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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.
Past performance does not guarantee future results.
Portfolio blends: equities: 50%; credit: 10%; government bonds: 30%; commodities: 10%
High-yield credit returns beginning October 31, 1986
As of July 31, 2022
Source: Bloomberg and AllianceBernstein (AB)
Past performance does not guarantee future results.
Returns are calendar-year average real returns from 1960 to 2022. High inflation years are those with rates above the 3% average.
As of July 31, 2022
Source: Bloomberg and AB
For illustrative purposes only.
Large-cap stocks represented by the S&P 500 Index; capital spending intentions based on the Manufacturing Business Outlook Survey, Philadelphia Federal Reserve. Fitted is capex spending dependent on S&P 500 performance and future earnings growth expectations.
Left display through June 22, 2022; right display through July 23, 2022
Source: Bloomberg 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.
Caglasu Altunkopru is Head of Macro Strategy in the Multi-Asset Solutions Group at AB. She was previously a sell-side analyst at AB, covering equity portfolio strategy for six years. Altunkopru joined the firm in 2005, covering the European Household and Personal Care sector, and her team was ranked among the top three in Institutional Investor and Extel surveys. Prior to joining AB, she worked as a management consultant with The Boston Consulting Group, Bain & Co. and McKinsey, serving clients in the consumer goods and financial services sectors. Altunkopru holds a BS in mathematics from the Massachusetts Institute of Technology and an MBA from Harvard Business School. Location: New York
Aditya Monappa is Global Head of the Multi-Asset Business Development team. In this role, he leads a team of investment and product strategists who engage with clients to represent market views and investment strategies for AB’s Multi-Asset Solutions (MAS) business. Monappa is also involved in setting the strategic priorities and goals for the global MAS business. Prior to joining the firm in 2018, he was head of Asset Allocation & Portfolio Solutions for Standard Chartered Bank. As part of that role, Monappa was responsible for the design of global asset-allocation models and multi-asset-class portfolio solutions for both the private and priority segments. He was a key member of the bank’s Global Investment Council and also acted as an advisor to the Discretionary Portfolio Management division. Previously, Monappa was head of Wealth Management Analytics for RiskMetrics Group, responsible for its asset allocation and portfolio construction offering. Prior to RiskMetrics, he worked with J.P. Morgan, first in the Investment Management division, followed by three years with J.P. Morgan Advisory Services, a division of J.P. Morgan Private Bank. Monappa holds an MBA from INSEAD and an MS in financial engineering from Columbia University. He is a CFA charterholder. Location: Singapore
The risk of higher equilibrium inflation is a key marker of the notion that investors face a new regime. Recent policy announcements have lent more weight to the idea that the path of inflation might be upward. In this note we focus on the disparate forces that imply a higher long-term level of inflation.
Inigo Fraser-Jenkins | 10 March 2025We started the year having discussions with a large number of chief investment officers (CIOs) and allocators. In this short note, we reflect on the key common messages that came out of those discussions, points of consensus and important open questions for the outlook. We reflect on how those perspectives overlap with our view that a change in macro regime is the most likely description of the outlook. There was strong agreement among investors on a positive view for risk assets and an overweight position in the US. The area of most agreement in terms of where to increase allocations was private assets, especially private debt. We discuss the key issues that investors have raised across equities, fixed income and alternative assets, and also their views on crypto.
Inigo Fraser-Jenkins, Alla Harmsworth | 27 January 2025This is a marketing communication. This information is provided by AllianceBernstein Schweiz AG, Zürich, a company registered in Switzerland under company number CHE-306.220.501. AllianceBernstein Schweiz AG is a financial service provider within the meaning of the Financial Services Act (FinSA) which is not subject to any prudential supervision in Switzerland. Further information on the company, its services and products, in accordance with Art. 8 FinSA can be found on the Important Disclosures page at www.alliancebernstein.com. It is provided for informational purposes only and does not constitute investment advice or an invitation to purchase any security or other investment nor is it a recommendation to subscribe to a financial service. The views and opinions expressed are based on our internal forecasts and should not be relied upon as an indication of future market performance. The value of an investment can go down as well as up and investors may not get back the full amount they invested. Capital is at risk. Past performance does not guarantee future results.
This information is directed at Qualified Investors only and is not intended for public use.