-
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.
Historical analysis does not guarantee future results.
Data indexed relative to baseline (1986 = 100)
Through March 31, 2025
Source: FactSet, National Federation of Independent Business (NFIB) and AllianceBernstein (AB)
Historical analysis does not guarantee future results.
Through March 31, 2025
Source: Bloomberg, company reports and AB
Past analysis does not guarantee future results.
Recessionary periods include July 1990–March 1991, March 2001–November 2001, December 2007–June 2009 and February 2020–April 2020.
Return on equity (ROE) represents net income divided by average shareholder’s equity for the last 12 months.
Quintiles represent the highest and lowest ROE quintiles of the Russell 2000 Index.
Source: FTSE Russell, National Bureau of Economic Research and AB
Past analysis does not guarantee future results.
*Based on the Center for Research in Security Prices (CRSP) 6–8 Index, which tracks the performance of US small-cap stocks in the sixth to eighth deciles of the CRSP stock universe
†Based on nine multiyear rallies of small-cap stocks, 1932–2024
Source: BofA Global Research, Center for Research in Security Prices (University of Chicago), FTSE Russell 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. Views are subject to revision over time.
James MacGregor was appointed Chief Investment Officer of US Small and Mid Cap Value Equities in 2009. In this role, he acts as the lead portfolio manager for AB's US Small and Mid Cap Value strategies. MacGregor served as head of US Value Equities from 2019 to 2025, responsible for all US Value portfolios in the areas of business management and talent development. From 2009 to 2012, he also served as CIO of Canadian Value Equities. From 2004 to 2009, MacGregor was director of research for Small and Mid Cap Value Equities, overseeing coverage of companies for the Small Cap and Small/Mid Cap Value services. He started as a research analyst covering a wide number of sectors for those same services. Prior to joining the firm in 1998, MacGregor was a sell-side research analyst at Morgan Stanley, where he covered US packaging and Canadian paper stocks. He also serves as a board member and volunteer for Xavier Mission, a charitable organization that provides basic services and opportunities for empowerment and self-sufficiency to New Yorkers in need. MacGregor holds a BA in economics from McGill University, an MSc in economics from the London School of Economics and an MBA from the University of Chicago. He is a CFA charterholder. Location: New York
Samantha S. Lau was named Chief Investment Officer of Small and Mid Cap Growth Equities in October 2023. Previously, she was the co-chief investment officer of Small and SMID Cap Growth Equities since 2014. Lau joined the firm in 1999 as a portfolio manager/analyst responsible for research and portfolio management for the technology sector of AB’s Small and SMID Cap Growth strategies. From 1997 to 1999, Lau covered small-cap technology companies for INVESCO (NY) (formerly Chancellor Capital Management). Before joining Chancellor in 1997, she worked for three years as a healthcare securities analyst in the investment research department of Goldman Sachs. Lau co-chaired the Women’s Leadership Council at AB from 2019 to 2022. She holds a BS (magna cum laude) in finance and accounting from the Wharton School at the University of Pennsylvania and is a CFA charterholder. Location: New York
Chance Hardy is a Vice President, Director and Investment Strategist on the Equities team at AB. She joined the firm in 2019 and is responsible for business development as well as monitoring and communicating portfolio positioning and analysis, client servicing, and operations. Prior to this role, Hardy was a funds analyst at Minot Capital Management, where she was responsible for current and prospective manager due diligence across asset classes. Before joining Minot, Hardy was an investor relations and marketing associate at Owl Creek Asset Management, working as a generalist on the business development team. She started her career as an analyst on the institutional corporate marketing team at Barclays Investment Bank. There, Hardy focused on Latin America and emerging-markets corporate marketing in the US. She holds a BS in finance from Boston College. Hardy has her Series 7 and Series 63 licenses. Location: Nashville
This information is for exclusive use of the wholesale person to whom it is provided and is not to be relied upon by any other person. It is not intended for retail or public use and may not be further distributed without prior written consent of ABAL.
This webpage has been prepared by AllianceBernstein Australia Limited (“ABAL”)—ABN 53 095 022 718, AFSL 230 698. Information in this webpage is only intended for persons that qualify as “wholesale clients,” as defined by the Financial Markets Conduct Act 2013’, and is not to be construed as advice. This webpage is provided solely for informational purposes and is not an offer to buy or sell securities. The information, forecasts and opinions set forth in this webpage have not been prepared for any recipient’s specific investment objectives, financial situation or particular needs. Neither this webpage nor the information contained in it are intended to take the place of professional advice.
You should not take action on specific issues based on the information contained in this webpage without first obtaining professional advice. Past performance does not guarantee future results. Projections, although based on current information, may not be realized. Information, forecasts and opinions can change without notice and ABAL does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained in this webpage, ABAL does not warrant that this webpage is free from errors, inaccuracies or omissions. ABAL disclaims any liability for damage or loss arising from reliance upon any matter contained in this webpage except for statutory liability which cannot be excluded.
No reproduction of the materials on this webpage may be made without the express written permission of ABAL. This information is provided for persons in Australia only and is not being provided for the use of any person who is in any other country.