IMPORTANT INFORMATION:

Third-party media content is being redistributed with permission and may not be redistributed without the publisher's consent. This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Any views or opinions expressed may not reflect those of the firm as a whole. All information is current as of the date of this material, unless otherwise noted, and is subject to change without notice. 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. Past performance is no guarantee of future results.

Portfolio positioning views expressed herein may include those of Neuberger Berman’s Asset Allocation Committee, Neuberger Berman’s Private Wealth Investment Group or individual Neuberger Berman wealth advisors. Asset allocation and positioning views are based on a hypothetical reference portfolio. The positioning views of the Asset Allocation Committee, the Private Wealth Investment Group and wealth advisors may not reflect the views of the firm as a whole and Neuberger Berman wealth advisors and portfolio managers may take contrary positions to the views expressed. The Asset Allocation Committee, Private Wealth Investment Group or wealth advisor views do not constitute a prediction or projection of future events or future market behavior. Defensive positioning generally means an underweight bias on allocations to risk assets such as equities and alternatives. Positioning views may change over time without notice and actual client positioning may vary significantly. Discussion of yield characteristics or total returns of different asset classes are for illustrative purposes only. Asset classes such as equities and fixed income may have significantly different overall risk-return characteristics, which should be considered before investing. Client accounts are individually managed and may vary significantly from portfolio positioning views discussed. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

The information in this material may contain projections, market outlooks or other forward-looking statements regarding future events, including economic, asset class and market outlooks or expectations, and is only current as of the date indicated. There is no assurance that such events, outlook and expectations will be achieved, and actual results may be significantly different than that shown here.

Neuberger Berman Investment Advisers LLC is a registered investment adviser. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.