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Portfolio positioning views expressed herein may include those of Neuberger’s Asset Allocation Committee, Neuberger’s Private Wealth Investment Group or individual Neuberger wealth advisors. Asset allocation and positioning views are based on a hypothetical reference portfolio. The positioning views of the Asset Allocation Committee, the Private Wealth Investment Group and wealth advisors may not reflect the views of the firm as a whole and Neuberger wealth advisors and portfolio managers may take contrary positions to the views expressed. The Asset Allocation Committee, Private Wealth Investment Group or wealth advisor views do not constitute a prediction or projection of future events or future market behavior. Defensive positioning generally means an underweight bias on allocations to risk assets such as equities and alternatives. Positioning views may change over time without notice and actual client positioning may vary significantly. Discussion of yield characteristics or total returns of different asset classes are for illustrative purposes only. Asset classes such as equities and fixed income may have significantly different overall risk-return characteristics, which should be considered before investing. Client accounts are individually managed and may vary significantly from portfolio positioning views discussed. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

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