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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.
James MacGregor was appointed Chief Investment Officer of US Small and Mid Cap Value Equities in 2009. In this role, he acts as the lead portfolio manager for AB’s US Small and Mid Cap Value strategies. MacGregor was appointed Head of US Value Equities in 2019, responsible for all US Value portfolios in the areas of business management and talent development. From 2009 to 2012, he also served as CIO of Canadian Value Equities. From 2004 to 2009, MacGregor was director of research for Small and Mid Cap Value Equities, overseeing coverage of companies for the Small Cap and Small/Mid Cap Value services. He started as a research analyst covering a wide number of sectors for those same services. Prior to joining the firm in 1998, MacGregor was a sell-side research analyst at Morgan Stanley, where he covered US packaging and Canadian paper stocks. He also serves as a board member and volunteer for Xavier Mission, a charitable organization that provides basic services and opportunities for empowerment and self-sufficiency to New Yorkers in need. MacGregor holds a BA in economics from McGill University, an MSc in economics from the London School of Economics and an MBA from the University of Chicago. He is a CFA charterholder. Location: New York
Cem Inal was appointed Chief Investment Officer of US Large Cap Value Equities in 2020, after serving as portfolio manager of US Large Cap Value Equities from 2016 until 2019. He has also served as Portfolio Manager of Global Real Estate Securities since 2023. Inal was previously a senior research analyst and leader of the technology sector. He also co-managed the International Small Cap Value service from its inception in 2014 until 2016. Before joining the firm in 2003 as a research analyst, Inal was a vice president at fusionOne, a communications software provider. Prior to that, he was an engagement manager at McKinsey & Company and a research engineer at Mitsubishi Electric. Inal holds a BSE in electrical engineering from Princeton University and an MBA in financial engineering from Cornell University. Location: New York
Dennis Stakhov is a Vice President and Senior Quantitative Research Analyst for US Value Equities. Prior to joining AB in 2018, he was a member of the quantitative strategies team at Columbia Threadneedle Investments. Stakhov holds a BA in mathematics from Hunter College and an MS in computational finance from Carnegie Mellon University. Location: New York
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