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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Past performance and current analysis do not guarantee future results.
Highest free-cash-flow yield is the highest tercile of companies in the Russell 1000 Index based on free cash flow/share price. Within this group, the highest profitability is the highest tercile of companies based on free cash flow/assets. The five episodes chosen for analysis are two-year periods, beginning six months before the trough in a market downturn of at least 10% from the beginning to the end of a quarter. These include the US savings-and-loan crisis, measured from March 1, 1990; the dot-com bubble, measured from September 1, 1999; the September 11, 2001, attacks in the US, measured from March 1, 2001; the global financial crisis, measured from August 1, 2008; and the European debt crisis, measured from March 1, 2011. The COVID-19 crisis is measured from September 1, 2019, through May 31, 2021 (three months shorter than other periods shown).
As of June 30, 2021
Source: Bloomberg, FTSE Russell and AllianceBernstein (AB)
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
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