-
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.
Please read these conditions carefully before using this site. By using this site, you signify your assent to the following terms and conditions of use without limitation or qualification. In particular, you consent to the use of all cookies on this website for the purposes described in the terms of use. If you do not agree to these terms or to the use of cookies as described below, do not use this site. AllianceBernstein may at any time revise these terms of use. You are bound by any such revisions and should therefore periodically visit this page to review the then current terms of use to which you are bound. This site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein.
This site is solely intended for use by professional/institutional investors and institutional-investment industry consultants.
Do you wish to continue?
Past performance does not guarantee future results.
Monthly data from January 1990 to December 2021. Median return during drawdowns is calculated as median return over the 10 largest US equity drawdowns since January 2000. Private equity, private debt, farmland and timberland series are quarterly, with drawdown periods matched to the nearest quarter. Assumes 10 basis-point fee for US 10-year bonds, gold, REITS, TIPS and high-yield bonds; 20 basis points for long only (L/O) factors; 50 basis points for long/short (L/S) factors; and 150 basis points for timberland, farmland and private debt. Option strategies are shown for one-year 15-delta puts, market-cap weighted and delta-hedged daily.
Source: AQR Capital Management, Bloomberg, Cambridge Associates, Cliffwater, FactSet, Ken French database, NCREIF, Thomson Reuters Datastream and AllianceBernstein (AB)
Past performance does not guarantee future results.
Equity risk premium is defined as 10-year inflation-adjusted earnings yield minus 10-year inflation-adjusted bond yield.
Through October 15, 2022
Source: Robert Shiller's database, Thomson Reuters Datastream, www.matteoiacoviello.com and AB
Past performance does not guarantee future results.
Median return of select equity factors starting from the adjacent trough in the Geopolitical Risk Index to major political events since January 1950, including the Korean War, Cuban Missile Crisis, Six Day War, Yom Kippur War, Gulf War, 9/11 and Iraq War.
As of November 29, 2022
Source: Ken French database, Thomson Reuters Datastream, www.matteoiacoviello.com 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.
Inigo Fraser Jenkins is Co-Head of Institutional Solutions at AB. He was previously head of Global Quantitative Strategy at Bernstein Research. Prior to joining Bernstein in 2015, Fraser Jenkins headed Nomura's Global Quantitative Strategy and European Equity Strategy teams after holding the position of European quantitative strategist at Lehman Brothers. He began his career at the Bank of England. Fraser Jenkins holds a BSc in physics from Imperial College London, an MSc in history and philosophy of science from the London School of Economics and Political Science, and an MSc in finance from Imperial College London. Location: London
Efforts to secure supply chains and energy sources are creating powerful and enduring themes for equity investors—even in these turbulent times.
James MacGregor, Cem Inal, Luke Pryor | February 14, 2025This essay considers the role of tokens and crypto assets as investments.
Inigo Fraser-Jenkins, Alla Harmsworth | February 08, 2025