Neuberger Berman Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

A key characteristic of Neuberger Berman is its employee-owned structure. This often translates into an investment philosophy that prioritizes long-term capital preservation and steady growth over short-term speculative gains. Unlike many hedge funds that might exhibit high turnover or extreme concentration, Neuberger Berman’s portfolio reflects a "Core-Satellite" methodology. The "Core" consists of mega-cap technology and financial giants that provide stability and market-linked returns, while the "Satellite" positions—represented by the thousands of smaller holdings and active adjustments in mid-cap sectors—allow the firm to generate alpha through specialized industry insights.

The scale of the portfolio, exceeding $134 billion, necessitates a high degree of liquidity management. We see this in the firm's preference for highly liquid S&P 500 components. However, the sheer number of stocks (2,082) also indicates that Neuberger Berman acts as a "one-stop shop" for institutional and private wealth clients, offering exposure across the entire market capitalization spectrum. This diversification serves as a robust risk-mitigation tool; by spreading bets across over two thousand tickers, the institution ensures that idiosyncratic risk from any single company (outside of the top 10) has a minimal impact on the total portfolio value.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The combined 26.68% weight in Financials and Industrials reflects a commitment to the "Old Economy" that is being revitalized by new technology. The Financials allocation (14.81%) is likely a play on the interest rate environment. If rates remain "higher for longer," the net interest margins of major banks like JPM (a top 10 holding) remain attractive. Meanwhile, the 11.87% in Industrials points toward a macro theme of "Reshoring" and "Infrastructure Modernization." As global supply chains reorganize, industrial companies providing automation and aerospace components (like APH and BA) become essential.

From this allocation, we can infer that Neuberger Berman’s investment committee views the current macro cycle as "Late-Stage Expansion with Technological Tailwinds." They are not retreating into a purely defensive shell (as evidenced by the low weight in Consumer Staples at 2.65%), but they are also not recklessly chasing high-beta growth. The 14.81% in Financials acts as a stabilizer, while the 27.34% in Tech provides the growth engine. This is a "Barbell Strategy" designed to capture upside in a bull market while providing enough diversification to weather a sudden spike in volatility or a shift in the interest rate trajectory.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Microsoft remains the #1 holding with a market value of $5.68B , representing 4.23% of the portfolio. Neuberger Berman’s relationship with Microsoft is a "Conviction Holding" in the truest sense, with a history dating back to at least 2013. In Q4 2025, the firm added a marginal 0.66% to its position (77,481 shares).

The Top 10 holdings represent approximately 24% of the total $134B portfolio. This is a healthy concentration for a firm of this size. The logic is clear: "Bet on the Winners of the Digital Transformation." The portfolio is heavily skewed toward companies with "Wide Moats," massive free cash flow, and direct leverage to Artificial Intelligence. By anchoring the portfolio in these ten names, Neuberger Berman ensures it will not underperform the broader market indices while using the "tail" of the other 2,072 stocks to find specialized alpha.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The total estimated capital deployed in these top 8 additions exceeds $600M . Where did this money come from? As we will see in Section V, it was largely recouped from trimming "Mega-Cap Winners" like Alphabet and JPMorgan. This is "Inventory Reallocation" at its finest—selling the "mature" winners of the last cycle to fund the "accelerating" winners of the next.

These additions have slightly increased the portfolio’s "Offensiveness." By leaning into names like NFLX and AVGO, Neuberger Berman is moving up the risk curve. However, the inclusion of NEE and V (Visa) provides a necessary counterbalance. Visa, in particular, acts as a "Toll Booth" on global consumption, providing high-margin, low-capital-intensity earnings that stabilize the more volatile tech bets. Overall, the Q4 additions suggest an institution that is "Optimistically Selective" —willing to deploy capital aggressively, but only in companies with dominant market positions and clear secular tailwinds.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The scale of the "Sells" is significant. Between Alphabet, S&P Global, Aon, and JPMorgan, the firm recouped nearly $800M . This capital was not just "sitting in cash"; it was immediately recycled into the "Buys" analyzed in Section IV. This is a "Sell the Old, Buy the New" rotation. The firm is selling "Legacy Tech" (Google) and "Legacy Financials" (JPM, SPGI) to buy "AI Infrastructure" (AVGO, APH) and "New Media" (NFLX).

The common thread in the reductions is "Sensitivity to the Macro Cycle." By trimming UBER (16.97% reduction) and JPM, the firm is signaling a slight caution regarding the "Consumer and Credit" cycle. While they aren't bearish, they are reducing their exposure to companies that require a "perfect" economy to continue their upward trajectory. They are moving toward companies with "Idiosyncratic Growth Drivers" (like Eli Lilly’s drugs or Broadcom’s AI chips) that can grow regardless of whether the GDP grows at 1% or 3%.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The Defensive Yield Anchor : Simultaneously, the firm is aggressively building its position in NEE (NextEra Energy) . This recognizes that the AI revolution cannot happen without a massive increase in power generation. This creates a "Self-Hedging" portfolio: the tech stocks provide the upside, while the utility stocks provide the stability and are actually fueled by the same trend.

Reference Value for Investors : Retail investors can learn from Neuberger Berman’s "Valuation Discipline." Even for a company as great as Apple or JPMorgan, the firm is willing to trim and take profits when the price is right. Furthermore, the firm’s focus on the "Energy-AI Nexus" (buying utilities to play tech) is a sophisticated insight that many individual investors overlook.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.