Disruptive Forces in Investing

Strong market returns can create a difficult trade-off: diversify concentrated holdings and trigger a tax bill, or retain unwanted risk. Tax-aware strategies may help, but saving taxes is not the same as building the right portfolio.   On this episode of Disruptive Forces , host Anu Rajakumar speaks with Doug Kramer, Head of Institutional Equity and Multi-Asset at Neuberger, about how tax deferral...

The AI race is about more than who builds the best model. It is also about who supplies the infrastructure and turns new capabilities into commercial applications. On this episode of our podcast, host Anu Rajakumar joins YT Boon , Portfolio Manager and Head of Thematic for Asia at Neuberger, to explore: Why he believes supply bottlenecks and multi-year demand distinguish this cycle from past techn...

Markets have had plenty to absorb this year, yet volatility has stayed comparatively contained. On this episode of Disruptive Forces, host Anu Rajakumar sits down with Derek Devens, Senior Portfolio Manager in Neuberger's Options Group, who argues it now takes events with greater scale and duration to move the needle. Together they discuss what's setting today's volatility regime, how options can...

The Fed has turned hawkish, and the market is now pricing several more hikes. Our fixed income team isn't convinced. Core U.S. inflation is still drifting lower, most of this year's yield move has come from real rates rather than inflation expectations, and the disinflation case remains intact — all of which argues for a shorter path than consensus expects. On this episode of Disruptive Forces, ho...

Japanese equities have undergone one of the most significant re-ratings in the developed world — but the story is evolving. The early phase was about leaner balance sheets and better capital management. Now, under Prime Minister Sanae Takaichi, the focus has shifted to earnings growth itself, and markets have responded in turn. Yet foreign inflows remain well below the Abenomics era peak, suggesti...

At the end of last year, Neuberger's investment leaders laid out five themes to guide investors through 2026. Since then, a regional war in the Middle East and a global oil shock have reshaped the macro landscape — testing some calls while reinforcing others. Policy divergence has exploded wider. The AI buildout has accelerated beyond expectations. And markets are navigating a frothier, more dispe...

US equities have proven remarkably resilient this year. Despite the Middle East conflict, energy price pressures, and an uneven global backdrop, the market has powered higher on AI enthusiasm and broad-based earnings growth. But beneath the headline numbers, the questions that matter most are about durability, valuations, and what investors actually own. On this episode of Disruptive Forces, host...

Hyperscalers are spending more than $750 billion a year on AI infrastructure, and much of it is for physical hardware that needs financing. That's creating a compelling opportunity for asset-based lenders who can underwrite real collateral and contracts rather than picking technology winners.   On this episode of Disruptive Forces, host Anu Rajakumar speaks with Sean Hinze of Neuberger's Specialty...

Private credit headlines have been anxiety-inducing — but not all corners of private markets face the same pressures. Roughly $4 trillion in equity investments remain inside private equity funds awaiting exits, many acquired at elevated valuations during the low-rate era. For providers of scaled, flexible capital that sits between traditional debt and equity, that pressure creates opportunity.   O...

Beyond Macro: A Value Lens on Emerging Markets Equity Most investors approach emerging markets top-down: country-level macro calls, currency bets, commodity cycles. But what if those assumptions are exactly what gets in the way of potential returns? What if the single most important variable isn't the macro backdrop, but the price you pay? On this episode of Disruptive Forces, host Anu Rajakumar i...

Capital markets are pricing in geopolitical uncertainty. AI is reshaping how asset managers compete. And investors are asking harder questions about who they trust with their capital.   George Walker,  Neuberger's Chairman and CEO, sits down with Disruptive Forces  host Anu Rajakumar  to share how he's thinking about all of it — straight from the themes driving his annual letter to stakeholders.  ...

For years, some of the most consequential companies in technology have stayed private far longer than historical norms — growing to public-company scale without ever listing a share. Now, a significant pipeline of mega-cap private companies appears headed toward public markets, potentially reshaping the equity landscape when they arrive. The sheer scale of what may be coming is unprecedented: some...

Credit index spreads have been largely unchanged this year — but the calm surface belies a more complex picture underneath. Rising dispersion, AI-driven disruption fears, widening BDC spreads, and the military conflict in the Middle East are reshaping the risk landscape for fixed income investors — without much additional compensation showing up at the credit index level.  On this episode of Disru...

Global bond markets are starting to diverge again. After years of moving in near lockstep, correlations are breaking down as political and fiscal paths split across regions. The balance for investors is pursuing income, diversification, and flexibility without making an all-or-nothing "sell the U.S." call.   On this episode of  Disruptive Forces , host Anu Rajakumar speaks with Paul Grainger, Seni...

Real estate has gone through a painful reset—higher rates, lower values, and slower deal activity have pressured fundraising, distributions, and exit timelines. But for investors who provide flexible, platform-level capital, dislocation can create attractive entry points. Meanwhile, AI and data centers are reshaping demand, housing affordability remains a structural challenge, and the office segme...

AI-related bond issuance is surging, reshaping the opportunity set for fixed-income investors. In addition to robust U.S. growth, constrained inflation, and an attractive opportunities beyond the U.S., investors must also navigate greater tail risks, more complex financing structures, and rising political uncertainty around AI and energy use.     On this episode of Disruptive Forces, host Anu Raja...

Amid policy crosscurrents and accelerating AI adoption, investors face a backdrop where productivity tailwinds and easing biases in some regions contrast with tougher conditions elsewhere. So how should investors lean into duration, balance AI enablers versus adopters, and pursue compelling private markets opportunities?   On this episode of Disruptive Forces, host Anu Rajakumar sits down with Sha...

Tax-managed equity has evolved beyond the traditional long-only playbook. By adding selective shorts and leverage, 130/30 active extension strategies aim to unlock higher alpha while maintaining market-level beta—plus potentially meaningful after-tax benefits through disciplined loss harvesting. Where can this approach fit in portfolios today?   On this episode of Disruptive Forces , host Anu Raja...

Emerging market debt has weathered a long stretch of tight financial conditions—marked by a strong US dollar, higher global rates, and uneven post-pandemic recoveries. With the dollar softening and policy rates beginning to ease, investors are warming up to hard currency EM debt as a potentially attractive source of diversification and carry.     On this episode of Disruptive Forces , host Anu Raj...

Amid shifting global market currents, investors are reassessing where the most compelling opportunities lie beyond the US. Shifts in earnings trajectories, valuation dispersion, and evolving policy signals are reshaping the risk-reward across regions and asset classes, prompting a fresh look at how to balance exposures.   On this episode of Disruptive Forces, Anu Rajakumar sits down with Maya Bhan...

Generational wealth transfer is set to transform the financial landscape over the next two decades. An estimated $124 trillion is expected to change hands at a time when attitudes toward money, investing, and legacy are evolving. This is reshaping how families and institutions approach wealth management. As Gen X, Millennials, and Gen Z step into stewardship roles, the focus is shifting from tradi...

Asset-based credit is reshaping the private credit landscape, offering investors new ways to diversify portfolios with the potential to capture higher yields amid market volatility. As banks pull back from certain lending markets and consumer behaviors evolve, asset-based credit stands out for its short duration, high yield, and low correlation to corporate credit. But what does this asset class r...

Municipal bonds have been one of the more active corners of the fixed income market this year. Near-record levels of new issuance have outpaced demand amid uncertainties stemming from shifts in the policy landscape. While institutional investors have long turned to munis for tax-advantaged yields and portfolio diversification benefits, the surge in supply puts the onus on buyers to be selective. G...

The space economy is quickly moving from science fiction to investable reality, reshaping industries far beyond rockets and satellites. But with hype and misconceptions clouding the landscape, how can investors separate signal from noise and identify the true drivers of value in this rapidly expanding market?   On this episode of Disruptive Forces , host Anu Rajakumar sits down with Dan Hanson, Se...

With 2025 marked by heightened uncertainty, shifting fiscal policies, and volatile market swings, investors are eager to understand which trends have held up—and which have not. As we cross the year's midpoint, Neuberger Berman's senior investment leaders reconvene to assess the predictions made in our annual "Solving for 2025" outlook.     On this episode of Disruptive Forces , host Anu Rajakumar...