A Playbook for Recovery from the COVID-19 Crisis
The COVID-19 pandemic has created the greatest global growth shock in more than 50 years. As we enter a new investment regime characterized by heightened uncertainty and risk, investors can benefit from outlining potential scenarios and thinking about how portfolios might be adapted for different environments.
View our Summary Playbook which includes a list of strategies to leverage in each scenario.
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View our Base-Case Playbook which includes our best ideas to navigate this market environment.
View Base-Case Playbook
Our Asset Allocation Committee’s Three Economic Scenarios
Base case: “U-shaped” recovery
Base case: “U-shaped” recovery
In this scenario, the virus peaks in the U.S. in May/June and subsequent outbreaks are contained as lockdowns are lifted. Unemployment rises through 15% before reverting gradually. The U.S. economy shrinks in Q2 and recovers to end 2020 6% smaller.
Bull case: “V-shaped” recovery
Bull case: “V-shaped” recovery
In this scenario, the virus peaks in the U.S. in April and subsequent outbreaks are contained as lockdowns are lifted. Unemployment rises to 10% but reverts quickly. The U.S. economy shrinks in Q2 and recovers to end 2020 3% smaller.
Bear case: “L-shaped” recovery
Bear case: “L-shaped” recovery
In this scenario, the virus takes longer to get under control and reinfections arise before we develop therapeutics or a vaccine. Unemployment reaches 24% and remains elevated. The U.S. economy shrinks in Q2 and again in Q3 and ends 2020 10% smaller, and growth remains slow through H1 2021.
In all cases, governments incur large fiscal deficits and central banks maintain high levels of stimulus and very low rates for longer.
Even in our Bull Case, U.S. GDP Shrinks By 3% in 2020
Estimated Path of U.S. GDP Growth
Equities
Quality Equities & Volatility Monetization
Quality companies appear to have more time, more cash and more resources to survive the downturn, adapt to the new environment and sustain dividends; select REITs with limited lockdown exposure may help sustain income and growth.
While volatility may decline from its peak in March, ongoing uncertainty is likely to keep it high: certain hedge fund and put-option writing strategies can trade volatility or monetize the volatility premium.
Emerging Markets: Growing Out of the Pandemic
Emerging markets are on a path to strong recovery from the pandemic, though with significant variations across regions.
What to Expect When You’re Expecting Inflation
Look out for abundant money supply, increasing velocity of money, higher breakeven inflation rates in bond markets, a weaker dollar, higher commodity prices and backwardated commodity futures curves.
The U.S. Housing Market: On Firmer Ground
With the rapid ascent in home prices, investors are left to wonder: Is this growth justifiable or are we looking at 2007 all over again?
The Workhorse for 5G
(20:08) With society continuing to rapidly rely more and more on the Internet of Things, telecom companies have needed to find ways to stay competitive. But what makes that intriguing for investors?
Inside TaxM™: Transferring Concentrated, Low-Basis Positions to TaxM™ Accounts
This is the first in a series of articles in which we explore the considerations and mechanics associated with making new investments in tax-managed accounts.
Cautious Optimism on the U.S. Labor Market
We are reasonably confident about improving employment despite its lagging the growth recovery.
How Much Is Too Much?
There is growing concern that the coming stimulus might be more than the economy needs.
COVID-19 Update: Can We Vaccinate Our Way Out of Variants?
In an effort to bring timely insights during these uncertain times, we are pleased to share an update from Terri Towers, PhD, Senior Healthcare Analyst, who shares her views on the COVID-19 (“Coronavirus”) pandemic.
M&A in IG Credit: Review and Outlook
After rebounding from COVID lows, transaction volume is likely to remain elevated going forward; investors may need to be careful in assessing related risks.
Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation
We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.
Dual Investment Challenges for Insurers
Continued challenging yield and return environment for fixed income and insurance portfolios.
Doves Ascending
Rethinking portfolios now that ex-central bankers Janet Yellen and Mario Draghi have their hands on the purse strings.
Why We Believe Value Still Has Value
Here are three reasons why many investors have neglected value stocks for so long—and why we think each one of them is wrong.
Draghi’s Return and Its Investment Implications
As the former ECB president steps in to form a new Italian government, opportunities for structural improvement are substantial.
How to Sustain Sustainability
(14:50) With sustainable investment approaches getting more popular across the globe, we explore the aspects of what may be allowing corporations to be successful as the world tries to reduce its carbon footprint.
Toward a Steeper U.S. Yield Curve
A potentially substantial growth and inflation recovery from the second half of this year could put pressure under long-dated yields, and eventually the Fed.
Growth in Non-Investment Grade Sustainable Issuance: Good for Companies, Investors and Broader Stakeholders
Emerging structures should help enhance the alignment of interests around ESG goals.
High Yield: Investing in COVID-Acute Sectors
Our approach to investing in COVID-impacted sectors through the pandemic.
What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.
The Energy Transition: Policy Initiatives Accelerate the Pace of Change
European utilities are well positioned to capture value accrued from the “green energy revolution,” thanks to their early-mover advantage and economies of scale.
Catastrophe Bonds: Natural Diversification
Following another eventful year in reinsurance, we offer a primer on catastrophe bonds—a growing and genuinely diversifying asset class that we believe is attractively valued.
New Beginnings, Familiar Challenges
We find a mix of optimism and stark realities as we move into 2021.
Climate Emerges From the Shadows
While the world has focused on the pandemic, actions on climate and advances tied to its investment impact have continued to move forward.
Warning Lights as Speed Increases
Moving into the new year, the road ahead is opening up, but may require a degree of caution.
Building Tax Efficiency Into Your Return Strategy
Attention to loss harvesting while deferring gains can reduce tax exposure and amplify potential for “take-home” return.
Reading the Road Ahead
In this issue of Investment Quarterly, we present our outlook for the markets, consider the impact of climate on portfolios, and provide ideas on value and tax-efficient investing, as well as insights on charitable planning.
Could Value Surge Ahead?
Leaning into cyclical value could prove beneficial this year, but we wouldn’t suggest leaving growth stocks behind.
Euro Subordinated Bank Bonds: An Investment Solution for 2021
How to find positive return potential with limited risk when most euro bonds offer a negative return.
Shaping the Future of Healthcare
(18:05) As the world saw the coronavirus vaccines get developed and administered within a year of the first confirmed case, we evaluate the level of innovation we’re seeing across the healthcare sector today.
International Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?
Where to Get Yield Without Duration Risk
In our view, loans are likely to be an increasingly important source of diversification and a low-cost hedge against inflation.
Don’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”
Wireless C-Band Spectrum Auction – Leverage Impact Is Manageable
Spectrum continues to be a key differentiator for the leading US cellular operators- their success in FCC’s action for “C-band” spectrum will impact their competitive positioning for years to come.
Recovery Environment Still Positive for EM FX
At this stage of the economic recovery, in combination with the lingering COVID situation, we think it is too early for financial conditions to tighten more meaningfully.
U.S. Rates Outlook
We anticipate U.S. rates will move higher for the year, driven by expectations of solid growth as the economy fully reopens, prospects for additional fiscal spending, higher inflation expectations, easier financial conditions, and looming Treasury issuance.
Rates Markets Are Normalizing
It is far too early for taper talk, in our view, but the bias of risk is still toward higher rates to come.
A Tentative Recovery
The arrival of coronavirus vaccines means the economy should eventually get out of its sickbed but, faced with risks on both the upside and the downside, the Asset Allocation Committee thinks investors should take things steady.
Making the Case for Value
(13:36) With the value rally that has now been emerging, what might investors want to consider when it comes to value?
Biden, Taxes and Your Portfolio
Higher personal taxation under a Biden administration could strengthen the case for municipal bonds and tax-managed equity strategies.
Few Things Are Riskier Than Consensus
Investors should be concerned that market participants have begun 2021 with their views and positioning arguably more closely aligned than they have been for years.
Inflation Risk Reemerges
Even as central banks hold in place, recovery amid currently easy monetary policy could bring renewed pricing pressures.
Non-IG News: Earnings Trends in Non-IG Credit
(3:47) During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom line results.
Outlook 2021
The heads of our investment platforms welcome the New Year with their views for 2021.
Solving for 2021: An Inside Look
(16:34) As 2020 comes to a close, we reflect on the volatile year we have had and look forward to the year ahead, as detailed in our annual investment outlook, Solving for 2021.
Integrated Expected Returns
How blending fundamental company insights with quantitative metrics can add depth to the expected return inputs for portfolio optimizations.
2020 Wrap-Up: ESG in Focus
We round off the year with optimism for life beyond the pandemic, but also a laser focus on the ESG issues the pandemic has further zoomed in on.
A Year of Stark Contrasts
Navigating markets in this year of vulnerable resilience and defensive exuberance has required some humility.
NB ESG Quotient: Broad Perspective and Granular Insights From Proprietary ESG Ratings
Our ratings consider potentially material impacts at both company and portfolio levels.
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.
Municipal Market Views
(3:58) Jamie Iselin, Head of Municipal Fixed Income, discusses the effects of stimulus on the municipal bond markets and their behavior given the ongoing debate in Washington.
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.
The World Wide Web of Retail
(16:02) Early indications show that Black Friday and Cyber Monday sales went well for retailers and consumers alike, so what are some of these companies are doing to maintain customer satisfaction during this unprecedented time?
Emerging Markets Corporates: High Yield Default Outlook 2021
After a moderate spike in defaults, we anticipate an improving financial environment for the next year.
Investment Grade Credit Spreads Come Full Circle
We’ve seen a technical market before, just never quite like this—the stars may be aligned for yet another push tighter to close out 2020.
Building Blocks for Successful Real Estate Investing
Why we think the coronavirus crisis has demonstrated the benefits of real estate company investing.
California Wildfires and Credit Risk
Widespread destruction has reinforced the value of climate assessment in credit analysis.
Building a Better Model: Real Estate Company Investing
Real estate company investing can bring alignment of interest, economic scale, and efficiency to the asset class, and we believe it is about to become the favored way to structure this business.
Thermal Coal: Aligning Policy With Emerging Reality
In seeking to curb client exposure to a key carbon source, our team’s thermal coal policy acknowledges distinct characteristics found within the emerging markets.
Generating Interest
Must investors settle for sub-zero real returns on their cash allocations?
Getting Smarter Around Disruption
(11:48) As more and more groundbreaking business concepts continue to enter the market, one might wonder what it is about an idea or concept that makes it truly disruptive and the thought process behind it.
Non-IG News: U.S. Elections and Implications for the Energy Sector
(5:41) Robert Gephardt discusses how the Biden administration could impact the Energy sector and what it means for Non-Investment Grade Energy, in particular.
Cash Negative
The central bank pandemic response has left all major short-dated interest rates pricing near or below zero for years into the future: How can cash portfolio managers meet this challenge?
A Heartfelt Thanksgiving
We emerge from the holiday hopeful for a Season of Goodwill in markets, but ready for any last surprises that 2020 might have in store.
A Sustainable Option
The launch of S&P 500 ESG Index options marks a step forward for both ESG investing and the options market.
High Demand, Tight Supply: Private Debt Post-Coronavirus
We think private debt fared well relative to publicly traded credit during the coronavirus volatility, but will really differentiate itself in the years following the crisis.
The Path to Carbon Reduction
As investors that take climate change leadership into consideration, we often ask ourselves, how robust and meaningful are these goals and how do a company’s climate and business goals align?
Markets on a Tightrope
Violent equity market rotations present a strong case for balance in portfolios, but an unusually complex knot of factors makes it challenging to achieve.
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.
The Next Generation of Wealth Management
(13:18) Using a deeper lens into financial crisis management and technological advances, we explore the investment behaviors of Millennials, the newest wave of investors, in comparison to the generations before them.
Stay Flexible in Credit
We still think credit is attractive for 2021, but the flexibility and selectivity that helped investors this year will be even more important—think 2020, with the volume turned up.
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.
Markets Unscripted: 2020 U.S. Election Series
(5:18) Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.
An Election Update and Market Outlook with Joe Amato
(4:55) Stephanie Luedke, Head of Private Wealth Management leads a discussion with Joseph V. Amato, President and Chief Investment Officer – Equities for an update on the U.S. election and the markets after a historic week.
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.
Non-IG News: Record High Yield New Issuance in a Pandemic?
(4:47) Despite the COVID-19 pandemic and a significant contraction in global GDP, the High Yield Market has seen record levels of new issuance in recent months.
An Election Update and Market Outlook with Charles Kantor
(5:21) Given the uncertainty of the political landscape, Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspective on investment implications as a result of the U.S. election.
Special Edition: The U.S. Votes: Our First Response
The U.S. has voted in the midst of arguably the most challenging environment for generations. Here’s our first take on the likely result and what it could mean for investors.
Brexit Means Brexit: But What Could That Mean for Portfolios?
(14:55) As Brexit has gone into effect this year shortly before the COVID-19 crisis hit the globe, what do we think investors could now be considering in a post-Brexit economy?
The Priority Pyramid
Tuesday's election matters—but it is the top of a pyramid whose base is, in our view, supportive of fixed income and credit whatever the outcome.
The Four U.S. Election Scenarios with Erik Knutzen
(3:34) As we approach the 2020 U.S. election and its upcoming result, Erik Knutzen, CIO—Multi-Asset Class, dives into the possible scenarios and discusses the economic implications of what could happen with each hypothetical outcome.
Searching for Relative Value
Growth questions and potential inflation are among the issues fixed income investors face in seeking opportunity in the current environment.
Moving the Needle
The U.S. election will be big news in November, but news on coronavirus vaccines will probably “move the needle” more for markets.
ESG More Than Just a Branding Exercise in ILS
Published by Artemis, this recent article featuring Jennifer Signori, Principal and Senior Vice President, ESG and Impact Investing at Neuberger Berman, discusses the importance of ESG factors when it comes to Insurance-linked Securities (ILS).
Disruptive Forces: 2020 U.S. Election Special
(20:47) The choice that Americans face in the upcoming election will not only impact the next four years in the United States but could impact the world.
Degrees of Risk
Recognition as a PRI Leader on climate reporting will help us raise awareness of the importance of “Climate Value-at-Risk.”
Materiality Matters
How Environmental, Social and Governance Issues Inform Long-term Growth and Sustainability of Companies
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.
Uncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?
Learning From the COVID-19 Crisis
Some thought that environmental, social and governance trends would take a step back in the pandemic, but we believe the opposite has occurred.
Durable Income: Finding Opportunity in Corporate Bonds
Amid uncertainty and low interest rates, quality corporate bonds can play a key part in diversified portfolios.
A Bridge Across Turbulence
Remaining mindful of current market forces, but looking beyond them, may be essential to investment success from here.
Accelerator on 5G Infrastructure Deployment
(2:46) Yan Taw Boon talks about how the deal between Verizon and Samsung accelerate 5G infrastructure deployment in US.
Bracing for Winter, Looking Forward to Spring
Anticipated near-term volatility around the U.S. election and the path of coronavirus may present opportunities to position for an improvement in sentiment in 2021.
Comfort and Distress
The extreme bifurcation between winners and losers in the post-pandemic world could set up two very different potential value opportunities in high yield.
Flexibility and Fundamentals
The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.
Evaluating the Options
(19:05) With volatility returning to the Options market, what are investors’ options now in this new investing climate?
Where Was the Debate?
Republican and Democratic policy differences could be meaningful for investors, but we learned little from last Tuesday’s shouting match.
Against the Grain
Clear relative-value trades appear abundant in commodity markets, so why is it so hard to make them work in the real world—and is there a solution?Learn more about Neuberger Berman Equity Funds
>> Neuberger Berman Genesis Fund
>> Neuberger Berman Small Cap Growth Fund
Fixed Income
Investment Grade Credit & Credit Opportunities
Low rates for longer will intensify the search for yield, and companies are likely to focus on deleveraging—favoring bondholders over shareholders in general. Investment grade looks particularly attractive across all scenarios: valuations appear attractive even in the bull case, and the Federal Reserve appears committed to supporting the sector in the bear case. Significant market dislocation and distress could lead to select opportunities in high yield and structured credit.
Emerging Markets: Growing Out of the Pandemic
Emerging markets are on a path to strong recovery from the pandemic, though with significant variations across regions.
What to Expect When You’re Expecting Inflation
Look out for abundant money supply, increasing velocity of money, higher breakeven inflation rates in bond markets, a weaker dollar, higher commodity prices and backwardated commodity futures curves.
The U.S. Housing Market: On Firmer Ground
With the rapid ascent in home prices, investors are left to wonder: Is this growth justifiable or are we looking at 2007 all over again?
The Workhorse for 5G
(20:08) With society continuing to rapidly rely more and more on the Internet of Things, telecom companies have needed to find ways to stay competitive. But what makes that intriguing for investors?
Inside TaxM™: Transferring Concentrated, Low-Basis Positions to TaxM™ Accounts
This is the first in a series of articles in which we explore the considerations and mechanics associated with making new investments in tax-managed accounts.
Cautious Optimism on the U.S. Labor Market
We are reasonably confident about improving employment despite its lagging the growth recovery.
How Much Is Too Much?
There is growing concern that the coming stimulus might be more than the economy needs.
COVID-19 Update: Can We Vaccinate Our Way Out of Variants?
In an effort to bring timely insights during these uncertain times, we are pleased to share an update from Terri Towers, PhD, Senior Healthcare Analyst, who shares her views on the COVID-19 (“Coronavirus”) pandemic.
M&A in IG Credit: Review and Outlook
After rebounding from COVID lows, transaction volume is likely to remain elevated going forward; investors may need to be careful in assessing related risks.
Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation
We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.
Dual Investment Challenges for Insurers
Continued challenging yield and return environment for fixed income and insurance portfolios.
Doves Ascending
Rethinking portfolios now that ex-central bankers Janet Yellen and Mario Draghi have their hands on the purse strings.
Why We Believe Value Still Has Value
Here are three reasons why many investors have neglected value stocks for so long—and why we think each one of them is wrong.
Draghi’s Return and Its Investment Implications
As the former ECB president steps in to form a new Italian government, opportunities for structural improvement are substantial.
How to Sustain Sustainability
(14:50) With sustainable investment approaches getting more popular across the globe, we explore the aspects of what may be allowing corporations to be successful as the world tries to reduce its carbon footprint.
Toward a Steeper U.S. Yield Curve
A potentially substantial growth and inflation recovery from the second half of this year could put pressure under long-dated yields, and eventually the Fed.
Growth in Non-Investment Grade Sustainable Issuance: Good for Companies, Investors and Broader Stakeholders
Emerging structures should help enhance the alignment of interests around ESG goals.
High Yield: Investing in COVID-Acute Sectors
Our approach to investing in COVID-impacted sectors through the pandemic.
What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.
The Energy Transition: Policy Initiatives Accelerate the Pace of Change
European utilities are well positioned to capture value accrued from the “green energy revolution,” thanks to their early-mover advantage and economies of scale.
Catastrophe Bonds: Natural Diversification
Following another eventful year in reinsurance, we offer a primer on catastrophe bonds—a growing and genuinely diversifying asset class that we believe is attractively valued.
New Beginnings, Familiar Challenges
We find a mix of optimism and stark realities as we move into 2021.
Climate Emerges From the Shadows
While the world has focused on the pandemic, actions on climate and advances tied to its investment impact have continued to move forward.
Warning Lights as Speed Increases
Moving into the new year, the road ahead is opening up, but may require a degree of caution.
Building Tax Efficiency Into Your Return Strategy
Attention to loss harvesting while deferring gains can reduce tax exposure and amplify potential for “take-home” return.
Reading the Road Ahead
In this issue of Investment Quarterly, we present our outlook for the markets, consider the impact of climate on portfolios, and provide ideas on value and tax-efficient investing, as well as insights on charitable planning.
Could Value Surge Ahead?
Leaning into cyclical value could prove beneficial this year, but we wouldn’t suggest leaving growth stocks behind.
Euro Subordinated Bank Bonds: An Investment Solution for 2021
How to find positive return potential with limited risk when most euro bonds offer a negative return.
Shaping the Future of Healthcare
(18:05) As the world saw the coronavirus vaccines get developed and administered within a year of the first confirmed case, we evaluate the level of innovation we’re seeing across the healthcare sector today.
International Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?
Where to Get Yield Without Duration Risk
In our view, loans are likely to be an increasingly important source of diversification and a low-cost hedge against inflation.
Don’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”
Wireless C-Band Spectrum Auction – Leverage Impact Is Manageable
Spectrum continues to be a key differentiator for the leading US cellular operators- their success in FCC’s action for “C-band” spectrum will impact their competitive positioning for years to come.
Recovery Environment Still Positive for EM FX
At this stage of the economic recovery, in combination with the lingering COVID situation, we think it is too early for financial conditions to tighten more meaningfully.
U.S. Rates Outlook
We anticipate U.S. rates will move higher for the year, driven by expectations of solid growth as the economy fully reopens, prospects for additional fiscal spending, higher inflation expectations, easier financial conditions, and looming Treasury issuance.
Rates Markets Are Normalizing
It is far too early for taper talk, in our view, but the bias of risk is still toward higher rates to come.
A Tentative Recovery
The arrival of coronavirus vaccines means the economy should eventually get out of its sickbed but, faced with risks on both the upside and the downside, the Asset Allocation Committee thinks investors should take things steady.
Making the Case for Value
(13:36) With the value rally that has now been emerging, what might investors want to consider when it comes to value?
Biden, Taxes and Your Portfolio
Higher personal taxation under a Biden administration could strengthen the case for municipal bonds and tax-managed equity strategies.
Few Things Are Riskier Than Consensus
Investors should be concerned that market participants have begun 2021 with their views and positioning arguably more closely aligned than they have been for years.
Inflation Risk Reemerges
Even as central banks hold in place, recovery amid currently easy monetary policy could bring renewed pricing pressures.
Non-IG News: Earnings Trends in Non-IG Credit
(3:47) During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom line results.
Outlook 2021
The heads of our investment platforms welcome the New Year with their views for 2021.
Solving for 2021: An Inside Look
(16:34) As 2020 comes to a close, we reflect on the volatile year we have had and look forward to the year ahead, as detailed in our annual investment outlook, Solving for 2021.
Integrated Expected Returns
How blending fundamental company insights with quantitative metrics can add depth to the expected return inputs for portfolio optimizations.
2020 Wrap-Up: ESG in Focus
We round off the year with optimism for life beyond the pandemic, but also a laser focus on the ESG issues the pandemic has further zoomed in on.
A Year of Stark Contrasts
Navigating markets in this year of vulnerable resilience and defensive exuberance has required some humility.
NB ESG Quotient: Broad Perspective and Granular Insights From Proprietary ESG Ratings
Our ratings consider potentially material impacts at both company and portfolio levels.
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.
Municipal Market Views
(3:58) Jamie Iselin, Head of Municipal Fixed Income, discusses the effects of stimulus on the municipal bond markets and their behavior given the ongoing debate in Washington.
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.
The World Wide Web of Retail
(16:02) Early indications show that Black Friday and Cyber Monday sales went well for retailers and consumers alike, so what are some of these companies are doing to maintain customer satisfaction during this unprecedented time?
Emerging Markets Corporates: High Yield Default Outlook 2021
After a moderate spike in defaults, we anticipate an improving financial environment for the next year.
Investment Grade Credit Spreads Come Full Circle
We’ve seen a technical market before, just never quite like this—the stars may be aligned for yet another push tighter to close out 2020.
Building Blocks for Successful Real Estate Investing
Why we think the coronavirus crisis has demonstrated the benefits of real estate company investing.
California Wildfires and Credit Risk
Widespread destruction has reinforced the value of climate assessment in credit analysis.
Building a Better Model: Real Estate Company Investing
Real estate company investing can bring alignment of interest, economic scale, and efficiency to the asset class, and we believe it is about to become the favored way to structure this business.
Thermal Coal: Aligning Policy With Emerging Reality
In seeking to curb client exposure to a key carbon source, our team’s thermal coal policy acknowledges distinct characteristics found within the emerging markets.
Generating Interest
Must investors settle for sub-zero real returns on their cash allocations?
Getting Smarter Around Disruption
(11:48) As more and more groundbreaking business concepts continue to enter the market, one might wonder what it is about an idea or concept that makes it truly disruptive and the thought process behind it.
Non-IG News: U.S. Elections and Implications for the Energy Sector
(5:41) Robert Gephardt discusses how the Biden administration could impact the Energy sector and what it means for Non-Investment Grade Energy, in particular.
Cash Negative
The central bank pandemic response has left all major short-dated interest rates pricing near or below zero for years into the future: How can cash portfolio managers meet this challenge?
A Heartfelt Thanksgiving
We emerge from the holiday hopeful for a Season of Goodwill in markets, but ready for any last surprises that 2020 might have in store.
A Sustainable Option
The launch of S&P 500 ESG Index options marks a step forward for both ESG investing and the options market.
High Demand, Tight Supply: Private Debt Post-Coronavirus
We think private debt fared well relative to publicly traded credit during the coronavirus volatility, but will really differentiate itself in the years following the crisis.
The Path to Carbon Reduction
As investors that take climate change leadership into consideration, we often ask ourselves, how robust and meaningful are these goals and how do a company’s climate and business goals align?
Markets on a Tightrope
Violent equity market rotations present a strong case for balance in portfolios, but an unusually complex knot of factors makes it challenging to achieve.
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.
The Next Generation of Wealth Management
(13:18) Using a deeper lens into financial crisis management and technological advances, we explore the investment behaviors of Millennials, the newest wave of investors, in comparison to the generations before them.
Stay Flexible in Credit
We still think credit is attractive for 2021, but the flexibility and selectivity that helped investors this year will be even more important—think 2020, with the volume turned up.
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.
Markets Unscripted: 2020 U.S. Election Series
(5:18) Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.
An Election Update and Market Outlook with Joe Amato
(4:55) Stephanie Luedke, Head of Private Wealth Management leads a discussion with Joseph V. Amato, President and Chief Investment Officer – Equities for an update on the U.S. election and the markets after a historic week.
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.
Non-IG News: Record High Yield New Issuance in a Pandemic?
(4:47) Despite the COVID-19 pandemic and a significant contraction in global GDP, the High Yield Market has seen record levels of new issuance in recent months.
An Election Update and Market Outlook with Charles Kantor
(5:21) Given the uncertainty of the political landscape, Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspective on investment implications as a result of the U.S. election.
Special Edition: The U.S. Votes: Our First Response
The U.S. has voted in the midst of arguably the most challenging environment for generations. Here’s our first take on the likely result and what it could mean for investors.
Brexit Means Brexit: But What Could That Mean for Portfolios?
(14:55) As Brexit has gone into effect this year shortly before the COVID-19 crisis hit the globe, what do we think investors could now be considering in a post-Brexit economy?
The Priority Pyramid
Tuesday's election matters—but it is the top of a pyramid whose base is, in our view, supportive of fixed income and credit whatever the outcome.
The Four U.S. Election Scenarios with Erik Knutzen
(3:34) As we approach the 2020 U.S. election and its upcoming result, Erik Knutzen, CIO—Multi-Asset Class, dives into the possible scenarios and discusses the economic implications of what could happen with each hypothetical outcome.
Searching for Relative Value
Growth questions and potential inflation are among the issues fixed income investors face in seeking opportunity in the current environment.
Moving the Needle
The U.S. election will be big news in November, but news on coronavirus vaccines will probably “move the needle” more for markets.
ESG More Than Just a Branding Exercise in ILS
Published by Artemis, this recent article featuring Jennifer Signori, Principal and Senior Vice President, ESG and Impact Investing at Neuberger Berman, discusses the importance of ESG factors when it comes to Insurance-linked Securities (ILS).
Disruptive Forces: 2020 U.S. Election Special
(20:47) The choice that Americans face in the upcoming election will not only impact the next four years in the United States but could impact the world.
Degrees of Risk
Recognition as a PRI Leader on climate reporting will help us raise awareness of the importance of “Climate Value-at-Risk.”
Materiality Matters
How Environmental, Social and Governance Issues Inform Long-term Growth and Sustainability of Companies
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.
Uncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?
Learning From the COVID-19 Crisis
Some thought that environmental, social and governance trends would take a step back in the pandemic, but we believe the opposite has occurred.
Durable Income: Finding Opportunity in Corporate Bonds
Amid uncertainty and low interest rates, quality corporate bonds can play a key part in diversified portfolios.
A Bridge Across Turbulence
Remaining mindful of current market forces, but looking beyond them, may be essential to investment success from here.
Accelerator on 5G Infrastructure Deployment
(2:46) Yan Taw Boon talks about how the deal between Verizon and Samsung accelerate 5G infrastructure deployment in US.
Bracing for Winter, Looking Forward to Spring
Anticipated near-term volatility around the U.S. election and the path of coronavirus may present opportunities to position for an improvement in sentiment in 2021.
Comfort and Distress
The extreme bifurcation between winners and losers in the post-pandemic world could set up two very different potential value opportunities in high yield.
Flexibility and Fundamentals
The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.
Evaluating the Options
(19:05) With volatility returning to the Options market, what are investors’ options now in this new investing climate?
Where Was the Debate?
Republican and Democratic policy differences could be meaningful for investors, but we learned little from last Tuesday’s shouting match.
Against the Grain
Clear relative-value trades appear abundant in commodity markets, so why is it so hard to make them work in the real world—and is there a solution?Learn more about Neuberger Berman Fixed Income Funds
>> Neuberger Berman Core Bond Fund
Alternatives
Private Markets & Uncorrelated Strategies
Private equity entered the crisis with substantial “dry powder” that can be used to help companies through the crisis. Significant market dislocation and distress could create opportunities in the secondary market for private equity funds and private debt. Certain uncorrelated hedge fund strategies may be less exposed to volatility in traditional markets, or able to trade or monetize that volatility.
Emerging Markets: Growing Out of the Pandemic
Emerging markets are on a path to strong recovery from the pandemic, though with significant variations across regions.
What to Expect When You’re Expecting Inflation
Look out for abundant money supply, increasing velocity of money, higher breakeven inflation rates in bond markets, a weaker dollar, higher commodity prices and backwardated commodity futures curves.
The U.S. Housing Market: On Firmer Ground
With the rapid ascent in home prices, investors are left to wonder: Is this growth justifiable or are we looking at 2007 all over again?
The Workhorse for 5G
(20:08) With society continuing to rapidly rely more and more on the Internet of Things, telecom companies have needed to find ways to stay competitive. But what makes that intriguing for investors?
Inside TaxM™: Transferring Concentrated, Low-Basis Positions to TaxM™ Accounts
This is the first in a series of articles in which we explore the considerations and mechanics associated with making new investments in tax-managed accounts.
Cautious Optimism on the U.S. Labor Market
We are reasonably confident about improving employment despite its lagging the growth recovery.
How Much Is Too Much?
There is growing concern that the coming stimulus might be more than the economy needs.
COVID-19 Update: Can We Vaccinate Our Way Out of Variants?
In an effort to bring timely insights during these uncertain times, we are pleased to share an update from Terri Towers, PhD, Senior Healthcare Analyst, who shares her views on the COVID-19 (“Coronavirus”) pandemic.
M&A in IG Credit: Review and Outlook
After rebounding from COVID lows, transaction volume is likely to remain elevated going forward; investors may need to be careful in assessing related risks.
Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation
We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.
Dual Investment Challenges for Insurers
Continued challenging yield and return environment for fixed income and insurance portfolios.
Doves Ascending
Rethinking portfolios now that ex-central bankers Janet Yellen and Mario Draghi have their hands on the purse strings.
Why We Believe Value Still Has Value
Here are three reasons why many investors have neglected value stocks for so long—and why we think each one of them is wrong.
Draghi’s Return and Its Investment Implications
As the former ECB president steps in to form a new Italian government, opportunities for structural improvement are substantial.
How to Sustain Sustainability
(14:50) With sustainable investment approaches getting more popular across the globe, we explore the aspects of what may be allowing corporations to be successful as the world tries to reduce its carbon footprint.
Toward a Steeper U.S. Yield Curve
A potentially substantial growth and inflation recovery from the second half of this year could put pressure under long-dated yields, and eventually the Fed.
Growth in Non-Investment Grade Sustainable Issuance: Good for Companies, Investors and Broader Stakeholders
Emerging structures should help enhance the alignment of interests around ESG goals.
High Yield: Investing in COVID-Acute Sectors
Our approach to investing in COVID-impacted sectors through the pandemic.
What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.
The Energy Transition: Policy Initiatives Accelerate the Pace of Change
European utilities are well positioned to capture value accrued from the “green energy revolution,” thanks to their early-mover advantage and economies of scale.
Catastrophe Bonds: Natural Diversification
Following another eventful year in reinsurance, we offer a primer on catastrophe bonds—a growing and genuinely diversifying asset class that we believe is attractively valued.
New Beginnings, Familiar Challenges
We find a mix of optimism and stark realities as we move into 2021.
Climate Emerges From the Shadows
While the world has focused on the pandemic, actions on climate and advances tied to its investment impact have continued to move forward.
Warning Lights as Speed Increases
Moving into the new year, the road ahead is opening up, but may require a degree of caution.
Building Tax Efficiency Into Your Return Strategy
Attention to loss harvesting while deferring gains can reduce tax exposure and amplify potential for “take-home” return.
Reading the Road Ahead
In this issue of Investment Quarterly, we present our outlook for the markets, consider the impact of climate on portfolios, and provide ideas on value and tax-efficient investing, as well as insights on charitable planning.
Could Value Surge Ahead?
Leaning into cyclical value could prove beneficial this year, but we wouldn’t suggest leaving growth stocks behind.
Euro Subordinated Bank Bonds: An Investment Solution for 2021
How to find positive return potential with limited risk when most euro bonds offer a negative return.
Shaping the Future of Healthcare
(18:05) As the world saw the coronavirus vaccines get developed and administered within a year of the first confirmed case, we evaluate the level of innovation we’re seeing across the healthcare sector today.
International Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?
Where to Get Yield Without Duration Risk
In our view, loans are likely to be an increasingly important source of diversification and a low-cost hedge against inflation.
Don’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”
Wireless C-Band Spectrum Auction – Leverage Impact Is Manageable
Spectrum continues to be a key differentiator for the leading US cellular operators- their success in FCC’s action for “C-band” spectrum will impact their competitive positioning for years to come.
Recovery Environment Still Positive for EM FX
At this stage of the economic recovery, in combination with the lingering COVID situation, we think it is too early for financial conditions to tighten more meaningfully.
U.S. Rates Outlook
We anticipate U.S. rates will move higher for the year, driven by expectations of solid growth as the economy fully reopens, prospects for additional fiscal spending, higher inflation expectations, easier financial conditions, and looming Treasury issuance.
Rates Markets Are Normalizing
It is far too early for taper talk, in our view, but the bias of risk is still toward higher rates to come.
A Tentative Recovery
The arrival of coronavirus vaccines means the economy should eventually get out of its sickbed but, faced with risks on both the upside and the downside, the Asset Allocation Committee thinks investors should take things steady.
Making the Case for Value
(13:36) With the value rally that has now been emerging, what might investors want to consider when it comes to value?
Biden, Taxes and Your Portfolio
Higher personal taxation under a Biden administration could strengthen the case for municipal bonds and tax-managed equity strategies.
Few Things Are Riskier Than Consensus
Investors should be concerned that market participants have begun 2021 with their views and positioning arguably more closely aligned than they have been for years.
Inflation Risk Reemerges
Even as central banks hold in place, recovery amid currently easy monetary policy could bring renewed pricing pressures.
Non-IG News: Earnings Trends in Non-IG Credit
(3:47) During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom line results.
Outlook 2021
The heads of our investment platforms welcome the New Year with their views for 2021.
Solving for 2021: An Inside Look
(16:34) As 2020 comes to a close, we reflect on the volatile year we have had and look forward to the year ahead, as detailed in our annual investment outlook, Solving for 2021.
Integrated Expected Returns
How blending fundamental company insights with quantitative metrics can add depth to the expected return inputs for portfolio optimizations.
2020 Wrap-Up: ESG in Focus
We round off the year with optimism for life beyond the pandemic, but also a laser focus on the ESG issues the pandemic has further zoomed in on.
A Year of Stark Contrasts
Navigating markets in this year of vulnerable resilience and defensive exuberance has required some humility.
NB ESG Quotient: Broad Perspective and Granular Insights From Proprietary ESG Ratings
Our ratings consider potentially material impacts at both company and portfolio levels.
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.
Municipal Market Views
(3:58) Jamie Iselin, Head of Municipal Fixed Income, discusses the effects of stimulus on the municipal bond markets and their behavior given the ongoing debate in Washington.
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.
The World Wide Web of Retail
(16:02) Early indications show that Black Friday and Cyber Monday sales went well for retailers and consumers alike, so what are some of these companies are doing to maintain customer satisfaction during this unprecedented time?
Emerging Markets Corporates: High Yield Default Outlook 2021
After a moderate spike in defaults, we anticipate an improving financial environment for the next year.
Investment Grade Credit Spreads Come Full Circle
We’ve seen a technical market before, just never quite like this—the stars may be aligned for yet another push tighter to close out 2020.
Building Blocks for Successful Real Estate Investing
Why we think the coronavirus crisis has demonstrated the benefits of real estate company investing.
California Wildfires and Credit Risk
Widespread destruction has reinforced the value of climate assessment in credit analysis.
Building a Better Model: Real Estate Company Investing
Real estate company investing can bring alignment of interest, economic scale, and efficiency to the asset class, and we believe it is about to become the favored way to structure this business.
Thermal Coal: Aligning Policy With Emerging Reality
In seeking to curb client exposure to a key carbon source, our team’s thermal coal policy acknowledges distinct characteristics found within the emerging markets.
Generating Interest
Must investors settle for sub-zero real returns on their cash allocations?
Getting Smarter Around Disruption
(11:48) As more and more groundbreaking business concepts continue to enter the market, one might wonder what it is about an idea or concept that makes it truly disruptive and the thought process behind it.
Non-IG News: U.S. Elections and Implications for the Energy Sector
(5:41) Robert Gephardt discusses how the Biden administration could impact the Energy sector and what it means for Non-Investment Grade Energy, in particular.
Cash Negative
The central bank pandemic response has left all major short-dated interest rates pricing near or below zero for years into the future: How can cash portfolio managers meet this challenge?
A Heartfelt Thanksgiving
We emerge from the holiday hopeful for a Season of Goodwill in markets, but ready for any last surprises that 2020 might have in store.
A Sustainable Option
The launch of S&P 500 ESG Index options marks a step forward for both ESG investing and the options market.
High Demand, Tight Supply: Private Debt Post-Coronavirus
We think private debt fared well relative to publicly traded credit during the coronavirus volatility, but will really differentiate itself in the years following the crisis.
The Path to Carbon Reduction
As investors that take climate change leadership into consideration, we often ask ourselves, how robust and meaningful are these goals and how do a company’s climate and business goals align?
Markets on a Tightrope
Violent equity market rotations present a strong case for balance in portfolios, but an unusually complex knot of factors makes it challenging to achieve.
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.
The Next Generation of Wealth Management
(13:18) Using a deeper lens into financial crisis management and technological advances, we explore the investment behaviors of Millennials, the newest wave of investors, in comparison to the generations before them.
Stay Flexible in Credit
We still think credit is attractive for 2021, but the flexibility and selectivity that helped investors this year will be even more important—think 2020, with the volume turned up.
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.
Markets Unscripted: 2020 U.S. Election Series
(5:18) Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.
An Election Update and Market Outlook with Joe Amato
(4:55) Stephanie Luedke, Head of Private Wealth Management leads a discussion with Joseph V. Amato, President and Chief Investment Officer – Equities for an update on the U.S. election and the markets after a historic week.
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.
Non-IG News: Record High Yield New Issuance in a Pandemic?
(4:47) Despite the COVID-19 pandemic and a significant contraction in global GDP, the High Yield Market has seen record levels of new issuance in recent months.
An Election Update and Market Outlook with Charles Kantor
(5:21) Given the uncertainty of the political landscape, Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspective on investment implications as a result of the U.S. election.
Special Edition: The U.S. Votes: Our First Response
The U.S. has voted in the midst of arguably the most challenging environment for generations. Here’s our first take on the likely result and what it could mean for investors.
Brexit Means Brexit: But What Could That Mean for Portfolios?
(14:55) As Brexit has gone into effect this year shortly before the COVID-19 crisis hit the globe, what do we think investors could now be considering in a post-Brexit economy?
The Priority Pyramid
Tuesday's election matters—but it is the top of a pyramid whose base is, in our view, supportive of fixed income and credit whatever the outcome.
The Four U.S. Election Scenarios with Erik Knutzen
(3:34) As we approach the 2020 U.S. election and its upcoming result, Erik Knutzen, CIO—Multi-Asset Class, dives into the possible scenarios and discusses the economic implications of what could happen with each hypothetical outcome.
Searching for Relative Value
Growth questions and potential inflation are among the issues fixed income investors face in seeking opportunity in the current environment.
Moving the Needle
The U.S. election will be big news in November, but news on coronavirus vaccines will probably “move the needle” more for markets.
ESG More Than Just a Branding Exercise in ILS
Published by Artemis, this recent article featuring Jennifer Signori, Principal and Senior Vice President, ESG and Impact Investing at Neuberger Berman, discusses the importance of ESG factors when it comes to Insurance-linked Securities (ILS).
Disruptive Forces: 2020 U.S. Election Special
(20:47) The choice that Americans face in the upcoming election will not only impact the next four years in the United States but could impact the world.
Degrees of Risk
Recognition as a PRI Leader on climate reporting will help us raise awareness of the importance of “Climate Value-at-Risk.”
Materiality Matters
How Environmental, Social and Governance Issues Inform Long-term Growth and Sustainability of Companies
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.
Uncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?
Learning From the COVID-19 Crisis
Some thought that environmental, social and governance trends would take a step back in the pandemic, but we believe the opposite has occurred.
Durable Income: Finding Opportunity in Corporate Bonds
Amid uncertainty and low interest rates, quality corporate bonds can play a key part in diversified portfolios.
A Bridge Across Turbulence
Remaining mindful of current market forces, but looking beyond them, may be essential to investment success from here.
Accelerator on 5G Infrastructure Deployment
(2:46) Yan Taw Boon talks about how the deal between Verizon and Samsung accelerate 5G infrastructure deployment in US.
Bracing for Winter, Looking Forward to Spring
Anticipated near-term volatility around the U.S. election and the path of coronavirus may present opportunities to position for an improvement in sentiment in 2021.
Comfort and Distress
The extreme bifurcation between winners and losers in the post-pandemic world could set up two very different potential value opportunities in high yield.
Flexibility and Fundamentals
The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.
Evaluating the Options
(19:05) With volatility returning to the Options market, what are investors’ options now in this new investing climate?
Where Was the Debate?
Republican and Democratic policy differences could be meaningful for investors, but we learned little from last Tuesday’s shouting match.
Against the Grain
Clear relative-value trades appear abundant in commodity markets, so why is it so hard to make them work in the real world—and is there a solution?Learn more about Neuberger Berman Alternatives Funds
>> Neuberger Berman U.S. Equity Index PutWrite Strategy Fund
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