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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.
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Historical analysis and current forecasts do not guarantee future results.
IRR: internal rate of return. REIT: real estate investment trust
Equity: Performance is as of September 30, 2024. Public equity is represented by the Russell 3000 Index. Private equity is represented by the Cambridge Associates LLC US Private Equity Index (pool horizon return, net of fees, expenses and carried interest). Real estate: Public REITs are represented by the FTSE EPRA/NAREIT US Index. Private real estate is represented by an AB sample custom target-date fund private real estate component (net of fees). Credit: Performance is as of December 31, 2024. Public credit is represented by the Bloomberg Global High Yield Corporate Index total return compound annual growth rates. Private credit is represented by PitchBook Private Debt IRRs (net of fees and carry).
Source: Bloomberg, Cambridge Associates, FTSE Russell, PitchBook, S&P and AllianceBernstein (AB)
Historical analysis and current forecasts do not guarantee future results.
Left chart: S&P Capital IQ data is as of December 2022; the most recent data from Statistics of US Businesses (2017) was used to triangulate S&P Capital IQ estimates for privately held company counts by revenue band. Right chart: through June 2022
Source: Bain & Company, BICS, S&P Capital IQ, US Census Bureau 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.
“Target date” in a fund’s name refers to the approximate year when a plan participant expects to retire and begin withdrawing from his or her account. Target-date funds gradually adjust their asset allocation, lowering risk as a participant nears retirement. Investments in target-date funds are not guaranteed against loss of principal at any time, and account values can be more or less than the original amount invested—including at the time of the fund’s target date. Also, investing in target-date funds does not guarantee sufficient income in retirement.
David Hutchins is a Senior Vice President and Head of AB's Multi-Asset Solutions business in EMEA. He is responsible for the development and management of multi-asset portfolios for a range of clients. Hutchins joined the firm in 2008 after spending two years at UBS Investment Bank, where he was responsible for devising and delivering innovative capital markets risk-management solutions for pension schemes. Prior to that, he spent 13 years at Mercer, where he served as a European principal and scheme actuary, providing trustee and corporate advice to a range of UK pension funds and their sponsors. Hutchins holds a BSc in mathematics and a PGCE from the University of Bristol. He has chaired the Investment Management Association's Defined Contribution Committee and formerly chaired the defined contribution industry working group for the UK government's "defined ambition" project. Hutchins is a Fellow of the Institute and Faculty of Actuaries. Location: London
Elena Wang is a Vice President and Portfolio Manager on the Multi-Asset Solutions team. She joined AB in 2016 as part of the Defined Contribution Research and Investment team. Wang was previously an investment analyst at AIG Asset Management, where she worked directly with the CIO’s office on managing various multi-asset portfolios. Prior to that, Wang was a quantitative analyst at Chatham Financial. She holds a BS in applied mathematics from the University of Toronto and an MS in computational finance from the Tepper School of Business at Carnegie Mellon University. Location: New York
Christopher Nikolich joined AB in 1994 and is the Head of Glide Path Strategies (US) in the Multi-Asset Solutions business, leading research efforts relating to effective target-date and lifetime income fund construction. He is an author of defined contribution–related research, such as Designing the Future of Target-Date Funds: A New Blueprint for Improving Retirement Outcomes and Leveling the Retirement Income Playing Field: A Comprehensive Framework for Evaluating Diverse Lifetime Income Solutions. In addition, Nikolich has authored thought leadership focused on a variety of topics, such as plan design, asset allocation and inflation. He works closely with clients in the structuring of their customized target-date and lifetime income funds. From 2002 to 2008, Nikolich worked in both New York and London as a senior portfolio manager on the Blend Strategies team, collaborating with clients on the creation and implementation of multi-asset class solutions. From 1996 to 2002, he was a portfolio manager in the Index Strategies Group, where he managed risk-controlled equity services. Nikolich holds a BA in finance from Rider University, an MBA in finance from New York University. He is a member of the Board of Trustees of Rider University, the Vice Chair of Rider University’s Investment Subcommittee and is a former member of the Executive Committee of the Defined Contribution Institutional Investment Association (DCIIA). Location: New York