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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.
Historical analysis does not guarantee future results.
*Percentage of borrowers not locked in is represented by the Morgan Stanley Truly Refinanceable Index.
Left display through March 31, 2024; right display through April 4, 2024
Source: Morgan Stanley Research, National Association of Realtors and AllianceBernstein (AB)
Historical analysis does not guarantee future results.
Left display through January 31, 2024; right display through March 31, 2024
Source: US Census Bureau and AB
Historical analysis does not guarantee future results.
Left display through March 31, 2024; right display through April 30, 2024
Source: National Association of Home Builders, National Association of Realtors 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.
Charlie Choi is a Senior Vice President, Portfolio Manager and Head of Residential Mortgage Credit Research. The focus of his research is on credit risk–transfer securities (CRTs), legacy residential mortgage-backed securities (RMBS) and other non-agency securitizations. Choi was an instrumental part of the research team that successfully invested AB's Public-Private Investment Program fund (sponsored by the US Treasury) during the financial crisis. In addition, his research, modeling and relative-value analysis have been integral to the success of AB's Securitized Assets Fund since its launch in 2013. Before joining the firm in 2010, Choi worked as a mortgage analyst at Citadel Investment Group. He holds a BS in computer engineering and an MS in information systems management from Carnegie Mellon University. Location: New York
Sam Wilamowsky is a Vice President and Research Analyst with the Securitized Assets Research team. He began his current role in 2017, focusing on US residential mortgage-backed securities. Prior to that, Wilamowsky was a member of the US Multi-Sector and Securitized Portfolio Management team, where he served as an associate portfolio manager since 2013. He joined the firm in 2007 as a quantitative analyst, specializing in portfolio risk and attribution modeling. Wilamowsky holds a BA in liberal arts from Excelsior College and an MS in financial engineering from New York University. He is a CFA charterholder.
The unwinding of “Trump trades,” a spike in volatility and the outperformance of European versus US equities have sparked debate about whether this is a tactical shift or the beginnings of a longer bearish trajectory for markets.
Inigo Fraser-Jenkins, Alla Harmsworth | 17 March 2025The 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 2025This is a marketing communication. This information is provided by AllianceBernstein Limited, 60 London Wall, London, EC2M 5SJ. Registered in England, No. 2551144. AllianceBernstein Limited is authorised and regulated in the UK by the Financial Conduct Authority (FCA - Reference Number 147956). 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. This information is directed at Professional Clients only and is not intended for public use.