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Ricomporre i tasselli del mosaico
La scorsa settimana, tra dati economici, trimestrali e novità su commercio e tariffe, ha rafforzato la nostra view positiva sui mercati nel medio termine. Restano però alcune sfide per la seconda metà del 2025.
ASCOLTA IL PODCAST
Euro Bond. Ulteriori opportunità in vista
L’attuale scenario di inflazione moderata e politica monetaria accomodante rafforza l’attrattiva dei bond europei, che continueranno a offrire opportunità interessanti nei prossimi mesi.
ASCOLTA IL PODCAST
Disruptive Forces in Investing | August 2025
The Muni Opportunity
- (24:10) Jamie Iselin unpacks how policy shifts and record issuance levels of municipal bonds are creating opportunities for selective investors in recent months.
Video | August 2025
Neuberger Berman Private Markets: Q2 2025 Preliminary Valuation Summary & 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.
Article | August 2025
The Coming Slowdown in Growth and Liquidity: What It Means For Investors in 2H 2025
- We believe twin slowdowns in economic growth and global liquidity could weigh on various risk assets in the second half of 2025.
CIO Weekly Perspectives | August 2025
The Power of Embracing Competing Ideas
- This year’s recommendation for vacation reading is a fascinating exploration of the sources of rising political polarization in the U.S. and how it can be addressed.
CIO Weekly Perspectives | August 2025
Equities: All Eyes on the Fed
- Political pressure, changing personnel and a complex mix of macroeconomic data in recent weeks have renewed the focus on the Federal Reserve and its policy direction.
White Paper | August 2025
Constructing the Future: Building Resilient Portfolios With Infrastructure
- Private infrastructure stands out in an uncertain world.
Article | August 2025
In Choppy Waters, Gold Remains a Firm Anchor
- The fleeting threat of U.S. tariffs on gold bars took markets by surprise—and reaffirmed our enduring investment case for gold.
CIO Weekly Perspectives | August 2025
A 20,000-Foot Perspective: Can Bonds and Equities Both be Right?
- The combination of stagflation concerns from macro data and robust corporate earnings in the last week have helped bolster the case for a striking gap between fixed income and equity premia persisting...
Article | August 2025
Decoding Key Signals in the Relative Prices of Precious Metals
- We believe the interplay among the prices of precious metals has important implications for constructing resilient, full-cycle commodity portfolios.
Disruptive Forces in Investing | August 2025
A World of Opportunity in the Space Economy
- (24:12) Hear from Dan Hanson and Evelyn Chow as they reveal how the booming space economy is opening new frontiers and investment opportunities.
CIO Weekly Perspectives | August 2025
Fitting the Puzzle Pieces Together
- A pivotal week for economic data, earnings, trade and tariffs has provided support for our constructive medium-term view on the fundamentals of risk markets, although the second half of 2025 will pose challenges with some anticipated softening in the economy and lingering uncertainties around inflation, policy and geopolitical risk.
Article | August 2025
Finding Homes for all Those Zettabytes
- As data usage continues to explode, the digital-storage industry is racing to innovate.
Article | July 2025
Witnessing India’s Transformation
- A recent visit reaffirmed our conviction as to the pace of change in this key economy.
CIO Weekly Perspectives | July 2025
Japan: Opportunity Trumps Politics
- The U.S. trade deal will further support improving economic fundamentals in Japan, which underpin our constructive equity positioning on the country. Recent political developments and volatility in the government bond market are unlikely to change our long-held view.
Disruptive Forces in Investing | July 2025
From Forecasts to Facts: Revisiting 2025’s Investment Themes
- (28:52) At the midpoint of 2025, NB’s investment leaders revisit their key market themes, examining what played out as expected, and what surprised them. Discover the drivers and risks shaping the rest of the year.
CIO Weekly Perspectives | July 2025
European Bonds – Still More to Give
- Benign inflation, a dovish central bank and healthy yields have helped boost the global attraction of European government bond and credit markets. With further monetary easing expected, European fixed income continues to look selectively compelling.
Equity Market Outlook | July 2025
Equity Market Outlook 3Q 2025
- We maintain our belief that economic growth is likely to slow, but that a severe U.S. downturn appears unlikely. Against this backdrop, we remain constructive on global equity markets heading into the second half of 2025 and highlight potentially more attractive opportunities.
Fixed Income Investment Outlook | July 2025
Riding the Rates Wave
- We believe the Federal Reserve is likely to soon join other central banks in further cutting interest rates, likely providing a tailwind for shorter-duration U.S. bonds.
Asset Allocation Committee Outlook | July 2025
Opportunity Amid Uncertainty
- Beyond the short-term market impacts of trade tensions and geopolitical risk events, we are constructive in our medium-term outlook for the global economy and risk assets.
CIO Weekly Perspectives | July 2025
Will Policy Clarity Spark a New Wave of Economic Growth?
- While tariff uncertainty continues to linger, the passage of the One Big Beautiful Bill provides business leaders with long-awaited policy clarity that may provide a boost to capital expenditure.
Article | July 2025
Shifting Dynamics in the CRE Lending Market
- We see an array of differentiated opportunities across the commercial real estate credit market.
Article | July 2025
Solving for 2025: Mid-Year Scorecard
- At the end of 2024, our CIOs sat down to discuss the five key themes they expected to impact markets. At mid-year, we assess how those have played out so far.
CIO Weekly Perspectives | July 2025
Cautious Optimism Amid Policy Uncertainty
- Despite ongoing policy uncertainty and tariff-related volatility, we are cautiously optimistic thanks to resilient economic fundamentals, broadening equity market performance, and the potential for pro-growth policy shifts later in the second half of 2025.
Disruptive Forces in Investing | July 2025
GP Led Secondaries: What's next?
- (16:30) Explore the future of Private Equity Secondaries and their role in navigating today’s challenges.
Article | July 2025
The 800-Volt Gorilla Inside AI Data Centers
- Innovators are rolling out more efficient power-management solutions to meet explosive demand for artificial intelligence applications.
CIO Weekly Perspectives | June 2025
Middle East Tensions Rise, Oil Prices Fall
- While Middle East tensions are driving near-term market volatility, this focus is likely to be temporary as attention soon returns to major July and August policy decisions.
Article | June 2025
European IG Credit: Opportunity in a Shifting Landscape
- Appealing fundamentals, elevated yields and active management opportunities are drawing investors to European investment grade credit.
White Paper | June 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.
CIO Weekly Perspectives | June 2025
Foreign Demand for U.S. Treasuries: Facts vs. Fears
- The data behind foreign demand for U.S. Treasuries challenges the “Sell America” narrative.
Article | June 2025
Middle East Conflict: From Diplomacy to Disruption
- U.S. strikes in Iran have escalated the conflict. What should investors watch for next?
Article | June 2025
U.S. Policy Implicates Rebuilding Costs
- Elevated tariffs and tighter immigration are a key focus for today’s insurance modelers.
White Paper | June 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.
CIO Weekly Perspectives | June 2025
Will the Current Economic Stalemate End in a Boom or a Bust?
- U.S. consumers remain resilient, but business sentiment holds the key for the trajectory of future economic growth.
CIO Weekly Perspectives | June 2025
A 20,000-Foot Perspective: Fiscal Policy Takes the Lead
- Recent volatility in traditionally “sleepy” Japanese bonds bears watching as fiscal policy becomes the chief policy lever globally; the country’s role as one of the world’s major creditors means that what happens there could have far-reaching impact.
Disruptive Forces in Investing | June 2025
Stop Guessing Tomorrow: Insights on Long/Short Strategies
- Mark Regenbaum shares lessons learned from two decades of experience managing long/short portfolios.
CIO Weekly Perspectives | June 2025
The Consumer Hangs In
- Amid changing policy dynamics, fluctuating markets and swings in sentiment, the U.S. consumer has, so far, remained surprisingly resilient.
Article | June 2025
Will Smart Glasses Replace Smart Phones?
- AI-powered eyewear offers a glimpse into the (not-so-distant) future. Growth investors, take heed.
Article | May 2025
Confusing Correlations: What’s Really Behind Them?
- In recent weeks we’ve witnessed extreme correlations among asset classes. Are they heralding a structural shift that requires meaningful asset allocation adjustments, or should long-term investors stay the course within their portfolios?
Article | May 2025
Is EM Local Debt Benefiting From ‘America First’?
- Emerging markets local debt is regaining momentum, fueled by shifting U.S. policy.
CIO Weekly Perspectives | May 2025
Trump/Powell: The Two Poles of Policymaking
- The Fed’s processes are designed to minimize the cost of capital while the president’s tactics seem to be raising it—who’s right and who’s wrong?
Video | May 2025
Neuberger Berman Private Markets: Q1 2025 Preliminary Valuation Summary & Analysis
- (3:08) Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.
Article | May 2025
Finding the Sweet Spot in the Private Equity Capital Stack
- “Capital solutions” has become a catch-all moniker within private markets, leaving many asset allocators to scratch their heads as to what these funds actually do and the risks they take.
CIO Weekly Perspectives | May 2025
From Liberation Day to Independence Day
- Business confidence needs to improve to restart U.S. investment and growth—could the forthcoming tax bill provide the impetus?
Disruptive Forces in Investing | May 2025
Navigating the New Normal in Private Markets
- (21:41) Discover how private markets are navigating tariffs, liquidity, and innovation in today’s economic climate.
Article | May 2025
Private Equity: Capitalizing in the Current Climate
- Despite recent headwinds, we believe private equity can help shield investors from negative tariff impacts while delivering long-term portfolio diversification.
CIO Weekly Perspectives | May 2025
Dollar in the Doldrums
- Why there has been no bounce-back by the greenback, and what that implies for asset allocation.
Disruptive Forces in Investing | May 2025
The High Yield Playbook: Positions and Possibilities
- (17:35) Explore how wider spreads, tariff impacts, and sector-specific trends are reshaping the high yield market.
CIO Weekly Perspectives | May 2025
The End of American Exceptionalism?
- The rest of the world is due some cyclical catch-up with the U.S., but talk of a structural change in the global economic ecosystem is premature.
Article | April 2025
Surging Tariffs Are Flipping the Chip Script
- The global trade war is accelerating China’s localization efforts; spurring low-cost production in India; and driving incremental growth in Asia’s Golden Triangle.
CIO Weekly Perspectives | April 2025
Default Not in Our Stars
- We don’t think tariffs will cause a major spike in high-yield and loan defaults, and that means current spreads and yields look attractive.
CIO Weekly Perspectives | April 2025
Buried Treasuries
- Why U.S. government bonds had a scare, what calmed them down, and what all that suggests for the next few months.
Article | April 2025
Potential Impact of U.S. Tariffs: Private Equity Manager Perspectives
- We surveyed our deep network of private equity managers for insights on the impacts of President Trump’s tariff announcement.
Disruptive Forces in Investing | April 2025
Volatility: Finding True Diversifiers
- (20:32) Explore how true diversifiers and dynamic strategies can help investors mitigate market volatility and build resilient portfolios in uncertain times
Fixed Income Investment Outlook | April 2025
Riding Out the Storm
- Announced tariffs could have long-term implications, but are already creating windows of opportunity across the fixed income markets.
CIO Weekly Perspectives | April 2025
First Principles in the Face of Uncertainty
- The current situation is unusually difficult to model, and that reinforces the first principles of investment: know your objectives, diversify and rebalance.
Asset Allocation Committee Outlook | April 2025
The Storm Before the Calm?
- The first weeks of the new U.S. administration have been hugely disruptive—can sentiment improve as focus shifts from trade to tax cuts and deregulation?
Article | April 2025
High Yield’s Eye-Catching Spreads
- We believe a yield advantage and improved credit quality make U.S. high yield worth a look.
Equity Market Outlook | April 2025
Equity Market Outlook 2Q 2025
- While surging tariffs and a hard sell-off have sown uncertainty, we expect negotiations to bring some relief on initial tariff proposals, and that sharply slower growth seems more likely than a U.S. recession.
CIO Weekly Perspectives | April 2025
Trade War, or Will Cooler Heads Prevail?
- Negotiation or retaliation—the world’s response to the surprisingly aggressive U.S. tariff announcements will be critical.
Article | April 2025
Trump’s Tariffs: The Impact on Fixed Income
- New tariffs could hamper U.S. economic growth and change market dynamics for the long term.
Article | April 2025
Neuberger Berman Private Markets: Q4 2024 Preliminary Valuation Summary & Analysis
- Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of the private equity markets and an outlook based on trends in the marketplace.
Article | April 2025
Making America’s Chip Fabs Great Again
- As national security threats mount, the U.S. aims to revive production of complex computer chips, creating potential opportunities all along the semi supply chain.
Disruptive Forces in Investing | April 2025
It’s April: Time to Talk Taxes
- (17:57) Discover how tax-efficient strategies can unlock hidden value in volatile markets.
White Paper | April 2025
The Endowment Model Reimagined
- The endowment model defined the “art” of portfolio management, but now it needs to adopt the latest “science.”
CIO Weekly Perspectives | March 2025
It’s ‘Show Me’ Time
- Seventy days into the new U.S. administration, we are beginning to accrue enough hard data to correct or confirm the pessimism of recent soft data.
Article | March 2025
German Infrastructure: Catalyst for European High Yield?
- We believe the new German government’s infrastructure plans have the potential to materially benefit the European high yield market.
CIO Weekly Perspectives | March 2025
“Wait and Worry” or “Wait and See”?
- U.S. consumers aren’t happy, but U.S. executives don’t share their gloom.
White Paper | March 2025
Corporate Hybrids: What Are They?
- A short introduction to a unique and fast-growing asset class.
Disruptive Forces in Investing | March 2025
Could Value Stocks Make a Comeback?
- (20:32) Is it time for investors to rethink their approach to value investing?
CIO Weekly Perspectives | March 2025
European Renaissance
- A broadening of equity market performance beyond U.S. mega-caps was one of our key themes for 2025—right now, Europe is where it is playing out most notably.
Article | March 2025
Rebalancing Act: Rethinking Growth Versus Value
- Recent gyrations have highlighted the inherent risk in the U.S. equity market’s growthy tilt—more evidence, in our view, that it’s time to increase exposure to value.
Article | March 2025
The M&A Resurgence: Finding Opportunities in Fixed Income
- After years of limited activity, companies are looking for a chance to accelerate M&A, but the new administration and its policies will likely set the tone for dealmaking.
CIO Weekly Perspectives | March 2025
Mr. Trump Goes to Washington
- The new U.S. administration has promised many pro-growth policies, but can those ambitions survive the disruptive measures of its early months?
Video | March 2025
2025 Capital Market Assumptions
- Neuberger Berman’s 2025 Capital Market Assumptions offers investors intermediate-term (5-10 year) forward-looking return and risk estimates for fixed income, equity, and alternative asset classes across multiple geographies.
Article | March 2025
Going Global in Investment Grade Credit
- Investment grade credit yields are attractive even though spreads are tight, and a global approach can add another layer of opportunity.
Disruptive Forces in Investing | March 2025
NVIDIA, DeepSeek and the Evolution of AI
- (28:03) How are market assumptions about AI shaping investor sentiment, and what do advancements like DeepSeek mean for the future of semiconductors and global innovation?
CIO Weekly Perspectives | March 2025
Germany’s Game-Changing Election
- The country’s politics are getting a boost of uncharacteristic urgency from coming Chancellor Friedrich Merz, with even the constitutional “debt brake” up for grabs.
Article | March 2025
Forget the Magnificent 7: Meet China’s Terrific 10
- China’s top tech firms are emerging as global contenders as President Xi Jinping aims to boost innovation and revitalize his country’s economy.
White Paper | March 2025
Local-Currency Frontier Bonds: EMD’s New Horizon
- High yields, surprisingly low volatility and strong diversification benefits are attracting investor interest.
Article | February 2025
Hidden Value: Tax-Loss Harvesting in Up Markets
- Selling for tax purposes is not just viable during periods of market weakness.
Article | February 2025
Ratings Renaissance in Emerging Market Corporates
- In a dynamic environment, we believe emerging market corporate credit ratings should show continued improvement.
CIO Weekly Perspectives | February 2025
Antitrust Angst
- Does the retention of the Biden-era M&A guidelines raise more doubts about the new U.S. administration’s pro-business agenda?
Article | February 2025
2024 Proxy Season in Review
- For the fifth consecutive year, Neuberger Berman continued our tradition of active engagement in an effort to enhance shareholder value and manage risk for our clients.
CIO Weekly Perspectives | February 2025
A Growth Mindset
- For more than two years, inflation news was the prime mover of market prices; we think last week confirmed that a new dynamic is in play.
Disruptive Forces in Investing | February 2025
What Do Tariffs Mean for Private Equity?
- (14:34) Ralph Eissler discusses tariffs and Private Equity with host Anu Rajakumar
Article | February 2025
Emerging Markets: Low Corporate Defaults Spell Potential Opportunity
- Investors appear to be underestimating credit prospects in a generally moderate economic climate.
Article | February 2025
What’s Next For Pharmacy Benefit Managers?
- These giant middlemen claim they help keep drug costs in check, but scrutiny—and competition—are brewing.
White Paper | February 2025
Japanese Equities in 2025: Goldilocks Would Approve
- Japanese Equities: Are the “Lost Decades” Finally in the Rear View?
Article | February 2025
Private Markets: As The Ice Breaks
- With a liquidity drought fading, investors can return to the more normal task of building private market portfolios designed to pursue unique investment goals.
White Paper | February 2025
Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk
- Is there structural mispricing in Corporate Hybrids?
CIO Weekly Perspectives | February 2025
The Tariff Man Cometh…and Go-eth?
- Are these levies just a negotiating tool, or an unorthodox revenue-raising scheme? The answer could determine how seriously investors should view them.
Article | February 2025
Local Currency Bonds: The Next Frontier
- Frontier markets are well represented in investors’ allocation to USD markets but not so much in local currencies. This may be changing given growing interest in its strong performance and benchmark providers creating more transparency.
Article | February 2025
The Golden Age of Customized AI Chips
- As demand for training large-scale AI models shifts to delivering more precise inferencing capabilities, the race to build application-specific chips is heating up.
Article | February 2025
Tariffs Are Here: What Does That Mean for Private Equity?
- We believe investments in private equity may be less affected by a tougher U.S. tariff regime than the overall economy.
CIO Weekly Perspectives | February 2025
A More Commodious Curve
- By fundamentally changing incentives, a normalizing yield curve makes the bond market much more friendly to investors.
Disruptive Forces in Investing | January 2025
Fixed Income Moves in 2025
- (23:42) CIO and Global Head of Fixed Income, Ashok Bhatia, discusses rates, inflation and policy with host Anu Rajakumar and how these forces could impact Fixed Income in 2025.
Article | January 2025
Seeking Perspective On DeepSeek
- A Chinese AI start-up claimed its large-language model needs far less computing power than established models. What’s it all mean for chipmakers and the broader economy?
Article | January 2025
Fixed Income: Be Prepared for Policy-Driven Volatility
- In the wake of electoral shifts, policy changes could add to market turbulence, creating new risks but also opportunities.
CIO Weekly Perspectives | January 2025
Are We Any Clearer About Trump 2.0?
- Were 26 executive orders enough to convey the new administration’s direction and resolve the uncertainties in our outlook?
White Paper | January 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.
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