Here is an article from Worth Magazine edition June/July.

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T H AT E N D U R E S F O R
G E N E R AT I O N S

2. Active managers have had difficulty
outperforming their benchmarks dur-
ing the current six-year equity bull
market. With equity markets appear-
ing fairly valued and equity return out-
looks moderating, we believe that active
management has the potential to shine
in a more uncertain environment ahead.
From our perspective, active man-
agement has been challenged due to
the distinctive qualities of the recent
market environment. Periods of large-
cap equity outperformance have tended
to act as a drag on excess returns for
those investing in all-cap strategies.
In the Russell 3000 Index, the largest
1 percent of stocks makes up 28 percent
of the overall index weight. Active all-
cap portfolios tend to take an equal-
weighted approach across security
holdings and skew toward smaller-cap
names relative to the index. The rela-
tive performance of smaller caps ver-
sus larger caps can have a significant
impact on portfolios.
Additionally, many active managers
hold a percentage of companies domi-
ciled outside the United States. In the
current bull market, through the end of
2014, U.S. stocks have outperformed
international stocks by 8 percent, annu-
alized. In 2014, the difference was even
more pronounced, with U.S. stocks
outperforming non-U.S. stocks by 16 per-
cent. As of the end of the 1st quarter of
2015, this trend has reversed, with non-
U.S. stocksoutperforming domestic ones.
Finally, in the recent environment,
a small number of stocks have driven
overall index performance. With the
Russell 3000 Index, only 40 percent of
constituent stocks are outperforming
the overall index—a number not seen
since the dot-com bubble. The fewer
names that outperform the benchmark,
the harder it generally is for an actively-
managed portfolio to outperform.
Markets have historically moved in
cycles.Generally,environmentsthathave
favored a passive investment approach
have often been followed by periods in
which companies with attractive funda-
mentals become more fully appreciated.
Significantly, we know that earnings-
per-share growth has accounted for 70
percent of the S&P 500 Index’s total
returns over the past 20 years.
Also, should we enter a more “normal-
ized” environment, volatility would likely
be higher than in recent experience. This
would create more opportunities to take
advantage of price movements. Once
interest rates begin rising, the valuation
distortions created by aggressive central
bank easing will likely reverse, which
could create an environment with more
valuation dispersion among individual
stocks. Such environments would pres-
ent attractive outperformance potential
for active managers with effective secu-
rity selection skill.
One period often ripe for active man-
agement is the aftermath of a stock
market bubble. Although not by design,
passive investing represents a de facto
momentum strategy. Since the indices
tracked by most passive products are
market-cap weighted, a sector exhibit-
ing significant momentum will receive
an increasing weight in the portfolio:
A passive investor tracking the Russell
3000 Index would have held 33 percent
of his portfolio in technology stocks in
March 2000, before the bursting of the
dot-com bubble, and 23 percent in
financials at the end of 2006, ahead of
the global financial crisis.
By contrast, while active managers
trailed the Russell Index prior to the dot-
com peak, this reversed in its aftermath.
In fact, outperformance after the market
collapsed was more than four times the
underperformance during the rally.
We caution investors against making
portfolio decisions in reaction to recent
market experience. As the environment
for potential outperformance becomes
more favorable, investors may rediscover
the benefits of active management.
Chicago, IL Leading Wealth Advisor
What is the advantage of active
management, given the uncertain
times ahead?
Neuberger Berman Wealth Management
Brian E. Hahn, Managing Director; Christopher J. DeMonte, CFA®
,
Senior Vice President; Seth A. Yerk, CFA®
, Vice President
By Brian E. Hahn, Christopher J. DeMonte, Seth A. Yerk
This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice. No recommendation or
advice is being given as to whether any investment or strategy is suitable for a particular investor. Investing entails risks, including possible loss of principal. Past
performance is no guarantee of future results. All information is as of March 31, 2015, unless otherwise indicated. Firm data, including employee and assets under
management figures, reflect collective data for the various affiliated investment advisors that are subsidiaries of Neuberger Berman Group LLC. Neuberger
Berman LLC is a registered investment advisor and broker/dealer, and member, FINRA/SIPC. Alternatives and fixed-income products and services are generally
available through affiliates of Neuberger Berman LLC. Tax-planning and trust and estate administration services are offered by Neuberger Berman Trust
Company N.A., an affiliate of Neuberger Berman LLC. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.
©2015 Neuberger Berman Group LLC. All rights reserved.

3. 087
Richard P. Slaughter Associates Inc. 13809 Research Blvd., Suite 905, Austin, TX 78750 512.918.0000
W O R T H . C O M J U N E - J U LY 2 0 1 5W O R T H . C O M J U N E - J U LY 2 0 1 5
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ILLUSTRATIONBYKEVINSPROULS
Neuberger Berman Wealth Management 190 South LaSalle Street, 24th Floor, Chicago, IL 60603 312.325.2223Neuberger Berman Wealth Management 190 South LaSalle Street, 24th Floor, Chicago, IL 60603 312.325.2223Neuberger Berman Wealth Management 190 South LaSalle Street, 24th Floor, Chicago, IL 60603 312.325.2223
“As the environment for potential
outperformance becomes more
favorable, investors may rediscover
the benefits of active management.”
—Brian E. Hahn
How to reach The Hahn Team
Any member of our team may be reached at
312.325.2223. We look forward to hearing
from you.
Minimum Fee for Initial Meeting
None required
Minimum Net Worth Requirement
$5 million
Financial Services Experience
Hahn, 24 years; DeMonte, 20 years;
Yerk, 10 years
Primary Custodian for Managed Assets
J.P. Morgan
Compensation Method
Asset-based fees
Professional Services Provided
Investment advisory, wealth planning, trust and fiduciary services
Email bhahn@nb.com
christopher.demonte@nb.com
seth.yerk@nb.com
Website www.nb.com
Left to right: Seth A.
Yerk, Brian E. Hahn,
Christopher J. DeMonte
About Neuberger Berman Wealth Management, The Hahn Team
Wealth management is part of Neuberger Berman’s DNA. The Firm was founded to manage assets on behalf of
individuals, families and their charitable organizations. Now, 76 years later, as a global investment management
organization overseeing more than $250 billion across all asset classes, Neuberger Berman’s wealth management
business still remains a central focus. For nearly 20 years, the Hahn Team has been a leading advisory group within
Neuberger Berman’s wealth management business, creating customized investment solutions for individuals
and their families. Currently overseeing about $1.4 billion in private client assets, the Team accomplishes its
mission through the active management of investments, while incorporating a strong understanding of each
client’s tax, estate planning, insurance, philanthropic and banking and credit needs. This integrated approach
is a collaborative one, leveraging the expertise of lawyers, accountants and other professionals involved in the
client-planning process. Through a commitment to active listening and prioritizing what is most important to
clients and their families, The Hahn Team strives to make complex issues more manageable, while keeping
clients informed, actively engaged and financially secure over the long term.
NEUBERGERBERMANWEALTHMANAGEMENT

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Neuberger Berman Wealth Management is featured in Worth®
2015 Leading Wealth Advisors™
, a special section in every edition of Worth®
magazine. All persons and firms appearing in this
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See “About Us” for additional program details at http://www.worth.com/index.php/about-worth.
Brian E. Hahn
Managing Director
Christopher J. DeMonte, CFA®
Senior Vice President
Seth A. Yerk, CFA®
Vice President
Neuberger Berman Wealth Management
190 S LaSalle Street, 24th Floor
Chicago, IL 60603
Tel. 312.325.2223
bhahn@nb.com
christopher.demonte@nb.com
seth.yerk@nb.com
www.nb.com