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Obbligazionario. La calma prima della tempesta?
Dall’inizio dell’anno, l’obbligazionario si è dimostrato più stabile di molte altre asset class. Ma è difficile pensare che questa situazione possa durare a lungo. Quali sono le nostre view?
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Navigare i mercati con correnti contrapposte
In superficie, il quadro macroeconomico appare resiliente; al di sotto, però, i mercati sembrano spinti da forti correnti contrapposte, che stanno determinando rapide rotazioni settoriali e tra aree geografiche. Quali sono le preferenze del nostro Comitato di Asset Allocation?
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CIO Weekly Perspectives | March 2026
Asset Allocation: Does Middle East Conflict Change the Calculus?
- The Middle East conflict and its uncertainties, together with a shaky job market, challenge risk assets and growth. Vigilant of the risks on all fronts, we remain constructive in our positioning.
CIO Weekly Perspectives | March 2026
Equities: Navigate the AI and Tariff Disruption—Don’t Fight It
- There’s no escaping the market impact of AI disruption and tariff uncertainty. But it’s better to lean into these forces and invest selectively than to be paralyzed by them.
Article | March 2026
2025 Proxy Season in Review
- We continued our commitment to transparent engagement in an effort to enhance shareholder value and manage risk for our clients.
Article | March 2026
Risks to Oil from Iran: The Price of Uncertainty Flows Through Hormuz
- A joint U.S.-Israeli strike on Iran's leadership and energy infrastructure has put the world's most critical oil chokepoint at risk — and the price consequences could be nonlinear.
Article | February 2026
George Walker Interviewed on Barron’s Podcast
- Watch and listen as CEO and Chairman George Walker discusses Neuberger’s history, growth, current positioning, and his views on markets with host Andy Serwer on the At Barron’s podcast.
Disruptive Forces in Investing | February 2026
The Great Bond Divergence: Opportunities Across Curves, Countries, and Credit
- Global bond markets are starting to diverge again. As correlations break down and policy and fiscal paths split across regions, investors face tight spreads but also new chances to add income, diversification, and flexibility. In this episode, we explore how a global approach can help investors stay nimble and find relative value across countries, curves, and credit.
CIO Weekly Perspectives | February 2026
Fixed Income: The Calm Before the Storm?
- Fixed income markets have shown relative calm versus other risk assets since the start of the year. That is unlikely to last, creating challenges and opportunities.
Article | February 2026
Real Estate: The Brightening Case for GP-Focused Solutions in 2026
- We see increasing evidence that the real estate sector may continue to gain strength and create potentially attractive opportunities across public and private markets in 2026.
CIO Weekly Perspectives | February 2026
Risk Assets: Navigating the Crosscurrents
- Under a resilient macro surface, risk markets are being shaped by powerful crosscurrents, driving rapid rotation across factors, sectors and regions.
Article | February 2026
Japan’s Paradigm Shift
- A landslide electoral mandate could speed up reforms, support domestic demand and push corporate cash into higher returns—key ingredients for a more durable re-rating of Japanese risk assets.
Article | February 2026
The Ultimate ‘GPT’: Is AI Game-Changing for the Macro Picture?
- We anticipate moderate impacts in the near term, but will look for more profound shifts—albeit with some delay—as the years unfold.
Disruptive Forces in Investing | February 2026
Real Estate's Reset: Where Almanac Sees Stress and Opportunity
- (27:41) Real estate’s reset is creating both stress and opportunity. As higher rates and lower valuations slow transactions and extend holding periods, platform-level capital is becoming a crucial tool for real estate businesses seeking liquidity, balance-sheet flexibility, and growth. In this episode, we explore where investors may find overlooked opportunities across sectors.
Article | February 2026
U.S. vs. China: Different AI Approaches, Common Choke Points
- The two countries are taking different approaches to artificial intelligence, but common bottlenecks in memory chips and networking systems continue to create potentially attractive opportunities for investment in advanced semiconductor manufacturing and testing equipment.
CIO Weekly Perspectives | February 2026
Software Leads AI-Driven Tech Rout—What Next?
- The breadth and ferocity of the sell-off in technology stocks is a fresh test of the AI story. Buckle up—more tests will come.
Article | February 2026
Orbital AI Data Centers Prepare for Launch
- Welcome to the new space race, brought to you by AI.
Article | February 2026
AI Meets EMD: Short-Term Match, Longer-Term Friction?
- Artificial intelligence (AI) has the potential to provide a tailwind for commodity and manufacturing exporters in emerging markets.
Article | February 2026
Seismic Shifts That Could Drive Private Markets
- Dealmaking appears to be on the mend, but investors could be well served to look through near-term trends toward six major themes that we think may drive private markets for years to come.
CIO Weekly Perspectives | February 2026
Investing Amid the Chaos
- Political noise can become deafening, but investors should tune into the quieter drumbeat of strengthening economic fundamentals and the broadening-out story reshaping equity markets.
Article | January 2026
Evergreen Private Equity Investing: Key Benefits of a Direct, Multimanager Approach
- An expanding array of evergreen funds now aims to deliver continuous private equity exposure with lower barriers to entry. But not all approaches are created equal.
Disruptive Forces in Investing | January 2026
How the AI Debt Supercycle Is Reshaping Credit Markets
- (25:10) AI is no longer just an equity story—it’s reshaping global bond markets. A surge in AI-related issuance is bringing new risks and increasingly complex financing structures even as it expands the opportunity set for fixed income investors. In this episode, we explore what the AI debt supercycle means for credit risk, global fixed-income positioning and where bond investors might want to tread carefully—or lean in.
CIO Weekly Perspectives | January 2026
U.S. Fixed Income: Policy-Driven Opportunities Emerge
- Amid the administration’s flurry of affordability-targeted policy initiatives, bond investment opportunities are emerging.
Equity Market Outlook | January 2026
Macro Tailwinds Galore, But Mind the Risks
- Plentiful stimulus, rising business confidence, improving loan growth, accelerating fundamentals and still-modest equity positioning could set the stage for a stronger economy and further equity gains, while risks from liquidity gyrations remain.
Asset Allocation Committee Outlook | January 2026
Embracing Risk in a Shifting Macro Regime
- The Asset Allocation Committee (AAC) continues to see opportunity in growth and risk assets over the medium term, even as elevated risks and increasingly divergent policy paths make the investment landscape more complex. We believe this environment rewards disciplined, selective risk-taking.
CIO Weekly Perspectives | January 2026
Emerging Markets: The Next Phase in Market-Broadening
- At the same time developed markets have been generating policy and macro noise, emerging markets have been quietly outperforming. We expect EM risk assets to continue to deliver.
Fixed Income Investment Outlook | January 2026
Widening the Search
- After a generally stellar year for fixed income, 2026 looks more demanding, with fewer rate tailwinds and tight spreads putting a premium on security selection and global diversification, particularly as tail risk rises.
CIO Weekly Perspectives | January 2026
Markets in 2026: Full Speed Ahead—With Eyes Wide Open
- When everything seems to be going right, that is precisely when vigilance is needed.
Article | January 2026
Assessing Venezuela Oil Supply Risks
- The dramatic U.S. intervention in Venezuela has raised expectations of a rapid supply boost, but we anticipate a slower, more complex recovery in exports given operational constraints, legal frictions, and years of underinvestment in the sector.
White Paper | January 2026
China State of Decarbonization & Sustainable Finance Overview
- China’s energy transition and sustainable finance ecosystem is vast and multifaceted, with meaningful implications for both generalists and sustainability-focused investors. This report provides key indicators and investment insights to help track and interpret that evolution over time.
CIO Weekly Perspectives | December 2025
Equities: Stay Invested, Stay Diversified
- Looking back over the past year and ahead to 2026, it feels especially relevant to re-emphasize the importance of staying invested and diversified.
Article | December 2025
Netflix and the Credit Implications of an M&A Surge
- How could the new wave of high-profile dealmaking affect the investment grade landscape?
Article | December 2025
For Utilities, AI Poses Questions of Capacity and Affordability
- The data center buildout is helping drive electricity demand, utility capex and issuance, but it is also fomenting risks tied to regulation and stranded generation capacity.
CIO Weekly Perspectives | December 2025
U.S. Rates: How Low Can They Go?
- A more dovish rate cut than anticipated by the U.S. Federal Reserve has created an interesting setup for fixed income markets next year. The focus on its independence adds another dimension.
Article | December 2025
Prediction Markets Are Upending U.S. Gambling: What It Could Mean for Non-Investment Grade Credit
- A 2024 court ruling allowed prediction markets to operate as federally regulated event contract exchanges. With nationwide reach, these products are pressuring state regulated sports books, lotteries and casinos—raising new considerations for non-investment grade issuers and investors.
Disruptive Forces in Investing | December 2025
Solving for 2026: Policy Crosscurrents, AI, and Where to Position Now
- (26:59) Shannon Saccocia and Maya Bhandari join host Anu Rajakumar to break down Neuberger’s 2026 market outlook, covering policy crosscurrents, AI’s next phase, and where to position across equities, multi-sector fixed income, and private markets.
White Paper | December 2025
European Private Loans: A Deep, Diversified, Quality Asset Class
- European private loans provide investors with an opportunity to finance market-leading companies at the core of Europe’s economy.
Article | December 2025
Assessing COP30: Progress and Retreat
- With the events in Belém, Brazil now concluded—defined by on the ground tensions, strong indigenous voices, and the notable absence of a formal climate delegation from the world’s second largest carbon emitter—we step back and take stock of COP30.
Article | December 2025
High Yield and Leveraged Loans: Assessing AI’s Impact on a Risk-Return Continuum
- The rapid adoption of artificial intelligence by businesses makes its impact a critical consideration in assessing the risk and return potential of lower-rated credits.
CIO Weekly Perspectives | December 2025
Could Growth and Markets Fly?
- Irrespective of whether the Federal Reserve cuts rates this week, we expect rates to fall, stimulating a reacceleration in the economy and supporting the prospects for risk assets.
Video | December 2025
Neuberger Berman Private Markets: Q3 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 | December 2025
Time For Your Close-Up, Mr. Roboto
- As artificial intelligence converges with the physical world, a variety of humanoid robots are ready to stride from the showroom floor into our daily lives.
CIO Weekly Perspectives | December 2025
AI Capex: It’s Not All or Nothing
- Recent AI-related volatility across risk markets mixes signal with noise. The more important task is to recognize that we are in a multiyear buildout and to invest with that sequencing in mind.
Disruptive Forces in Investing | November 2025
Beyond Long-Only: How 130/30 SMAs May Rejuvenate Tax-Loss Harvesting
- (22:00) Ray Carroll and Jacob Greene join host Anu Rajakumar to unpack 130/30 tax-managed equity—what it is, why active extension matters, and practical ways to use customized SMAs for tax-loss harvesting and diversification.
CIO Weekly Perspectives | November 2025
Playing the Long Game Amid Risk Market Turbulence
- Among the factors driving equity market swings recently and since summer, monetary policy – and very recently, the fear of a misstep in monetary policy – has been particularly powerful.
White Paper | November 2025
How Banks and Private Markets Are Redefining Credit
- The U.S. banking industry is entering a new era in which regulated banks and private lenders are increasingly intertwined. We believe this trend will continue to open attractive opportunities for dynamic allocation across the credit spectrum.
Podcast | November 2025
Hybrid Capital Solutions for Private Assets: A conversation with David Lyon
- David Lyon, Managing Director and Head of Capital Solutions at Neuberger, was a recent guest on the podcast Capital Allocators with Ted Seides, where he spoke on hybrid capital solutions for private assets.
Article | November 2025
Q4 2025 Private Markets Outlook: In an Inflection Year, Selection Matters More
- Private markets appear to be nearing an inflection point, presenting both new opportunities and risks. We believe that’s when manager selection matters most.
Article | November 2025
Credit Markets Face a Wave of AI Debt Issuance
- As tech giants tap credit markets to finance artificial intelligence, we consider the broader impacts of AI on fixed income.
CIO Weekly Perspectives | November 2025
Political and Policy Volatility on the Rise
- Recent elections in the U.S. and dynamics in Europe highlight rising political volatility and the potential for divergent policy shifts. Investors should prepare for further turbulence ahead.
CIO Weekly Perspectives | November 2025
COP30: Bringing Private Capital and AI Into the Climate Fight
- Private capital is expected to play a critical role in mobilizing $1.3 trillion of finance needed to fight climate change. AI, if properly aligned with climate goals, could be powerful in building vital resilience.
Disruptive Forces in Investing | November 2025
Why Hard Currency Emerging Market Debt is Back in Focus
- (23:18) Global Co-Head of Emerging Markets Debt Gorky Urquieta joins host Anu Rajakumar to explain what’s driving hard currency emerging market debt, and practical ways to allocate with an active approach.
Solving | November 2025
Solving for 2026
- Our investment leaders break down the macro environment and its implications for equities, fixed income, and private markets in 2026.
Article | November 2025
The AI Story Isn’t Going in Circles
- Skeptics of “circular” dealmaking within the AI industry may be missing the point.
CIO Weekly Perspectives | November 2025
Is the U.S. Shutdown Impact About to Hit?
- While U.S. consumer sentiment has broadly held up, it may begin to crumble in certain segments, potentially impacting the sector at its most important time.
Disruptive Forces in Investing | October 2025
Pivot Points: Rediscovering Europe, Japan and Emerging Markets
- (17:52) Maya Bhandari unpacks why Japan and select EMs now lead Neuberger’s high-conviction views, as Europe cools and fixed income opportunities broaden across the region.
Article | October 2025
The ‘Disruptive Ds’ Powering Commodities Markets
- Commodities exposure could help adapt diversified portfolios for a changing world—eight trends explain why.
CIO Weekly Perspectives | October 2025
Recent Credit Stress a Canary in the Coal Mine?
- While idiosyncratic credit risk is beginning to emerge, signs of broader credit or systemic stress are still sparse.
Asset Allocation Committee Outlook | October 2025
Rebalancing Risk, Repositioning for Opportunities
- After a remarkably resilient performance in 2025 for the global economy and markets, the Asset Allocation Committee (AAC) maintains confidence in its overall outlook—continued strength in growth and risk assets over the medium term, with targeted tactical exposures across asset classes and regions.
White Paper | October 2025
The Nuance in Net Zero
- Effective measurement of progress toward net-zero alignment has never been more important to investors and companies that have adopted net-zero ambitions.
CIO Weekly Perspectives | October 2025
Seeing the Opportunity in Volatility
- Recent volatility related to U.S.-China trade tensions and credit risk in the banking sector is a stark reminder of macro risks that continue to stalk global markets—and how hard and fast they can hit.
Equity Market Outlook | October 2025
Yes, There’s Still Room to Run
- In spite of concerns about AI-related valuations, we believe a strong economy—with monetary stimulus in the pipeline and still more to come—has set the stage for stronger equity performance in 2026.
Fixed Income Investment Outlook | October 2025
Pivoting Toward New Opportunities
- Shifts in fiscal policy, budgetary issues and widening differences among markets and securities are creating new avenues for return potential.
Article | October 2025
Lessons from First Brands and Tricolor
- While idiosyncratic issues seem to have driven these recent corporate failures, they serve as a reminder of the importance of credit risk as the cycle matures.
CIO Weekly Perspectives | October 2025
AI: Boom? Bust? Or Both?
- Amid the AI frenzy are some early signs of the technology’s positive impact on productivity, raising profound implications for growth, inflation, labor markets, and asset prices.
NB Post | October 2025
Yield Convergence Reshapes Portfolio Strategy
- Yield differentials across asset classes have narrowed to historic lows, reshaping portfolio risk and opportunity. In this context, diversifying allocations and locking in higher fixed income yields offers a more compelling risk-reward for multi-asset investors.
CIO Weekly Perspectives | October 2025
Capturing the European Risk Premia Dislocation
- When the facts change, we change our minds. The ‘liberation day’ sell-off increased the value proposition of non-U.S. markets, particularly in Europe and Asia. This is no longer the case.
Disruptive Forces in Investing | September 2025
The $100 Trillion Inheritance
- (25:48) Stephanie Luedke explores how shifting generational priorities amid the transfer of $124 trillion of familial wealth are reshaping how families and professional investors approach wealth management today.
Article | September 2025
Neo-clouds With Gold AI Linings
- A new breed of smaller cloud service providers is offering high-performance AI computing at a fraction of what Amazon and Google charge.
CIO Weekly Perspectives | September 2025
Multi-Asset Investing Comes to the Fore
- The economy and risk assets seem to be telling a conflicting story. In this environment, we believe there’s no better time to be taking a multi-asset approach to investing.
CIO Weekly Perspectives | September 2025
Central Banks Struggle to Regain the Rates Narrative
- Major central banks’ unconvincing mix of policy cuts and pauses last week shows they are struggling to regain the global rates narrative. Amid the uncertainty, relative value opportunities are emerging.
Article | September 2025
China Real Estate Credit: Leaner, Improved Quality and Higher Yields
- After a period of difficulty, the Chinese property sector may be ready for its close-up.
CIO Weekly Perspectives | September 2025
The Search for Goldilocks
- Moving into the final quarter of the year, investors face questions around key macroeconomic variables that will define the growth and risk asset outlook for 2026, and hope that the balance will get things...
Disruptive Forces in Investing | September 2025
The ABCs of Asset-Based Credit
- (23:13) Sachin Patel unpacks how asset-based credit is transforming private markets with new opportunities for yield and diversification.
CIO Weekly Perspectives | September 2025
Equities Broaden Out, at Last
- This quarter has seen a further broadening in the equities story that has unfolded since the start of the year. Future bouts of market volatility are expected, but this story is unlikely to fade.
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.
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.
White Paper | August 2025
Constructing the Future: Building Resilient Portfolios With Infrastructure
- Private infrastructure stands out in an uncertain world.
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.
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