Global Core Equity

Past performance does not guarantee future results. Data are pulmonary.
The previous history performance refers to a strategy started at Bankinvest, investment manager based in Denmark, in 1989. David Dalgas was responsible for this strategy beginning January 1, 2004 along with Klaus Ingemann. On March 31, 2010, these individuals left Bankinvest and started their own company, CPH Capital. performance of the strategy resumed on July 1, 2011, which is the start date of the composite. AB acquired CPH capital in June 2014. Period of more than one year annualized. This is supplemental information to the GIPS-compliant performance and disclosure page. The returns presented above our gross of fees. The results do not reflect the deduction of investment – management fees; the clients return will be reduced by the management fees and any other expenses incurred in the management of its account. For example, a US $100 million account paying a0.50%% annual fee With a given rate of 10% compounded over a 10-year. Would result in a net end of-C return of 9.5%. Investment advisory fees are described in part to a of AB’s form ADV.
Composite inception July 1, 2011. Gross of fees
As of December 31, 2019.
Source: Bankinvest, MSCI and AB; See important information and performance. disclosure.

ESG: environmental, social and governance
*Principles for Responsible Investment
As of September 30, 2019
Source: AB

NM = not meaningful, fewer than two accounts were included in the composite for the full period
N/A = Not Applicable, less than minimum time period
*annualized though most recent year-end

PRESENTATION OF THE FIRM— AllianceBernstein L.P. (“ABLP”) is a registered investment advisor with the US securities and exchange commission. AV institutional investments and EB investments (collectively, “the firm”) are the institutional in retail sales, marketing and client service units of a ABLP. In February 2006, Alliance Capital Management LP changed its name to ABLP.

COMPLIANCE STATEMENT– the firm claims compliance with the global investment performance standards (GIPS) And has prepared and presented this report in compliance with the GIPS standardAnd hass. The firm has been independently verified for the periods from 1993 through two 2018. The verification reports are available upon request. Verification assesses whether (1) The firm has complied with all the composite construction requirements of the GIPS standards on a firmwide basis and (2) The firms policies and procedures are designed to calculate and present performance in compliance with the G.I. PS standards. Verification does not ensure the accuracy of any specific composite presentation.

COMPOSITE DESCRIPTION– the performance results displayed here in represent the investment performance record for the Global Core Equity Composite (“the composite”). The composite includes all fee paying discretion accounts and, when applicable, pool investment vehicles. The investment team employees a discipline process that combines quantitative screens with proprietary fundamental research and manager insights focus on companies with strong business characteristics and attractive valuations relative to general equity markets. Acquired firm performance has been linked to firms performance affective June 20, 2014 with the acquisition of CPH capital fondsmaeglerselkab A/S. The investment management process has remained substantially the same. The creation date of this composite is May 2014.

For the performance. Presented, investment professionals may have changed or departed, which in the firm’s view have altered the company strategy.

Accounts in the composite may utilize derivative contracts, including but not limited to, swabs, swap shins, options, futures, options on futures and currency transactions for risk management purposes or for enhancing expected returns by adjusting exposure to the markets, sectors, countries, currencies or specific security is permitted by these guidelines. The impact of all derivatives is fully incorporated into the calculation of risk and return in the use of derivatives shall not violate the investment guidelines that limit exposure to markets, sectors, countries, currencies or specific securities. Investment in non-exchange traded (over the counter) derivatives exposes the accounts within the composite to counter party risk.

A complete list with descriptions of all composites managed by the firm and/or additional information regarding policies for value in accounts, calculating performance, and preparing compliant presentations is available upon request see email to compositerequests@alliancebernstein.com.

Total return methodology and see structure — performance figures in this report have been presented gross and net of investment management fees. Net performance figures have been calculated by deducting the highest fee payable by a separately managed institutional account; 0.80% of assets, annually. The composite may contain mutual funds with share classes that incur higher management fees. The current investment advisory fee schedule applicable for this composite is as follows:

0.800% on the first 25 million in US dollars
0.600% on the first 50 million in US dollars
0.500% on the balance

RATE OF RETURN – no representation is made of the performance shown in this presentation is indicative of a future performance. An account could encourage losses as well as general gains. Performance figures for each account are calculated monthly on a trade date basis using a total rate of return calculation. Investment transactions are recorded on a 3-D basis, and interests and develop dividends are recorded on accrual basis, not of withholding taxes, if applicable. Investments insecurities are valued in accordance with the firms valuation policies and reflect a good faith estimate a fair value levels for all investments, which may not be realized upon liquidation. The Sarah valuation process requires judgment and estimation by the firm. The gross of the returns reflect the deduction of trading costs. Account returns are not a foreign withholding taxes. The benchmark returns are net of withholding taxes from Luxembourg tax perspective. The composite returns are calculated based on the ass it weighed monthly composite constituent account rates where the wait is the beginning fair value of the accounts.

DISPERSION – internal dispersion is calculated using the ass it weighed standard deviation of all accounts included in the composite for the entire year; it is not presented for. Less than one year or when there were fewer than two accounts in a composite for the entire year. The three-year annualized expose standard deviation measures the variability of the composite in the benchmark returns over the preceding 36-month period; It is not presented for periods less than one year or when there were fewer than two accounts in the composite for the entire year. The three-year annualized X post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 month period; it is not presented for periods of less than three years.

The benchmark, which is not covered by the report of independent verifiers, is the MSCI ACWI index.