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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.
For illustrative purposes only
R*, or R-star, is the neutral interest rate at which the economy is in equilibrium, with full employment and stable inflation.As of November 20, 2024
Source: US Department of the Treasury and AllianceBernstein (AB)
Historical analysis does not guarantee future results.
Through November 21, 2024
Source: US Federal Reserve
Historical and current analyses and forecasts do not guarantee future results.
Historical average since January 1, 1990
Through November 21, 2024
Source: Bloomberg, US Federal Reserve 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, and are subject to change over time.
Gershon M. Distenfeld thrives on facing challenge, solving problems and putting people with different personalities and different viewpoints together to "make the engine run." When he joined AB in 1998 from a role as an operations analyst at Lehman Brothers, Distenfeld had long been fascinated by the high-yield market, and he led that practice at AB from 2006 to 2016 before assuming responsibility for all of credit. He has been co-head of fixed income since 2018.
In an industry that tends to focus on the short term, Distenfeld's investment philosophy takes the long view, considers a range of outcomes and focuses on the downside. This approach puts process and constant innovation at the forefront, making full use of AB's proprietary technology to mine the insights of fundamental and quantitative research.
"We're constantly reinventing ourselves," Distenfeld says. "We don't just sit still. We adapt to new information so we can find new factors that work."
Distenfeld's eye toward the long view extends to his charitable work with organizations like New Jersey NCSY. This youth organization for disaster relief partners with Habitat for Humanity and NECHAMA to repair homes and lives affected by natural disasters.
Fahd Malik joined AB in 2006 and has extensive experience in systematic, market-neutral, risk-mitigating and derivative strategies. Prior to his role as Senior Vice President and Portfolio Manager on the Fixed Income team, Malik served as a portfolio manager for AB's Absolute Return fund.
Drawn to AB's culture of innovation and meritocracy, Malik's first question when designing a portfolio is whether the strategy meets client needs. The dynamic nature of the market, combined with the challenge of making decisions in the face of incomplete information, drives him to learn something new every day.
Malik's degrees in electrical engineering and math finance influence his approach. “My strategies tend to be more quantitative in nature,” he says. “I like it when the numbers to do the talking.”
Monika Carlson is a Managing Director, Senior Investment Strategist, and Head of the Income and Systematic platforms for the Fixed Income Business Development team. She is responsible for leading a team of investment strategists and product managers and for driving growth efforts on AB’s fixed-income platform. Additionally, as part of her client-facing role, Carlson represents AB’s market views and portfolio strategies to clients, prospects and consultants globally. She has held several roles at AB, including as the head of the Global Offshore Retail Platform in Product Management. Prior to joining AB in 2007, Carlson worked at Neuberger Berman. She holds a BBA in finance from Baruch College at the City University of New York and is a CFA charterholder. Location: New York