30 June 2017 DECODING YOUR INVESTMENT WORLD KEEPING YOU AHEAD OF WHAT’S NEXT For investment professional use only. Not for inspection by, distribution or quotation to the general public.
We Anticipate and Advance What’s Next A Unique Combination of Expertise, Innovative Solutions and Global Reach OUR GOAL WHAT SETS US APART People & Global TO KEEP CLIENTS Culture Structure AHEAD OF TOMORROW We’ve built an extensive We attract the industry’s best—people with relentless and integrated global We work every day to earn our clients’ trust, create drive and ingenuity who research and investing innovative solutions tailored to their unique needs and prize delivering for clients footprint over four decades, deliver the performance they expect. above all else. which gives us the broadest possible perspective. OUR FIRM How We Collaborate Client 3,454 EMPLOYEES + 21 COUNTRIES + 47 CITIES Focus Our experts share ideas across $517 BILLION AUM geographies, asset classes We work with all types of and sectors—their collective clients; as markets and needs insights drive innovation and evolve, we do, too—focusing lead to better client outcomes . 201 BUY-SIDE 141 PORTFOLIO our firm’s full resources on achieving their objectives. ANALYSTS MANAGERS Avg. 16 years’ experience Avg. 22 years’ experience and 7 years with AB and 12 years with AB Historical analysis does not guarantee future results. In US dollars. As of 30 June 2017. Source: AB For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 1
AB Snapshot Our Goal: To Keep Our Clients Ahead of Tomorrow Assets Under Management By Investment Orientation Strong Financials 5% $517 USD Billion Revenues ‡ Operating 50% 45% Income ‡ $2.5 $624 Alternatives Billion $15 US Global/Emerging* Regional† Million Equities $111 By Client Domicile Fixed Inco $267 Credit Long-Term Debt Rating 15% Multi-asset 0 % A/A2 $124 18% 67% Americas Asia Pacific EMEA Current analysis does not guarantee future results. In US dollars as of 30 June 2017. *Global and EAFE services, including those that invest in emerging markets, as well as stand-alone emerging-market services. †Regional services outside the US. ‡Adjusted, fiscal year 2016. Source: AB For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 2
Drawing Insight from an Experienced Team Sharing Research Perspectives Within and Across Asset Classes and Sectors Provides a Strategic Advantage 201 Buy-Side Analysts* 141 Portfolio Managers 15,000 + fixed-income issuers 5,000+ companies on 143 Fundamental 47 Equities 50 Quantitative 48 Fixed Income 76 stock exchanges 8 Economists 17 Multi-Asset 110 country economies 18 Alternatives 87 Equities 11 Wealth Management 36 currencies 61 Fixed Income 14 Multi-Asset 8 property types across 27 Alternatives 20 + countries 11 Wealth Management Avg. Yrs. of Experience 22 Current analysis does not guarantee future results. As of 30 June 2017 *Includes one quantitative analyst who provides support across multiple platforms Source: AB For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 3
A Global Platform Amsterdam Atlanta Copenhagen Austin New York Frankfurt Boston Philadelphia Geneva Fukuoka Chicago San Antonio London Hong Kong Cleveland San Diego Luxembourg Kaohsiung Dallas San Francisco Milan Seoul Denver Seattle Munich Shanghai Houston Tampa Paris Singapore Los Angeles Toronto Stockholm Taichung Miami Washington, DC Tel Aviv Taipei Minneapolis West Palm Beach Zurich Tokyo Buenos Aires Melbourne Mexico City Sydney São Paulo Investment Management and Research Marketing and/or Client/Shareholder Servicing Private Wealth Management Dedicated Research Bernstein Research Services Countries are subject to change. As of 30 June 2017 For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 4
Confronting the Evolving Investment Landscape Crisis Dilemma Opportunity Bear Market Performance Attribution As the industry evolves to solve problems, more investing choices become available, opening Banking Crisis Manager Selection new horizons—and new challenges Asian Financial Crisis Don’t Pay for Beta Oil Shock Risk Budgeting SMART BETA SMART BETA Black Monday Diversification UNCONSTRAINED BOND Russian Financial Crisis Target Outcomes LOW VOLATILITY Reduce Volatility MARKET NEUTRAL Japan Asset Price Bubble RISK PARITY Cut Tail Risk Eurozone Sovereign-Debt Crisis GLOBAL MULTI-SECTOR Improve “Hedgeability” TACTICAL ASSET ALLOCATION Savings and Loan Crisis CUSTOM INDEX Inflation Protection Technology Bubble CDS/CDO Solutions for Zero-Interest-Rate THEMATIC Financial Crisis Environments LONG/SHORT EQUITY GLOBAL BOND Reduce Biases in Multi-Manager TIPS Construction REIT HIGH-YIELD BOND CORE BOND PLUS GLOBAL EQUITY REGIONAL BOND REGIONAL EQUITY EMERGING MARKETS PASSIVE CORE LARGE-CAP, SMALL-CAP CORE BOND VALUE, GROWTH BALANCED TODAY For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 5
Changing Markets Require a Fresh Approach It Used to Be Easier Now It’s More Complex RETURN SEEKING In the past, stocks were typically used to source higher return potential... Private Equity Real Estate Commodities 40 % Growth and Value Equities Bank Loans Bonds 60 % High-Yield Debt Low-Volatility Equity Long/Short Equity Stocks Unconstrained Bond Risk Parity Flexible Credit Market-Neutral Equity Sovereign Debt ...while bonds were generally used to Treasuries control risk for a variety of investor goals RISK REDUCING For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 6
Finding Answers Across the Capital Structure A Diverse Range of Strategies and Multi-Asset Dynamic Diversified Developed Markets Multi-Asset Income Tailored Solutions Emerging Markets Multi-Asset European Equity Risk Reducing Equities Eurozone Equity Global Equity Income Global Core Equity Low-Volatility Equity Global Equity Blend Return Risk Return Seeking Global Real Estate Securities American Growth Global Value Seeking Reducing Asia Ex-Japan Equity India Growth China Opportunity International Health Care Concentrated Global Equity International Technology Concentrated US Equity Japan Strategic Value Emerging Consumer FIXED INCOME EQUITIES Select US Equity Emerging Markets Growth Thematic Research Emerging Markets Equity US Small and Mid-Cap Emerging Markets Value US Thematic Research Risk Return Reducing Seeking Alternatives AB Kynikos Portfolio Select Absolute Alpha ALTERNATIVES RMB Income Plus Return Seeking Fixed Income RMB Income Plus II Asia Pacific Local Currency Debt New Diversifiers of Short Duration High Yield Emerging Market Corporate Debt Risk and Return US High Yield Emerging Market Local Currency Debt Emerging Markets Debt Risk Reducing Euro High Yield American Income Global High Yield Diversified Yield Plus Global Income European Income Mortgage Income Global Bond Global Plus Fixed Income For illustrative purposes only. As of 30 June 2017 There can be no assurance that any strategy will achieve its investment objectives For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 7
AB Fixed Income: Award-Winning Trading 2016 Best Buy-Side State-of-the-art surveillance Trading Desk* and trading tool, ALFA Automated Liquidity and Filtering Analytics † Past performance is no guarantee of future results. As of 1 December 2016 *As published on 1 March 2016, Markets Media conducted several dozen one-on-one interviews with senior market participants across both the buy side and sell side, seeking initial nominees for “Best Buy-Side Trading Desk.” Nominations were based on the perception of the 2015 trading performance of firms across the asset-management industry. After generating an initial list of nominees through this interview process, Markets Media solicited online feedback on those nominees from readers and Twitter followers. In some cases, the broader universe of online feedback served to confirm initial nominees. In other cases, where opinions diverged, Markets Media reevaluated responses for quality and depth, and sought clarification and elaboration where necessary. Finally, Markets Media consulted with its Advisory Board to determine the ultimate winners. † As published on 1 December 2016, Risk.net. The Risk.net Buy-Side awards are decided by the editors and journalists of Risk.net and Risk magazine, with the judging process breaking into three parts: submission of pitch documents; off-record meetings; and due diligence on short-listed candidates, including client calls. Source: Markets Media and Risk.net For investment professional use only. | Not for inspection by, distribution or quotation to, the general public. Decoding Your Investment World 8
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