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Despite geopolitical stress, energy price pressures, and an uneven global backdrop, markets have proven remarkably resilient, and in some corners, they look outright exuberant.

Anu Rajakumar: US equities have been on a strong run lately. Despite geopolitical stress, energy price pressures, and an uneven global backdrop, markets have proven remarkably resilient, and in some corners, they look outright exuberant. Summary - Despite geopolitical stress, energy price pressures, and an uneven global backdrop, markets have proven remarkably resilient, and in some corners, they look outright exuberant.

- We have very strong first-quarter earnings expectations in the second quarter and in the remainder of the year for double-digit earnings growth, and that is the makings of a more durable bull market. - We began the year quite bullish about risk assets and equities in particular, US and Japan being the areas that we’re most bullish about. - The US markets are the broadest and deepest capital markets in the world.

I think that public equity markets will still be a hugely important component of our market-based global economy. Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 26 countries. The firm manages $567 billion of equities, fixed income, private markets, real estate and hedge fund portfolios for global institutions, advisors and individuals.

Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again in 2025, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees).

Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of March 31, 2026.