O TYM ODCINKU
Strong market returns can create a difficult trade-off: diversify concentrated holdings and trigger a tax bill, or retain unwanted risk. Tax-aware strategies may help, but saving taxes is not the same as building the right portfolio.
On this episode of Disruptive Forces, host Anu Rajakumar speaks with Doug Kramer, Head of Institutional Equity and Multi-Asset at Neuberger, about how tax deferral can support compounding, the tools available to manage low-cost-basis stock, and why investors should start with their whole balance sheet—not a single strategy. They also discuss trade-offs and evolving regulatory scrutiny.
On this episode:
- How tax drag can erode long-term compounding of gains
- Tax-loss harvesting, ETFs and other tax-aware tools
- Managing concentrated holdings while deferring taxes
- Regulatory scrutiny and bringing tax advisors in early
- Why investment objectives must come before tax savings
This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.
Use of Artificial Intelligence Tools. Neuberger may utilize AI tools in its business operations to improve operational efficiency and for assistance in research and analyzing data among other uses. AI tools are dependent on historical data, consequently, if the content or analyses that AI applications assist Neuberger in producing are or are alleged to be deficient, inaccurate, or biased, a client account may be adversely affected. Additionally, AI tools used by Neuberger may produce inaccurate, misleading or incomplete responses that could lead to errors in Neuberger's and its employees' judgement, decision-making, investment research or other business activities, which could have a negative impact on the performance of a client account. The application of AI in investment processes, research, or analysis is evolving and subject to limitations, including data quality, algorithmic biases, and interpretive errors. AI outputs should not be relied upon as the sole basis for investment decisions. No assurance is given regarding the accuracy, completeness, or timeliness of information generated by AI.
This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.
The "Neuberger" name and logo are service marks of Neuberger Berman Group LLC.
© 2026 Neuberger Berman Group LLC. All rights reserved. M-006618
