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*AllianceBernstein (AB) engages issuers where it believes the engagement is in the best financial interest of its clients.
Past performance does not guarantee future results.
EM: emerging markets; ROE: return on equity
Markets represented by the following indexes: MSCI ACWI, MSCI China A, MSCI Europe, MSCI Emerging Markets, MSCI India, MSCI Japan and S&P 500
As of April 30, 2025
Source: Bloomberg, MSCI, S&P and AllianceBernstein (AB)
Past performance does not guarantee future results.
*ROE: return on equity. Based on factor analysis of ROE disparities between Japan and the US.
As of May 16, 2025
Source: Bloomberg and Nomura
*AllianceBernstein (AB) engages issuers where it believes the engagement is in the best financial interest of its clients.
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.
Zhiyuan Tao is a Vice President and, as of 2024, a Portfolio Manager for Japan Value Equities. He is also a Senior Research Analyst on AB’s Value Research team, covering commodities and TMT (technology, media and telecom). Before joining the firm in 2013, Tao worked as a management consultant at Boston Consulting Group and as an engineer at TE Connectivity. He holds a BEng in electronic engineering from Shanghai Jiao Tong University, China, and is a CFA charterholder. Location: Tokyo
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
Bob Herr is a Senior Vice President and Director of Corporate Governance within the Responsible Investing team. He joined AB in 2023. Herr oversees the firm's proxy voting, corporate governance and engagement functions, and serves as Chair of the Proxy Voting and Governance Committee. His prior experience includes serving as the head of investment stewardship at Lord Abbett, manager of corporate governance and stockholder services at Bristol-Myers Squibb, and corporate governance analyst at Morrow Sodali. Herr has worked in the financial services industry since 2010. He holds a BA in economics from Wake Forest University. Location: New York
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Patrick O'Connell, John Huang, Kathleen Dumes | 30 May 2025This 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.
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