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NB Custom Direct Investing (CDI)TM

An enhanced investment experience

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Overview
Overview
Since 1939 Neuberger Berman has been helping our clients innovate and benefit from changing dynamics. We continue to evolve and now offer customized managed accounts, enabling advisors to deliver investment solutions that are tailored to each individual client.
Technology-driven platform using the TaxMTM optimizer to build custom separate accounts for individuals and institutions
Enhanced reporting, including realized gain/loss, transition analysis when transferring securities in-kind, and charitable-gifting analysis
To access an array of investment strategies spanning active, core, hedged and client-tailored blends
Custom digital tools allow for seamless account maintenance, scenario analysis and personalization
Platform built for ease of use and scale, enabling advisors to deliver better client outcomes
Personalized ESG integration available (Neuberger Berman was recently named a member of the PRI 2020 Leaders’ Group)1
PLATFORM AT A GLANCE
Seeks to add value through consistent tax alpha above the benchmark by deferring taxes and harvesting losses within a customized managed account
Aims to take advantage of short-term volatility in liquid equity allocations to help strategically managed taxes
Clients can select actively managed fundamental and systematic strategies with demonstrated track records across the NB platform
Provide a more efficient loss harvesting opportunity to offset gains with a broader wealth portfolio than generic ETFs, mutual funds or tax-unaware
Detailed reporting including after-tax return and gain/loss transition analysis provides transparency management
Leading ESG investing capabilities are used to tailor clients’ portfolios to meet their individual ESG needs2
Appreciated securities can be gifted, included in a broader estate plan or held until a suitable liquidation opportunity arises
Tax-Managed Strategy Insights
An Active Look at Custom SMAs
In this Citywire feature, Ram Ramaswamy, Head of NB Custom Direct investing, and Jacob Greene, Head Strategist, discuss the benefits and growing popularity of customized SMAs.
READ MORE
Inside TaxM™: ESG Capabilities in Tax-Managed Equity Portfolios
Many investors have asked how we incorporate environmental, social and governance (ESG) capabilities into TaxM™ portfolios. In this column, we provide a brief overview of that process.
READ MORE
Disruptive Forces in Investing Podcast | March 2023
The Deal or No Deal of Event-Driven Investing

(19:48) Exploring the nuances of event-driven investing in today’s markets, we attempt to answer: how do the deals get made? And what happens when they don’t?

CIO Weekly Perspectives | March 2023
The More Things Change, Part II

Banking stresses may have tightened conditions enough for policymakers to pause their hiking cycles indefinitely.

White Paper | March 2023
Simply Put(Writing)

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

Insights | March 2023
Silicon Valley Bank: Market Reaction and Implications

In this bulletin, we provide our view of the events of the last week and their implications for the bank sector.

CIO Weekly Perspectives | March 2023
At the Crossroads, Seeking Direction

Faced with historically inverted yield curves, unbalanced equity markets and economic conditions unseen for 40 years, investors are agonizing over their next steps.

Disruptive Forces in Investing Podcast | March 2023
The Chatbot Phenomenon

(18:58) Could chatbots and artificial intelligence take over? Or simply change the way we work?

CIO Weekly Perspectives | March 2023
ESG: Making Sense of the Mudslinging

What ESG, sustainable investment and impact investment mean at Neuberger Berman, and how they are consistent with active management and the diverse needs of our clients.

CIO Weekly Perspectives | February 2023
Commodities: From Destocking to Restocking

The micro and macro factors weighing on commodities since last summer are starting to reverse—and secular tailwinds are building.

Insights | February 2023
NASDAQ-100 Index Call Writing Overlays

Monetizing Low-Cost Basis Stock Positions while Preserving Long-Term Stock Alpha

Disruptive Forces in Investing Podcast | February 2023
Natural Catastrophes in Today’s Climate

(18:40) Hurricane Ian was the most expensive weather disaster in 2022, how could the ILS asset class help mitigate these losses?

CIO Weekly Perspectives | February 2023
Politics, Deficits and the Debt Limit

We firmly believe that Congress will ultimately raise the debt limit, but it’s worth remembering that political drama affects markets.

Insights | February 2023
Merger Arbitrage Investing: When Deals Fall Through

Why we believe a recent failed acquisition is a reminder to think twice about systematic approaches to merger arbitrage.

Insights | February 2023
Equity Opportunities After Easy Money

Fourteen years of rock-bottom interest rates helped fuel a passive-indexing revolution. At Neuberger Berman, we believe we’ve entered a new economic regime that, in our view, calls for even more thoughtful and selective active management.

Insights | February 2023
Non-Investment Grade Defaults: Up From the Lows, but Contained

With defaults rising off of all-time lows, but likely remaining well below recession norms, we remain constructive on high yield and non-investment grade credit.

Disruptive Forces in Investing Podcast | February 2023
Funding the Future

(11:40) We explore how investors can use an “in it for the long haul” mindset.

Insights | February 2023
Japanese Small Caps May Hop in the Year of the Rabbit

Despite their recent outperformance, we believe Japanese small caps have further room to run in 2023 and beyond. In this report, we highlight a few catalysts that could support earnings growth within this relatively under-researched asset class.

CIO Weekly Perspectives | February 2023
The More Things Change

Has recent strong data changed the fundamental economic and market outlook, or just the timeline?

Insights | February 2023
NB Votes: The 2022 Proxy Season

In this challenging economic environment, we believe that quality corporate governance is crucial to creating shareholder value—and that active investment managers have a vital role to play on behalf of their clients.

CIO Weekly Perspectives | February 2023
Central Banks Tighten, Markets Loosen

While some pessimism has lifted from central bank messaging, we still think the market may be hearing only what it wants to hear.

CIO Weekly Perspectives | January 2023
Practical Implications of the New Regime

You’ve pinned down your economic and market outlook, but what does it imply for your investment strategy—and how much of that is realistic?

Insights | January 2023
The Investors Have Left the Building

Is money rushing to exit from non-traded real estate because there is more attractive value in listed real estate?

Disruptive Forces in Investing Podcast | January 2023
Navigating Secondaries Amid Choppy Markets

(23:37) As we continue to provide insight into diversifiers across all asset classes, we explore how Private Equity Secondaries have evolved since 2020, and what could be ahead for the asset class.

CIO Weekly Perspectives | January 2023
A Delayed Reckoning

Equity markets had momentum coming into 2023, but has the economic data now become too bad for investors to ignore?

Equity Market Outlook | January 2023
Economic and Market Review: Key Considerations For Equity Investors

After rising interest rates, persistent inflation and geopolitical turmoil pounded equity investors in 2022, we believe macroeconomic indicators offer equity investors little to cheer about in the first quarter of 2023.

CIO Weekly Perspectives | January 2023
A Peak That Persists

We think sticky services inflation paired with a moderate slowdown will enable central banks to maintain higher rates for longer.

Asset Allocation Committee Outlook | January 2023
From Policy Risk to Recession Risk

Markets have rallied, but the Asset Allocation Committee expects volatility to persist amidst slowing growth and uncertain paths for inflation and central bank policy.

Fixed Income Investment Outlook | January 2023
Reducing Altitude

As inflation recedes, focus on quality and security selection.

Disruptive Forces in Investing Podcast | January 2023
The Portfolio Doctor Is In

(30:31) Now that a new year is upon us, we explore the tactics of seeking to craft attractive portfolios as we continue to see a path of volatility in 2023.

CIO Weekly Perspectives | January 2023
Macro Versus Micro

Top-down and bottom-up forecasts are increasingly diverging, and we think 2023 will be largely about how these divergences resolve themselves.

Insights | January 2023
BBBs in the ‘Old Normal’

A key investment-grade sector retains its appeal, but selectivity may be important.

CIO Weekly Perspectives | January 2023
Outlook 2023

The leaders of our investment platforms welcome the New Year with their views for 2023.

Disruptive Forces in Investing Podcast | December 2022
Solving for 2023: How the Tables Have Turned

(41:20) As we conclude 2022, we turn the tables to evaluate what could lie ahead for markets in 2023.

Disruptive Forces in Investing Podcast | December 2022
What Goes Up Must Come Down…Right?

(27:02) As inflation grows more apparent across the globe, we explore if there’s an end in sight, and how we see it impacting both Equities and Fixed Income investments.

CIO Weekly Perspectives | December 2022
Escape From Flatland

A two-dimensional, return-and-volatility view of investments may not allow you to see important risks.

Article Reprint | December 2022
Undercapitalization Slows Secondaries Activity

While LPs and GPs cry out for liquidity, secondary funds are unable to recapitalize quickly, creating pent-up demand that bodes well for the future.

Insights | December 2022
COP27: Treating the Symptoms, Not the Disease

In many respects, COP27 was neither feat nor flop.

CIO Weekly Perspectives | December 2022
A Tale of Two Cities

Why we think the resilience of the U.S. economy is proving to be a real conundrum for investors.

Article Reprint | December 2022
Broadening Access to Private Equity

In a recent conversation with Private Equity International, Managing Directors Maura Reilly Kennedy, Peter von Lehe, and Jose Luis Gonzalez Pastor discuss newer solutions available to individual investors to access private equity and important considerations for both individuals and managers

Insights | December 2022
Private Equity in the Economic Headwinds

Against the current economic headwinds, concerns about sourcing, financing, managing and selling private equity assets are understandable—but might these concerns be obscuring the underlying resilience of the asset class?

Disruptive Forces in Investing Podcast | December 2022
Bank of Japan: The G-10 Outlier

(20:13) As economies around the world are dealing with the effects of inflation, we evaluate an outlier with a particularly dovish stance…

CIO Weekly Perspectives | December 2022
Cryptonite

The FTX collapse is a blow to the idea of finance industry disruption and a potential source of volatility, but we think systemic contagion into broader financial markets is unlikely.

White Paper | December 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.

Insights | November 2022
2022 Global Corporate Credit ESG Engagement Report

During the past year our established relationships with issuers in developed and emerging markets enabled us to have meaningful engagements with a number of management teams. We engaged on key ESG issues such as climate change, community relations, and human capital management.

Insights | November 2022
An Emerging Opportunity

If you are one of the many investors looking positively at high yield bonds, you might want to consider emerging markets debt, too.

White Paper | November 2022
Hardening Borders: Opportunities in Security, Health and Trade

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

CIO Weekly Perspectives | November 2022
The Asset Allocation Facts Have Changed

Why we think this year’s dramatic rise in bond yields, together with recent signs that inflation may have peaked, demands a radical re-think of asset allocation.

CIO Weekly Perspectives | November 2022
Shooting Down the Hawks

As the U.S. Federal Reserve’s messaging gets blurrier, markets are focusing on the data.

Insights | November 2022
Solving for 2023: Back to the "Old Normal"

Our senior investment leaders discuss their market and investment themes for the coming year.

CIO Weekly Perspectives | November 2022
Divergences and Pivots

The exuberant response to last Thursday’s inflation data suggests markets are primed for the “pivot”—but could they be extrapolating too far?

Disruptive Forces in Investing Podcast | November 2022
Could Liquid Alternatives Provide Answers?

(15:21) As liquidity remains a key area of focus for investors, particularly amid a volatile backdrop, what opportunities can be explored across more alternative investment categories?

CIO Weekly Perspectives | November 2022
COP27: A Chance to Reset

Broken promises, fraught debates and a dire economic and geopolitical backdrop are precisely why we believe COP27 is so important.

White Paper | November 2022
Key Considerations When Navigating the Net-Zero Transition

What investors should keep in mind when decarbonizing their portfolios

CIO Weekly Perspectives | October 2022
Is This ‘Nightmare on Wall Street’ Coming to an End?

Do corporate earnings disappointments signal a weaker economy and easing inflation pressures, which could end this scary market—or are there more twists to come?

Disruptive Forces in Investing Podcast | October 2022
Building on Infrastructure Investing

(12:04) As governments seem to be finally getting serious about infrastructure spending, we explore some considerations of investing in this space.

CIO Weekly Perspectives | October 2022
An Eventful Time for Event-Driven Investing

In a tough market environment, we believe company management teams and boards have to be more creative, daring and decisive; seeking event-driven opportunities is all about finding those taking the most impactful action.

Insights | October 2022
Thinking Strategically About Commodities

A laggard over the past decade, commodities appear, in our view, poised for continued strength in the years ahead.

Asset Allocation Committee Outlook | October 2022
Tighter Conditions Begin to Squeeze the Economy

As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.

CIO Weekly Perspectives | October 2022
Schooling the Sovereigns

Bond markets appear to be disciplining policy inconsistencies, both within sovereigns and among them.

Disruptive Forces in Investing Podcast | October 2022
Making Sense of Markets and Policy Change

(16:00) From the Fed’s rate hikes to the BoE’s historic fiscal stimulus package, how should investors make sense of policy actions occurring around the world right now?

CIO Weekly Perspectives | October 2022
Be Wary of Bear Market Rallies

We may want to be optimistic about inflation and rates, but that only delays the hard questions we are likely to face as we enter the new economic era.

Fixed Income Investment Outlook | October 2022
Policy Stays in the Crosshairs

Despite volatility, the basic storyline of inflation and the Federal Reserve should continue to drive market behavior.

Equity Market Outlook | October 2022
Economic and Market Review: Key Considerations for Equity Investors

We put out a cautious Equity Market Outlook three months ago, and after a quarter of worsening economic data and inflation trends we are now even more focused on low beta and high earnings quality.

CIO Weekly Perspectives | October 2022
Policy Excesses and Market Discipline

We are seeing bond investors standing up for themselves against policymakers, and while equity investors are experiencing pain from this struggle, the end result may be a more sustainable, fundamentals-based market.

Disruptive Forces in Investing Podcast | September 2022
Investing at a Crossroads

(23:19) How could asset allocators change their approach with the goal of achieving compelling outcomes amid today’s investment landscape?

White Paper | September 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.

Insights | September 2022
Navigating the Emerging Markets Default Wave

Despite record defaults, stresses remain relatively low for the asset class overall.

CIO Weekly Perspectives | September 2022
A High-Yielding Haven

As an ever-more-aggressive rate-hiking cycle rocks the financial markets, might corporate credit offer a space that is both remunerative and relatively calm?

Insights | September 2022
Managing the Risks of a Low-Carbon Portfolio

We recognize that much of the world still runs on fossil fuel. However, we firmly believe investors can construct portfolios that substantially reduce their carbon footprints while retaining exposure to all sectors—including energy.

CIO Weekly Perspectives | September 2022
Hold the Inflation Victory Lap

Inflation still appears to be the biggest source of potential volatility in the market, and we think that’s because it will remain the dominant economic story for the foreseeable future.

Disruptive Forces in Investing Podcast | September 2022
Inside the Psyche of the Connected Consumer

(19:35) As generational populations shift, what is going on in the psyche of today's digitally native consumer?

CIO Weekly Perspectives | September 2022
The Climate Has Changed for Infrastructure

Following a year of starkly revealed vulnerabilities in water, energy and supply-chain assets, some game-changing legislation suggests that governments are finally getting serious about infrastructure investment.

White Paper | September 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.

CIO Weekly Perspectives | September 2022
The Uncertainty May Be Worse Than the Slowdown

We do think the onset of recession is a time to tread carefully, but it could also be a time of opportunity for equity investors.

Disruptive Forces in Investing Podcast | August 2022
How the Space Economy Is Achieving Liftoff

(17:04) As we take off further into the Space Age, we explore the growth potential and opportunity set within this quickly evolving sector.

CIO Weekly Perspectives | August 2022
Euro Parity: Threshold or Boundary?

The euro is subject to enormous economic forces that could equally be very positive for the currency or the cause of an even greater fall.

Systematically Speaking | August 2022
The Unsurprisingly Volatile Business of Bitcoin Mining

Why we think the technicalities of Bitcoin mining explain much of Bitcoin’s extraordinary volatility profile.

Insights | August 2022
Japan’s New Horizon in Small Caps

We believe smaller companies are poised to shine brightly in the “land of the rising sun.”

CIO Weekly Perspectives | August 2022
The Nominal and the Real

What might be the playbook for a potential recession in which nominal GDP grows by 8%—and are investors only just recognizing that they need one?

Disruptive Forces in Investing Podcast | August 2022
SDGs: A Framework for Investing

(28:35) How can investors utilize the UN’s Sustainable Development Goals as an informative framework to achieve better investment outcomes?

CIO Weekly Perspectives | August 2022
China: Suspended Animation

The run-up to China’s leadership meetings this fall is delaying substantial policy changes, in our view creating opportunities in advance of potential economic improvement next year.

White Paper | August 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.

CIO Weekly Perspectives | August 2022
Recession Semantics

Whether the U.S. is actually in a recession is debatable, but high inflation will affect companies both positively and negatively.

Disruptive Forces in Investing Podcast | August 2022
The Private Equity of Yesterday, Today and Tomorrow

(22:07) Traditionally, Private Equity has offered key return potential and diversification benefits, which has allowed it to grow dramatically in the last 30 years. But could we see that growth continue as markets take a downturn?

CIO Weekly Perspectives | July 2022
Ukraine and the Path to Deglobalization

This year’s recommendation for vacation reading offers a reminder of Ukraine’s millennia-old importance for global trade, helping us understand why today’s conflict could be yet another lasting blow against globalization.

CIO Weekly Perspectives | July 2022
Inflation is Hot—and Could Stay Hot

Autumn and winter should bring respite from the northern hemisphere’s punishing summer heatwave, but we don’t think they will ease the inflation temperature.

Insights | July 2022
Real Estate: Built to Withstand Both Inflation and a Slowdown

Real estate could serve as a foundation for portfolios in an environment of high inflation, rising interest rates and slowing growth, and investing at the real estate company level can offer valuable advantages during a time of market uncertainty.

Disruptive Forces in Investing Podcast | July 2022
Forgo FOMO: Growth Investing for the Long Term

(12:08) As investors grapple with what the options are in today’s market, we look to growth stocks, which some may consider to be too risky right now, but we uncover how we believe that might not actually be the case…

Equity Market Outlook | July 2022
Economic and Market Review: Key Considerations for Equity Investors

We see increasing likelihood of a recession, but even if we avoid one, we think the coming months are going to feel like a recession as the decline in stock market valuations in the first half of the year are likely followed by a decline in corporate earnings in the second half.

CIO Weekly Perspectives | July 2022
Earnings at a Crossroads

The guidance in this season’s earnings reports could start to tell us how far earnings are likely to decline and how much is already priced in.

Asset Allocation Committee Outlook | July 2022
Into the Inflationary Slowdown

As inflation persists and recession risks rise, our Asset Allocation Committee sees more yield potential in fixed income and favors commodities for ongoing inflation exposure, but remains cautious in equities.

CIO Weekly Perspectives | July 2022
Reasons for Optimism

Caution may be warranted during the uncertainty of the next quarter—but after markets have sold off so much, does it really make sense to be more pessimistic now than at the start of this year?

Fixed Income Investment Outlook | July 2022
Building Value as Conditions Tighten

We anticipate resilient fundamentals, but also volatility tied to inflation and higher short rates.

CIO Weekly Perspectives | July 2022
The ECB’s Trilemma

Are we seeing the start of another eurozone crisis, or can the ECB fashion an effective tool to manage volatile southern European bond spreads?

Systematically Speaking | June 2022
Did You Miss the Commodity Boom?

Commodity prices are up substantially this year, but we believe structural supply and demand imbalances mean we are still in the early innings of this cycle.

Disruptive Forces in Investing Podcast | June 2022
The Mission Toward Carbon Transition

(17:11) What role does carbon play across infrastructure and are companies implementing changes across their operations as a result?

Video | June 2022
NB Votes: Kei Okamura on Amada Co. Ltd.

Neuberger Berman expects company management to allocate capital to maximize long-term risk adjusted shareholder value. Learn more from Portfolio Manager, Kei Okamura, about our views on Amada at NB Votes.

CIO Weekly Perspectives | June 2022
After the Revaluation, the Slowdown

Our Asset Allocation Committee believes that, whether we enter a recession or not, the expected slowdown and ongoing market volatility could feel like one for investors.

Insights | June 2022
Integrating Climate Risk into Private Markets

Laying the groundwork for future iterations of climate-integrated SAA by exploring the additional factors an investor may consider evaluating for private markets application.

Insights | July 2021
Inside TaxM™: Realizing Capital Gains vs. Managing Tracking Error

When funding a TaxM™: portfolio, it’s critical for the investor to understand the tradeoff between realizing capital gains (and having a subsequent tax burden) and maintaining a particular tracking error to the selected benchmark.

Insights | December 2020
You May Be Generating Tax Credits Without Realizing It

Actively managing equity portfolios for tax efficiency not only aims to maximizes tax credits—it may reveal tax credits you didn’t know you already had.

Contact Us
For more information contact your Advisor or reach out to us
More INSIGHTS From Neuberger Berman
Equity Market Outlook | January 2023
Economic and Market Review: Key Considerations For Equity Investors

After rising interest rates, persistent inflation and geopolitical turmoil pounded equity investors in 2022, we believe macroeconomic indicators offer equity investors little to cheer about in the first quarter of 2023.

Asset Allocation Committee Outlook | January 2023
From Policy Risk to Recession Risk

Markets have rallied, but the Asset Allocation Committee expects volatility to persist amidst slowing growth and uncertain paths for inflation and central bank policy.

CIO Weekly Perspectives | January 2023
Outlook 2023

The leaders of our investment platforms welcome the New Year with their views for 2023.

Insights | November 2022
Solving for 2023: Back to the "Old Normal"

Our senior investment leaders discuss their market and investment themes for the coming year.

Asset Allocation Committee Outlook | October 2022
Tighter Conditions Begin to Squeeze the Economy

As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.

Fixed Income Investment Outlook | October 2022
Policy Stays in the Crosshairs

Despite volatility, the basic storyline of inflation and the Federal Reserve should continue to drive market behavior.

Equity Market Outlook | October 2022
Economic and Market Review: Key Considerations for Equity Investors

We put out a cautious Equity Market Outlook three months ago, and after a quarter of worsening economic data and inflation trends we are now even more focused on low beta and high earnings quality.

White Paper | September 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.