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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.
For illustrative purposes only. Current and historical analyses do not guarantee future results.
As of August 31, 2023
Source: Bloomberg Global High Yield Corporate Index and AB
Historical and current analyses do not guarantee future results.
Price and yield for market is represented by the Bloomberg Global High Yield Corporate 1–5 Year Index.
As of December 31, 2002 for years 2004 through 2022. For 2023, yellow dots indicate positions as of December 31, 2022 and as of August 31, 2023.
Source: Bloomberg and AB
Current and historical analyses do not guarantee future results.
Indices used are Bloomberg Global High Yield Corporate Index, hedged to US dollars, and US 10-Year Treasury Bond Yield.
As of August 31, 2023
Source: Bloomberg and AB
Past performance does not guarantee future results.
Periods when US high-yield spreads widened 50 b.p. or more. US corporate high-yield returns and spreads are represented by Bloomberg US Corporate High Yield Index; global high-yield hedged returns are represented by Bloomberg Global High Yield Corporate hedged to USD Index; and higher-quality short-duration high-yield returns are represented by Bloomberg Global High Yield Ba/B 1–5 Year Index hedged USD.
As of August 31, 2023
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. Views are subject to revision over time.
Will Smith is a Senior Vice President and Director of US High Yield Credit. He is also a member of the High Income, Global High Yield, Limited Duration High Income, Short Duration High Yield and European High Yield portfolio-management teams. Smith designed and is one of the lead portfolio managers for AB’s Multi-Sector Credit Strategy, which invests across investment-grade and high-yield credit sectors globally. He leads the monthly High Yield portfolio-construction meeting, and is a member of the Credit Research Review Committee, which determines investment policy for the firm’s credit-related portfolios. Smith has authored several papers and blogs on high-yield investing, including one on the importance of using a probability-based framework to build better portfolios. He joined AB in 2012, and spent 2014 in London as part of the European High Yield portfolio-management team. Smith started his career with UBS Investment Bank, working as an analyst with the Credit Risk team and then later on the Fixed Income sales and trading desk. He holds a BA in economics from Boston College and is a CFA charterholder. Location: Nashville
Robert Schwartz is a Senior Vice President and Portfolio Manager for High Yield. Previously, he was an AB Corporate Credit Research analyst, covering specialty finance, automotive, aerospace/defense and industrial companies. Prior to joining the firm in 2012, Schwartz analyzed the same industries as a senior credit analyst at Citadel Investment Group and Bell Point Capital Management. Before beginning his investing career in 2005, he was a project leader with Boston Consulting Group, where he advised industrial and financial companies on corporate strategy. Schwartz started his career as an automotive engineer working in Detroit, where he was awarded two patents. He holds a BS in mechanical engineering (summa cum laude) from the University of Michigan and an MBA (with high distinction) from the University of Michigan’s Stephen M. Ross School of Business. Location: Nashville
The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
Gershon Distenfeld, Fahd Malik, Monika Carlson | 03 February 2025Investors may find better opportunities when they apply a wider lens.
Monika Carlson, Fahd Malik | 17 January 2025New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Tiffanie Wong, Will Smith, Robert Hopper | 15 January 2025This is a marketing communication. This information is provided by AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée, R.C.S. Luxembourg B 34 305, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. Authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). It is provided for informational purposes only and does not constitute investment advice or an invitation to purchase any security or other investment. 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 investments in any of the Funds can go down as well as up and investors may not get back the full amount invested. Past performance does not guarantee future results.
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