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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.
20 Years Ending September 30, 2019
As of September 30, 2019
Historical analysis does not guarantee future results.
Aggregate is represented by the Bloomberg Barclays US Aggregate Bond Index; US Treasuries is represented by the Bloomberg Barclays US Treasury Index; high yield is represented by the Bloomberg Barclays US High-Yield 2% Issuer Capped Index; high yield ex CCCs is represented by the Bloomberg Barclays US High-Yield Ba/B 2%
Issuer Capped Index; risk-managed strategy is represented by 50% US Treasuries and 50% high yield ex CCCs—rebalanced monthly; risk-weighted strategy is represented by 65% US Treasuries and 35% high yield—rebalanced monthly. The data points represent 20 years annualized.
Source: Bloomberg Barclays and AllianceBernstein (AB)
Many Sectors Offer Better Combinations of Yield and Quality than US High Yield (HY)
Through September 30, 2019
Past performance and historical and current analysis do not guarantee future results.
*CMBX is an index that tracks the commercial mortgage-backed securities market
†AT1: additional tier 1 bonds are subordinated bank debt that can be written off in a crisis
EM: emerging-market; IG: investment-grade
Source: Bloomberg Barclays and J.P. Morgan
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.
Matthew Sheridan is a Senior Vice President and Portfolio Manager at AB, primarily focusing on the Income Strategies portfolios. He is a member of the Global Fixed Income, Global High Income and Emerging Market Debt portfolio-management teams. Additionally, Sheridan is a member of the Rates and Currency Research Review team and the Emerging Market Debt Research Review team. He joined AB in 1998 and previously worked in the firm’s Structured Asset Securities Group. Sheridan holds a BS in finance from Syracuse University. He is a CFA charterholder. Location: New York
The 10-year Treasury yield has climbed steadily over the past two years. But we believe fixed-income investors should be prepared for lower yields ahead.
Matthew Sheridan, Monika Carlson | 12 September 2023Do high-yield bonds still make sense for income investors at this stage of the credit cycle? We think so.
Matthew Sheridan, Gershon Distenfeld, Scott DiMaggio | 08 August 2023The 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.
Matthew Sheridan, Gershon Distenfeld, Scott DiMaggio | 26 June 2023This 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.