Winter 2024 | Special Edition

Aspire: 2023 Year in Review and Look Ahead

We are excited to announce the release of our first special edition of NB Private Wealth Aspire, Year in Review and Look Ahead, a reflection on the year gone by and an exploration of what may lie ahead. This special edition offers a wealth of insights and analyses to help guide you through the complex landscape of investments and wealth planning. Each article is crafted with you in mind, providing actionable advice and unique perspectives from our seasoned professionals.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory clients may hold positions within sectors discussed, including any companies specifically identified. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Neuberger Berman, as well as its employees, does not provide tax or legal advice. You should consult your accountant, tax adviser and/or attorney for advice concerning your particular circumstances. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance. Diversification does not guarantee profit or protect against loss in declining markets. As with any investment, there is the possibility of profit as well as the risk of loss. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Unless otherwise indicated, returns reflect reinvestment of dividends and distributions. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.

The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Private Wealth Investment Group. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The NB Private Wealth Investment Group analyzes market and economic indicators to develop asset allocation strategies. The NB Private Wealth Investment Group consists of five investment professionals and works in partnership with the Office of the CIO. The NB Private Wealth Investment Group also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and the NB Private Wealth Investment Group may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and the NB Private Wealth Investment Group. The MAC team, the Asset Allocation Committee and NB Private Wealth Investment Group views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed or any historical results. Nothing herein constitutes a prediction or projection of future events or future market or economic behavior. The duration and characteristics of past market/economic cycles and market behavior, including length and recovery time of past recessions and market downturns, is no indication of the duration and characteristics of any current or future market/economic cycles or behavior.

Any discussion of environmental, social and governance (ESG) factors and ratings is for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are among the many factors that may be considered when making investment decisions.

For environmental and social (ES) rankings, A – D quartiles are used, where A is best (top quartile), D is worst (lowest quartile). For governance (G) rankings, 1 – 4 quartiles are used where 1 is best, 4 is worst. Average ESG rating is not a rating of the strategy itself.

Neuberger Berman’s Research Department and the ESG Investing team work together to rate corporations on material ESG factors at the industry level, across public equity and fixed income. We measure company performance on material ESG factors by using quantitative data and qualitative analysis, informed by engagement with individual companies. Neuberger Berman’s Research Department conducts comprehensive ESG research on company activities and products that is available to all portfolio managers. Our analysts provide comprehensive coverage of companies in their universe, including proprietary ratings and assessments of ESG, as well as ESG data and research available to them through internal portals and external platforms like FactSet and MSCI. Given limited disclosure of ESG data, many ratings include significant qualitative judgment from analysts themselves. These ratings are used by central research analysts in their fundamental analysis of companies and by portfolio managers as part of their approach to ESG integration.

Philanthropic & Family Governance Advisory Services and related materials are provided as a courtesy and are for informational and discussion purposes only. Neuberger Berman is not acting in a fiduciary capacity or recommending any specific governance structures or philanthropic or charitable activities. Recipients of Philanthropic & Family Governance Advisory Services should consult their own tax or legal advisors before implementing any governance structure or philanthropic or charitable activities.

Philanthropic & Family Governance Advisory Services and related materials are provided as a courtesy and are for informational and discussion purposes only. Neuberger Berman is not acting in a fiduciary capacity or recommending any specific governance structures or philanthropic or charitable activities. Recipients of Philanthropic & Family Governance Advisory Services should consult their own tax or legal advisors before implementing any governance structure or philanthropic or charitable activities.

Tax planning and trust and estate administration services are offered by Neuberger Berman Trust Company. “Neuberger Berman Trust Company” is a trade name used by Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A., which are affiliates of Neuberger Berman Group LLC.

Hypothetical growth examples are for informational and educational purposes only.

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