Neuberger Berman launches multi-asset Tactical Macro UCITS Fund

Fund will aim for positive returns irrespective of market conditions

Robert Surgent, portfolio manager at Neuberger Berman
Robert Surgent


Neuberger Berman has launched the Tactical Macro UCITS Fund, to be headed up by New York-based portfolio manager Robert Surgent.

The fund will aim to achieve positive returns irrespective of market conditions, by seeking mispriced opportunities across a wide range of asset classes, sectors and geographies. These will all be incorporated into a “highly risk-managed” framework, according to the firm.

In particular, allocation decisions will be made according to the global growth and inflation environment, monetary and fiscal policy, asset valuation and trends, structural and policy drivers, and market imbalances.

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While the fund is not constrained by its benchmark, it pits itself against the ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity index. It is classified as an Article 6 Portfolio under SFDR.

Surgent (pictured), who joined Neuberger Berman in March 2020 as a senior portfolio manager and managing director, will be supported by a team of 12 analysts, portfolio specialists, traders and chief investment officers.

Surgent said: “Recently, the macro investment environment has been characterised by higher inflation, more volatile rates, and shifting correlations between public equities and bonds.

“With the launch of this UCITS fund, we can offer investors a strategy that is uncorrelated to traditional asset classes, truly multi-asset and is tactical in views, implementation and risk management.”

José Cosio, head of global intermediary (ex US) at Neuberger Berman, added: “Portfolio diversification is crucial to weather market turbulence. With this in mind, we are pleased to offer clients a unique multi-asset macro process that captures short-term dislocating catalyst events, more outward-looking thematic events and diversifiers.”

The fund has an ongoing charges figure of 1%.

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