Neuberger Berman Tactical Macro Fund

Investment Objective

The Fund seeks to achieve positive returns regardless of the market environment by identifying market pricing imbalances across a broad rangeof asset classes, markets and regions in a highly risk-managed framework. There can be no guarantee that the Fund will ultimately achieve its investment objective. The Fund will seek to achieve the investment objective by identifying keyaspects of the macro environment to develop a universe of investment theses. In order to understand and identify the macro environment and/ora possible regime shift which may be the driver behind changes in asset prices, the fund will assess various factors, including but not limited to: Global growth and inflation environment Monetary and fiscal policy Asset Valuation-

Latest Meeting Note

Meeting 14 Feb 2024

The Neuberger Berman Tactical Macro fund is managed by Robert Surgent, who is also a member of Neuberger Berman’s Asset Allocation Committee, providing a tactical macro perspective for the broader multi asset group. The PM is supported b...

The Neuberger Berman Tactical Macro fund is managed by Robert Surgent, who is also a member of Neuberger Berman’s Asset Allocation Committee, providing a tactical macro perspective for the broader multi asset group. The PM is supported by a highly experienced 12-member investment team comprising of chief investment officers, research analysts, traders and portfolio specialists. By leveraging the broader resources of NB, the portfolio seeks to achieve positive returns regardless of the market environment by identifying market pricing imbalances across a broad range of asset classes, markets and regions in a highly risk-managed three stage process. In the first step, they look to identify the current Macro Regime and this involves extensive macro research by the investment team. This step aims to identify the current macro backdrop, detect shifts that could affect asset prices, and recognise persistent thematic drivers and imbalances across asset classes. Focus areas include growth and inflation trends, central bank policies, investor biases, asset valuation trends, and market imbalances. The second step, Position Implementation, is where investment positions are established. These can be thematic, reflecting trends aligned with the investment regime over 3-12 months, catalyst positions based on short-term market dislocations within 1-3 months, or diversifiers, which are cost-effective hedges that provide diversification benefits. Positions are executed using liquid derivatives across equity, fixed income, commodity, and currency markets. Lastly, Risk Control is crucial for managing both portfolio and position-level risks. This involves sizing positions according to the opportunity set, which is adjustable over time, and conducting daily risk assessments and weekly P&L and risk reviews with an independent risk team. The number of positions will vary significantly but there will typically be 5-7 major themes/trades in the book.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.2 0.4 0.9 0.8 0.5 0.0 0.9 0.1 0.0 0.1 0.4 0.8 0.7
2022 0.4 0.9 0.9 0.5 0.5 0.6 0.4 0.7 0.7 0.8 0.6 0.9 0.3

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