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2. Last year was a challenging one for
U.S. small capitalization stocks rela-
tive to their large capitalization peers.
The Russell 2000 Index returned 4.9
percent versus 13.2 percent for the
Russell 1000. This was the largest dis-
parity in returns between the two
indexes since 1998.
We believe investors who less-
ened their exposure to small caps in
2014 should consider returning them
to a more significant weight within
their portfolios.
Following periods of extreme under-
performance, the subsequent relative
performance of small caps has often
been quite strong. Since 1972, the Rus-
sell 2000’s six most difficult periods of
performance have been followed by
returns of 12.2 percent on average over
18 months, versus 6.5 percent for the
Russell 1000. The three-year return dif-
ference has been even stronger, with
small caps returning 28.7 percent, ver-
sus just 11.9 percent for large compa-
nies. We find the historical context
encouraging and believe this could
ultimately wind up being an attractive
entry point for small caps.
Investors can play upon several
unique factors that make small caps an
attractive long-term investment. First,
small caps typically provide access to
companieswithhighergrowthpotential:
It’s generally less challenging to accel-
erate the sales of a $25 million com-
pany than one with sales of $25 billion.
Second, small companies offer inves-
tors a greater universe of opportunity.
Wall Street analysts focus the majority
of their efforts on roughly 20 percent
of all publicly traded companies—
those with market capitalizations above
$1.5 billion. This leads to an astounding
number of companies that are over-
looked. A portfolio manager can take
advantage of this scant coverage to
add significant value.
Current macro factors also provide
a possible short-term opportunity for
small cap investments. The dollar
appreciated 12.8 percent against a
basket of world currencies in 2014.
While this strength likely won’t be as
pronounced going forward, the trend
could continue, given the improve-
ments in the U.S. economy. Companies
in the Russell 2000 obtain approxi-
mately 81 percent of their revenues
from within the United States, capi-
talizing on improving U.S. economic
strength while being less exposed to
the weakening exchange rates felt by
larger companies.
Increased merger and acquisition
activity may also continue in 2015, pro-
viding a nice tailwind to small caps.
U.S. dealmakers are emboldened by
historically low interest rates, strong
employment and record stock prices.
Plus, challenged organic growth allows
larger companies to feel comfortable
using their abundant balance-sheet
cash to achieve growth by acquiring
smaller franchises.
It’s important to remember that
investing in small companies comes
with specific risks. Small cap stocks
are more vulnerable to financial risks
and other risks than stocks of larger
companies. They also tend to be less
liquid and trade with lower frequency
and volume than larger-company
stocks, which tends to make them
more volatile and difficult to exit
quickly. Also, the inefficiencies in
research that can benefit investors
may also lead to challenges and sur-
prises if ongoing diligence is not
maintained. Lastly, small caps valua-
tions historically trade at a premium
of 10- to 20 percent to large-cap stocks.
As capital flows into small companies
in response to improved economic
data, valuations often spiral higher.
We draw comfort from the fact
that small caps have rebounded from
extreme performance gaps versus
large-caps in the past and believe
that they remain highly relevant in
the construction of a well-diversified
equity portfolio.
Chicago, IL Leading Wealth Advisor
Should I remain constructive
on U.S. small caps?
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 December 31, 2014, 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. Financial planning analysis, 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. 091
Richard P. Slaughter Associates Inc. 13809 Research Blvd., Suite 905, Austin, TX 78750 512.918.0000
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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
“We believe that investors who lessened their
exposure to small caps in 2014 should now
give consideration to returning them to a more
significant weight within their portfolios.”
—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’s mission
is accomplished 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.
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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