Will Smith, CFA
13 años en AB|16 años de experiencia
Will Smith is a Senior Vice President and Director of US High Yield Credit. He is also a member of the High Income, Global High Yield, Limited Duration High Income, Short Duration High Yield and European High Yield portfolio-management teams. Smith designed and is one of the lead portfolio managers for AB’s Multi-Sector Credit Strategy, which invests across investment-grade and high-yield credit sectors globally. He leads the monthly High Yield portfolio-construction meeting, and is a member of the Credit Research Review Committee, which determines investment policy for the firm’s credit-related portfolios. Smith has authored several papers and blogs on high-yield investing, including one on the importance of using a probability-based framework to build better portfolios. He joined AB in 2012, and spent 2014 in London as part of the European High Yield portfolio-management team. Smith started his career with UBS Investment Bank, working as an analyst with the Credit Risk team and then later on the Fixed Income sales and trading desk. He holds a BA in economics from Boston College and is a CFA charterholder. Location: Nashville
Published Work
Los elevados yields y unos balances conservadores contribuyen a la resiliencia del high yield en un contexto de incertidumbre comercial.
¿Desea reducir la volatilidad sin sacrificar potencial de rentas? Los bonos high yield a corto plazo pueden ser una opción.
Los bonos high yield pueden ser una opción interesante para aquellos inversores que busquen reequilibrar sus carteras.
Las nuevas políticas podrían alterar los mercados, pero los altos yields de partida y la sólida demanda de rentas actuarían de contrapeso.
Nunca ha sido fácil generar un alfa significativa mediante la selección de valores. Una nueva puntuación del crédito podría cambiar las cosas.
Muchos inversores limitan sus mandatos al crédito BBB o superior, pero pueden beneficiarse de la deuda HY de alta calidad sin añadir riesgo global.
El deterioro de los fundamentales económicos no debería espantar a los inversores en deuda corporativa, pero la calidad del crédito es crucial.
Las curvas de rendimientos invertidas justifican una estrategia de bonos high yield cortos para inversores de perfil defensivo que buscan rentabilidad
Los sólidos fundamentales, las valoraciones atractivas y el elevado potencial de rentas justifican de sobra la exposición a crédito corporativo.
Ahora que las curvas de tipos están invertidas en Norteamérica, Europa y partes de Asia, los inversores pueden obtener rentas adicionales sin incrementar el riesgo de tipos de interés.
Los bonos de grado inversión y high-yield entrarán en cualquier recesióndesde una posición de fortaleza. Aun así, los inversores tendrán que ser selectivos.
With yields today significantly higher than usual, income-seeking investors should seize the opportunity to add high-yield debt to their portfolios.
Investors have a lot of worries these days. Should corporate credit fundamentals be among them?
Looking for a tactical way to de-risk your portfolio? Consider rotating a portion of your equity allocation into high-yield bonds.
AB fixed-income managers discuss strategies for investors seeking higher income in today’s landscape.
Strong credit fundamentals make corporate-bond issuers resilient as interest rates rise.
For high-yield investors, rising yields means declining credit risk and higher reinvestment rates—what's not to like?
Most investors own too little high-yield debt. Here's how to correct that.
Worried about rising yields? High-yield bond investors should think carefully about whether or not to exit the market. We do the math for possible scenarios.
High yield bonds are trading at historically tight spreads, but there's more happening in credit markets than meets the eye. Are Rising Stars a signal of market opportunities?
Los mercados de crédito han protagonizado una recuperación épica desde sus mínimos alcanzados en marzo de 2020. Sin embargo, creemos que en un mundo de escaso crecimiento y bajas rentabilidades, puede que dispongan de más margen para continuar avanzando en 2021.
The S&P 500 Index hit an all-time high on April 23, thanks to improving investor optimism. But for some equity investors, market highs signal a good time to reduce downside risk. Shifting a modest allocation into US high yield is an efficient way of doing just that—significantly lowering overall risk while only modestly curbing potential returns.
2019 may be a challenging year for high-income investors. That makes it more important than ever to embrace a global approach and to focus on quality. Oh, and don't fret too much about rising rates.
First, the bad news: high-income investors should saddle up for another bumpy ride in 2019. Now the good: with challenges come opportunities-and we see plenty on the horizon for investors who take the long view.
A dramatic fall in oil prices, followed by a sell-off in high-yield energy bonds—is it time to worry about oil and gas companies again? Quite the contrary. The North American issuers that make up most of the world's high-yield energy market are in a better position today than they have been in years.
High-yield investors bracing for a downturn in 2018 can relax. By some metrics, high-yield companies have rarely looked better. The way we see it, investors who do their homework can still profit in this environment.