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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 and are subject to change over time.
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For illustrative purposes only.
As of November 17, 2022 (current) and October 31, 2022 (10-year)
Source: Bloomberg and AllianceBernstein (AB)
For illustrative purposes only.
As of October 31, 2022
Source: MSCI and AB
For illustrative purposes only.
*Relative valuation measured as HY CDX OAS–S&P 500 earnings risk premium
†Net Leverage=net debt/EBITDA; Interest Coverage=EBITDA/interest
As of October 31, 2022 (left) and November 18, 2022 (right)
Source: BofA Securities, IHS Markit, S&P and AB
For illustrative purposes only.
Global High Yield represented by ICE BofA US High Yield Index; Global Equities, represented by MSCI World Index
As of October 31, 2022
Source: ICE Data Indices, MSCI and AB
For illustrative purposes only.
Chart shows 52-week trailing correlation of weekly returns between S&P 500 and US 10-year Treasuries.
As of October 31, 2022
Source: Bloomberg, S&P and 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 and are subject to change over time.
Karen Watkin is a Senior Vice President and Portfolio Manager for the Multi-Asset Solutions business in EMEA. Along with being Portfolio Manager for the All Market Income Portfolio, she is responsible for the development and management of multi-asset portfolios for a range of clients. From 2008 to 2011, Watkin was portfolio manager for the Index Strategies Group, responsible for the development and management of AB’s custom index strategies for institutional clients in EMEA. She joined the firm in 2003, after spending three years as a management consultant in the Capital Markets Group at Accenture. Watkin holds a BA in economics with European study from the University of Exeter and is a CFA charterholder. Location: London
Edward Williams is a Vice President and Investment Strategist within the Multi-Asset Solutions team, where he is responsible for the business development of AB’s Luxembourg income-thematic multi-asset strategies. Williams joined AB in 2020 when he was based in Hong Kong, supporting client activity across Asia, before relocating to London and into his current role. Prior to joining AB, Williams spent six years working at Fidelity International across a range of roles in Europe and Asia, including as an investment specialist, focusing on Fidelity’s risk-managed and outcome-orientated multi-asset solutions. He holds a BA in economics from the University of Reading. Location: London
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