identify the winners and losers amid the current dynamics.
EAFE Equity Market Update: Volatility Persists(6:37) Benjamin Segal, Neuberger Berman EAFE Equity Portfolio Manager, provides an update on non-U.S. developed equity markets and how the impact of COVID-19 varies across and within regions.
Credit Dynamics(19:04) Senior credit professionals Ashok Bhatia, Deputy CIO in Fixed Income, David Brown, Co-Head of Global Investment Grade Fixed Income, Susan Kasser, Co-Head of Private Credit and Joseph Lynch, Global Co-Head of Non-Investment Grade Credit discuss the market implications and potential opportunities arising from the recent unusual market dynamics.
Fixed Income Market Update: “A Week of Healing”(5:37) Thomas Sontag, Neuberger Berman Investment Grade Fixed Income Portfolio Manager, provides an update on the investment grade fixed income market and discusses how the U.S. mortgage-backed securities market fared over recent weeks.
Large Cap Growth Investing During a Volatile Time(5:06) Jason Tauber, Neuberger Berman Large Cap Growth Portfolio Manager, discusses how growth stocks have performed amidst the recent equity market decline and provides an update on portfolio positioning.
Small Cap Equity Market Update(4:35) Judy Vale, Neuberger Berman Small Cap Equity Portfolio Manager, provides an update on the small cap equity market for the first quarter of 2020 and portfolio positioning amidst this period of market uncertainty.
Real Estate Securities Update: Market Reacts to Stimulus Package(4:51) Steve Shigekawa, Neuberger Berman Real Estate Securities Portfolio Manager, discusses the impact of the recently approved fiscal and monetary stimulus packages and portfolio positioning in light of the economic slowdown.
Uncorrelated Strategies Market Update(6:51) In this short video, Portfolio Manager, Fred Ingham provides an update on current conditions across uncorrelated strategies, offering his thoughts on both the short and longer-term impacts of COVID-19 on asset markets. He also updates on the positioning of Neuberger Berman’s portfolios.
Equity Market Perspectives(4:51) Richard Nackenson, Neuberger Berman Equity Portfolio Manager, comments on the unprecedented level of volatility that has characterized the markets over the past month and how this time period compares to historical periods of market stress.
China Private Equity Markets Update(6:39) The recent outbreak of COVID-19 in China has led to significant impacts on businesses and industries. With the country’s economic activities picking up, Lydia Hao, Principal, Asia Private Equity, provides an update on what happened in the China private equity markets, and how China GPs are navigating the uncertainty and identifying opportunities.
Municipal Market Perspectives(4:25) James Iselin, Head of Neuberger Berman Municipal Fixed Income, recaps the unprecedented volatility experienced in the month of March. He also discusses the outlook for municipals and the resiliency of muni credit versus corporate fixed income.
CLO Market Update(6:29) Pim van Schie, Neuberger Berman Non-Investment Grade Credit Portfolio Manager, discusses market activity for CLOs over the past month and the team’s approach to navigating the risks associated with the sell-off in the non-investment grade fixed income market.
High Yield Market Update: Volatility Persists(6:03) Christopher Kocinski, Neuberger Berman U.S. High Yield Senior Portfolio Manager, discusses the factors that have contributed to the volatility in the non-investment grade credit market and how his team has adjusted portfolios as spreads have widened.
EMD Market Update(8:54) Gorky Urquieta, Co-Head of the Neuberger Berman Emerging Markets Debt Team, discusses the factors that contributed to the sell-off of EMD assets over the past month and how the team is positioning portfolios in this volatile market environment.
Market Volatility | Closing Bell Insights(4:40) On this episode of Closing Bell Insights, Joseph V. Amato, President and Chief Investment Officer of Equities, shares his market update and insights after the closing bell, including potential implications for investors.
Perspectives on Volatility(6:02) Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspectives on the volatility that has characterized the markets over the past month and discusses how this downturn compares to the one that occurred in 2008.
EM Equity Market Update(3:55) Marco Spinar, Neuberger Berman Emerging Markets Equity Portfolio Manager, discusses changes in the EM equity market over the past two weeks and how his team is managing through economic uncertainty prevalent across EM countries.
How Could Covid-19 Affect 5G?(2:55) The way we live, work and learn has shifted markedly since the Covid-19 outbreak. With greater reliance on online resources, we see an increased demand for faster network speeds that could be enabled by 5G. How could the pandemic affect 5G rollouts? Where are the opportunities? Watch YT Boon, Director of Research – Asia, as he shares his insights on the demand for this service.
Equity Market Perspectives(3:38) Sandy Pomeroy, Neuberger Berman Equity Portfolio Manager, discusses how higher yielding segments of the equity market have held up amidst the recent equity market decline and areas of the market where she is seeing opportunity.
Macro Insights and Asset Allocation(6:35) Erik Knutzen, Chief Investment Officer – Multi-Asset Class Strategies, discusses the impact of last week’s Fed actions and stimulus package along with how this decline is different than 2008 in terms of markets and investment implications.
Fixed Income Market Update(4:16) David Brown, Co-Head of Global Investment Grade Fixed Income, provides an update on how recent support from the Fed has impacted the fixed income markets and how his team is navigating this uncertain time.
Perspectives on Liquidity(8:57) Anne Brennan, Chief Risk Officer and Ken DeRegt, COO for Fixed Income, share their insights on managing liquidity in today’s markets, with a look at how this compares to 2008.
Global High Yield Market Update(2:58) In this video update from Senior Portfolio Manager, Vivek Bommi, we review conditions across global non-investment grade bond markets and offer our outlook for the asset class.
Using Data Science to Bring Order to the Disruption(4:45) Michael Recce, Chief Data Scientist, discusses the data sets his team is analyzing to help us look at trends that may give some insight on the path for a return to normalcy in both public health and the economy.
China Bond and Equity Markets Update(14:49) China was the first economy to be struck down by COVID-19 and looks to be the first to come out the other side. Peter Ru, Senior Portfolio Manager, China Fixed Income Strategy Leader and Meng Ning, Senior Portfolio Manager, China A-Shares provides an update on how the economy is recovering, what happened in China bond and equity markets, and what are the unknowns and opportunities ahead.
Sustainable Equity Investing in An Uncertain Market(4:47) Ingrid Dyott, Neuberger Berman Sustainable Equity Portfolio Manager, discusses recent government efforts to stimulate the economy and how sustainable companies are faring in the current market environment.
Small Cap Equity Market Update(3:14) Gregory Spiegel, Neuberger Berman Small Cap Equity Portfolio Manager, provides an update on small cap equity markets and portfolio positioning amidst this period of market uncertainty.
Large Cap Value Investing During A Volatile Time(4:16) Eli Salzmann, Neuberger Berman Large Cap Value Equity Portfolio Manager, provides an update on large cap equity markets and why the tide might be turning towards value investing.
Corporate Hybrid Bonds Market Update(5:54) In this short video, Senior Portfolio Manager, Julian Marks provides an update on current conditions within corporate hybrid bond markets, outlining the biggest unknowns and updating investors’ on the current positioning across Neuberger Berman’s portfolios.
High Yield Market Update(5:31) Joe Lind, Neuberger Berman High Yield Portfolio Manager, discusses factors driving the high yield market and strategy positioning during an uncertain time.
The Significance of ESG Integration(11:54) Jonathan Bailey, Head of ESG Investing at Neuberger Berman, looks at how companies are responding in the crisis and the significance of sound ESG policies in today’s markets and going forward.
Navigating a Challenging Municipal Bond Market(5:27) James Iselin, Head of Neuberger Berman Municipal Fixed Income, discusses unprecedented yields and portfolio positioning amidst this period of market volatility.
Emerging Markets Debt Market Update(6:16) In this brief video update, Rob Drijkoningen, Co-Head Emerging Markets Debt, provides an update on markets and current positioning, offering his views on the most important factors affecting investors at the moment.
Navigating a Challenging Small Cap Equity Market(4:00) Kenneth Turek, Neuberger Berman Small Cap Growth Portfolio Manager, discusses uncertainties facing small-cap investors and portfolio positioning for a challenging market environment.
Macro Insights and Asset Allocation(6:06) Erik Knutzen, Chief Investment Officer – Multi Asset Class Strategies, discusses uncertainties facing investors and where they may turn to seek “quality investments and quality yields” when re-allocating risk assets.
Volatility and Options Markets: Uncertain Times; But Not Unprecedented(5:49) Derek Devens, Portfolio Manager from Neuberger Berman’s Option Group, discusses uncertainties facing investors and their implications for option premiums.
International Equity Investing During A Turbulent Time(4:52) Elias Cohen, Portfolio Manager on the Neuberger Berman International Equity Team, provides an update on the non-U.S. developed equity markets and strategy positioning in a volatile market environment.
Navigating a Volatile Fixed Income Market(4:03) David Brown, Global Co-Head of Investment Grade Fixed Income, provides an update on the fixed income markets and strategy positioning during an uncertain time.
EM Equity: Managing Through “Indiscriminate Selling”(5:04) Conrad Saldanha, Senior Portfolio Manager from Neuberger Berman’s Emerging Markets Equity Team, discusses how he's navigating the turbulent market in both a macro and fundamental context.
Navigating Disruption in the REITS Market(3:25) Brian Jones, Co-Portfolio Manager from Neuberger Berman’s Real Estate Securities Group, provides an update on the listed real estate market and strategy positioning amidst this period of heightened market volatility.
Vulnerability to Default in Emerging MarketsWhile 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.
Q&A: The Pandemic and PoliticsAssessing the 2020 race in light of COVID-19, economic weakness and civil unrest.
The Changing Path to Credit OpportunitiesSector and security selection will likely be the focus of potential fixed income returns from here.
Asian Credit Remains Firmly Investment GradeSpread-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.
Venturing OutLike societies emerging from lockdown, the AAC is venturing out, cautiously.
Thriving Amid Volatility: Perspectives on Asian Credit(13:02) Despite volatility seen across global markets, the emerging markets across Asia have continued to thrive, both before and after the COVID-19 crisis. What is it about this region that has created these key opportunities?
VixologyHow VIX history rhymes—and why we believe option writing strategies are still attractive despite the huge equity market rally.
The Growth of Private Equity Secondaries(20:49) During the Global Financial Crisis, the Secondaries market created opportunities as a means to gain liquidity in times of duress, but is that the same case today as a result of COVID-19?
5G Dis-ConnectivityGeopolitical and trade tensions may fragment the 5G supply chain, but while that could make the theme more complex to navigate, it is unlikely to diminish its importance.
Neuberger Berman Fixed Income: Company Leadership during COVID-19Assessing Company Leadership during COVID-19 with Active ESG Engagement
A Very Bond-Friendly CrisisWe believe the COVID-19 crisis and the response from governments and central banks creates an unusually favorable macro environment for credit.
A Moment of Solidarity for EuropeThere is still much work to do, but the Franco-German-led EU Recovery Fund is potentially a very big deal for Europe.
Past Performance is Not a Guarantee of Future ResultsWhen the world is changing so rapidly and profoundly, how can we trust the underlying data used in our investment models?
Digital Drivers of Real Estate OpportunityShifts in technology are contributing to a new landscape in the listed real estate universe.
Not Out of the WoodsThe discipline of scenario planning helps us focus on what has been achieved, rather than what we hope will be achieved.
Special Update: At the Peak of the CurveAfter an apparently strong and rapid equity market rally in April, Neuberger Berman’s AAC reconvenes to reassess its views.
The Stock Market Is Not the EconomyCOVID-19 has damaged a lot of things, including the link between the S&P 500 and the U.S. economy.
The Historical Impact of Economic Downturns on Private EquityAn assessment of private equity return patterns in two recent significant downturns.
Empty Malls and Conference CallsThe COVID-19 crisis has been tough on REITs in general—but some sectors have been resilient, and may offer a glimpse into the future of the asset class.
The New ‘Fusion’As the physical and digital worlds merge, companies, investors and society will need to adapt.
Real Estate Investing in the Digital Age(18:52) In the last decade, we have seen that Real Estate investing has been impacted from the demand of cloud computing and 5G connectivity. With the added element of COVID-19, how could it shape the current REITS landscape?
Canary in the Coal MineThe credit market has lagged while equities have rallied—is it warning investors not to get carried away?
PE Investing at Turning Points in the Market CycleShifting assets from public to private equity in and around downturns has been a rewarding strategy.
The TALF 2.0 Opportunity in Asset Backed SecuritiesDuring 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?
Futures ShockAmid unprecedented market dislocations and uncertainty, preparing playbooks for a range of outcomes can help us stay nimble and adaptive.
Opportunity in CreditThe Global Fixed Income team sees potential in credit spreads, with an initial focus on quality.
A Playbook for the RecoveryWe’ve been refining our outlook for the COVID-19 crisis and recovery—and it emphasizes patience and caution about the equity market rally.
Protective and ProactiveLiquid alternatives and private market investors are proving their worth during the current turmoil.
In the News: Charles Kantor featured on Bloomberg US MarketsCharles Kantor, Senior Portfolio Manager, The Kantor Group recently appeared on Bloomberg US Markets to discuss the current volatility in the equity markets and why he believes companies with solid balance sheets and business models will likely prevail during this period of uncertainty. Charles also shared his thoughts on why he believes this is different than the Global Financial Crisis of 2008.
The Health Care Sector through a COVID-19 Lens(17:55) On Thursday, April 2, Senior Health Care Analyst, Terri Towers, spoke with us to discuss her views on the implications of COVID-19 on the health care sector.
Do Banks Have a Liquidity Problem?Many Institutions are in strong financial shape, while recent issuance reflects prudence in the face of crisis.
A Tale of Two MarketsMarch was the worst of times for financial markets, and yet the best of times for primary issuance of investment grade credit.
China RecoversChina 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.
Investment Grade Credit: Open For BusinessThe new-issue market remains available to investment-grade corporate credit, thanks to swift and sizeable monetary support from the Federal Reserve.
Navigating Volatility in Global Non-Investment Grade Credit MarketsHigh yield spreads and loan prices appear attractive for long-term investors, in our view.
ContagionShould investors consider loading up on the riskiest assets when markets begin to stabilize? After a valuation adjustment of this magnitude, that probably isn’t necessary. The markets are unlikely to run away from us.
Audio Insight: The Course of COVID-19Terri 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.
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.
Safety FirstAfter a big sell-off, many fear missing the rebound—but we expect more volatility and think the time for opportunism will come later.
Four Things to Remember in a Market DownturnVolatility, diversification and the merits of long-term investing
Unique Disruptions, Exceptional MeasuresAs we argued in our previous piece detailing the Fed’s 100bps cut and increased asset purchases, although the Fed had unloaded countless rounds of ammunition, additional firepower remained.
A Note from Chairman and CEO George Walker
Shock and AweDoes this week’s multitrillion-dollar shot in the arm vaccinate the economy against the worst impact of COVID-19?
Emergency Landing to the Zero BoundTwo weeks after reducing its policy rate by 50 bps to 1.25%, the Federal Reserve met Sunday in lieu of its scheduled meeting on March 18th and cut rates by a further 100 bps, effectively returning to the zero lower bound. The central bank also announced a host of other measures aimed at supporting the financial markets, and by extension, the real economy.
High Drama in High YieldCoronavirus and the OPEC price war combine for a one-two punch to high yield markets.
Update on Global Non-Investment Grade Credit MarketsWe unpack the short-term and long-term, transitory and permanent impacts of recent news on the high yield and loan markets.
Prepare for the Long HaulWhy the major uncertainties twisting markets out of shape today are likely to persist for months.
Coronavirus: A Moving TargetIf you haven’t reduced risk, it’s probably not too late to do so; if you are already conservatively positioned, it may be too early to buy the dips.
Venturing Out: AAC Outlook 3Q2020
On July 22, Joe Amato, Erik Knutzen, Brad Tank and Tony Tutrone discussed each of their views based on 3Q2020 AAC Outlook in more detail, as well as their short-term and long-term views of the bear, base and bull case scenarios for the COVID-19 crisis initially outlined in the 2Q2020 Outlook and Investment Playbook.ACCESS REPLAY
The Pandemic and Politics
On July 14, Neuberger Berman’s Joseph V. Amato, President and Chief Investment Officer, Equities, talks with political scientist Sam Potolicchio, PhD, President, Preparing Global Leaders Forum, about factors that could influence the 2020 election and the political landscape going forwardAccess Replay
COVID -19 Update: Latin American Surge; U.S. Struggles to Regain Control
Latin America cases are surging, and could possibly overtake those in the United States. However, the U.S. may need more decisive action with time running out to regain control of the outbreak before fall.Read More
Second Wave or Lingering Virus?
Is this a second wave or a virus that may linger for the foreseeable future? In our view, the latter seems most likely, but we are now better prepared for the fightRead More