SOLVING FOR 20171 As of September 30, 2016. Firm assets under management (AUM) includes $95.7 billion in Equity assets, $119.7 billion in Fixed Income assets and $39.7 billion in Alternatives assets under
management.Alternatives AUM includes AUM & Committed Capital since inception, which refects contractual commitments to fund investments advised by NB Alternatives Advisers LLC,
including those still in documentation, since inception (the oldest mandate of which was founded in 1981) (“Committed Capital”).
EQUITY FIXED INCOMEALTERNATIVES
AUM $255BN1
INVESTMENT
PROFESSIONALS
$96bn
236
$120bn
146
$51bn
117
QUANTITATIVE
Global
U.S.
Emerging Markets
Custom Beta
Risk Premia
Options
Global Macro
Commodities
FUNDAMENTAL
Global/EAFE
U.S. Value/Core/Growth
Emerging Markets
Regional EM, China
Socially Responsive Investing
Income Strategies:
– MLP
– REITs
Global Investment Grade
Global Non-Investment Grade
Emerging Markets
Opportunistic/Unconstrained
Municipals
Specialty Strategies:
– CLO Mezzanine
– Currency
– Corporate Hybrids
Private Equity:
– Primaries
– Co-Investments
– Secondaries
– Royalty Strategies
–Minority stakes in
alternative frms/DYAL
Alternative Credit:
– Private Credit
– Residential Loans
– Special Situations
Hedge Funds:
– Multi-Manager
– Equity Long/Short
– Credit Long/Short
– Event Driven
AUM and Committed Capital
Risk Parity
Global Tactical Asset Allocation
Global Relative and Absolute Return
Income Focused
Infation Management
Liability Aware
MULTI-ASSET CLASS SOLUTIONS AND STRATEGIC PARTNERSHIPS
FUNDAMENTALQUANTITATIVE
Investment Platform
BREADTH OF INDEPENDENT PERSPECTIVES ACROSS ASSET CLASSES
22
MACRO: A SEA CHANGE FOR ECONOMIES AND MARKETS
The Rise of Nationalistic Self-Interest Continues to Upset the World Order
After political upheavals in the U.K. and U.S. during 2016, French and German voters will be
among those in 2017 to test the persistence of anti-establishment/anti-globalization trends.
Central Bank Impact Fades
Global central banks appear to have reached an infection point and will likely drive an increase
in interest rates, infation expectations and market volatility, and a stronger U.S. dollar.4
FIXED INCOME: NORMALIZATION RESUMES
Real Interest Rates in the U.S. Continue to Push Higher
Expectations for higher growth and infation are likely to drive higher Treasury yields and a steeper
curve, though we don’t anticipate a break from the global rate tether.
Credit Still Holds Appeal
The credit cycle is mature, but it doesn’t appear ready to turn just yet; when it does, more
supportive fundamentals are likely to help absorb the impact.
The heads of our four investment platforms identifed the key themes they anticipate will guide
investment decisions in 2017. These 10 themes are summarized below and discussed in more detail in
the CIO Roundtable beginning on page 5.
SOLVING FOR 2017
Ten for 2017EQUITIES: BACK TO BASICS6
Pro-Growth Trump Administration Fuels Outperformance of U.S. Equities
A more business-friendly environment—characterized by lower taxes, loosened regulations
and robust fscal spending—could provide a tailwind for corporate earnings and stock
markets in the U.S.
Alpha—And Active Managers Able to Generate It—May Stage a Comeback
The removal of artifcially low interest rates could result in individual stock performance once
again being differentiated by company fundamentals, to the beneft of high-conviction,
fundamental investors.
EMERGING MARKETS: BOTH WINNERS AND LOSERS EMERGE8
Economic Orientation Counts
In our view, fears that U.S. policy will drag down the entire emerging world are overblown;
improved global growth should be generally supportive, though countries likely will be
differentiated based on their key economic drivers—manufacturing vs. commodities vs. domestic.
China Risks Remain Signifcant
The world’s second-largest economy faces a number of ongoing issues—from asset bubbles to
currency management—that require a particularly deft touch from Beijing.
ALTERNATIVES: HELPING NARROW THE RETURN GAP10
Volatility Can Work for Investors
We anticipate that the difference between long-term investor needs and what can be generated from
traditional sources of beta is likely to persist, highlighting the value of alternative risk premia and
volatility-capture strategies.
Private Debt Remains Attractive
Despite the potential re-emergence of banks as liquidity providers, it is unlikely that they will
rebuild the infrastructure required to compete in similar, less-liquid credit. In addition, increased
M&A activity will likely keep the private debt market well stocked with opportunities.
CLOCKWISE:
Joseph V. Amato
President, Chief Investment Offcer—Equities
Erik L. Knutzen, CFA, CAIA
Chief Investment Offcer—Multi-Asset Class
Brad Tank
Chief Investment Offcer—Fixed Income
Anthony D. Tutrone
Global Head of Alternatives
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