“We are honored to now be able to broadly serve Chinese investors in local markets, as we have operated in other important global markets over our 85-year history. Our long-term investment performance and ESG leadership were at the core of our mutual fund company application and will enable us to be a positive force for Chinese investors, issuers, markets and the global community,” said Patrick Liu, CEO of Neuberger Berman Fund Management (China) Limited.

Mr. Liu further said: “We are honored to be the second global asset manager approved to begin our mutual fund business operations in China. China is the world’s second largest capital market and the country’s commitment to opening up to high-quality financial services will bring significant opportunities for local investors.”

Neuberger Berman has been expanding its Shanghai-based professional team including, most recently, adding Michelle Wei. Ms. Wei, who joined in October 2022, has been driving the Fund Management Company’s strategic planning and in 2023 will assume the role of Chief Investment Officer – Equities of the FMC, spearheading the development of investment strategy, managing the equity research team, providing supervision to the investment process, and overseeing asset allocation and risk management across equity portfolios.

Apart from the appointment of Michelle Wei, Neuberger Berman recently made other senior appointments in Asia and in China. Charles Nguyen, Managing Director, Public Equities ESG Investing, will be relocating from New York to Shanghai to lead Neuberger Berman’s ESG efforts across Asia. In July 2022, the firm appointed Edward Fang as Head of ESG Research for the FMC. The local platform also includes fixed income and quantitative strategies led by long-tenured Neuberger Berman portfolio managers Peter Ru and Ping Zhou, respectively.

All information is as of June 30, 2022 unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history/timeline includes the history of all firm subsidiaries, including predecessor entities and acquisitions.

This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

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Lonsec upgraded the Fund’s rating to ‘recommended’ in September 2021, following the addition of the fund to Macquarie Wrap, BT Panorama, BT Wrap, and Xplore Wealth.

The Strategic Income Fund is a flexible, multi-sector, global fixed income portfolio and was launched in Australia a little over two years ago.  It seeks attractive risk-adjusted results by investing across the entire bond market with a focus on exploiting mispriced sectors and offers investors with attractive return potential.

Since the launch of the Fund in Australia, awareness of the Neuberger Berman brand and investment philosophy has grown across dealer groups as advisers demand greater diversity in product quality to meet their individual client needs.

Head of Intermediary Distribution at Neuberger Berman Australia, Matthew Thompson, said, “In today’s low yielding environment and uncertain markets, investors want an effective way to generate consistent income, our Strategic Income Fund’s agile and opportunistic approach is an attractive option to meet these demands.”

The Fund is also rated as ‘Recommended’ by Zenith and is available on HUB24 and Netwealth, in addition to the newly announced platforms.

The addition of Neuberger Berman’s funds to a growing base of popular investment platforms reflects the global asset manager’s ongoing commitment to grow its footprint and bring its best-in-class global solutions to the Australian intermediary market. The Strategic Income Fund offers dealer groups the opportunity for their clients to receive a strong monthly income tied to ESG considerations and a multi-sector approach.

As at 31 August 2021, Neuberger Berman’s local asset under management is over US$9 billion.

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Jennifer Signori

Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce that the NB Private Equity Impact Fund (Impact Fund or Fund) held its final close with nearly $280 million of commitments.

The successful fundraise demonstrates the growth of Neuberger Berman’s private equity impact investment strategy and the manager’s active role in the market. Neuberger Berman manages $429 billion in AUM with over $96 billion of committed capital to private markets.

The Impact Fund primarily invests in direct and fund investments that seek to achieve positive social and environmental outcomes that are aligned with the UN Sustainable Development Goals and that also meet NB Private Equity’s traditional underwriting standards. The Fund invests in opportunities that are aligned with broader investment themes such as improving health outcomes, addressing climate change and energy needs, and improving sustainable growth and employment.

Australian Managing Director, Paul O’Halloran, said “The appetite amongst Australian investors to align their capital with the impact segment is rapidly increasing. Investors want to access the emerging best in class managers that have a demonstrated long term commitment to impact investing and our firm is committed to providing investors access to best-in-class impact investments.”

The direct investments in the Fund seek to increase overall capital efficiency and mitigate the J-curve. Risk is mitigated through diverse exposure to top-tier managers and companies. Additionally, the Fund’s impact metrics are tracked and shared with Limited Partners.

As of March 31, 2021, the Impact Fund has committed $132 million to direct investments (co-investments), primary fund commitments and secondary transactions; each representing a compelling impact and investment thesis.

Investments include market-leading businesses that we believe have sound capital structures and that are generally focused on essential products and services that contribute to social and environmental solutions and therefore are less cyclical than the broader market. Examples include a point of use water filtration and dispenser company that is displacing plastic water bottles, a next generation broadband technology platform and an online tutoring solution that delivers both high-quality and affordable tutoring to K-12 students.

The Fund will be deployed by a global team of over 60 investment professionals. Additionally, ~35% of the Fund’s senior leadership team is comprised of women and underrepresented minority backgrounds, bringing a perspective uncommon in the industry.

Jennifer Signori, Managing Director at Neuberger Berman stated, “We believe that the Impact Fund’s focus on more essential products and services has enabled the portfolio to perform even during market turmoil. A number of the investment themes targeted by the impact strategy we believe are benefiting from societal and market tailwinds that perhaps even accelerated through the course of 2020. For instance, opportunities related to the value chain of medical innovations, technology solutions especially related to the delivery of education and healthcare, and solutions that are simultaneously addressing climate change and supporting economic development, are prime examples where we have seen increased investment opportunities in the market overall.  Further, we benefit from the scale and strength of the Neuberger Berman Private Equity platform and invest selectively as we look to make a positive impact with our capital.”

ESG investing is core to Neuberger Berman and the firm builds upon this commitment with sustainable and impact investing solutions in partnership with clients. Neuberger Berman’s commitment to ESG investing is reflected in the firm’s A+ rating for 2018, 2019 and 2020 PRI Assessment Report on ESG Strategy & Governance as well as Private Equity (most recent assessment). The firm was named to the 2020 PRI Leaders Group, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices).

The Impact Fund is backed by a global investor base that includes public and private pension plans, insurance companies and other financial institutions, endowments, foundations and family offices. Investors are represented across a broad geographic range including North America, Europe, Asia and Australia.

Maura Reilly Kennedy, Managing Director at Neuberger Berman stated “We are honored to partner with world-class investors across geographies who share our vision that one can create real and lasting value by investing in companies that seek to provide solutions for the world’s most pressing needs.”

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Neuberger Berman currently manages approximately US$374 billion for global clients and was recently listed on the Principles of Responsible Investment (PRI) 2020 Leaders Group, earning straight A+ scores in the PRI’s assessment of the firm’s ESG integration efforts.

Mr. Wallis has more than 13 years’ experience in the investment management industry, and joins from Perpetual Investments, where he was a Strategic Account Manager. Before joining Perpetual Investments, Mr. Wallis worked for Bennelong Funds Management, Zurich Investments and Morningstar.

In his role, Mr. Wallis will continue to drive the firm’s growth in the intermediary channel, providing advisers and investors with investment solutions from Neuberger Berman’s suite of products, which encompass every major asset class including equities, fixed income, and private equity.

Matt Thompson, Head of Intermediary Distribution at Neuberger Berman, said, “We are excited to welcome Mr Wallis to our Australian team. Zac’s established experience and wealth of industry knowledge will be of value as we continue to solidify our presence in the Australian intermediary market.”

Commenting on his appointment, Mr Wallis said, “I am delighted to be joining Neuberger Berman whose industry track record and commitment to excellence presented an attractive opportunity for growth. I look forward to joining the team as they continue to grow from strength to strength.”

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Neuberger Berman Emerging Markets Equity Select Fund (“Emerging Markets Equity Select Fund”) and Neuberger Berman Strategic Income Fund (“Strategic Income Fund”) were both launched in Australia 12 months ago, with the manager looking to grow its footprint and bring its best in class global solutions to the Australian intermediary market.

The addition of these managed funds to popular investment platforms reflects Neuberger Berman’s ongoing commitment to further its offering and broaden Australian investors’ access to global investment capabilities. In addition to HUB24 and Netwealth, the manager expects its funds to be added to other major investment platforms in the coming months.

“We’ve seen an increased interest in Neuberger Berman’s funds as the Australian adviser community recognises our global reach, in-depth market capabilities and strong experience across multiple asset classes,” said Head of Intermediary Distribution at Neuberger Berman Matthew Thompson.

On the Strategic Income Fund, Mr Thompson noted it suited investors seeking alternative income sources.

“Many investors looking for income have historically relied on term deposits or equity dividends. With cash rates at historic lows^[1] and equity dividends challenged, investors are seeking alternative sources of income, and a multi-fixed income solution fulfils this need,” said Mr Thompson.

“With Covid-19 and ongoing trade tensions affecting global equities markets, there are  companies in emerging markets now trading  at attractive valuations, presenting opportunities  as these economies gradually recover. Australian investors seeking diversification and strong capital appreciation in the long-term are looking at emerging market equities as part of their portfolio allocation,” added Mr Thompson.

Neuberger Berman Emerging Markets Equity Select Fund aims to achieve long-term capital growth by investing in emerging market equities issued by companies that have sustainable cash flow growth and are trading at attractive valuations. In early 2020, the fund received maiden ‘Recommended’ ratings from Zenith^[2] and Lonsec^[3].

Neuberger Berman Strategic Income Fund is a flexible, multi-sector, global fixed Income portfolio. The fund invests opportunistically in a wide range of fixed income assets, and is designed for investors seeking sustainable levels of income and global diversification. The fund has a Zenith^[2] ‘Recommended’ rating and an ‘Investment grade’ recommendation from Lonsec^[3].

As of 30 June, 2020, Neuberger Berman manages US$357 billion in client assets.

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1. Source: Bloomberg, as of July 21, 2020
2. The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned as follows: APIR ETL1713AU – October 2019; APIR ETL1411AU – February 2020) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines
3. The Lonsec Rating (APIR ETL1713AU – March 2020; APIR ETL4930AU – March 2020; APIR ETL1411AU – December 2019; APIR ETL5210AU – December 2019) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Man Group plc or GSFM Responsible Entity Services Limited product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at:  http://www.lonsecresearch.com.au/research-solutions/our-ratings

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The Fund, which was launched in August, aims to achieve long-term capital growth by investing in emerging market equities issued by companies that are listed or traded globally, have sustainable cash flow growth and are trading at attractive valuations.

Zenith’s report noted the EME Select Fund was an “appealing offering with a solid track record” and that “Neuberger Berman’s breadth of investment resources provides the investment team with a competitive advantage”.

About the fund

• The Fund is designed for retail investors who want exposure to emerging markets through a disciplined investment process. It adopts a flexible strategy and invests in companies and industries that will benefit from emerging markets’ domestic growth, and not just the export and commodity growth-oriented companies that have historically led these markets.
• Unlike other EME funds, the Fund can also selectively invest in companies outside the benchmark and assesses material ESG factors to identify high quality companies with long term risk.
• As of 30 September 2019, Neuberger Berman’s Emerging Market Equity team managed over US$7 billion of global assets.

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The Fund aims to maximise total return from high current income and long-term capital appreciation by opportunistically investing in a wide range of fixed income assets, such as investment grade, high yield and emerging market debt.

Unlike traditional fixed income products, the Fund’s sector and duration allocation is actively managed to adapt to changing market conditions. It adopts a flexible multi-sector bond strategy that invests across the fixed-income universe with the ability to go beyond the benchmark^[1] .

“We believe a flexible bond strategy is the best way to navigate the market in uncertain times, and our strategy seeks to provide high current income whilst preserving capital in turbulent markets.” said Matt Thompson, Head of Intermediary Distribution at Neuberger Berman.

The Neuberger Berman Strategic Income Strategy (“the Strategy”) was first launched as a fund vehicle in the US^[2] in 2003 and subsequently launched in Europe^[3] in 2013. Portfolio diversification and a dynamic approach to duration management and sector allocations have benefitted the Strategy’s historical performance, particularly during challenging market environments. In the US, the fund has delivered positive returns in 13 years out of its 15 years history including volatile years such as 2008, 2011 and 2013.

“Year after year, no one fixed income sector consistently outperforms. A dynamic and flexible approach to fixed income is required to capitalize on investment opportunities amidst changing market conditions” Mr Thompson added.

The Fund allows investors to access the expertise and proven investment capabilities of Neuberger Berman’s fixed income and multi-sector specialists, including Brad Tank, Chief Investment Officer, Ashok Bhaita, Deputy Chief Investment Officer and Jon Jonnson, Senior Portfolio Manager, who each have more than 20 years’ experience.

As of 30 June 2019, Neuberger Berman managed over US$151 billion in fixed income alone.

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[1] Bloomberg Barclays U.S. Aggregate Index
[2] US mutual funds are not available to investors outside the United States.
[3] In Europe, the strategy is distributed in Undertakings for Collective Investment in Transferable Securities (UCITS) vehicle

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Jonathan Bailey

Global investment manager Neuberger Berman has been shortlisted for ESG incorporation initiative of the year at the upcoming PRI awards for systematically analysing the potential investment implications of climate change across portfolios.

The firm was also awarded top scores across all categories in the latest United Nations-backed Principles for Responsible Investment (PRI) assessment report which measures Environmental, Social and Governance (ESG) integration efforts among 1,100 investment firms worldwide.

Neuberger Berman obtained the highest score, A+, for its overarching approach to ESG strategy and governance. It also earned an A+ for ESG integration across every asset class, and is rated above the peer median on every category.

Head of ESG Investing at Neuberger Berman, Jonathan Bailey, noted the firm’s top score and shortlisting reflects the firm’s overall approach to ESG across all investment practices.

“Both industry recognitions reflect the work of our analysts and portfolio managers in integrating our ESG philosophy and proprietary ESG ratings systems across asset classes,” said Mr Bailey.

As part of Neuberger Berman’s integrated ESG approach, portfolio managers analyse and review which securities are likely to financially benefit or suffer from changes in weather patterns, regulation or technology shifts.

By systematically analysing the potential investment implications of climate change across portfolios, the firm has developed a resource to enhance long-term value creation for clients.

For example, Neuberger Berman runs a range of climate change scenarios, including those aligned with a 2° Celsius and a 1.5° Celsius transition. The results allow the firm’s analysts to focus on engaging with companies and management teams who appear to be particularly at risk and provide bottom-up insights to further enhance understanding of climate risk.

“As the world transitions to a lower carbon economy, it is important for us to understand how best to position our portfolios to serve our clients’ objectives,” said Mr Bailey.

“No scenario will be perfectly accurate, but by systematically modelling climate-related risk and opportunity, our portfolio managers are better informed about how their portfolios are positioned. They can then choose how best to apply all the tools of active management, whether that is to engage or ultimately to sell a security when it no longer offers an attractive risk-adjusted potential return.”

In recent years, the employee-owned investment manager has made improvement in its score, most notably in Fixed Income (Corporate Non-Financial) and Private Equity. This year, the firm improved its score to A+ for its approach to Active Ownership in Listed Equity—a grade that only 13% of asset managers with >US$50b in AUM received.^[1]

Neuberger Berman was also shortlisted for ESG incorporation initiative of the year at the upcoming PRI awards. Winners will be announced on 10 September.

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Brad Tank

We don’t need an inverted yield curve to tell us a global manufacturing downturn may be underway.

The business networks were flashing red all day last Wednesday as the spread between the U.S. Treasury 2- and 10-year yields turned negative for the first time since 2007.

We’ve written a lot about why we think the yield curve is a less reliable forecaster of recession than it used to be. But to be honest, the point now seems a little academic. Looking to the yield curve for signs of a slowdown last week was like checking the barometer while your roof was getting blown off.

To gauge the pressure in the global economy, look at China and Germany—and last week the winds there turned very cold indeed.

Shrinking

On Monday we got weak credit and money growth data from China; that was worrying because credit growth has tended to be a good leading indicator for the wider economy. On Wednesday China reported its weakest industrial production growth for 17 years, weak retail sales, soft fixed asset investment and an uptick in unemployment.

On the same day we learned that Germany’s economy shrank in the second quarter. A recession now seems likely. That data hit less than 24 hours after a miserable read from Germany’s ZEW Economic Sentiment Index.

For a year now, we have been talking about a soft-landing slowdown in the U.S. and a potential stabilization of growth in the rest of the world. We still anticipate a soft landing for the U.S., but China is struggling to find the bottom and Germany appears to be in freefall.

Uniquely geared to powerful forces

Furthermore, this is not the tale of a few quarters.

In January 2018, following a year of synchronized global growth, many of the world’s equity markets hit a peak: manufacturing Purchasing Managers’ Indices in the 12 largest economies were all showing expansion, and Germany’s topped the table with a reading of 61.1. Today, only four show manufacturing in expansion, and Germany is at the bottom of the pile at 43.2.

In fact, this story goes back much more than just a couple of years. Germany has spent a generation uniquely geared to three powerful forces: a euro that was weak relative to the strength of the German economy; a world that couldn’t get enough of German cars and machinery; and the growing proportion of global GDP growth driven by international trade.

Today, Germany is struggling because it is on the wrong side of a sea change in the global autos market, and because trade as a share of global growth has been shrinking for a decade. The U.S.-China trade dispute, which now looks set to step up a notch as we head into the fall and winter, is just the latest, most disruptive stage of that trend.

These are structural rather than merely cyclical issues.

Fiscal support

If Germany is the canary in the coalmine of a global manufacturing downturn, where can we potentially find the escape route?

We have been contrasting the weakness in manufacturing with the resilience of the consumer, but as a downturn deepens it is likely only a matter of time before jobs start to disappear and that confidence gets sapped. Shoppers likely won’t spend their way out of this alone. Global manufacturing may face a period of substantial restructuring that will require fiscal support.

Germany should join China in leading the way: it is the country most geared to the old model, and a generation of success has left it with the most fiscal latitude. Will it do so? That will require a big change in political culture.

The risks have certainly not gone unnoticed. Speaking in response to the latest data, the German Minister for Economic Affairs, Peter Altmaier, called the latest figures “a wake-up call and a warning.”

“We are in a weak growth phase but not yet in recession, which we can avoid if we take necessary measures,” he said. “Politicians and business must now act together.”

However this pans out, volatility and disruption are on the horizon. Capital investments predicated on expanding global trade and global integration could increasingly be at risk. When we revisit our quarterly outlooks in six weeks’ time, do not be surprised to find us adopting a more cautious and defensive stance.

By Brad Tank, Chief Investment Officer – Fixed Income

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Erik Knutzen

Lagging small caps indicate that, beneath the record-high S&P 500, all may not be as placid as it seems

We are currently gathering our thoughts for our latest quarterly Asset Allocation Committee Outlook. You can see a preview of the ideas here, the full publication will be coming soon, and we look forward to welcoming you to the webinar on July 16.

In the meantime, it’s worth noting that the theme that has caught our attention this quarter is the way that what we see on the surface can conceal both the complexity and opportunity that lies beneath.

For example, we think the doldrums in inflation data—which is scaring central banks into renewed dovishness and bond markets into negative yields—conceals a more interesting story that is becoming evident in leading indicators. They may be suggesting that consumer prices are reaching a trough just as the Federal Reserve gets ready to cut rates.

Similarly, in equity markets, the story most people are focused on is the advance of the S&P 500 Index to a record high, within touching distance of 3,000 points. But we think there is a more interesting story going on underneath.

Divergence

A near-20% gain in the value of the U.S. stock market in the first half of the year might reasonably be taken as a sign of investors’ optimism and keen appetite for risk.

Over that time, however, U.S. small-cap stocks, as measured by the Russell 2000 Index, have risen by 16.5%. In a “risk-on” environment, riskier smaller companies would normally rally more than large caps.

Look back over 12 months, and the picture becomes even starker. The S&P 500 is up around 12%, but the Russell 2000 is still down by almost 5%.

Can valuations explain this? Not really. The Russell 2000 trades on a higher forward price-to-earnings multiple than the S&P 500, but that is normal. More importantly, the S&P 500’s multiple is two points higher than its long-term average while the Russell 2000’s is just half a point higher.

This divergence in performance appears to have more to do with investor sentiment. We think that’s interesting: It shows how record-high levels for the equity index can coincide with quite cautious, even slightly bearish, positioning within the market. What’s on the surface can conceal the complexity beneath.

We find similar patterns all over equity markets. Whether it’s regions, sectors, style or high-beta stocks versus low-beta stocks, everywhere we look we find the “risk-on” assets lagging the “risk-off” ones.

And then, of course, there’s the big one: the puzzle of how we can be breaking records on both the S&P 500 and the value of negative-yielding bonds at the same time. A major part of the answer is revealed by this underlying caution inside equity markets.

A Turn in Investor Sentiment

Are these potential value opportunities?

From a historical perspective, when large caps have opened up a 16- to 17-percentage-point lead over small caps in the past, that gap has tended to revert back to the mean. Sometimes this is due to small caps outperforming, sometimes to large caps underperforming, often both.

Looking forward, we think this is why it’s interesting to see an apparent stabilization, and possibly a bottoming out, in some of the more leading growth and inflation indicators (more on that in the forthcoming Asset Allocation Committee Outlook).

Should this coincide with the Fed and other central banks loosening policy, it could mark a turn in investor sentiment, with the likely beneficiaries being those asset classes and sectors that have lagged over the past 12 months. While we would always caution against tracking a problematic benchmark such as the Russell 2000, we see U.S. small caps, actively managed, as one of the key parts of that lagging cohort.

Our Asset Allocation Committee has eased toward being more neutral on equities in its overall views. As last week showed, economic releases are likely to be continued in a seesaw pattern: Business surveys out of China and Europe, and especially German manufacturing data, came in low even as the U.S. jobs report indicated still-robust growth. Beneath the placid surface, however, we see opportunity to take advantage of market complexity.

By Erik Knutzen, Chief Investment Officer—Multi-Asset Class

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