Select Your Location
View available investments and insights in your market
Americas
Europe and the Middle East
Asia Pacific
logo

Solving for 2024: 10 Key Themes to Navigate the Markets
On November 16, our senior investment leaders discussed what they believe will guide investment decisions in 2024. Watch Now
TEN FOR 2024
Each year, our investment leaders identify 10 key themes that they believe will be prominent in the markets over the next 12 months.
GET OUR OUTLOOK
Macro: From Supporting the Consumer to Supporting Industry
The resilience of the many economies during 2023 owed much to low unemployment and the excess savings that consumers built through the pandemic. Expect a weaker consumer to be at the heart of this year’s economic slowdown.
Current projections for 2024 suggest the persistence of above-target inflation and higher rates even as real growth declines. But that suggests relatively high nominal growth: tricky for long-dated bonds but more neutral for quality companies with strong balance sheets and the ability to sustain margins.
After three years of near-universal agreement on deficit spending to protect workers and consumers, debate is likely to open up on the impact of tight monetary policy and expansionary fiscal policy on deficits, and the right balance of entitlement spending, industrial-policy spending, and interest costs.
ESG and Sustainability will remain confused by differing regional regulatory priorities, but investors on the ground will become clearer on the difference between investing for impact on the one hand, and incorporating ESG factors into investment analysis on the other.
 
Equities: Exhausted Beta
Through much of 2023, equity markets were driven by excess liquidity, a “buy the 2022 losers” momentum reversal, and exuberant sentiment around the potential of artificial intelligence. We think above-target inflation, slowing growth and draining liquidity will refocus attention on the quality of earnings and the resilience of business fundamentals to these conditions.
Should growth disappoint or the cost of capital continue to rise, we believe markets with a greater degree of pessimism priced in (such as emerging markets, China, growth stocks, financials, small caps) are likely to perform better than those priced for perfection (such as developed markets, India, value stocks, technology, large caps).
 
Fixed Income: The Long and Grinding Road
Marginal changes in spreads and yields will continue to owe more to supply-and-demand technicals than fundamentals, much like they have in 2023.
As higher rates bite, credit defaults are beginning to rise and will be a feature of 2024’s credit landscape. We expect credit stresses to be idiosyncratic: companies with longer-dated fixed-rate debt and high-yielding cash on stronger balance sheets, and the ability to sustain and grow margins, are unlikely to experience substantial spread-widening.
 
Alternatives: Disruption Brings Opportunity
There is dry powder in private markets, just not in all the right places. Exit bottlenecks have led to a rise in demand for capital, not for new deals, but for secondaries, co-investments, private credit and capital solutions. We think these will continue to be the most attractive corners of private markets through 2024.
Real estate owners and operators face historic increases in the cost of capital and structural changes in demand for various sectors, and we think this will divide owners into the strong and the weak, allowing experienced players with strong performance and robust balance sheets to cement their market leadership.
INVESTMENT LEADERS
Stickier Inflation and Slower Growth
As 2023 ended, the leaders of our investment platforms gathered to talk about the evolution of the investment environment over the past 12 months and the key themes they anticipate for 2024.
Joseph V. Amato
President and Chief Investment Officer—Equities
Ashok Bhatia, CFA
Co-Chief Investment Officer—Fixed Income
Erik L. Knutzen, CFA, CAIA
Chief Investment Officer—Multi-Asset
Shannon L. Saccocia, CFA
Chief Investment Officer—Private Wealth
Joseph V. Amato, President and Chief Investment Officer—Equities

Joseph V. Amato serves as President of Neuberger Berman Group LLC and Chief Investment Officer of Equities. He is a member of the firm’s Board of Directors and its Audit Committee. His responsibilities also include overseeing the firm’s Fixed Income and hedge fund businesses.

Previously, Joe served as Lehman Brothers’ Global Head of Asset Management and Head of its Neuberger Berman subsidiary, beginning in April 2006. From 1996 through 2006, Joe held senior level positions within Lehman Brothers’ Capital Markets business, serving as Global Head of Equity Research for the majority of that time. Joe joined Lehman Brothers in 1994 as Head of High Yield Research. Prior to joining Lehman Brothers, Joe spent ten years at Kidder Peabody, ultimately as head of High Yield Research.

He received his BS from Georgetown University and is a member of the University’s Board of Directors. He currently serves on the McDonough School of Business Board of Advisors and the Psaros Center for Financial Markets and Policy Board of Advisors. He is Co-Chair of the New York City Board of Advisors of Teach for America, a national non-profit organization focused on public education reform. He is also a Board Member of KIPP NJ, a charter school network based in Newark, NJ, which focuses on educational equity.

Ashok Bhatia, CFA, Co-Chief Investment Officer—Fixed Income

Ashok Bhatia, CFA, Managing Director, joined the firm in 2017. Ashok is Co-Chief Investment Officer for Fixed Income, co-Head of Multi-Sector Fixed Income, and a member of Neuberger Berman's Partnership and Asset Allocation Committees and Fixed Income's Investment Strategy Committee. Previously, Ashok has held senior investment and leadership positions in several asset management firms and hedge funds, including Wells Fargo Asset Management, Balyasny Asset Management and Stark Investments. Ashok has had investment responsibilities across global fixed income and currency markets. Ashok began his career in 1993 as an investment analyst at Morgan Stanley. Ashok received a BA with high honors in Economics from the University of Michigan, Ann Arbor, and an MBA with high honors from the University of Chicago. He has been awarded the Chartered Financial Analyst designation.

As previously announced, Brad Tank will transition from Co-CIO of Fixed Income to a Senior Advisor role at the end of 2024, at which time Ashok Bhatia will assume the role of sole CIO of Fixed Income.

Erik L. Knutzen, CFA, CAIA, Chief Investment Officer—Multi-Asset
Erik L. Knutzen, CFA, CAIA and Managing Director, is Co-Head of the Neuberger Berman Quantitative and Multi-Asset investment team and Multi-Asset Chief Investment Officer. Erik joined in 2014 and is responsible for leading the management of multi-asset portfolios, driving the asset allocation process on a firm-wide level, as well as engaging with clients on strategic partnerships and multi-asset and quantitative solutions. Previously, Erik was with NEPC, LLC where he served as Chief Investment Officer since 2008. As CIO, he oversaw dedicated research teams focused on Alternative Investments, Traditional Strategies and Asset Allocation for NEPC’s client base with, collectively, more than $800 billion in assets under advisement. He has over 30 years of experience in the financial services industry. Erik holds an MBA from Harvard Business School and a BA from Williams College. He has been awarded the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations. Erik is an Associate Editor of the Journal of Investing, is on the Investment Committee of the Massachusetts Audubon Society, and on the Board of Directors of the charity Start Small Think Big.
Shannon L. Saccocia, CFA, Chief Investment Officer—Private Wealth

Shannon Saccocia, CFA, is the Chief Investment Officer of NB Private Wealth ("NBPW"), a division of Neuberger Berman. In her role, Ms. Saccocia works closely with investment leadership across Neuberger Berman to establish market views, asset allocation and portfolio recommendations tailored specifically for NBPW clients. She is also responsible for leading the NBPW investment platform to enable comprehensive delivery of the firm's investment capabilities. Prior to joining Neuberger Berman in 2023, she was the Chief Investment Officer for five years for SVB Private and Boston Private Wealth, which SVB acquired in July 2021. In this capacity, she oversaw all investment management functions, including portfolio construction, asset allocation, third-party manager selection, equity and fixed income portfolio management, performance and trading. Previously, she had senior roles at Banyan Partners and Silver Bridge Advisors focused on manager selection and portfolio construction.

Shannon received her BA in Economics and History from Brandeis University, and has been awarded both the Chartered Financial Analyst and Certified Investment Management Analyst® designations.

Brad Tank
Co-Chief Investment Officer—Fixed Income
Anthony D. Tutrone
Global Head of Alternatives
Brad Tank, Co-Chief Investment Officer—Fixed Income

Brad Tank, Managing Director, joined the firm in 2002. Brad is Co-Chief Investment Officer and the Global Head of Fixed Income. He is a member of Neuberger Berman’s Partnership, Investment Risk, Asset Allocation Committees and Fixed Income’s Investment Strategy Committee. From inception in 2008 through 2014, Brad was also Chief Investment Officer of Neuberger Berman’s Multi-Asset Class Investment business. From 1990 to 2002, Brad was director of fixed income for Strong Capital Management in Wisconsin. He was also a member of the Office of the CEO and headed institutional and intermediary distribution. In 1997, Brad was named “Runner Up” for Morningstar Mutual Fund Manager of the Year. From 1982 to 1990, he was a vice president at Salomon Brothers in the government, mortgage and financial institutions areas. Brad earned a BBA and an MBA from the University of Wisconsin.

As previously announced, Brad Tank will transition from Co-CIO of Fixed Income to a Senior Advisor role at the end of 2024, at which time Ashok Bhatia will assume the role of sole CIO of Fixed Income.

Anthony D. Tutrone, Global Head of Alternatives
Anthony Tutrone is the Global Head of NB Alternatives and a Managing Director of Neuberger Berman. He is a member of all Neuberger Berman Private Equity’s Investment Committees. Anthony is also a member of Neuberger Berman's Partnership, Operating, and Asset Allocation Committees. Prior to Neuberger Berman, from 1994 to 2001, Anthony was a Managing Director and founding member of The Cypress Group, a private equity firm focused on middle market buyouts that managed approximately $3.5 billion of commitments. Anthony began his career at Lehman Brothers in 1986, starting in Investment Banking and in 1987 becoming one of the original members of the firm’s Merchant Banking Group. This group managed a $1.2 billion private equity fund focused on middle market buyouts. He has been a member of the board of directors of several public and private companies and has sat on the advisory boards of several private equity funds. Anthony earned an MBA from Harvard Business School and a BA in Economics from Columbia University.