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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 does not guarantee future results.
A weaker dollar period denotes a lower price trend in the value of the US dollar relative to other foreign currencies in the Nominal Broad U.S. Dollar Index.
As of January 31, 2023
Source: Federal Reserve Economic Data, Morningstar, MSCI, S&P and AllianceBernstein (AB)
Past performance does not guarantee future results.
*Equity risk premium is calculated as respective country earnings yields minus 10-year government bond yields. The average is the time frame 2005–2022.
†Non-domestic revenues based on equity benchmark. Europe represented by STOXX 600 Index, Japan by TOPIX, US by S&P 500 and emerging markets by MSCI Emerging Markets
Left display as of December 31, 2022; right display as of December 31, 2021Source: Bloomberg, FactSet, Goldman Sachs Global Investment Research, MSCI, S&P, STOXX, TOPIX 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.
Jillian Geliebter is a Managing Director of AB’s Equities business. In this role, she works with the firm’s research and portfolio-management teams, as well as with clients around the world. Previously, Geliebter was a senior RFP writer for AB’s Equities services. She has been with the firm since 2009. Geliebter holds a BA in art history from New York University, and an MS in global finance from the Leonard N. Stern School of Business at New York University and the Hong Kong University of Science and Technology. She is a Chartered Alternative Investment Analyst (CAIA). Location: New York
Walt Czaicki serves as a Senior Vice President and Senior Investment Strategist for Equities at AB. He rejoined the firm in 2015 and has been in the investment-management industry since 1986. Czaicki's roles have ranged from a fundamental equity research analyst and portfolio manager to chief investment officer. Prior to rejoining AB, he worked on the buy side for a Regions Financial predecessor organization, as well as at Commerce Trust Company and Bank of America. Czaicki holds a BSBA in finance and an MBA, both from Saint Louis University. He is a CFA charterholder. Location: Dallas