Allocating Risk in a World That No Longer Moves Together

Neuberger Berman / Multi-Asset

23-03-2026

Neuberger Berman’s quarterly outlook reads less like a forecast and more like a recognition that the old playbook has quietly expired.

Markets are fragmenting. Growth, policy and valuations are no longer synchronized, making broad exposure less effective than targeted positioning.
The center of gravity is shifting away from U.S. mega-caps toward emerging markets and smaller companies, with India and Brazil highlighted as key beneficiaries.
Fixed income opportunity is no longer in the U.S.; instead, it sits in non-U.S. sovereigns and emerging market debt, where policy divergence creates yield.
Commodities, private markets and absolute return strategies are no longer diversifiers on the margin—they are becoming core portfolio components.

What emerges is a portfolio built not on direction, but on dispersion. The implication is subtle but important: the era of passive beta dominance is giving way to one where selection, geography and structure matter again.

Multi-Asset