-
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. Views are subject to revision over time.
Staying the Course: Resisting Temptation in Volatile 2025 Markets
16 July 2025
2 min read
Teresa Keane| Managing Director—Equities
David Wong| Senior Investment Strategist and Global Co-Head—Equity Business Development; Co-Chair—Responsible Investing Steering Committee, Asia-Pacific
Missing the Five Strongest Days in a Market Rally Can Ruin Returns
Past performance is no guarantee of future results.
*Annualized trailing three-year daily returns of the S&P 500 and MSCI EAFE and trailing three-year daily returns where the best five days are excluded from each rolling three-year period and are calculated every business day from January 2008 (trailing three years goes back to January 2005) through end of June 2025. The average of these returns is then calculated to give the results in the chart. MSCI EAFE returns are shown in US-dollar terms.
As of June 30, 2025
Source: FactSet, MSCI, S&P and AllianceBernstein (AB)
-
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.
About the Authors
Teresa Keane is a Managing Director of AB's Equities business. She has worked with the Strategic Core/Low Volatility Equity platform since inception in 2011 and with AB's Concentrated platform since 2018. In this role, Keane works extensively with the firm's research and portfolio-management teams, as well as with clients around the world. She joined the firm in 2000 when Bernstein was setting up its London office. Before joining the firm, Keane worked at Lazard Asset Management and Moody's Investors Service. She holds a BA from Dublin City University and is Investment Management Certificate qualified. Location: London
David Wong is a Senior Vice President, Senior Investment Strategist and Global Co-Head of Equity Business Development, and Co-Chair of AB’s Responsible Investing Steering Committee in Asia-Pacific. He joined AB in 2015, bringing two decades of experience in global equity markets to the firm. Prior to joining AB, Wong was a partner at Janchor Partners, a Hong Kong–based long/short equity hedge fund with US$2 billion in assets under management (AUM). Before that, he set up the Hong Kong office for GMT Capital, an Atlanta-based long/short equity hedge fund with $5 billion in AUM, where he served as portfolio manager and head of Asian investments. Over Wong’s eight years at the two hedge funds, he was responsible for global investments in technology stocks and served as a generalist portfolio manager for the Asia-Pacific region, including Japan. He was also the founder and managing director of Mobile Adventures, a pan-Asian wireless content company. Wong started his career as an equity research analyst at Bankers Trust and Deutsche Bank; at Deutsche, he managed a team of five associates as the firm’s regional semiconductor analyst. He holds a BA in political science from Yale University. Location: Hong Kong