The Inflation Inflection
Adjusting to the New Paradigm
The journey towards structurally higher inflation is beset with unusually high cyclical uncertainty. At Neuberger Berman, we think that means a portfolio that is prepared for higher inflation should contain not only assets that can MITIGATE against and TAKE ADVANTAGE of inflation, but also assets that can DIVERSIFY against the uncertainty and volatility of that journey.
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EQUITIES
FIXED INCOME
ALTERNATIVES & REAL ASSETS
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Equities: Pricing Power and Renewed Focus on Yield
Equities have tended to outperform bonds during periods of higher inflation, but that appears to have more to do with the strong growth that often accompanies rising inflation, rather than inflation itself. The potential for a less favorable growth-inflation mix is therefore good reason to re-examine style and sector tilts in equity portfolios, but also to re-think the balance of passive versus active approaches.
Featured
Expectations for Value
AAC Outlook 2Q 2022
Erik Knutzen and Raheel Siddiqui discussed the AAC's views on how to navigate a challenging asset allocation landscape in further detail.
View Webinar
Session II: Equities
Listen to Eli Salzmann and Raheel Siddiqui on the equity investment landscape amid the current inflationary backdrop.
View Webinar
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- After years of limited activity, companies are looking for a chance to accelerate M&A, but the new administration and its policies will likely set the tone for dealmaking.
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Mr. Trump Goes to Washington
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Video | March 2025
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Going Global in Investment Grade Credit
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CIO Weekly Perspectives | March 2025
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Local-Currency Frontier Bonds: EMD’s New Horizon
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Ratings Renaissance in Emerging Market Corporates
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Emerging Markets: Low Corporate Defaults Spell Potential Opportunity
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Japanese Equities in 2025: Goldilocks Would Approve
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Private Markets: As The Ice Breaks
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Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk
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The Tariff Man Cometh…and Go-eth?
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Local Currency Bonds: The Next Frontier
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Tariffs Are Here: What Does That Mean for Private Equity?
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Private Equity and Rates, Part II: Do Rates Really Matter for Private Equity?
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A Choppy Start to a Year of Uncertainties
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White Paper | January 2025
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Fiscal to the Fore
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Private Funds CFO Roundtable: The Strategic CFO
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Back to Business
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Key Implications of Trump 2.0 for Private Equity
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COP29: Temperature Overshoot, Policy Undershoot
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White Paper | November 2024
Small Caps: To Index or Not to Index
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CIO Weekly Perspectives | November 2024
Post-Election Vibes, New Year Realities
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Assessing Trump 2.0
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Value & Alpha in Private Equity
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Private Real Estate: From Uncertainty to Opportunity
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CIO Weekly Perspectives | November 2024
An Investor's Election Survival Guide
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NB Blog | November 2024
Subdued Tone at the IMF
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NB Blog | October 2024
Real Assets: A Balancing Act
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Small Caps: The Next Cycle Is Upon Us
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CIO Weekly Perspectives | October 2024
Beware of Buying the Dip in Bonds
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White Paper | October 2024
Equity Market-Neutral Investing: More Than One Type of Catalyst
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CIO Weekly Perspectives | October 2024
The U.S. Election, the Economy and the Markets
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Asset Allocation Committee Outlook | October 2024
Rates Relief or Slowdown Uncertainty?
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NB Blog | October 2024
Japan's New Prime Minister Should Provide Continuity
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CIO Weekly Perspectives | October 2024
What Is the Opposite of Confirmation Bias?
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Fixed Income Investment Outlook | October 2024
Treading Carefully Downhill
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Article | October 2024
The 2024 Election: Navigating Potential Financial Sector Shifts
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Disruptive Forces in Investing | October 2024
Private Debt: The Appeal, The Fears & The Facts
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CIO Weekly Perspectives | October 2024
Amplified Volatility Leads to Muted Bets
- To get through the current environment, we think it is important not to chase the markets, but to let them come to you.
Equity Market Outlook | October 2024
Equity Market Outlook 4Q 2024
- Despite a slowing U.S. economy, we reaffirm many of our Q3 recommendations and think the odds of an imminent recession remain low.
CIO Weekly Perspectives | October 2024
CLOs Go Mainstream
- Rates are on their way down—so why are investors lining up for these floating-rate securities?
Disruptive Forces in Investing | September 2024
Rates and REITs
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White Paper | September 2024
Comparing Evergreen and Traditional Fund Returns
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CIO Weekly Perspectives | September 2024
The Fed “Recalibrates” to Buy Some Insurance
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Article | September 2024
Returning to REITs
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Article | September 2024
Technology Runs Through Asia
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CIO Weekly Perspectives | September 2024
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?
Fixed Income: Short Duration, Floating Rates and Flexible Strategies
Fixed income portfolios are arguably most at risk from an inflationary environment. Inflation and higher rates tend to lower the present real value of a fixed income stream. The longer-dated those income streams are, the more sensitive their present value is to changes in rates—they exhibit longer duration. Should a long-term real yield of 1% or even zero be required to make inflation settle between, for example, 2.5% and 3.0%, nominal yields will be substantially higher than they are today.
Featured
Expectations for Bank Loans
Expectations for Fixed Income
Session III: Fixed Income
Hear from Ashok Bhatia and Jamie Iselin on Fixed Income implications amid this inflationary investment landscape
View Webinar
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It’s April: Time to Talk Taxes
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White Paper | April 2025
The Endowment Model Reimagined
- The endowment model defined the “art” of portfolio management, but now it needs to adopt the latest “science.”
CIO Weekly Perspectives | March 2025
It’s ‘Show Me’ Time
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Article | March 2025
German Infrastructure: Catalyst for European High Yield?
- We believe the new German government’s infrastructure plans have the potential to materially benefit the European high yield market.
CIO Weekly Perspectives | March 2025
“Wait and Worry” or “Wait and See”?
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White Paper | March 2025
Corporate Hybrids: What Are They?
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European Renaissance
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CIO Weekly Perspectives | March 2025
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Video | March 2025
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Article | March 2025
Going Global in Investment Grade Credit
- Investment grade credit yields are attractive even though spreads are tight, and a global approach can add another layer of opportunity.
Disruptive Forces in Investing | March 2025
NVIDIA, DeepSeek and the Evolution of AI
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CIO Weekly Perspectives | March 2025
Germany’s Game-Changing Election
- The country’s politics are getting a boost of uncharacteristic urgency from coming Chancellor Friedrich Merz, with even the constitutional “debt brake” up for grabs.
White Paper | March 2025
Local-Currency Frontier Bonds: EMD’s New Horizon
- High yields, surprisingly low volatility and strong diversification benefits are attracting investor interest.
Article | March 2025
Forget the Magnificent 7: Meet China’s Terrific 10
- China’s top tech firms are emerging as global contenders as President Xi Jinping aims to boost innovation and revitalize his country’s economy.
Article | February 2025
Hidden Value: Tax-Loss Harvesting in Up Markets
- Selling for tax purposes is not just viable during periods of market weakness.
Article | February 2025
Ratings Renaissance in Emerging Market Corporates
- In a dynamic environment, we believe emerging market corporate credit ratings should show continued improvement.
CIO Weekly Perspectives | February 2025
Antitrust Angst
- Does the retention of the Biden-era M&A guidelines raise more doubts about the new U.S. administration’s pro-business agenda?
Article | February 2025
2024 Proxy Season in Review
- For the fifth consecutive year, Neuberger Berman continued our tradition of active engagement in an effort to enhance shareholder value and manage risk for our clients.
CIO Weekly Perspectives | February 2025
A Growth Mindset
- For more than two years, inflation news was the prime mover of market prices; we think last week confirmed that a new dynamic is in play.
Disruptive Forces in Investing | February 2025
What Do Tariffs Mean for Private Equity?
- (14:34) Ralph Eissler discusses tariffs and Private Equity with host Anu Rajakumar
Article | February 2025
Emerging Markets: Low Corporate Defaults Spell Potential Opportunity
- Investors appear to be underestimating credit prospects in a generally moderate economic climate.
Article | February 2025
What’s Next For Pharmacy Benefit Managers?
- These giant middlemen claim they help keep drug costs in check, but scrutiny—and competition—are brewing.
White Paper | February 2025
Japanese Equities in 2025: Goldilocks Would Approve
- Japanese Equities: Are the “Lost Decades” Finally in the Rear View?
Article | February 2025
Private Markets: As The Ice Breaks
- With a liquidity drought fading, investors can return to the more normal task of building private market portfolios designed to pursue unique investment goals.
White Paper | February 2025
Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk
- Is there structural mispricing in Corporate Hybrids?
CIO Weekly Perspectives | February 2025
The Tariff Man Cometh…and Go-eth?
- Are these levies just a negotiating tool, or an unorthodox revenue-raising scheme? The answer could determine how seriously investors should view them.
Article | February 2025
Local Currency Bonds: The Next Frontier
- Frontier markets are well represented in investors’ allocation to USD markets but not so much in local currencies. This may be changing given growing interest in its strong performance and benchmark providers creating more transparency.
Article | February 2025
The Golden Age of Customized AI Chips
- As demand for training large-scale AI models shifts to delivering more precise inferencing capabilities, the race to build application-specific chips is heating up.
Article | February 2025
Tariffs Are Here: What Does That Mean for Private Equity?
- We believe investments in private equity may be less affected by a tougher U.S. tariff regime than the overall economy.
CIO Weekly Perspectives | February 2025
A More Commodious Curve
- By fundamentally changing incentives, a normalizing yield curve makes the bond market much more friendly to investors.
Disruptive Forces in Investing | January 2025
Fixed Income Moves in 2025
- (23:42) CIO and Global Head of Fixed Income, Ashok Bhatia, discusses rates, inflation and policy with host Anu Rajakumar and how these forces could impact Fixed Income in 2025.
Article | January 2025
Fixed Income: Be Prepared for Policy-Driven Volatility
- In the wake of electoral shifts, policy changes could add to market turbulence, creating new risks but also opportunities.
Article | January 2025
Seeking Perspective On DeepSeek
- A Chinese AI start-up claimed its large-language model needs far less computing power than established models. What’s it all mean for chipmakers and the broader economy?
CIO Weekly Perspectives | January 2025
Are We Any Clearer About Trump 2.0?
- Were 26 executive orders enough to convey the new administration’s direction and resolve the uncertainties in our outlook?
White Paper | January 2025
Private Equity and Rates, Part II: Do Rates Really Matter for Private Equity?
- As the Federal Reserve embarks on a new rate cut cycle, we explore the long-term relationship between interest rates and private equity performance.
White Paper | January 2025
Corporate Hybrids Take the World Stage—Revisited
- The U.S. corporate hybrid market emerged as a competitor to Europe’s in 2024, creating alpha opportunities for global investors like Neuberger Berman.
Article | January 2025
Brightening Capex: A Value Tailwind?
- Global industrial activity appears to be gathering steam, potentially spurring capital expenditures, which could favor value stocks and small caps.
CIO Weekly Perspectives | January 2025
A Choppy Start to a Year of Uncertainties
- The first two weeks of 2025 perfectly illustrate why we see a wide dispersion of potential outcomes for the year, and advocate staying nimble and diversified.
White Paper | January 2025
Private Equity and Rates, Part I: The Theoretical Framework
- Why we think declining rates should raise private equity valuations, and help unblock deal activity and fund distributions.
Asset Allocation Committee Outlook | January 2025
A Delicate Balance
- We think easing inflation and a pro-business policy environment will support above-trend growth in 2025, but the balance is delicate with risks piled up on both sides.
Article | January 2025
Navigating the Tides of Political Transition
- As a new administration takes the helm, we believe investors should stay focused on the economic metrics, not political theatrics.
Fixed Income Investment Outlook | January 2025
Navigating New Fiscal Forces
- Monetary policy is giving way to fiscal dynamics in driving market behavior.
CIO Weekly Perspectives | January 2025
Growth, Inflation and Equity Markets
- We anticipate a supportive U.S. growth and inflation environment in 2025, but equity investors may not benefit from it by simply tracking the S&P 500 Index.
White Paper | January 2025
Navigating Private Credit’s Next Act
- As the private credit market rapidly evolves, we believe investors should consider a more flexible and specialized allocation approach.
Equity Market Outlook | January 2025
Equity Market Outlook 1Q 2025
- We believe a strong economy, rebounding industrial activity, improving liquidity and rising animal spirits should continue to support corporate earnings growth and a broadening of the U.S. equity market in the coming year.
Video | January 2025
Comparing Evergreen and Traditional Fund Returns
- As the landscape of private equity investing continues to evolve, evergreen funds have emerged as a compelling alternative to traditional funds.
Article | January 2025
The Potential Power Of AI Agents
- Unlike traditional bots, these virtual helpers can learn, adapt and manage tasks dynamically—putting us on the cusp of true AI proliferation.
Disruptive Forces in Investing | January 2025
Small Caps, Big Opportunities
- (12:12) Anu Rajakumar chats with Greg Spiegel on the opportunities, risks and potential of this asset class
Article | January 2025
Navigating 2025: The Intersection of Sustainability and Pragmatism
- How political trends could shape policy decisions and regulatory frameworks this year
CIO Weekly Perspectives | January 2025
The Year Ahead for Bond Markets
- Why we think 2025 presents a favorable backdrop for fixed income investors, despite the potential for rising volatility.
Disruptive Forces in Investing | December 2024
Solving for 2025
- (27:00) With specialized insights into growth drivers, equity market shifts, and bond market opportunities, we dive into our 2025 outlook, Solving for 2025.
CIO Weekly Perspectives | December 2024
Positive on Equities, Cautious on the S&P 500
- Why we think 2025 could bring a long-awaited reward for the discipline of diversification.
Article | December 2024
Navigating the Health Care Industry in Trump’s Second Term
- Significant policy proposals could be in store, along with a more business-friendly approach.
Article | December 2024
Emerging Markets Debt Under Trump 2.0
- EMD has been more resilient after November’s election than it was after the 2016 result—so, what has changed, and will this resilience last?
CIO Weekly Perspectives | December 2024
Fiscal to the Fore
- How the budget battles in France, Germany and even South Korea fit with our fiscally focused investment themes for the year ahead.
Article | December 2024
Private Funds CFO Roundtable: The Strategic CFO
- In a roundtable discussion conducted by Private Funds CFO, Barry Giarraputo discusses the role of the CFO In driving strategic direction while ensuring that scalable infrastructure is in place to deliver sustainable growth.
NB Blog | December 2024
Trump 2.0 and the Semiconductor Supply Chain
- Donald Trump’s re-election could accelerate efforts to localize semiconductor production and spark more “friend-shoring” across Southeast Asia.
Article | December 2024
Buyouts Secondaries Roundtable: This is Not a Market Moment
- In a roundtable discussion conducted by Buyouts, Boriana Karastoyanova evaluates the continued demand for capital solutions in the secondaries market, as both GPs and LPs navigate a shifting market backdrop.
Article | December 2024
The Opportunities Across Private Equity’s Current Liquidity Landscape
- There are attractive opportunities for experienced liquidity providers in the current private equity market environment.
CIO Weekly Perspectives | December 2024
COP29: Show Me the Money!
- Islands of agreement cannot disguise a rising sea of disappointment, piling pressure on COP30 to restore a spirit of multilateralism.
Article | November 2024
Neuberger Berman Private Markets: Q3 2024 Preliminary Valuation Summary & Analysis
- Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.
CIO Weekly Perspectives | November 2024
The Dollar and the Euro: On a Path to Parity?
- Why we think it could take longer than expected, with better entry points still to come.
NB Blog | November 2024
Small Caps: What You Don't Know But Should
- Small cap stocks span a wide range of characteristics and performance drivers that we believe index funds are not built to exploit.
CIO Weekly Perspectives | November 2024
Back to Business
- After a year of tumultuous elections, investors can now refocus on company fundamentals—and the outlook is more nuanced than it might seem.
Disruptive Forces in Investing | November 2024
Disruptive Forces Election Special: Trump's Cabinet
- (25:36) Join Anu Rajakumar and Brad Tank as they explore the anticipated differences, potential impacts, and policy directions of Trump 2.0.
Article | November 2024
Key Implications of Trump 2.0 for Private Equity
- While the policies and implications of Trump 2.0 are difficult to predict, we remain optimistic about private equity’s ability to navigate change in a dynamic environment and potentially deliver attractive risk-adjusted returns.
Article | November 2024
COP29: Temperature Overshoot, Policy Undershoot
- As COP29 gets underway, we consider the meeting agenda against the background of both the climate itself and recent progress on climate policy and financing.
White Paper | November 2024
Small Caps: To Index or Not to Index
- Small caps are the most passively managed among all equity size categories, yet we believe they offer a highly contoured and target-rich landscape for active stock selection.
CIO Weekly Perspectives | November 2024
Post-Election Vibes, New Year Realities
- The rush into risk assets could last through the end of the year, but thereafter the outlook becomes more complicated.
NB Blog | November 2024
Assessing Trump 2.0
- What does the U.S. election mean for growth, inflation, Fed policy and interest rates?
Video | November 2024
Value & Alpha in Private Equity
- In this Livewire interview David Stonberg, highlights the advantages of the private equity investment landscape.
Disruptive Forces in Investing | November 2024
Private Real Estate: From Uncertainty to Opportunity
- (18:08) Learn more about opportunities and challenges in the Private Real Estate space
NB Blog | November 2024
Small Caps Are Poised to Shine—Here’s Why
- Relative valuations, macro drivers, market dynamics: In our view, many signs appear to signal a small cap renaissance in the near- to mid-term.
CIO Weekly Perspectives | November 2024
An Investor's Election Survival Guide
- Brace for this week’s uncertainties rather than trying to trade them, and stay focused on the better-known headwinds and tailwinds in the longer-term outlook.
NB Blog | November 2024
Subdued Tone at the IMF
- Uncertainties around trade make for a somber economic summit, even as multilaterals could soften the potential blows.
NB Blog | November 2024
Networking the AI Data Center Autobahn
- As the AI revolution stokes demand for faster data transfer and reduced latency, a new ecosystem of innovators in various sub-sectors is taking shape.
NB Blog | October 2024
Real Assets: A Balancing Act
- In an environment with more questions than answers, we think real assets investors can benefit from a well-diversified, active approach.
White Paper | October 2024
Small Caps: The Next Cycle Is Upon Us
- We believe higher-quality small caps look poised to outperform their large-cap peers over the near- to mid-term.
CIO Weekly Perspectives | October 2024
Beware of Buying the Dip in Bonds
- Government bonds have sold off rapidly; here’s why we don’t think it’s time to buy back in.
White Paper | October 2024
Equity Market-Neutral Investing: More Than One Type of Catalyst
- How going under the radar offers the potential of a sustained uncorrelated return profile in equity market neutral investing.
CIO Weekly Perspectives | October 2024
The U.S. Election, the Economy and the Markets
- Taxes, tariffs, regulation and the deficit: What do we know about the U.S. presidential candidates’ economic proposals and their implications for investors?
Asset Allocation Committee Outlook | October 2024
Rates Relief or Slowdown Uncertainty?
- Our outlook for lower rates and a soft landing favors U.S. small caps, and we are watching China’s new stimulus closely for its impact on global cyclical assets.
NB Blog | October 2024
Japan's New Prime Minister Should Provide Continuity
- Despite initial market jitters, political veteran Shigeru Ishiba seems likely to carry the torch of Japan’s economic revitalization.
CIO Weekly Perspectives | October 2024
What Is the Opposite of Confirmation Bias?
- Many investors say they anticipate a soft landing for the U.S., but market swings suggest they are seizing on any excuse to position against that thesis.
Fixed Income Investment Outlook | October 2024
Treading Carefully Downhill
- Fixed income investors are welcoming rate cuts, but caution on duration and selectivity on credit remains important.
Article | October 2024
The 2024 Election: Navigating Potential Financial Sector Shifts
- We believe the outcome of the US presidential election could alter fundamental dynamics across the financial sector: Banking regulation, crypto, private equity, insurance—all stand to be shaped by the winner in November. Here is a look at some key areas and, in our view, the potential implications for investors.
Disruptive Forces in Investing | October 2024
Private Debt: The Appeal, The Fears & The Facts
- (22:21) Whether you are a seasoned investor or new to the world of Private Debt, this episode offers valuable perspectives on navigating the dynamic asset class.
CIO Weekly Perspectives | October 2024
Amplified Volatility Leads to Muted Bets
- To get through the current environment, we think it is important not to chase the markets, but to let them come to you.
Equity Market Outlook | October 2024
Equity Market Outlook 4Q 2024
- Despite a slowing U.S. economy, we reaffirm many of our Q3 recommendations and think the odds of an imminent recession remain low.
CIO Weekly Perspectives | October 2024
CLOs Go Mainstream
- Rates are on their way down—so why are investors lining up for these floating-rate securities?
Disruptive Forces in Investing | September 2024
Rates and REITs
- (22:26) Is now the right time to return to REITs?
White Paper | September 2024
Comparing Evergreen and Traditional Fund Returns
- As the landscape of private equity investing continues to evolve, evergreen funds have emerged as a compelling alternative to traditional funds.
CIO Weekly Perspectives | September 2024
The Fed “Recalibrates” to Buy Some Insurance
- Rate-cutting cycles have tended to favor risk assets, so it was gratifying to see the central bank get started with a meaningful move.
Article | September 2024
Returning to REITs
- As inflation declines and interest rates are cut, the future may be brightening for one of the most beaten-down U.S. equity sectors.
Article | September 2024
Technology Runs Through Asia
- Across the “Golden Triangle” and beyond, Asian companies are forming a foundation for global technological growth and development.
CIO Weekly Perspectives | September 2024
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?
Alternative Investments: Real Assets and Uncorrelated Strategies
Historically low bond yields, tight credit spreads and high equity market valuations raise the likelihood that stocks and bonds will become more correlated and more volatile. In our view, the potential for structurally higher inflation and a less favorable growth-inflation mix increases that likelihood still further. The traditional 60/40 portfolio appears vulnerable. We think alternative diversifiers will need to play a more prominent role, with a focus on those with particular sensitivity to inflation.
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Session IV: Private Markets
Tony Tutrone and Susan Kasser share their views on how Private Equity is impacted by today's inflationary environment
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Session I: Real Assets
Hear Neuberger Berman’s senior investment leaders share their views on how to navigate real assets in the current inflationary environment.
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- (17:57) Discover how tax-efficient strategies can unlock hidden value in volatile markets.
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- We believe the new German government’s infrastructure plans have the potential to materially benefit the European high yield market.
CIO Weekly Perspectives | March 2025
“Wait and Worry” or “Wait and See”?
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White Paper | March 2025
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Disruptive Forces in Investing | March 2025
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- (20:32) Is it time for investors to rethink their approach to value investing?
CIO Weekly Perspectives | March 2025
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Article | March 2025
The M&A Resurgence: Finding Opportunities in Fixed Income
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CIO Weekly Perspectives | March 2025
Mr. Trump Goes to Washington
- The new U.S. administration has promised many pro-growth policies, but can those ambitions survive the disruptive measures of its early months?
Video | March 2025
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Article | March 2025
Going Global in Investment Grade Credit
- Investment grade credit yields are attractive even though spreads are tight, and a global approach can add another layer of opportunity.
Disruptive Forces in Investing | March 2025
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- (28:03) How are market assumptions about AI shaping investor sentiment, and what do advancements like DeepSeek mean for the future of semiconductors and global innovation?
CIO Weekly Perspectives | March 2025
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- The country’s politics are getting a boost of uncharacteristic urgency from coming Chancellor Friedrich Merz, with even the constitutional “debt brake” up for grabs.
White Paper | March 2025
Local-Currency Frontier Bonds: EMD’s New Horizon
- High yields, surprisingly low volatility and strong diversification benefits are attracting investor interest.
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Forget the Magnificent 7: Meet China’s Terrific 10
- China’s top tech firms are emerging as global contenders as President Xi Jinping aims to boost innovation and revitalize his country’s economy.
Article | February 2025
Hidden Value: Tax-Loss Harvesting in Up Markets
- Selling for tax purposes is not just viable during periods of market weakness.
Article | February 2025
Ratings Renaissance in Emerging Market Corporates
- In a dynamic environment, we believe emerging market corporate credit ratings should show continued improvement.
CIO Weekly Perspectives | February 2025
Antitrust Angst
- Does the retention of the Biden-era M&A guidelines raise more doubts about the new U.S. administration’s pro-business agenda?
Article | February 2025
2024 Proxy Season in Review
- For the fifth consecutive year, Neuberger Berman continued our tradition of active engagement in an effort to enhance shareholder value and manage risk for our clients.
CIO Weekly Perspectives | February 2025
A Growth Mindset
- For more than two years, inflation news was the prime mover of market prices; we think last week confirmed that a new dynamic is in play.
Disruptive Forces in Investing | February 2025
What Do Tariffs Mean for Private Equity?
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Emerging Markets: Low Corporate Defaults Spell Potential Opportunity
- Investors appear to be underestimating credit prospects in a generally moderate economic climate.
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What’s Next For Pharmacy Benefit Managers?
- These giant middlemen claim they help keep drug costs in check, but scrutiny—and competition—are brewing.
White Paper | February 2025
Japanese Equities in 2025: Goldilocks Would Approve
- Japanese Equities: Are the “Lost Decades” Finally in the Rear View?
Article | February 2025
Private Markets: As The Ice Breaks
- With a liquidity drought fading, investors can return to the more normal task of building private market portfolios designed to pursue unique investment goals.
White Paper | February 2025
Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk
- Is there structural mispricing in Corporate Hybrids?
CIO Weekly Perspectives | February 2025
The Tariff Man Cometh…and Go-eth?
- Are these levies just a negotiating tool, or an unorthodox revenue-raising scheme? The answer could determine how seriously investors should view them.
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Local Currency Bonds: The Next Frontier
- Frontier markets are well represented in investors’ allocation to USD markets but not so much in local currencies. This may be changing given growing interest in its strong performance and benchmark providers creating more transparency.
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The Golden Age of Customized AI Chips
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Tariffs Are Here: What Does That Mean for Private Equity?
- We believe investments in private equity may be less affected by a tougher U.S. tariff regime than the overall economy.
CIO Weekly Perspectives | February 2025
A More Commodious Curve
- By fundamentally changing incentives, a normalizing yield curve makes the bond market much more friendly to investors.
Disruptive Forces in Investing | January 2025
Fixed Income Moves in 2025
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Fixed Income: Be Prepared for Policy-Driven Volatility
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CIO Weekly Perspectives | January 2025
Are We Any Clearer About Trump 2.0?
- Were 26 executive orders enough to convey the new administration’s direction and resolve the uncertainties in our outlook?
White Paper | January 2025
Private Equity and Rates, Part II: Do Rates Really Matter for Private Equity?
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Corporate Hybrids Take the World Stage—Revisited
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Brightening Capex: A Value Tailwind?
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CIO Weekly Perspectives | January 2025
A Choppy Start to a Year of Uncertainties
- The first two weeks of 2025 perfectly illustrate why we see a wide dispersion of potential outcomes for the year, and advocate staying nimble and diversified.
White Paper | January 2025
Private Equity and Rates, Part I: The Theoretical Framework
- Why we think declining rates should raise private equity valuations, and help unblock deal activity and fund distributions.
Asset Allocation Committee Outlook | January 2025
A Delicate Balance
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Navigating the Tides of Political Transition
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Fixed Income Investment Outlook | January 2025
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White Paper | January 2025
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Video | January 2025
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Small Caps, Big Opportunities
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Article | January 2025
Navigating 2025: The Intersection of Sustainability and Pragmatism
- How political trends could shape policy decisions and regulatory frameworks this year
CIO Weekly Perspectives | January 2025
The Year Ahead for Bond Markets
- Why we think 2025 presents a favorable backdrop for fixed income investors, despite the potential for rising volatility.
Disruptive Forces in Investing | December 2024
Solving for 2025
- (27:00) With specialized insights into growth drivers, equity market shifts, and bond market opportunities, we dive into our 2025 outlook, Solving for 2025.
CIO Weekly Perspectives | December 2024
Positive on Equities, Cautious on the S&P 500
- Why we think 2025 could bring a long-awaited reward for the discipline of diversification.
Article | December 2024
Navigating the Health Care Industry in Trump’s Second Term
- Significant policy proposals could be in store, along with a more business-friendly approach.
Article | December 2024
Emerging Markets Debt Under Trump 2.0
- EMD has been more resilient after November’s election than it was after the 2016 result—so, what has changed, and will this resilience last?
CIO Weekly Perspectives | December 2024
Fiscal to the Fore
- How the budget battles in France, Germany and even South Korea fit with our fiscally focused investment themes for the year ahead.
Article | December 2024
Private Funds CFO Roundtable: The Strategic CFO
- In a roundtable discussion conducted by Private Funds CFO, Barry Giarraputo discusses the role of the CFO In driving strategic direction while ensuring that scalable infrastructure is in place to deliver sustainable growth.
NB Blog | December 2024
Trump 2.0 and the Semiconductor Supply Chain
- Donald Trump’s re-election could accelerate efforts to localize semiconductor production and spark more “friend-shoring” across Southeast Asia.
Article | December 2024
Buyouts Secondaries Roundtable: This is Not a Market Moment
- In a roundtable discussion conducted by Buyouts, Boriana Karastoyanova evaluates the continued demand for capital solutions in the secondaries market, as both GPs and LPs navigate a shifting market backdrop.
Article | December 2024
The Opportunities Across Private Equity’s Current Liquidity Landscape
- There are attractive opportunities for experienced liquidity providers in the current private equity market environment.
CIO Weekly Perspectives | December 2024
COP29: Show Me the Money!
- Islands of agreement cannot disguise a rising sea of disappointment, piling pressure on COP30 to restore a spirit of multilateralism.
Article | November 2024
Neuberger Berman Private Markets: Q3 2024 Preliminary Valuation Summary & Analysis
- Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.
CIO Weekly Perspectives | November 2024
The Dollar and the Euro: On a Path to Parity?
- Why we think it could take longer than expected, with better entry points still to come.
NB Blog | November 2024
Small Caps: What You Don't Know But Should
- Small cap stocks span a wide range of characteristics and performance drivers that we believe index funds are not built to exploit.
CIO Weekly Perspectives | November 2024
Back to Business
- After a year of tumultuous elections, investors can now refocus on company fundamentals—and the outlook is more nuanced than it might seem.
Disruptive Forces in Investing | November 2024
Disruptive Forces Election Special: Trump's Cabinet
- (25:36) Join Anu Rajakumar and Brad Tank as they explore the anticipated differences, potential impacts, and policy directions of Trump 2.0.
Article | November 2024
Key Implications of Trump 2.0 for Private Equity
- While the policies and implications of Trump 2.0 are difficult to predict, we remain optimistic about private equity’s ability to navigate change in a dynamic environment and potentially deliver attractive risk-adjusted returns.
Article | November 2024
COP29: Temperature Overshoot, Policy Undershoot
- As COP29 gets underway, we consider the meeting agenda against the background of both the climate itself and recent progress on climate policy and financing.
White Paper | November 2024
Small Caps: To Index or Not to Index
- Small caps are the most passively managed among all equity size categories, yet we believe they offer a highly contoured and target-rich landscape for active stock selection.
CIO Weekly Perspectives | November 2024
Post-Election Vibes, New Year Realities
- The rush into risk assets could last through the end of the year, but thereafter the outlook becomes more complicated.
NB Blog | November 2024
Assessing Trump 2.0
- What does the U.S. election mean for growth, inflation, Fed policy and interest rates?
Video | November 2024
Value & Alpha in Private Equity
- In this Livewire interview David Stonberg, highlights the advantages of the private equity investment landscape.
Disruptive Forces in Investing | November 2024
Private Real Estate: From Uncertainty to Opportunity
- (18:08) Learn more about opportunities and challenges in the Private Real Estate space
NB Blog | November 2024
Small Caps Are Poised to Shine—Here’s Why
- Relative valuations, macro drivers, market dynamics: In our view, many signs appear to signal a small cap renaissance in the near- to mid-term.
CIO Weekly Perspectives | November 2024
An Investor's Election Survival Guide
- Brace for this week’s uncertainties rather than trying to trade them, and stay focused on the better-known headwinds and tailwinds in the longer-term outlook.
NB Blog | November 2024
Subdued Tone at the IMF
- Uncertainties around trade make for a somber economic summit, even as multilaterals could soften the potential blows.
NB Blog | November 2024
Networking the AI Data Center Autobahn
- As the AI revolution stokes demand for faster data transfer and reduced latency, a new ecosystem of innovators in various sub-sectors is taking shape.
NB Blog | October 2024
Real Assets: A Balancing Act
- In an environment with more questions than answers, we think real assets investors can benefit from a well-diversified, active approach.
White Paper | October 2024
Small Caps: The Next Cycle Is Upon Us
- We believe higher-quality small caps look poised to outperform their large-cap peers over the near- to mid-term.
CIO Weekly Perspectives | October 2024
Beware of Buying the Dip in Bonds
- Government bonds have sold off rapidly; here’s why we don’t think it’s time to buy back in.
White Paper | October 2024
Equity Market-Neutral Investing: More Than One Type of Catalyst
- How going under the radar offers the potential of a sustained uncorrelated return profile in equity market neutral investing.
CIO Weekly Perspectives | October 2024
The U.S. Election, the Economy and the Markets
- Taxes, tariffs, regulation and the deficit: What do we know about the U.S. presidential candidates’ economic proposals and their implications for investors?
Asset Allocation Committee Outlook | October 2024
Rates Relief or Slowdown Uncertainty?
- Our outlook for lower rates and a soft landing favors U.S. small caps, and we are watching China’s new stimulus closely for its impact on global cyclical assets.
NB Blog | October 2024
Japan's New Prime Minister Should Provide Continuity
- Despite initial market jitters, political veteran Shigeru Ishiba seems likely to carry the torch of Japan’s economic revitalization.
CIO Weekly Perspectives | October 2024
What Is the Opposite of Confirmation Bias?
- Many investors say they anticipate a soft landing for the U.S., but market swings suggest they are seizing on any excuse to position against that thesis.
Fixed Income Investment Outlook | October 2024
Treading Carefully Downhill
- Fixed income investors are welcoming rate cuts, but caution on duration and selectivity on credit remains important.
Article | October 2024
The 2024 Election: Navigating Potential Financial Sector Shifts
- We believe the outcome of the US presidential election could alter fundamental dynamics across the financial sector: Banking regulation, crypto, private equity, insurance—all stand to be shaped by the winner in November. Here is a look at some key areas and, in our view, the potential implications for investors.
Disruptive Forces in Investing | October 2024
Private Debt: The Appeal, The Fears & The Facts
- (22:21) Whether you are a seasoned investor or new to the world of Private Debt, this episode offers valuable perspectives on navigating the dynamic asset class.
CIO Weekly Perspectives | October 2024
Amplified Volatility Leads to Muted Bets
- To get through the current environment, we think it is important not to chase the markets, but to let them come to you.
Equity Market Outlook | October 2024
Equity Market Outlook 4Q 2024
- Despite a slowing U.S. economy, we reaffirm many of our Q3 recommendations and think the odds of an imminent recession remain low.
CIO Weekly Perspectives | October 2024
CLOs Go Mainstream
- Rates are on their way down—so why are investors lining up for these floating-rate securities?
Disruptive Forces in Investing | September 2024
Rates and REITs
- (22:26) Is now the right time to return to REITs?
White Paper | September 2024
Comparing Evergreen and Traditional Fund Returns
- As the landscape of private equity investing continues to evolve, evergreen funds have emerged as a compelling alternative to traditional funds.
CIO Weekly Perspectives | September 2024
The Fed “Recalibrates” to Buy Some Insurance
- Rate-cutting cycles have tended to favor risk assets, so it was gratifying to see the central bank get started with a meaningful move.
Article | September 2024
Returning to REITs
- As inflation declines and interest rates are cut, the future may be brightening for one of the most beaten-down U.S. equity sectors.
Article | September 2024
Technology Runs Through Asia
- Across the “Golden Triangle” and beyond, Asian companies are forming a foundation for global technological growth and development.
CIO Weekly Perspectives | September 2024
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?
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