纽伯格伯曼CIO：AI概念股遭遇“无差别”抛售，主动管理型基金迎布局“黄金窗口”

Core Viewpoint - The recent market sell-off of AI-related stocks is seen as an emotional overreaction, creating opportunities for active fund managers to identify companies with real competitive advantages [1] Group 1: Market Sentiment and Investment Opportunities - The sell-off has indiscriminately affected all stocks associated with AI, leading to a focus on disruptive risks while overlooking growth opportunities [1] - This broad sell-off provides a significant window for active managers to select companies that can effectively implement AI and build competitive moats [1] Group 2: Sector Allocation and Recommendations - Newberger Berman maintains an overweight position in non-tech sectors, including small-cap stocks and certain cyclical industries [1] - Strong momentum is noted in sectors such as energy, materials, and real estate, which are currently underrepresented in many U.S. investor portfolios [1] Group 3: Software Industry Perspective - Contrary to the prevailing pessimism in the software industry, there is a belief that focusing on companies deeply integrated into customer experience processes is crucial [2] - Companies that have integrated AI into their solutions are seen as better positioned to leverage external AI capabilities and gain a competitive edge [2] Group 4: Market Outlook - Despite the absence of monetary policy easing, the current cyclical rebound is viewed as sustainable [2] - Investors are encouraged to diversify into small-cap stocks and international markets, as economic momentum and cyclical recovery continue [2]