Gershon M. Distenfeld, CFA

The evolving high-yield markets make the case for a global, multi-sector approach to generating income.

Investors in US fixed-income markets may want to strike while the iron is hot.

Many investors limit their mandates to credits rated BBB or higher. But they could tap high-quality high yield—without adding to overall risk.

Investors are entering the new year with many concerns about macroeconomic conditions and market volatility. The heads of our fixed-income, equities and alternatives businesses lay out some of the key investment storylines to watch in 2024.

Good news for bond investors: yields are likely to stay higher for longer. We share strategies for making the most of this environment.

Do high-yield bonds still make sense for income investors at this stage of the credit cycle? We think so.

Surf's up! Elevated yields and negative correlations are good news for bond investors. We share strategies for making the most of today's opportunities.

The economic outlook for the US is cloudy, but the right mix of credit and government bonds may help investors boost income in all kinds of weather.

Market conditions may be unpredictable, but these strategies can help investors gain traction.

Now, with yield curves inverted across North America, Europe and parts of Asia, investors can earn extra income without increasing interest-rate risk.

Our Fixed-Income Co-Heads survey the market landscape for 2023—and provide strategies for making the most of it.

It's been a stormy year for investors, and the forecast calls for more of the same. We address today's challenges and opportunities and strategies for navigating bad weather.

With yields today significantly higher than usual, income-seeking investors should seize the opportunity to add high-yield debt to their portfolios.

It's been a long and winding road, and most investors are feeling a bit queasy. Our Fixed Income co-heads pull out their road map for bonds.

Looking for a tactical way to de-risk your portfolio? Consider rotating a portion of your equity allocation into high-yield bonds.

AB fixed-income managers discuss strategies for income-seeking investors in today's landscape.

Active bond investors can rise to the challenges of today environment. Here's how.

Russia's invasion of Ukraine has shaken up broad issues that shape our analysis of asset classes and securities. Here's what our investment teams are beginning to assess.

Our Fixed Income Co-Heads survey the market landscape for 2022—and provide strategies for making the most of it.

Clients’ needs and wants are evolving, driving five megatrends in the asset management industry. We’re paving the way.

Bond markets are supposed to be placid. But outsized uncertainty in today’s bond markets is putting investors on edge. We make sense of today’s investing landscape.

We address the three most common investor concerns we’re hearing today—inflation, tapering and climate risk. Plus, a bonus worry (if you’re not thinking about this risk, you should be).

Worried about rising rates? Inflation keeping you up at night? We've identified three strategies that will help keep your portfolio aloft.

AB's Co-Heads of Fixed Income weigh in on systemic risk, areas of opportunity and the hunt for yield in 2021.

AB Co-Head of Fixed Income Gershon Distenfeld and portfolio manager Matt Sheridan discuss what the global credit markets may have on offer for 2021.

Does volatility give you the jitters? AB Co-Head of Fixed Income Gershon Distenfeld and portfolio manager Matt Sheridan discuss unearthing opportunities while guarding against the turbulence of current events.

Can bonds continue to play defense and provide income when yields are at historic lows? We think so.

Low yields plus rising defaults seemingly leave little ground for bond investors seeking safety or income - or both. But for investors who remain flexible, these objectives aren’t as distant as many think.

Oil prices briefly turned negative this week. What does it mean for energy bonds? And why does the long view for oil matter more?

Most of the bond market sold off in March as the coronavirus crisis intensified. But as past crises have shown, indiscriminate selloffs can generate big opportunities.

Bond yields are low, geopolitical risk is rising and the economic outlook is uncertain. This could create some challenges for investors who rely on their fixed-income allocation to provide income, returns, stability and diversification against equity risk. But we think investors can still fortify their fixed-income allocations in a way that increases return potential without an excessive increase in risk.

With bond yields near record lows, can fixed-income markets generate solid returns in 2020 without forcing investors to take too much risk? From a fraught geopolitical landscape to a global slowdown, we assess today's biggest challenges—and opportunities.

It's easy to get spooked in late-cycle markets. But we think there's a way to de-risk your portfolio and still generate a decent level of income—no magic spells necessary.

Want to reduce overall portfolio risk without giving up on income? Consider high-yield bonds.

For most investors, there aren't enough hours in the day to comb through the onslaught of data coming at them. Artificial intelligence and machine learning are changing this—and bond managers are starting to take notice.

The market has grown less anxious about an imminent wave of bond downgrades. That's good, because overestimating the risk can lead to missed opportunities. But the risk hasn't disappeared, making research as important as ever.

Should you be concerned that high-yield bonds didn't predict last year's equity market selloff? We don't think so. In fact, we think investors should consider adding high-yield exposure to reduce overall risk.

The media and some market observers are bracing for a blizzard of BBB-rated bonds to get downgraded to junk as the credit cycle turns. We expect it will be closer to a flurry.

First, the bad news: high-income investors should saddle up for another bumpy ride in 2019. Now the good: with challenges come opportunities-and we see plenty on the horizon for investors who take the long view.

A dramatic fall in oil prices, followed by a sell-off in high-yield energy bonds—is it time to worry about oil and gas companies again? Quite the contrary. The North American issuers that make up most of the world's high-yield energy market are in a better position today than they have been in years.

Crowded trades have become all too common in fixed-income markets. But running with the crowd is risky, particularly when it comes to illiquid assets like bank loans that may not be easy to sell during a market downturn.

The digital revolution took its time getting to fixed income, but today it's transforming the investing landscape. Already, major advances in technology are helping early adopters gain unique insights and act faster in markets where speed and alpha are increasingly and inextricably linked.

At long last, fixed-income investing is entering the digital age-and investors should pay close attention to what their asset managers are doing to keep up. From better pricing to better solution design, the digital revolution that's transforming the fixed-income management landscape can lead to a host of benefits.

Investors tend to think of floating-rate bank loans as the cure for rising interest rates. But our research suggests that a rising-rate environment has historically been the worst time to buy loans.

US investment-grade corporate bonds look cheaper today than their lower-quality counterparts in the high-yield market. Is this the buying opportunity of a lifetime? Not exactly. A closer look reveals there's actually method to the madness.

A bond allocation is like a railroad. Credit is the locomotive that generates high returns, duration the track that keeps the train in line. Take the track away and you risk running your portfolio into the ditch. That's why duration-hedged credit strategies are dangerous.

High-yield investors bracing for a downturn in 2018 can relax. By some metrics, high-yield companies have rarely looked better. The way we see it, investors who do their homework can still profit in this environment.

Investors often say they're worried about having too much high-yield bond exposure so late in the credit cycle. But many are still chasing returns in equities and other assets with even higher risk. We've got a better idea.

Market conditions may change in 2018, and that's good for income-oriented investors. Yes, interest rates are rising and some assets look expensive. But there are still plenty of horses to ride in this race.

Investors may want to take some time in 2018 to reexamine their high-income strategies. We've got some advice: Be selective. Be diversified. And, perhaps most importantly, be patient.

Tighter monetary policy in advanced economies. Stretched asset valuations. These are anxious times for income-oriented investors. But don't worry-it's still possible to generate income without taking on unnecessary risk.

High-yield bonds have had a good run. But with interest rates rising, has the market run out of road? Don't bet on it. The sector usually motors ahead when rates rise. And when it does decline, it rebounds rapidly.

Bonds in the US high-yield market are as varied as the creatures in the sea. Invest carelessly, and you may get stung. But with careful analysis, investors can uncover gems at any stage of the credit cycle.

Should tighter monetary policy on both sides of the Atlantic worry bond investors? We don't think so. Bonds have historically delivered positive returns when interest rates rise-particularly when they rise gradually.

Looking for a way to increase your US exposure without adding equities? Need more income but worried about rising rates? US high-yield bonds deserve a place in your portfolio.

High-yield bank loans are often touted as the solution to rising interest rates. In reality, though, these assets overpromise and under deliver. High-yield bonds are often a better bet for income-oriented investors.

The US credit cycle is entering its ninth year. That doesn't mean it will end tomorrow. But it will end-and possibly sooner than markets think. Fortunately, there are ways to de-risk and maintain exposure to high-income assets.

In the high-yield market, it's no secret that the lower a bond's quality, the higher its risk of default. Here's something that isn't so well understood: low-quality bonds can damage a portfolio even before they default.

Still casting about for a New Year's resolution? If you're an income-conscious investor, try this: expect that something unexpected will happen next year and act now to cushion your portfolio.

When the market starts buzzing about rising rates, high-yield bank loans' popularity grows. Although the bank loan bandwagon may look tempting, we've found reasons why high-yield bonds shouldn't be so easily dismissed.

A pending US interest-rate hike and worries about inflation may have persuaded investors to start avoiding bonds. We think that's a mistake, especially when it comes to high yield, a sector that often thrives when rates rise.

For some investors, any mention of US mortgages takes them back to the dark days of 2008. But today's mortgage bonds aren't the devils some market participants make them out to be.

Investing means taking calculated risks, but nobody should have to lose sleep over it. If your portfolio is keeping you up nights, it may be time to consider a low-volatility strategy.

Many energy companies have been downgraded to junk status, but some will rebound faster than others as commodity prices recover. Investors tapping global bond markets for income should take note.

"He who doesn't risk never gets to drink champagne." As investors, we can all relate to this Russian proverb. But in choppy markets, big risks can be hard to stomach. A low-volatility strategy can help.

Are high-yield bonds cheap today? Relative to history, yes. But they're not all alike. That's why using a passive exchange-traded fund (ETF) to tap into the market can be costly.

Looking for a tactical way to de-risk your portfolio? You might consider rotating a portion of your equity allocation into high-yield bonds.

Market sell-offs can be unsettling. But it's important to keep them in perspective. The recent downturn in some credit markets is normal, given where we are in the credit cycle. It's not evidence of a bursting bubble.

The plunge in commodity prices is bad for energy- and metals-sector high-yield bonds. But it's positive for the majority of issuers. That's why we expect only a modest rise in the average default rate in 2016.

The calendar reads 2016, but turmoil in US high yield has some investors thinking 2008. To us, the current situation looks more like the bursting of the dot-com bubble than the start of a new global crisis.

When a well-known mutual fund fails, investors get nervous. That's understandable. But is the demise of Third Avenue Management's Focused Credit Fund a canary in the coal mine for the high-yield market? We don't think so.

Investors attempting to hide from rising rates by choosing investments with significant amounts of CCC-rated corporate bonds could be whistling in the dark-and exposing themselves to a more ominous kind of risk.