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Fixed Income

AllianceBernstein Fixed Income provides comprehensive global, regional, multisector and single-sector services that aim to deliver the highest returns for a targeted level of risk, as well as tailored investment solutions to help our clients meet their specific objectives.

  • Investment Strategies Meeting varying risk & return objectives
  • Research Expertise Unique integration of fundamental and quantitative analysis
  • Global Capabilities A research-driven approach that's both disciplined and nimble
  • Experienced Investment Team

An information advantage. We systematically integrate fundamental and quantitative research so we can do a better job navigating complex and often volatile markets.

Quantitative Research

  • Forecast returns for countries, sectors and currencies
  • Develop risk models
  • Build optimization tools
8 Global Quantitive Analysis

Quantitative Research

  • Cover roughly 1,500 companies in more than 70 industries across 50 countries
35 Global Credit Analysts
  • Scrutinize trends and analyze structures
  • Conduct due diligence
  • Analyze prepayment, default and extension risks
  • Conduct loan surveillance
9 Securitize Asset Analysts
9 Global Economists
  • Cover more than 50 countries and regions
  • Analyze economic backdrop and trends
  • Forecasts yield curves and currencies

A truly global platform. Global systems and processes allow for real-time interaction among portfolio managers, analysts and traderson the ground, around the world24/7.

53 Porfolio Managers

62 Research Analysis

20 Traders

Our disciplined but dynamic investment process aims to exploit the best opportunities identified by our analysts as they arise. Our best research ideas at a moments notice.

  • Translates our highest-conviction research into positions in client portfolios.
  • Uses multiple risk controls, addressing risk at the security and portfolio levels.
  • Within client constraints, varies the overall risk target according to the market environment.
  • Allows us to solve our clients most complex and unique investment challenges.

Doug Peebles
CIO and Head—Fixed Income

Hayden Briscoe
Director—Asia Pacific Fixed Income

Michael Canter
Director—Securitized Assets

Joseph Carson
Director—Global Economic Research

Guy Davidson
Director—Municipal Bonds

Paul DeNoon
Director—Emerging Markets and
Global High Income

Alison Martier
Director—Fixed Income
Senior Portfolio Managers

Ashish Shah
Director—Global Credit

Scott DiMaggio
Director—Global Fixed Income

Jeff Skoglund
Director—Global Credit Research

Ramu Thiagarajan
Director—Quantitative Research

$241B Total AUM
$65BGlobal Multi-Sector*
$59B Emerging Markets/ High Income
$88B Credit
$29B US Tax-Exempt

*Includes global and regional single and multi-sector mandates

As of September 30, 2013

FEATURED SERVICES DESCRIPTION
Canada Core Plus Canada Core-Plus Fixed Income is a multi-sector, multi-currency fixed-income strategy with a research-driven investment approach. In addition to investing in the core market segments, this service seeks to enhance core portfolio returns through opportunistic investment in non-core bonds, including investment-grade government and corporate securities issued outside the domestic Canadian market (with most non-Canadian currency exposure hedged back to Canadian dollars), as well as through high-yield debt, securitized debt and emerging-market debt.
Canada Core Fixed Income Canada Core Fixed Income is a multi-sector fixed-income strategy with a research-driven investment approach. This strategy invests in domestic securities, including governments, provincials and investment-grade corporate bonds. Its goal is to outperform the Scotia Universe Index by 30 to 50 basis points annually, before fees, over full market cycles.
Emerging-Market Debt Emerging-Market Debt is an actively managed fixed-income strategy that invests broadly in sovereign and quasi-sovereign bonds (in both hard and local currencies), corporate emerging-market debt, and emerging-market currencies. The strategy’s objective is to outperform the J.P. Morgan EMBI Global (or other broad, diversified emerging-market–debt index) by 200 to 300 basis points annually, before fees, over full market cycles, with a tracking error to benchmark of between 300 and 500 basis points annually. This strategy is available via separate accounts or through the ACMBernstein Emerging Markets Debt Portfolio, a Luxembourg-domiciled UCITS fund designed for non-US investors.
Emerging-Market Corporates Emerging-Market Corporates is an actively managed fixed-income strategy with a research-driven investment approach. The strategy invests primarily in fixed-income securities issued by corporations domiciled in emerging markets. The strategy may also invest in sovereign and quasi-sovereign debt from emerging-market issuers.
Global Plus Global-Plus Fixed Income is an actively managed global bond strategy that invests broadly in the sovereign debt of developed nations, investment-grade credits, agencies, mortgages, commercial mortgage-backed securities and asset-backed securities. Additionally, the strategy takes opportunistic positions in high-yield and emerging-market debt.
Global Credit Global Credit is an actively managed global bond strategy with a research-driven investment approach. This service invests primarily in investment-grade credits and takes opportunistic positions in convertible securities, the sovereign debt of developed nations, agency bonds, asset-backed securities, and high-yield and emerging-market debt, where permitted by client guidelines. The strategy’s goal is to outperform the Barclays Global Aggregate–Credit Index by 100 to 150 basis points annually, before fees, over full market cycles.
Global Fixed Income Global Fixed Income is an actively managed fixed-income strategy that invests primarily in the government debt of developed nations. Its investments are restricted to securities with investment-grade credit ratings.
Global High Income Global High Income is a dynamic, actively managed fixed-income strategy that seeks to maximize total return while producing high current income. It invests across the higher-yielding sectors of the global fixed-income markets: high-yield corporate bonds of issuers in developed markets globally, emerging-market sovereign and quasi-sovereign debt (both US dollar–denominated and local currency), and emerging-market corporate debt. The strategy implements its global, multi-sector approach to maximize its opportunity set and income potential, hedge against interest-rate risk, and exploit the diversification benefits of investing in sectors not highly correlated with one another. The strategy is managed against either a global high-yield benchmark or a custom benchmark reflecting both the high-yield and emerging-market–debt sectors, or the approach may be benchmark agnostic.
Global Short Duration Global Short Duration is a low-duration, high-quality, core fixed-income strategy. The strategy seeks to achieve high total investment return by investing in a global portfolio of investment-grade fixed-income securities denominated in various currencies, while maintaining an average duration of five years or less. At least 70% of non–US dollar positions will be hedged into US dollars in an effort to minimize the risks of currency fluctuations. This strategy is available via separate accounts or as a Luxembourg-domiciled, UCITS-compliant fund designed for non-US investors.
Low-Volatility High Yield Low-Volatility High Yield seeks to deliver risk-adjusted returns similar to those of the broader global high-yield market, while exhibiting lower volatility. The strategy seeks to maintain income in environments where high-quality investment-grade bonds offer very little yield/return potential and to offer better risk/return characteristics than bank loans. It aims to do so with a three-pronged approach: emphasis on shorter duration, focus on higher credit quality and implementation of dynamic hedging. Its shorter duration profile is designed to provide increased protection against the risk of rising interest rates. Its outright exclusion of speculative CCC-rated bonds, along with other lower-quality high-yield issues, reduces unnecessary volatility. And its use of hedging strategies can mitigate volatility and buffer portfolios during extreme market stress.
TIPS Plus TIPS Plus is a strategy optimized to and benchmarked against the Barclays 1–10 Year US TIPS Index, which has a shorter duration profile than the Barclays US TIPS Index. The strategy is designed to offer inflation protection while generating long-term real returns that are in line with an intermediate-duration multi-sector index.
Unconstrained Bond Unconstrained Bond is a benchmark-agnostic, global, multi-sector fixed-income strategy. It is risk-focused and run with a long/short strategy, gaining most of its exposures through investments in highly liquid derivative instruments. The strategy features a risk-balanced beta core that drives the majority of its performance, an alpha component that reflects our highest-conviction ideas, and a permanent tail-hedging overlay that buffers performance during times of market stress. The strategy has historically had low correlation to traditional equity and bond indices.
US High Yield US High Yield is an actively managed high-yield strategy that seeks to outperform the Barclays US Corporate High-Yield 2% Issuer Capped Index, or a similar high-yield index, by 100 to150 basis points over a full market cycle, by investing primarily in US dollar–denominated, non-investment-grade corporate debt.
US Investment-Grade Credit US Investment-Grade Credit is an actively managed corporate-bond strategy with a research-driven investment approach. The strategy invests primarily in investment-grade corporate bonds of US-domiciled issuers or in US dollar–denominated securities.
US Short Duration US Short Duration is a multi-sector fixed-income strategy with a research-driven investment approach. Investments are generally concentrated at the short end of the maturity spectrum, in securities maturing in less than five years.