Insights
CIO Weekly Perspectives
The Fifth Stage of Pocketbook Grief
Economic data has been resilient, but everyone seems unhappy—will the consumer cheer up in time to avoid triggering a recession?CIO Weekly Perspectives
Balance Is Critical for the Obstacles Ahead
Rising inflation may be behind us, but now a nervous market parses every data release for signs of recession.CIO Weekly Perspectives
Carried Away
The most important trigger for the recent equity sell-off wasn’t the U.S. jobs data, or the Fed, or even mega-cap tech earnings, but the Bank of Japan.CIO Weekly Perspectives
Innovation, Conflict and a Mysterious Disappearance
This year’s recommendation for vacation reading is a fascinating page-turner about one of the early 20th century’s most influential inventors.CIO Weekly Perspectives
A Soft Landing Is Still a Landing
What do slowing growth, lower inflation, tight credit spreads and a steepening yield curve mean for our fixed income views for the rest of the year?CIO Weekly Perspectives
A Change in Leadership?
As Biden withdraws, we are seeing an historic rotation into small-cap stocks and a growing opinion-polling lead for Donald Trump—are the two things related?Asset Allocation Committee Outlook
Policy and Politics
The first-quarter inflation bump is behind us, but we believe the risks of monetary policy errors and electoral surprises have risen.CIO Weekly Perspectives
To Understand the Macro, Study the Micro
Right now, second-quarter earnings reports may be a better guide to the economic outlook than official statistics.Insights
Policy and Politics
The first-quarter inflation bump is behind us, but the risks of a monetary policy error and electoral shocks have risen.CIO Weekly Perspectives
Preparing for Rising Volatility
The second half of 2024 could see the current, localized election-related volatility go global.CIO Weekly Perspectives
The Structural Trends, Whoever Wins
Positioning for geopolitical shocks or election results is difficult, but we think the resulting structural trends are easier to identify and prepare for.CIO Weekly Perspectives
Do We Now Need to Worry About Stagflation?
We believe high nominal growth, peak rates and broadening earnings performance continue to underpin equity market performance.CIO Weekly Perspectives
The Coming Wave of Homebuyers
How higher rates for longer could be positive for U.S. consumption.Asset Allocation Committee Outlook
Breadth and Balance
The economic outlook may have improved, but we believe large parts of the credit and equity markets are fully valued.CIO Weekly Perspectives
Stay Focused on Earnings
Should a sticky inflation release cause investors to revise their outlook for equities?Podcast
Make Your Money Move
(16:10) With interest rates peaking, geopolitical uncertainty and the allure of cash savings diminishing, navigating investment opportunities can be a challenge. Is now the right time to make your money move?Insights
Breadth and Balance
The economic outlook may have improved, but large parts of the credit and equity markets are fully valued.CIO Weekly Perspectives
A Major Change in the Markets
Investors are now focused on growth more than inflation—what might that mean for portfolios?CIO Weekly Perspectives
The Second Wave of the AI Investment Theme
The artificial intelligence investment theme made the “Magnificent Seven”—but could soon begin to disrupt it.CIO Weekly Perspectives
Inflation and Consumer Sentiment
U.S. consumer sentiment has defied predictions of excess savings running dry, but do hotter inflation data pose a risk?Insights
2023 Proxy Season in Review
In a period of unique market and economic dynamics, Neuberger Berman continued our tradition of vocal engagement to encourage best practices from companies.CIO Weekly Perspectives
The News and Our Views
January was packed with news—and much of it supported our views for the year ahead.Asset Allocation Committee Outlook
Flows and Fundamentals
With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market.Podcast
What Tailor-Made Investing Looks Like
(15:48) What does it mean to take a customized approach in investing?CIO Weekly Perspectives
Poll Positioning
Voters representing around half of the world’s GDP go to the polls this year—what might that mean for the economy and investors?CIO Weekly Perspectives
Some Credit for Active Management
Tempted by high yield? Here’s why we think investors may want to consider resisting the temptation to invest passively.Podcast
Behind the Scenes of Solving for 2024
(23:18) Now that we’ve published our Solving for 2024 themes, we explore the behind the scenes thinking that led us to our assessment on the state of markets.CIO Weekly Perspectives
Breaking Down the Liquidity Silos
Breaking down the boundaries between liquid and illiquid assets could broaden our outlook and better align portfolios to our objectives and time horizon.Video
The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum
(08:27) In this short video, experts from our public and private markets teams share their outlook on credit markets.CIO Weekly Perspectives
The Return of Industrial Policy
As governments play a bigger role in the economy, we think businesses and investors will need to think more about inflation, location and taxation.CIO Weekly Perspectives
Geopolitical Shocks and Portfolio Construction
Investors should try to respond not to the events of the past week, but to the deeper global trends they reflect.Asset Allocation Committee Outlook
Higher for Longer, Longer the Stronger
“Savings depletion and weakness among small-cap and regional bank stocks suggest that the U.S. economy may not be as strong as it seems.”CIO Weekly Perspectives
Long the Strong
The prolonged adjustment to higher rates is just beginning, and we think it will likely be more painful for some than others.CIO Weekly Perspectives
The Sprint to Year-End
As the September starting gun sounds, here’s what we are looking out for on the track ahead.CIO Weekly Perspectives
Working the Margins
While this is no time to be making major calls on asset allocation, in our view, there are abundant opportunities for generating incremental returns.CIO Weekly Perspectives
The Consumer and the Stock Market
As the “wealth effect” is driven less by house prices and more by investment markets, it may change our views on asset valuations and portfolio construction.Insights
Ten for 2023—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2023.CIO Weekly Perspectives
The Bridge to the Future
This year’s recommendation for vacation reading is the epic story of the building of the Brooklyn Bridge, resonant with dilemmas we still recognize today.Asset Allocation Committee Outlook
Engine Running, Shifting to Neutral
In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.CIO Weekly Perspectives
The Meaning Behind the Mean
The headline characteristics of today’s market obscure a wealth of opportunity, in both public and private markets.White Paper
The Fine Print of Indexation
A look at opportunity costs, long-term risks and complementary solutionsPodcast
Commodities and Their Place in the Transition Pathway
(29:08) While commodities have been known to be a great inflation hedge, can this asset class also align with meeting the objectives of investors concerned about their environmental and social footprint?CIO Weekly Perspectives
Going Back to Base
In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.CIO Weekly Perspectives
Tactics and Strategy
We tend to think about diversifying across asset classes, sectors and regions, but diversifying across investment timeframes can add value, too.Video
The Inside Track - Public and Private Markets Outlook; Episode 2: Commercial Real Estate
(9:15) In this short video experts from our public and private markets teams consider the outlook for commercial real estate.Insights
"Investing at a Crossroads" Revisited
Nine months ago, we set out a playbook for the transition to the new investing environment—here’s why it still applies as the rates cycle peaks and inflation eases.CIO Weekly Perspectives
Resolving the Puzzle
To make sense of today’s market conundrum, remember that things could have been worse than they are, and that investors are more defensive than they appear.CIO Weekly Perspectives
What ‘Data-Dependent’ Feels Like
As central banks become more “data-dependent,” will monetary policy become less predictable and markets potentially more volatile?CIO Weekly Perspectives
Trip Hazards
The U.S. debt ceiling is just one of a long list of obstacles waiting to trip up markets, and there is very little opportunity cost for remaining cautious.CIO Weekly Perspectives
A New ‘Impossible Trilemma’?
Can we lower government debt, sustain positive real rates and finance the transition to a low-carbon economy?CIO Weekly Perspectives
Turning, Not Re-Turning
It makes sense to prepare for the turning point in this cycle—but not by returning to the winners from the last cycle.CIO Weekly Perspectives
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
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?Podcast
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
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.CIO Weekly Perspectives
Outlook 2023
The leaders of our investment platforms welcome the New Year with their views for 2023.CIO Weekly Perspectives
Escape From Flatland
A two-dimensional, return-and-volatility view of investments may not allow you to see important risks.Podcast
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
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.Insights
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
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?CIO Weekly Perspectives
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.Podcast
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
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
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
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.White Paper
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.Systematically Speaking
The Unsurprisingly Volatile Business of Bitcoin Mining
Why we think the technicalities of Bitcoin mining explain much of Bitcoin’s extraordinary volatility profile.CIO Weekly Perspectives
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?CIO Weekly Perspectives
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
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?Systematically Speaking
Rising Rates and Risk Premia
In a very challenging environment for long-only investors, long/short risk premia have delivered attractive returns—but not always in the way history would have led us to expect.White Paper
Integrated Liquidity Management for Private Markets Programs
As allocations to private markets grow, so do the cashflow, liquidity and “j-curve” challenges of capital calls and distributions. How might investors set aside assets to fund commitments without disrupting other parts of their portfolios, and without sacrificing too much return potential?Insights
The Most Important Rate in the Whole Wide World
Markets may be missing the importance of record-low real rates, and the potential impact if they start to rise.Insights
Laying the Foundations: Understanding Current Real Estate Dynamics
From de-urbanization to e-commerce, three heads of our real estate teams debate key sector trends.Podcast
Playing Good Defense in Diversification
(18:54) The idiom, “Don’t put your eggs in one basket” might come to mind when it comes to diversification, but how might investors want to go about heeding those timeless words of advice?Insights
Ten for 2021—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2021.Podcast
Post-Crisis Investing for the Long Haul
(17:32) Looking to macroeconomics, we evaluate if investors are now at a market inflection point and what the associated implications are that could lie ahead.Insights
The Bitcoin Experiment
Recent appreciation in the cryptocurrency may be tantalizing, but understanding the dynamics behind this speculative asset is crucial before considering it as a potential investment.Insights
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.Podcast
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.Insights
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.Insights
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.Podcast
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?Insights
Epic Battle or Rope-a-Dope?
Identifying the winner of the rumble between ‘The Japanifier’ and ‘The Stimulator’ is likely to be the key determinant in successful portfolio construction for years to come.Insights
Four Things to Remember in a Market Downturn
Volatility, diversification and the merits of long-term investingArticle Reprint
Neuberger Berman Gets Its Sherlock On
Maarten Nederlof, Head of Portfolio Solutions (Americas) at Neuberger Berman, discusses how he is seeking to help clients achieve a better understanding of alpha, traditional premia and alternative premia in their investments, and assisting clients in better managing risk and addressing gaps in portfolio exposures.White Paper
Mitigating Inflation Risk at Lower Opportunity Cost
Inflation-mitigating allocations can drag on returns when inflation is subdued: diversifying and tactical allocation can help.Podcast
Late Cycle Investing: What’s Next?
(16:51) What can investors expect as the next downturn seems inevitable?Insights
Ten for 2019—Midyear Update
The heads of our four investment platforms revisit the key themes they anticipated would guide investment decisions in 2019.Insights
