Past performance and current analysis do not guarantee future results.
*Nasdaq represented by Nasdaq Composite, US large-caps by S&P 500, Europe ex-UK by MSCI Europe ex UK, Japan by MSCI Japan, US small-caps by Russell 2000, Australia by MSCI Australia, UK by MSCI UK, Emerging Markets by MSCI Emerging Markets and China by MSCI China A.
As of December 31, 2023
Source: FactSet, FTSE Russell, International Data Corporation, MSCI, S&P, and AllianceBernstein (AB)
Past performance and current analysis do not guarantee future results.
*Value represented by MSCI ACWI Value Index; growth represented by MSCI ACWI Growth; minimum volatility represented by MSCI ACWI Minimum Volatility.
As of December 31, 2023
Source: FactSet, MSCI and AB
For illustrative purposes only.
This graphic is not a simulation of an investment strategy, given the small sample sizes.
Directional arrows are determined by the T-Stat of the factor return, or a measure of significance of the factor returns experienced in each environment. A T-Stat >+1 suggests some directional support for the factor, <–1 suggest some directional challenges to the factor, and in between suggests a neutral environment. A T-Stat of +/–1 suggests that the returns experienced are moderately different from 0.
Methodology: at the beginning of each month, we defined each environment by looking at the level and change of the Institute for Supply Management (ISM) purchasing managers’ index (PMI) and the prior month’s change in US 10-Year Treasury yield relative to the average of the prior three months. In stronger economic growth conditions, the PMI was flat or rising below 55. In weaker economic growth conditions, the PMI was between 50 and 55 and falling. In recessions, the PMI was below 50 and falling.
From January 1, 1991, to September 30, 2023
Source: Bloomberg, Center for Research in Security Prices, ISM, S&P Compustat, Thomson Reuters I/B/E/S and AB
Past performance and current analysis do not guarantee future results.
As of September 30, 2023
Source: Federal Reserve Bank of St. Louis, S&P and AB
Past performance does not guarantee future results.
Net total returns in US-dollar terms.
As of December 31, 2023
Source: eVestment, MSCI 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. Views are subject to revision over time.
MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein.
The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
References to specific securities discussed are for illustrative purposes only and should not to be considered recommendations by AllianceBernstein L.P. It should not be assumed that investments in the securities mentioned have necessarily been or will necessarily be profitable.
Chris Hogbin is the Global Head of Investments for AB. In this broad leadership role, he oversees all the firm’s investment activities. Hogbin is responsible for driving investment success across asset classes, fostering collaboration and sharing best practices across investment teams, as well as leveraging a common infrastructure and evaluating opportunities to invest in capabilities that deliver better outcomes for clients. He is also a member of the firm’s Leadership team and Operating Committee. Hogbin joined AB’s institutional research business in 2005 as a senior analyst covering the European food retail sector. In 2010, he was named to Institutional Investor’s All-Europe Research Team and was ranked as the #1 analyst in his sector in both 2011 and 2012. Hogbin became European director of research for the Sell Side in 2012 and was given additional responsibility for Asian research in 2016. In 2018, he was appointed COO of Equities for AB. In 2019 Hogbin was promoted to co-head of Equities, becoming head of Equities in 2020. Prior to joining the firm, he worked as a strategy consultant for the Boston Consulting Group in London, San Francisco and Shanghai, where he was responsible for the execution of critical business-improvement initiatives for clients in the financial-services and consumer sectors. He holds an MA in economics from the University of Cambridge and an MBA with distinction from Harvard Business School. He is a trustee of the Public Theater in New York.
Nelson Yu is a Senior Vice President, Head of Equities and a member of the firm’s Operating Committee. As Head of Equities, he is responsible for the management and strategic growth of AB’s equities business and investment decisions across the department. Since 1993, Yu has experience generating investment success in global equity markets by joining fundamental research with rigorous quantitative methods. He joined AB in 1997 as a programmer and analyst, and served as head of Quantitative Equity Research from 2014–2021. Since 2017, Yu also served as head of Multi-Style Core Equity strategies, with over $10 billion in assets. Most recently, he was CIO of Equities Investment Sciences and Insights, which brings together resources across Data Science, Quantitative Research, Advisory Services, Risk and Global Execution to deliver differentiated capabilities and insights to AB’s equities investment platform. Prior to joining AB, Yu was a supervising consultant at Grant Thornton. He holds a BSE in systems engineering from the University of Pennsylvania and a BS in Economics from the Wharton School at the University of Pennsylvania. Yu is a CFA charterholder.