专访！美国资管巨头最新发声：一直高配中国！

Group 1: Company Overview - Neuberger Berman, founded in 1939, has assets under management totaling $558 billion, approximately 3.97 trillion RMB, operating in 26 countries and 39 cities globally [2] - The company has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets as of the end of 2024 [2] - Neuberger Berman leads in the Qualified Domestic Limited Partner (QDLP) business in mainland China [2] Group 2: Investment Strategy and Market Outlook - The company has consistently overweighted its investment in China compared to benchmarks, although significant increases in foreign investment in China will take time [1][12] - The global economic growth is expected to be below expectations, and the macro environment remains complex, emphasizing the importance of diversified investment strategies [1] - The valuation of U.S. tech stocks is considered expensive, and the focus should be on "how to invest" rather than "whether to invest" [1][13] Group 3: ETF and Active Management - The rise of ETFs is driven by various factors, including tax efficiency, with active ETFs growing at a rate that outpaces passive ETFs [6][8] - Neuberger Berman's active ETF business has grown to approximately $2.5 billion, with a positive trend in fund inflows primarily from new clients [6] - The popularity of Separately Managed Accounts (SMA) is increasing, as they can enhance tax efficiency and may compete with active ETFs in the future [7][8] Group 4: Risk Management and Client Focus - The company emphasizes the importance of risk management and maintaining a disciplined investment approach, especially during market downturns [14] - Neuberger Berman aligns its compensation structure with client interests, ensuring that deferred compensation is tied to client performance rather than company stock prices [9] - The firm aims to help clients navigate market challenges and maintain long-term investment strategies, avoiding the pitfalls of market timing [14]