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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.
For illustrative purposes only.
*Assumes Company B reduced prices by the same percentage as Company A in the 15% tax regime scenario.
Return on Invested Capital is calculated by dividing net income by invested capital.
Source: 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 and are subject to change over time.
John H. Fogarty is a Senior Vice President and Co-Chief Investment Officer for US Growth Equities. He rejoined the firm in 2006 as a fundamental research analyst covering consumer-discretionary stocks in the US, having previously spent nearly three years as a hedge fund manager at Dialectic Capital Management and Vardon Partners. Fogarty began his career at AB in 1988, performing quantitative research, and joined the US Large Cap Growth team as a generalist and quantitative analyst in 1995. He became a portfolio manager in 1997. Fogarty holds a BA in history from Columbia University and is a CFA charterholder. Location: New York
Chris Kotowicz joined the firm in 2007 and is a Portfolio Manager and Senior Research Analyst for US Relative Value. He is also a Senior Research Analyst for the US Growth Equities team. As a Senior Research Analyst, Kotowicz is responsible for lead coverage of the industrials, energy and materials sectors. He was previously a sell-side analyst at A.G. Edwards, where he followed the electrical equipment and multi-industry group for four years. Prior to that, Kotowicz worked in the industrial sector, mostly in a technical sales and business development capacity, for Nooter/Eriksen and Nooter Fabricators, each a subsidiary of CIC Group. He holds a BS in civil engineering from the University of Missouri, Columbia, and an MBA (with honors) from the Olin Business School at Washington University. He is a CFA charterholder. Location: Chicago
Adam Yee joined the firm in 2004 and is a Senior Vice President and Senior Quantitative Analyst for the US Growth Equities portfolios. He previously served as a senior associate portfolio manager within the Global Portfolio Management Group, where he covered growth equity products. Yee holds a BA in economics from Trinity College and an MBA in finance from Fordham University's Graduate School of Business (now the Gabelli School of Business). Location: New York