Neuberger Berman
The latest research and outlooks in the ProAllocate library
- Macro
CIO Notebook: Democrats Sweep Congress
The asset manager argues that despite a Democratic sweep in US midterms raising policy uncertainty around data centers, healthcare and tariffs, it is maintaining allocations while seeing opportunities in equities and credit after the AI trade's recent weakness.
- Wealth Management
A Primer on Tax-Efficient Investing Strategies
Neuberger Berman's Doug Kramer explains how tax-deferral strategies—tax-loss harvesting, ETFs, exchange funds, 351 exchanges—help investors manage concentrated, low-cost-basis stock positions while compounding wealth, amid rising IRS scrutiny.
- Fixed Income
CIO Weekly: Seeing the Rate Hikes Through the Holds
The Fed, ECB and BoJ held rates steady but are expected to hike again in December as inflation persists, with the BoE likely to follow this week. The authors favour long-duration positioning in the US and selective exposure across European curves amid growth risks.
- Macro
CIO Notebook: Fed Holds Rates Steady, Cites the Need for More Information
The FOMC held rates at 3.75%-4.00% with two dissents favoring a hike, while Fed Chair Kevin Warsh struck a more dovish tone than September and unveiled a new 2027-28 meeting cadence. The firm responded by trimming small-mid cap and emerging market equity exposure, cutting duration, and adding to commodities.
- Macro
Market Outlook: Growing Pains
Rising global bond yields and resurgent inflation threaten to undermine the AI-driven equity rally, even as economic fundamentals and corporate earnings remain strong. The outlook calls for a more selective, diversified positioning across equities, fixed income and private markets as rate and concentration risks increase.
- Fixed Income
Fixed Income: Takeaways Amid Turbulence
Neuberger Berman argues that despite volatility from AI-related issuance, a hawkish Federal Reserve under Kevin Warsh, and energy-driven inflation, opportunities are emerging in short-to-intermediate bonds, securitized credit, high yield and non-U.S. fixed income. It recommends deploying cash and diversifying across sectors, geographies and duration rather than staying defensive.
- Macro
Investment Lens: Looking Past the Midterms
Historical data show equities typically rally in the year following U.S. midterm elections regardless of outcome, and the analysis argues a likely divided Congress would produce gridlock rather than market-moving policy shifts. Fundamentals like AI capital expenditure, Fed policy and rates will matter more than the election result.
- Equities
CIO Weekly: Three Tests to the Equities Rally
With Q3 earnings, the Fed decision and U.S. midterms converging, the report argues investors should stay invested but selective, favouring firms with strong balance sheets and margins. It expects short-term volatility followed by a more supportive, seasonally strong year-end period.
- Fixed Income
CLOs: Relative Value Opportunities Emerge
CLO BB-rated tranches continue to offer a spread and yield premium over comparably rated high-yield bonds, reflecting complexity, liquidity and mark-to-market risk rather than higher default risk. The report argues current pricing represents fair relative value given strong structural protections and low historical defaults.