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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.
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Global Equities: MSCI ACWI Month Factor Index Returns (USD, Percent)
As of December 31, 2018
Historical and current analysis do not guarantee future results.
Returns based on MSCI ACWI indices for each factor shown.
Source: MSCI and AllianceBernstein (AB)
Model Portfolio Investing in Worst-Performing Factor Every Month
As of December 31, 2018
Historical and current analysis do not guarantee future results.
The Panic Portfolio is created by rebalancing every month. Each month, it buys 100% of the style benchmark that has posted the worst returns during the previous month, and sells the position held. Benchmarks included in the model portfolio are the MSCI style indices: MSCI ACWI Quality, MSCI ACWI Growth, MSCI ACWI Value, MSCI ACWI High Dividend Yield, MSCI ACWI Minimum Vol, MSCI ASWI Risk Weighted and MSCI ASWI Momentum, all in US-dollar terms. Trading costs are not taken into account in this analysis.
Source: MSCI and AllianceBernstein (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.
AllianceBernstein Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom.
David Dalgas joined AB in 2014 and is Co-Chief Investment Officer of Global Core Equity. He previously served as head of equities and CIO at CPH Capital, which he cofounded in 2011. Prior to that, Dalgas was head of equities at BankInvest, where he was responsible for equity portfolios serving global institutional investors. He previously worked in portfolio management and equity research at LD Invest (now known as Maj Invest), WestLB, Amagerbanken and the Central Bank of Denmark. Dalgas holds a BSc in economics and business administration and an MSc in finance and accounting from the Copenhagen Business School, and is a CFA charterholder. Location: Copenhagen
Klaus Ingemann joined AB in 2014 as Portfolio Manager and Senior Research Analyst and was promoted to Co-Chief Investment Officer of Global Core Equity in 2018. He previously served as an executive member of the investment board at CPH Capital, which he cofounded in 2011. Prior to that, Ingemann was chief portfolio manager and a member of the investment board at BankInvest. He previously worked as a corporate finance advisor for Carnegie Bank, where he mainly advised on cross-border mergers and acquisitions. Before that, Ingemann spent four years in the finance department at Tele Danmark, where he was primarily involved with developing a value-at-risk management system. He holds a BSc in business administration and an MSc in finance and accounting from the Copenhagen Business School, and is a CFA charterholder. Location: Copenhagen
Thomas Christensen joined AB in 2014 as a Senior Quantitative Analyst for AB Global Core Equity. He previously served as senior risk and quant manager at CPH Capital. Prior to that, Christensen held a similar role at BankInvest. He holds both a BSc and an MSc in business administration and management science from the Copenhagen Business School, and is a Chartered Alternative Investment Analyst (CAIA) with a Certificate in Quantitative Finance (CQF). Location: Copenhagen
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