Disruptive Forces in Investing

The Emerging Markets sector has not been immune to today's market challenges. Between the pandemic and the Russia-Ukraine war, factors such as the cost of living and food inflation have caused an adverse impact on sovereign balance sheets. As a result, many of these countries have failed to meet external liabilities, inciting a wave of sovereign debt default. So what’s next for this asset class? On this episode of Disruptive Forces, Anu Rajakumar speaks with Kaan Nazli, Senior Economist and Portfolio Manager on our Emerging Market Debt team to provide his perspectives on recent market events as it relates to the sector, and opportunities created by the macrodynamic shifts in today’s developing markets.   This podcast includes general market commentary, general investment education and general information about Neuberger Berman. It 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 communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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 recording and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative, involve a higher degree of risk than more traditional investments and are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   Discussions of any specific sectors and companies are for informational purposes only. 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 accounts may hold positions of any companies discussed. 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. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.     This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit http://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.   © 2023 Neuberger Berman Group LLC. All rights reserved.

With the broad awareness of the energy transition across the globe, investors are looking for ways to position their portfolios to capture the transition. However, some question whether portfolios exposed to the business of extracting more raw materials from the earth can meet the objectives of all investors. While commodity investing has been known to be an excellent inflation hedge, can this asset class also align with the objectives of investors concerned about their environmental and social footprint? On this episode of Disruptive Forces, Anu Rajakumar speaks with Hakan Kaya and Sarah Peasey, Head of Commodities and Head of European ESG Investing respectively, to gain a better understanding of the economic reality of commodity investing, how the transition framework might look like as well as the policy developments that can enable the pathways of responsible investing in commodities.   This podcast includes general market commentary, general investment education and general information about Neuberger Berman. It 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 communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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 recording and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative, involve a higher degree of risk than more traditional investments and are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   Discussions of any specific sectors and companies are for informational purposes only. 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 accounts may hold positions of any companies discussed. 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. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.     This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit http://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.   © 2023 Neuberger Berman Group LLC. All rights reserved.

As the commercial real estate landscape continues to evolve out of the many crises that hit the sector, namely with COVID and regional banks, investors are evaluating what their next move is within this asset class. While headlines may seem gloomy, and default rates could continue to be a concern, is it still possible to have optimism in commercial real estate despite market fears? Or are there silver linings that might afford attractive opportunities to investors in the space? On this episode of Disruptive Forces, Jose Pluto, Portfolio Manager on the Investment Grade Fixed Income team, joins Anu Rajakumar to dive deeper into Commercial Mortgage-Backed Securities, or CMBS, sharing how the asset class is faring despite market challenges; and how the current market dislocations could actually prove in turn that there’s a bright side for the asset class.     This podcast includes general market commentary, general investment education and general information about Neuberger Berman. It 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 communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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 recording and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative, involve a higher degree of risk than more traditional investments and are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.    Discussions of any specific sectors and companies are for informational purposes only. 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 accounts may hold positions of any companies discussed. 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. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.     This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit http://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.   © 2023 Neuberger Berman Group LLC. All rights reserved.    

Japan, an outlier across the G10 nations, is truly an intriguing economy. While rates continue to remain high in many other developed markets, the Bank of Japan still employs its accommodative monetary policy and sees a lower impact of inflation. Given this unique backdrop, what can Japan offer to its investors? How else does this economy differ from the rest of the world? And how might Japanese investors engage with companies during proxy season differently than they do in North America and Europe? On this episode of Disruptive Forces, Anu Rajakumar chats with Kei Okamura, Portfolio Manager for Japanese Equities, to understand the nuances of the Japanese market today as well as the many facets of his approach to uncovering Japanese “hidden gems.”     This podcast includes general market commentary, general investment education and general information about Neuberger Berman. It 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 communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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 recording and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative, involve a higher degree of risk than more traditional investments and are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   Discussions of any specific sectors and companies are for informational purposes only. 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 accounts may hold positions of any companies discussed. 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. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.     This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit http://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.   © 2023 Neuberger Berman Group LLC. All rights reserved.

Interest in sustainable investing has significantly increased in the past decade. Morningstar estimates the number of sustainable open-ended mutual funds and exchange-traded funds nearly tripled between 2014 and 2019. However, the consideration of financially material sustainability factors is not a new phenomenon – it draws on a long history of socially responsible investing, from the faith-based investors who supported divesting from South African companies during the apartheid era in the 1980s to the large asset owners who founded the UN Principles for Responsible Investing in 2006. How can investors apply this approach in today’s landscape? What should a due diligence process look like? Are there benefits to an active and engaged approach? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Daniel Hanson, Senior Portfolio Manager for our Sustainable Equity Team, to discuss his approach to long-term sustainable investing.   This communication 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. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. 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 accounts may hold positions of any companies discussed. 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. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. 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. © 2023 Neuberger Berman Group LLC. All rights reserved.

Explore the world of event-driven investing and how savvy investors evaluate market inefficiencies. Learn about the risks and opportunities in merger arbitrage, catalyst events, and managing correlation. Dive into the complexities of event-driven investing, focusing on execution tactics and risk evaluation. Discover the benefits of uncorrelated alpha and generating unique ideas in today's economic landscape. Explore market-neutral strategies in event-driven investing and the importance of transparency in deal flow.

Artificial Intelligence has been evolving for decades with the ultimate goal of enhancing our everyday lives. Some of the most recent iterations, such as ChatGPT and Midjourney, are the most advanced and human-like AI models we’ve seen yet. As additional digital assistance and chatbots flood into market, we ask what these disruptive technologies are truly capable of. How could the asset management industry be disrupted by this AI innovation? Is there a way to leverage it effectively? On this episode of Disruptive Forces, host Anu Rajakumar is joined by CJ Jaskoll, Head of Investment & Data Technologies, to discuss  this disruptive technology and its implications for the industry at large.     This communication 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. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. 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 accounts may hold positions of any companies discussed. 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. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   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.   © 2023 Neuberger Berman Group LLC. All rights reserved.

Natural disasters have certainly taken their toll on the environment. After Hurricane Ian decimated a large part of the American Eastern Seaboard, totaling roughly $50 billion in insured industry losses, one could ask: how is all of that getting paid for? However, in the Insurance-Linked Securities (or ILS) asset class, there have historically been pathways for investors to seize opportunities as providers of capital. In times of high inflation, investors tend to seek those uncorrelated assets to help diversify their portfolios. But do we still see those opportunities in light of today’s market challenges? On this episode of Disruptive Forces, host Anu Rajakumar speaks with Alex Conyers, Principal on our ILS team, to discuss the climate: not only vis-à-vis the modeling of our natural environment, but the ILS investment landscape.     This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only.  Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security, and the views and beliefs expressed are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally.  This presentation 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 presentation should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability, and has not been independently verified. All information, opinions and beliefs set forth in this presentation are current as of the date of this presentation and are subject to change without notice.  We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation.  Any views or opinions expressed may not reflect those of the firm as a whole. We may issue presentations or have opinions that are inconsistent with, and reach different conclusions from, this presentation.  No representation is made that any investment process, investment objectives, goals or risk management techniques discussed herein will or are likely to be achieved or successful.   Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, “Statements”), constitute only subjective views, estimations or intentions, should not be relied on, are subject to change due to many factors, including fluctuating market conditions and economic factors.  Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control.  Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice.  Considering the foregoing, there can be no assurance and no representation is given that these Statements are now, or will prove to be, accurate or complete.  Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements.   Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Investments in hedge funds, private equity and other private funds are speculative and involve more risk than more traditional investments. Investments in hedge funds, private equity and other private funds are intended for sophisticated investors only.  Past performance is no guarantee of future results.   Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes.  Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions.  Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods.  Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.  Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management.  No representation is made that these targets or objectives will be achieved, in whole or in part.   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.   © 2023 Neuberger Berman Group LLC. All rights reserved. 

Many of our clients are asset owners, including sovereign wealth funds and pension funds, who are seeking to invest for the long-term future of their beneficiaries. At Neuberger Berman, our ESG Advisory Council aims to provide guidance on the future of impact investing and sustainability topics, drawing on the latest knowledge from academia, the non-profit sector and institutional asset owners. What does it mean to apply a long-term mindset to investing? And how can it relate to managing volatility, time horizons for measuring performance, and the integration of ESG considerations into investment processes? On this episode of Disruptive Forces, host Anu Rajakumar passes the mic to Jonathan Bailey, Head of ESG Investing, and Theresa Whitmarsh, former CEO of the Washington State Investment Board and a member of our ESG Advisory Council, to discuss their views on the importance of investing with a long-term mindset.     This podcast includes general market commentary, general investment education and general information about Neuberger Berman. It 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 communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. 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 recording and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. 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. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative, involve a higher degree of risk than more traditional investments and are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   Discussions of any specific sectors and companies are for informational purposes only. 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 accounts may hold positions of any companies discussed. 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. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision. ESG factors are one of many factors that may be considered when making investment decisions.   This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit http://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. © 2023 Neuberger Berman Group LLC. All rights reserved.

Private equity investors continue to experience a complex market environment, facing many macro headwinds and prolonged uncertainty. The need for rebalancing, the demand for liquidity, and the challenging fundraising and exit environments have created choppy waters across client portfolios that must be carefully navigated. But could periods of prolonged uncertainty create opportunities for experienced and disciplined secondaries buyers? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Ben Perl, Global Co-Head of Secondary Private Equity, and Philipp Patschkowski, Managing Director in European Secondary Investments, to dive deeper into this subset of private equity— providing their market outlook, an assessment of both the traditional LP market as well as the rapidly growing market for complex, GP-led transactions against the backdrop of today’s market challenges.     This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only.  Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security, and the views and beliefs expressed are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally.  This presentation 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 presentation should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability, and has not been independently verified. All information, opinions and beliefs set forth in this presentation are current as of the date of this presentation and are subject to change without notice.  We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation.  Any views or opinions expressed may not reflect those of the firm as a whole. We may issue presentations or have opinions that are inconsistent with, and reach different conclusions from, this presentation.  No representation is made that any investment process, investment objectives, goals or risk management techniques discussed herein will or are likely to be achieved or successful.   Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, “Statements”), constitute only subjective views, estimations or intentions, should not be relied on, are subject to change due to many factors, including fluctuating market conditions and economic factors.  Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control.  Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice.  Considering the foregoing, there can be no assurance and no representation is given that these Statements are now, or will prove to be, accurate or complete.  Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements.   Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Investments in hedge funds, private equity and other private funds are speculative and involve more risk than more traditional investments. Investments in hedge funds, private equity and other private funds are intended for sophisticated investors only.  Past performance is no guarantee of future results.   Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes.  Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions.  Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods.  Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.  Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management.  No representation is made that these targets or objectives will be achieved, in whole or in part.   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.   © 2023 Neuberger Berman Group LLC. All rights reserved.