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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.
*Nasdaq represented by Nasdaq Composite, US large-caps by S&P 500, Europe ex-UK by MSCI Europe ex UK, Japan by MSCI Japan, US small-caps by Russell 2000, Australia by MSCI Australia, UK by MSCI UK, Emerging Markets by MSCI Emerging Markets and China by MSCI China A.
As of December 31, 2023
Source: FactSet, FTSE Russell, International Data Corporation, MSCI, S&P, and AllianceBernstein (AB)
Past performance and current analysis do not guarantee future results.
*Value represented by MSCI ACWI Value Index; growth represented by MSCI ACWI Growth; minimum volatility represented by MSCI ACWI Minimum Volatility.
As of December 31, 2023
Source: FactSet, MSCI and AB
For illustrative purposes only.
This graphic is not a simulation of an investment strategy, given the small sample sizes.
Directional arrows are determined by the T-Stat of the factor return, or a measure of significance of the factor returns experienced in each environment. A T-Stat >+1 suggests some directional support for the factor, <–1 suggest some directional challenges to the factor, and in between suggests a neutral environment. A T-Stat of +/–1 suggests that the returns experienced are moderately different from 0.
Methodology: at the beginning of each month, we defined each environment by looking at the level and change of the Institute for Supply Management (ISM) purchasing managers’ index (PMI) and the prior month’s change in US 10-Year Treasury yield relative to the average of the prior three months. In stronger economic growth conditions, the PMI was flat or rising below 55. In weaker economic growth conditions, the PMI was between 50 and 55 and falling. In recessions, the PMI was below 50 and falling.
From January 1, 1991, to September 30, 2023
Source: Bloomberg, Center for Research in Security Prices, ISM, S&P Compustat, Thomson Reuters I/B/E/S and AB
Past performance and current analysis do not guarantee future results.
As of September 30, 2023
Source: Federal Reserve Bank of St. Louis, S&P and AB
Past performance does not guarantee future results.
Net total returns in US-dollar terms.
As of December 31, 2023
Source: eVestment, MSCI 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. Views are subject to revision over time.
MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein.
The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
References to specific securities discussed are for illustrative purposes only and should not to be considered recommendations by AllianceBernstein L.P. It should not be assumed that investments in the securities mentioned have necessarily been or will necessarily be profitable.