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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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Past performance and current analysis do not guarantee future results.
Analysis excludes Magnificent Seven stocks from all periods when they were not in the S&P 500. Microsoft, Apple and NVIDIA are included for the entire period of analysis. Alphabet Inc. is included from April 2006, Amazon from June 2006, Meta Platforms (formerly Facebook) from December 2013 and Tesla from December 2020.
*S&P 500 excluding Magnificent Seven total return in USD; MSCI EAFE NR USD indices rebased since December 31, 1999.
†Price-to-forward earnings (next 12 months) since January 2000
Through May 31, 2025
Source: FactSet, LSEG I/B/E/S, MSCI, S&P and AllianceBernstein (AB)
Past performance does not guarantee future results.
Through May 31, 2025
Source: LSEG Data & Analytics, MSCI, S&P, S&P Compustat, Worldscope and AB
Past performance and current analysis do not guarantee future results.
Tech+ is defined as technology stocks and Magnificent Seven stocks. Free-cash-flow (FCF) margins are equal weight numbers, calculated using the aggregate FCF/aggregates sales approach.
As of May 31, 2025
Source: LSEG Data & Analytics, MSCI, S&P, S&P Compustat, Worldscope and AB
Past performance and current analysis do not guarantee future results.
Based on MSCI indices unless otherwise noted.
Through January 12, 2025
Source: International Monetary Fund, 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, and are subject to change 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.
Avi Lavi was appointed Chief Investment Officer of Global and International Value Equities in March 2016 and has also been Portfolio Manager for Global Research Insights since May 2016. He has been a member of the Cross Border team since early 2012. Previously, Lavi served as co-CIO of Global Value Equities (since July 2014) and global director of Value Research (since early 2012). From 2006 to 2012, he was CIO of UK and European Value Equities, and director of research for UK and European Value Equities from 2000 to 2006, during which time he helped establish AB’s first research operation based outside the US. Lavi joined the firm in 1996 as a research associate for utilities and expanded his coverage in 1998 to include oil and gas, covering these industries on a global basis. He subsequently became a senior analyst and sector leader for energy research. Lavi was previously an assistant controller at the State of Israel Economic Offices in New York. Prior to that, he was an accountant with Kesselman & Kesselman, PwC’s Israeli affiliate. Lavi holds a BA in accounting and economics from Bar-Ilan University in Israel and an MBA from New York University. Location: London
Brian Holland is a Portfolio Manager and Senior Research Analyst for International Strategic Core Equities. He joined the Strategic Core Equities team as a Senior Research Analyst in 2022 and was appointed Portfolio Manager of International Strategic Core Equities effective January 2023. From 2014 to 2022 Holland was a senior research analyst on the US Small and Mid Cap Value team, responsible for coverage of technology and materials companies. He previously spent three years covering companies in the consumer and technology sectors for a number of value equity strategies and as a generalist supporting the AB Strategic Opportunities Fund. Prior to his role in research, Holland was an associate portfolio manager, responsible for implementing portfolio decisions in value equity portfolios. He joined the firm in 2004. Holland holds a BS in economics and policy and management from Carnegie Mellon University and is a CFA charterholder. Location: New York