Neuberger Berman Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Neuberger Berman, a storied name in the global investment management landscape, represents a unique archetype of institutional stewardship. As an independent, employee-owned investment manager, the firm’s structural identity profoundly influences its market behavior, which is vividly reflected in the 13F filing for the first quarter of 2026. With a total portfolio market value reaching a staggering $131.30 billion as of March 31, 2026, Neuberger Berman operates at a scale that necessitates a sophisticated balance between broad market exposure and high-conviction thematic bets. The sheer magnitude of this assets under management (AUM) figure places the institution in the upper echelon of global "smart money," where every percentage point shift represents billions of dollars in capital reallocation.

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II. Sector Allocation Analysis

The Technology sector, at 25.87%, is the undisputed crown jewel of the portfolio. This is not merely a passive holding; it is an active bet on the transformative power of semiconductors, software, and cloud computing. For Neuberger Berman, technology is no longer a "sector" in the traditional sense but the fundamental infrastructure of all modern business. The high weight here reflects a belief that valuation premiums in tech are justified by superior earnings growth and competitive moats. Within this sector, the firm’s moves suggest a shift from "general tech" to "AI-critical tech," as evidenced by the massive additions to semiconductor leaders.

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III. Top 10 Holdings Deep Dive

NVIDIA has ascended to the number one spot in Neuberger Berman’s portfolio, a position that carries both symbolic and financial weight. With a market value exceeding $5.08 billion and a portfolio weight of 3.87%, NVIDIA is the institution’s primary bet on the AI revolution. This quarter, the firm added 8.50% to its position, increasing its share count by over 2.28 million. This is a "conviction holding" in every sense of the word. The decision to add at these levels, where NVIDIA’s valuation is often a point of market debate, suggests that Neuberger Berman views the company not just as a chipmaker, but as the "sovereign infrastructure" of the new economy. The increase in weight from 3.73% to 3.87% is an active adjustment, indicating that the institution is willing to let its winners run and even fuel them further. The logic here is likely fundamental: as data centers transition to accelerated computing, NVIDIA’s moat in both hardware (GPUs) and software (CUDA) remains unchallenged. For Neuberger Berman, NVIDIA is the "toll booth" for the AI era.

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IV. Major Buys/Additions

As established in the top 10 analysis, NVIDIA is the primary recipient of Neuberger Berman’s capital this quarter. The estimated addition of nearly $400 million is a profound statement of confidence. The motivation here is clearly a "growth acceleration bet." While many investors fear a "peak" in AI infrastructure spending, Neuberger Berman’s data-driven approach likely suggests that the transition to AI-driven data centers is still in its middle innings. By adding 8.50% to an already massive position, the firm is signaling that NVIDIA’s competitive advantage—its software ecosystem and rapid release cycle—is worth the premium valuation. This move increases the portfolio’s "offensiveness," making it more sensitive to the continued success of the AI theme.

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 reduction in Microsoft, yielding an estimated $136.1 million, is the largest single source of cash for Neuberger Berman this quarter. This is a classic "Profit-Taking" operation. Having held Microsoft since at least 2013, the institution has enjoyed the massive gains of the cloud and AI era. Trimming 3.13% of the position is not a signal of fundamental decay, but rather a "Major Strategic Contraction" of a position that had perhaps become too large for the firm’s risk parameters. By realizing these gains, the firm can fund its more aggressive additions to NVIDIA and AMD. The timing suggests that Neuberger Berman believes Microsoft’s valuation has reached a "plateau of maturity," where future gains will be more incremental.

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 logic chain is clear: 1. Sold what : Mature mega-cap tech (Microsoft, Apple), traditional energy (Exxon), and legacy finance (JPMorgan, Berkshire Hathaway). 2. Why sell : To harvest profits from "First Wave" winners whose growth rates are stabilizing and to reduce exposure to cyclical commodity and interest rate risks. 3. Bought what : AI infrastructure leaders (NVIDIA, AMD, Analog Devices), dominant digital platforms (Netflix, Amazon), and broad market beta (S&P 500 ETF). 4. Why buy : To capture the accelerating returns of the "Second Wave" of AI, where hardware dominance and platform scale are creating massive new profit pools. 5. Overall portfolio change : The portfolio has become more "barbelled." It has a more aggressive growth "head" and a more stable, diversified "body."

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.