-
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.
*US large-caps represented by S&P 500, Europe ex UK by MSCI Europe ex UK Index, UK by FTSE All-Share Index, Australia by S&P/ASX 300, US small-caps by Russell 2000 Index, Japan by TOPIX, China by MSCI China A Index, and emerging markets by MSCI Emerging Markets Index.
As of December 31, 2021
Source: Bloomberg, FactSet, FTSE Russell, MSCI, Nasdaq, S&P, Tokyo Stock Exchange and AllianceBernstein (AB)
Past performance and current analysis do not guarantee future results.
As of December 31, 2021
Based on consensus forecasts as of December 31, 2020. S&P and Tesla share price forecasts for 2021 are based on the average of analyst target prices, generally for the next 6–12 months. US inflation is based on seasonally adjusted year-on-year figures, and the actual 2021 outcome is based on the November consumer price index reading.
*For GDP, actual 2021 refers to the estimated 2021 outcome of consensus forecasts as of December 2021.
Source: FactSet, US Bureau of Labor Statistics and AllianceBernstein (AB)
Past performance and current analysis do not guarantee future results.
As of May 31, 2021
The table shows average year-on-year returns for different equity indices in different inflation regimes. Inflation regimes are proxied by the US 10-year TIPS implied breakeven inflation rate. Pre-1997, the 10-year breakeven rate is a backcast of implied inflation calculated by Jan Groen and Menno Middledorp from the Federal Reserve Bank of New York. US CPI index is used to convert nominal to real returns. Global based on MSCI World. US based on Global Financial Data US Index and the S&P 500; Europe based on MSCI Europe; Japan based on MSCI Japan; emerging markets based on Global Financial Data EM series from 1970 and MSCI Emerging Markets from 1987
Source: Datastream, Federal Reserve Bank of New York and AllianceBernstein (AB)
Past performance does not guarantee future results.
Through December 31, 2021
Peaks shown are for the last day of each month displayed.
Source: FactSet, FTSE Russell and AB
Past performance and current analysis does not guarantee future results.
Based on forecast earnings for the next 12 months. US represented by S&P 500, Europe ex UK by MSCI Europe ex UK, Japan by MSCI Japan, Asia ex Japan by MSCI Asia ex Japan, emerging markets by MSCI Emerging Markets and UK by MSCI UK
As of December 31, 2021
Source: FactSet, FTSE Russell, MSCI, 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. 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.
Chris Hogbin is the Global Head of Investments for AB. In this broad leadership role, he oversees all the firm’s investment activities. Hogbin is responsible for driving investment success across asset classes, fostering collaboration and sharing best practices across investment teams, as well as leveraging a common infrastructure and evaluating opportunities to invest in capabilities that deliver better outcomes for clients. He is also a member of the firm’s Leadership team and Operating Committee. Hogbin joined AB’s institutional research business in 2005 as a senior analyst covering the European food retail sector. In 2010, he was named to Institutional Investor’s All-Europe Research Team and was ranked as the #1 analyst in his sector in both 2011 and 2012. Hogbin became European director of research for the Sell Side in 2012 and was given additional responsibility for Asian research in 2016. In 2018, he was appointed COO of Equities for AB. In 2019 Hogbin was promoted to co-head of Equities, becoming head of Equities in 2020. Prior to joining the firm, he worked as a strategy consultant for the Boston Consulting Group in London, San Francisco and Shanghai, where he was responsible for the execution of critical business-improvement initiatives for clients in the financial-services and consumer sectors. He holds an MA in economics from the University of Cambridge and an MBA with distinction from Harvard Business School. He is a trustee of the Public Theater in New York.