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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.
Past performance does not guarantee future results.
All statistics calculated January 1, 2015–June 30, 2016
These returns are for illustrative purposes only and do not reflect the performance of any fund. Diversification does not eliminate the risk of loss.
US high-yield bonds represented by Bloomberg Barclays US HY 2% Issuer Cap TR USD; US investment-grade bonds by Bloomberg Barclays US Aggregate Bond; emerging-market debt by J.P. Morgan EMBI Global Diversified TR USD;US stocks by S&P 500; CRT bonds are 2014 vintage.
*US dollar denominated
Source: Morningstar Direct 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.
Michael Canter is a Senior Vice President and Director of Securitized Assets at AB, heading the portfolio-management and research teams for these strategies. In addition, he is a portfolio manager for multi-sector fixed-income portfolios. Canter’s focus includes his role as the Chief Investment Officer of AB’s Securitized Assets Fund. His team is responsible for AB’s investments in agency mortgage-backed securities, credit risk–transfer securities, non-agency residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations and other asset-backed securities. Canter has particularly extensive expertise in residential mortgages. In 2009, AB was selected by the US Department of the Treasury to manage one of nine Legacy Securities Public-Private Investment Program funds; he was the CIO of that AB-managed fund. In addition, Canter was called upon to give expert testimony to the US Senate Committee on Banking, Housing, and Urban Affairs in 2013 and the US House of Representatives Subcommittee on Housing and Insurance in 2017 on how US housing policy should be structured going forward. Prior to joining AB in 2007, he was the president of ACE Principal Finance, a division of ACE Limited (now Chubb). There, Canter managed portfolios of credit default swaps, asset-backed securities, mortgage-backed securities and collateralized debt obligations. He holds a BA in math and economics from Northwestern University and a PhD in finance from the Columbia University Graduate School of Business. Location: New York
Gershon Distenfeld is a Senior Vice President, Director of Income Strategies and a member of the firm’s Operating Committee. He is responsible for the portfolio management and strategic growth of AB’s income platform with almost $60B in assets under management. This includes the multiple-award-winning Global High Yield and American Income portfolios, flagship fixed-income funds on the firm’s Luxembourg-domiciled fund platform for non-US investors. Distenfeld also oversees AB’s public leveraged finance business. He joined AB in 1998 as a fixed-income business analyst and served in the following roles: high-yield trader (1999–2002), high-yield portfolio manager (2002–2006), director of High Yield (2006–2015), director of Credit (2015–2018) and co-head of Fixed Income (2018–2023). Distenfeld began his career as an operations analyst supporting Emerging Markets Debt at Lehman Brothers. He holds a BS in finance from the Sy Syms School of Business at Yeshiva University and is a CFA charterholder. 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 in US fixed-income markets may want to strike while the iron is hot.
Gershon Distenfeld, Fahd Malik, Monika Carlson | 25 November 2024Many investors limit their mandates to credits rated BBB or higher. But they could tap high-quality high yield—without adding to overall risk.
Fahd Malik, Will Smith, Gershon Distenfeld | 02 February 2024This 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.
This information is directed at Professional Clients only and is not intended for public use.