Historical analysis and current estimates do not guarantee future results.
Debt to GDP is weighted by the share of GDP of each country.
As of May 8, 2023
Source: Global Financial Data, International Monetary Fund (IMF) and AllianceBernstein (AB)
Historical analysis does not guarantee future results.
Realized real yields are calculated by subtracting annualized compounded CPI from 10-year nominal government yields at start of period. All periods begin and end on December 31 of the stated year. Periods for US are: 1973–1983, 1983–1993, 1993–2003, 2003–2013 and 2013–2023; for UK: 1992–2002, 2002–2012 and 2012–2022; for euro area: 2000–2010 and 2010–2020.
As of March 4, 2024
Source: Bloomberg 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.
As Co-Head of Fixed Income and Director of Global Fixed Income, Scott DiMaggio oversees all of AB's Global Fixed Income, Canada Fixed Income and US Multi-Sector Fixed Income strategies, as well as their associated investment strategy, activities and portfolio-management teams. Prior to joining AB's Fixed Income portfolio-management team, he performed quantitative investment analysis, including asset-liability, asset-allocation, return attribution and risk analysis for the firm.
DiMaggio came to AB as a quantitative analyst, drawn by the firm's culture of strong mentoring and smart, collaborative people who wanted to win for their clients.
"The world of fixed income—the world I grew up in—is enormously complex," DiMaggio says. Its complexity needs an active management approach. His investment philosophy combines the lenses of fundamental and quantitative research to generate the information that can lead to risk-adjusted returns for clients. Fully leveraging AB's proprietary technology, it's a process that DiMaggio and his team refine and repeat.
"What we do is process driven and structured," DiMaggio says. "We like to be consistent."
Michael Rosborough is a Senior Vice President and Portfolio Manager on the Fixed Income team at AB, primarily focusing on Global Multi-Sector Strategies. He started his investment career in 1985. Prior to joining AB in 2020, Rosborough was an investment director at California Public Employees’ Retirement System (CalPERS) in the Trust Level Portfolio Management (TLPM) division, focused primarily on strategic asset-allocation, proprietary portfolio management and benchmarking issues across the fund. Before moving to TLPM in 2019, he was a senior portfolio manager in the Global Fixed Income unit, where he was in charge of the fund’s international, emerging markets, and inflation-linked fixed-income investments and the commodities program, collectively comprising over $37 billion in assets under management. Rosborough also served as a member of the CalPERS Portfolio Allocation Committee, advising the CIO on tactical asset-allocation issues. As part of his fixed-income duties, he also oversaw management of the CalPERS foreign exchange management activity. Prior to joining CalPERS, Rosborough worked in London as an investment strategist and proprietary trader for Citigroup and CIBC World Markets. In 2000, he joined Moore Capital Management, a New York–based hedge fund, as a portfolio manager in the fixed-income fund. In 1994, Rosborough joined PIMCO in Newport Beach, California, as a portfolio manager, founding the firm’s emerging markets fixed-income practice after co-heading its international department. He began his career with RBC Capital Markets in Toronto, first as a trader, and later heading its Asian fixed-income sales and trading group in Tokyo. Rosborough holds a BA (Hons) in economics from the University of British Columbia, where he was awarded a Mackenzie King Scholarship, an MSc in economics from the London School of Economics and Political Science, and an MBA from Harvard Business School, where he graduated with distinction. Location: San Diego
Fahd Malik joined AB in 2006 and has extensive experience in systematic, market-neutral, risk-mitigating and derivative strategies. Prior to his role as Senior Vice President and Portfolio Manager on the Fixed Income team, Malik served as a portfolio manager for AB's Absolute Return fund.
Drawn to AB's culture of innovation and meritocracy, Malik's first question when designing a portfolio is whether the strategy meets client needs. The dynamic nature of the market, combined with the challenge of making decisions in the face of incomplete information, drives him to learn something new every day.
Malik's degrees in electrical engineering and math finance influence his approach. “My strategies tend to be more quantitative in nature,” he says. “I like it when the numbers to do the talking.”