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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 and current analyses do not guarantee future results.
Price and yield for market represented by the Bloomberg Global High Yield Corporate 1-5 Year Index.
As of February 28, 2023
Source: Bloomberg and AB
Current and historical analyses do not guarantee future results.
Indices used are Bloomberg Global High Yield Corporate Index, hedged to US dollars, and US 10-Year Treasury Bond Yield.
As of February 28, 2023
Source: Bloomberg and AB
Past performance does not guarantee future results.
Periods when US high-yield spreads widened 50 b.p. or more. US corporate high-yield returns and spreads are represented by Bloomberg US Corporate High Yield Index; global high-yield hedged returns are represented by Bloomberg Global High Yield Corporate hedged to USD Index; and higher-quality short-duration high-yield returns are represented by Bloomberg Global High Yield Ba/B 1–5 Year Index hedged USD.
As of February 28, 2023
Source: Bloomberg and AB
For illustrative purposes only. Current and historical analyses do not guarantee future results.
As of February 28, 2023
Source: Bloomberg Global High Yield Corporate Index 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.
Will Smith is a Senior Vice President and Director of US High Yield Credit. He is also a member of the High Income, Global High Yield, Limited Duration High Income, Short Duration High Yield and European High Yield portfolio-management teams. Smith designed and is one of the lead portfolio managers for AB’s Multi-Sector Credit Strategy, which invests across investment-grade and high-yield credit sectors globally. He leads the monthly High Yield portfolio-construction meeting, and is a member of the Credit Research Review Committee, which determines investment policy for the firm’s credit-related portfolios. Smith has authored several papers and blogs on high-yield investing, including one on the importance of using a probability-based framework to build better portfolios. He joined AB in 2012, and spent 2014 in London as part of the European High Yield portfolio-management team. Smith started his career with UBS Investment Bank, working as an analyst with the Credit Risk team and then later on the Fixed Income sales and trading desk. He holds a BA in economics from Boston College and is a CFA charterholder. Location: Nashville
Robert Schwartz is a Senior Vice President and Portfolio Manager for High Yield. Previously, he was an AB Corporate Credit Research analyst, covering specialty finance, automotive, aerospace/defense and industrial companies. Prior to joining the firm in 2012, Schwartz analyzed the same industries as a senior credit analyst at Citadel Investment Group and Bell Point Capital Management. Before beginning his investing career in 2005, he was a project leader with Boston Consulting Group, where he advised industrial and financial companies on corporate strategy. Schwartz started his career as an automotive engineer working in Detroit, where he was awarded two patents. He holds a BS in mechanical engineering (summa cum laude) from the University of Michigan and an MBA (with high distinction) from the University of Michigan’s Stephen M. Ross School of Business. Location: Nashville
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 may find better opportunities when they apply a wider lens.
Monika Carlson, Fahd Malik | 17 January 2025New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Tiffanie Wong, Will Smith, Robert Hopper | 15 January 2025This information is for exclusive use of the wholesale person to whom it is provided and is not to be relied upon by any other person. It is not intended for retail or public use and may not be further distributed without prior written consent of ABAL.
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