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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.
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Historical analysis does not guarantee future results.
Global high yield is represented by the Bloomberg Global High Yield Index USD Hedged; US high yield is represented by the Bloomberg US Corporate High Yield Index.
Through December 31, 2024
Source: Bloomberg and AllianceBernstein (AB)
Historical analysis does not guarantee future results.
Highlighted periods are defined as periods in which spreads crossed below 400 basis points before crossing long-term average spread level of 517 basis points.
Through December 31, 2024
Source: Bloomberg and AB
Historical and current analyses do not guarantee future results.
US high yield is represented by the Bloomberg US Corporate High Yield Index; inception date: July 1, 1983. S&P 500 data since March 31, 1936.
Annualized return and volatility are calculated based on data since inception. S&P 500 current yield is calculated as estimated forward dividend yield. US high-yield current yield is calculated at current yield to worst.
Through December 31, 2024
Source: Bloomberg, S&P and AB
Historical analysis does not guarantee future results.
High yield is represented by the Bloomberg US Corporate High Yield Index. Equities are represented by the S&P 500 Index.
January 1, 1984, through December 31, 2024
Source: Bloomberg, Federal Reserve, 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 and are subject to change over time.
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
Fahd Malik is a Senior Vice President and Portfolio Manager on the Fixed Income team, responsible for Income Strategies. His focus is on creating portfolios that utilize a multi-sector approach to generate efficient income. Prior to taking on this role, Malik served as a portfolio manager for AB’s Absolute Return fund. He joined the firm in 2006 and has extensive experience in systematic, market-neutral, risk-mitigating and derivative strategies. Malik holds a BS in electrical and computer engineering from The Cooper Union for the Advancement of Science and Art and an MS in mathematics in finance from the Courant Institute of Mathematical Sciences at New York University. Location: New York
Monika Carlson is a Managing Director, Senior Investment Strategist, and Head of the Income and Systematic platforms for the Fixed Income Business Development team. She is responsible for leading a team of investment strategists and product managers and for driving growth efforts on AB’s fixed-income platform. Additionally, as part of her client-facing role, Carlson represents AB’s market views and portfolio strategies to clients, prospects and consultants globally. She has held several roles at AB, including as the head of the Global Offshore Retail Platform in Product Management. Prior to joining AB in 2007, Carlson worked at Neuberger Berman. She holds a BBA in finance from Baruch College at the City University of New York and is a CFA charterholder. Location: New York
The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
Gershon Distenfeld, Fahd Malik, Monika Carlson | February 03, 2025Investors may find better opportunities when they apply a wider lens.
Monika Carlson, Fahd Malik | January 17, 2025New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Tiffanie Wong, Will Smith, Robert Hopper | January 15, 2025