AllianceBernstein

Bringing the Private-Asset Dimension to Target-Date Glide Paths

Integrating private assets may enhance target-date glide paths, but know your exposures.
Three Reasons Why It Pays to Be Active as a Muni Investor

In today’s era of automation, some situations demand a more active approach. Municipal bond investing is one.
California Wildfires: Municipal Bond Investors Can Make a Difference

Impact investors can help devastated communities recover and build resilience.
An Early Look at the Implications of Tariffs and a Trade War

After the trade war’s opening salvoes, tensions seem set to last for some time.
In the Hunt for Income, It’s Wise to Broaden Your Horizons

The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
Finding Growth in US Stocks Beyond the Technology Sector

Technology stocks have been the poster child for growth in recent years. Other sectors deserve a closer look today.
China Seeks Wiggle Room for Growth in Year of the Snake

China’s efforts to steer between domestic and international growth challenges in 2025 could be good for bond investors.
Five Questions to Ask About Quality in Equity Portfolios

Quality has become a popular buzzword in equity investing. But what does it really mean?
Capital Markets Outlook 1Q 2025: Mind the Gaps

In our view, active investors face opportunities to outperform created by looming policy changes and the macro landscape.
How to Invest in Emerging Market Equities as New US Policies Bite

Not all companies in emerging markets will be hurt by President Trump’s agenda. Here’s what equity investors should look for.
Municipal Outlook 2025: Battling Headwinds, Harnessing Tailwinds

Four strategies for navigating crosswinds in the municipal bond market.
Multi-Asset 2025 Outlook: Expanding Horizons

As growth extends to more regions, we see expanding opportunities across countries and assets.
Can European Stocks Overcome Fallout From “America First” Agenda?

European equity markets may look vulnerable to fallout from new US policies. But some companies offer investors reasons to cheer.
Assessing the Potential Impact of California’s Wildfires on Municipal Bonds

Natural disasters test—but don’t break—municipalities’ resilience.
Early Groundwork Is Key for Implementing Lifetime Income Solutions

Engaging up front with four key workstreams may smooth the process of adding a solution.
Private Credit Outlook: Expanding the Universe

The journey from niche asset to core allocation looks set to continue.
Global Macro Outlook: First Quarter 2025

The question for investors will be to what degree US outperformance will extend to the financial markets.
European Fixed-Income Outlook 2025: Adversity, Uncertainty, Opportunity

European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Equity Outlook: Preparing for Profound Policy-Driven Change

Political uncertainty and volatility create fertile ground for active investors to find companies that can successfully navigate a new era.
Fixed-Income Outlook 2025: Fertile Ground

Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
Multi-Asset Income 2025 Outlook: Broader Is Better

We expect the opportunity set to widen for income investors in 2025, though less clarity around the second half requires a dynamic approach.
World Economy to Continue Rebalancing in 2025

The range of potential economic outcomes is wide, but a solid starting point suggests resilience.
US Election Could Create a Small-Cap Opportunity for Multi-Asset Investors

If history repeats itself, this trend could be especially pronounced in 2025, given the potential for lower US corporate tax rates and domestic-friendly policies.
Sugar Rush or Sustained Gain? How Tax Cuts Mislead Equity Investors

Tax cuts alone can’t save a weak business, but high-quality companies can put a tax-break windfall to good use for investors.
Pets, Pop and Sin Stocks: Not Every Fad Is a Thematic Portfolio

Many hot trends have been turned into equity portfolios. But fads aren’t investing themes and may be flawed as standalone investments.
Seeking Sterling Bond Exposure? Look Beyond the UK

To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
European Interest Rates: How Far to R*?

When the ECB’s rate-cutting cycle ends, should the neutral rate be far higher than pre-pandemic? Not in our view.
European Interest Rates: How Far to R*?

When the ECB’s rate-cutting cycle ends, should the neutral rate be far higher than pre-pandemic? Not in our view.
In Sickness and in Wealth: A Closer Look at Executive Pay in Healthcare

Our research suggests that healthcare firms with sound pay practices may yield healthier returns.
Human Rights and Portfolio Risk: Why Investors Should Think Big

With human rights regulations expanding, investors need a broader approach to assessing risk and opportunity.
Beyond the Trump Trade: US Equity Investing in a New Policy Era

Policy changes could reshape return potential for companies across the US market. Here’s how investors can start thinking about the challenges ahead.
Will a “Red Wave” Affect Municipal Bonds’ Tax-Exempt Status?

Wholesale elimination of tax exemption isn’t likely, but certain types of muni bonds could be targets.
Three Ways Investors Can Capitalize on Election-Driven Rate Volatility

In the weeks surrounding the US election, US bond yields climbed sharply, reflecting speculation that President-elect Trump’s policies could lead to higher inflation and a widening federal deficit.
Lifetime-Income Lessons from Retirees Can Move the Needle for DC Plans

Some retirees say they could have planned better for lifetime income—helpful insight for current participants.
Fiscal Futures: Gauging the Potential Impact of Post-Election US Policy

We take an early look at how a new policy platform could factor into the US deficit and debt.
Balancing Risks as the Credit Cycle Turns

Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.
How to Build a Thematic Equity Portfolio

From stock picking to benchmark selection, the construction of an active thematic equity portfolio will play a crucial role in its ability to deliver on a theme’s return potential.
What Happens After the Top 10 Stocks Outperform?

The 10 largest stocks in the S&P 500 returned a staggering 104.6% from January 2023 through June 2024—more than double the broader index return
Why Healthcare Investors Shouldn’t Bank on Drug Pipelines

Healthcare companies often grab headlines for their exciting drug innovations. But we think the focus should be on business fundamentals.
Emerging-Market Corporates’ Most Underappreciated Quality? Resilience

Emerging-market (EM) corporates have a track record of resilience across market cycles.
Why Are Investors Drawn to Thematic Portfolios?

Thematic portfolios that tap into big global trends offer exciting opportunities for equity investors. But the devil is in the detail.
Healthcare Investing Finding Growth Beyond Pharmaceuticals

Drugmakers don’t have to dominate a healthcare portfolio. Equity investors should cast a wide net across the sector to find innovation and growth.
As Climate Change Gets Hyperphysical, Investors Should Too

Integrating the physical toll of climate change helps investors spot key risks—and opportunities.
Capital Markets Outlook 4Q 2024—Normalization: Endgame

Normalization seems to be in its final stage, with the Fed expected to continue cutting rates.
How Will Looming US Elections Affect the State of the Markets?

In our latest AB Disruptor Series episode, we take a closer look at the implications of a polarized US electorate on the macro and market landscape.
The Case for Multigenerational Corporate Boards

Just 5% of board directors are under the age of 50. But research indicates that more age-diverse boards may possess unique business advantages.
How Jobs Growth Informs the Backdrop for Multi-Asset Investing

As the Fed begins cutting rates, October’s surprisingly strong US employment report only adds to the data pointing to a soft landing, despite lingering concerns of a downturn. We expect the economic expansion to continue, which has important implications for multi-asset strategies.
Private Credit Outlook: Keep Calm and Diversify

Interest rates are falling but growth is holding up. Still, we see ways to proactively shore up private allocations.
The US National Debt: Debt or Alive?

The US debt is near its highest level in history and on track to grow. Neither political party currently seems intent on making it more sustainable.
Global Macro Outlook: Fourth Quarter 2024

Monetary policy began to transition from restrictive to neutral last quarter, and we’re optimistic that continued easing can prevent a hard landing.
Equity Outlook: As Volatility Rises, Resist the Tactical Temptation

Market conditions are shifting fast. But making impulsive changes to equity portfolios and allocations can be counterproductive.
The Hidden Hazard in Climate Portfolios: Equity Concentration Risk

If climate portfolios are positioned in the same giant US stocks held in broad equity allocations, investors may unwittingly double down on risk.
Fixed-Income Outlook: Strategies for a Controlled Descent

We expect bond yields to trend gradually lower—but it may be a bumpy ride. These seven strategies may help investors take advantage.
2024 US Election Outlook: Politics Don’t Matter?
he 2024 US presidential election is still months away and already entrenched as one of the most eventful in the country’s history. What started as a historic contest between the current president and former president has evolved into a flurry of poll-changing, momentum-shifting developments.
The exclamation mark: President Biden’s late-cycle decision to withdraw his candidacy. But behind the sensational headlines and endlessly debated storylines, we see a few core tenets at the center of this year’s battle of the ballot box. They hold implications for all of us—as investors and voters.
Thematic Investing: More Than Just a Good Story

Strategies and best practices for equity portfolios.
Demystifying Private Credit

A new wave of opportunity seems set to flow into private credit markets, which could enhance risk-adjusted returns and diversify portfolios. What's driving this potential?
Core Score: How a New Approach to Credit Investing May Harness More Alpha

Historically, investors have struggled to add meaningful alpha through security selection. A dynamic new credit scoring approach could change that.
Is Your Multi-Asset Strategy Equipped for an Economic Surprise?

With their unrivaled depth and breadth, US capital markets lend themselves well to multi-asset strategies. The US equity market is a key portfolio building block and has outpaced the stock markets of other developed markets over the past decade.
High-Yield Opportunity Persists, Despite Tight Spreads

High-yield investors put off by today’s narrow spreads could be missing out.
The 2024 US Election and Municipal Bonds: What to Know

Candidate tax policies could affect municipal bonds, but the bigger picture is important too.
Chinese Equities: How Investors Can Unlock the Power of Dividends

As more Chinese companies get comfortable paying dividends, investors may find new sources of equity return potential.
Expanding the Hunt for Attractively Valued Equities

When global equity markets tumbled in early August, investors got a glimpse of what a deeper correction could like for the US giants, and it wasn’t pretty. The so-called Magnificent Seven have dominated US and global equity market returns since late 2022—and valuations have soared—as earnings growth rebounded and on expectations that they will be the big winners from artificial intelligence (AI).
Debt Burdens, Elevated Rates to Test Equity Investors

An extended period of elevated interest rates may have long-term implications for both consumers and businesses—affecting how investors value company shares.
So Why Don’t You Own It?

Portfolio managers should always have good explanations for their underweight positions. These days, it matters more than ever.
In an AI Arms Race, Investors Should Focus on Profit Potential

As the AI halo begins to fade, equity investors are seeking companies that can profit from—and not just pontificate about—artificial intelligence.
Should Retirement Income Planning Be “Do It Yourself” or “Just Do It for Me”?

Most DC plan participants pursue retirement readiness unassisted, but few grasp what’s required, according to our latest survey.
China's Nuanced Outlook May Favor Corporate Bonds

China’s two-speed economy and the internationalization of the renminbi suggest long-term opportunities may be found amid near-term challenges.
Dynamic Landscape for Multi-Asset Income Seekers

Multi-asset strategies must adapt to a promising—but changeable—environment for generating income.
Lessons from Equity Investing with a Very Long Lens on Growth

Four interlinked principles form a compelling investment philosophy for uncovering promising growth companies.
Scanning the US Consumer: Conservatism, Not Collapse

Demand growth is cooling, but evidence suggests that overall fundamentals are still sound.
Multi-Asset Mid-Year Outlook Global Growth Picture Supports Risk Assets

Improving inflation and growth scenarios should enhance the equities and bond dynamic for multi-asset investors.
Capital Markets Outlook 3Q 2024: Distinguishing Signal from Noise

With growth moderating and inflation cooling, the US seems on track for a soft landing—as markets digest a stream of incoming information. Equity performance may be on the verge of broadening beyond a handful of stocks, and still-sizable bond yields bolster return potential.
Why the Fed’s Picking Up Speed Toward Rate Cuts

Earlier interest-rate cuts would come as good news for the US economy.
European Bonds: Have France’s Elections Changed the Game?

Across Europe, ruling parties are under pressure. Bond investors should stay active and invested, in our view.
Overcoming Inertia: How Home Bias Hurts US Investors

US investors often stick to US markets. But that could be a costly mistake—especially today.
Charting a Collective Path Forward on Retirement Income

Diverse stakeholders shared perspectives at AB’s Advancing Retirement Income symposium.
Private Credit Outlook: The Heat Is On

Private market growth in recent years has been remarkable. We think there's more to come.
Is AI a New Engine for Emerging-Market Equity Investors?

There’s more to artificial intelligence (AI) than the US tech giants. Equity investors can find overlooked opportunities in emerging-market companies.
Municipal Mid-Year Outlook: End the Waiting Game

With high yields and compelling opportunities, we think the muni market looks exceptionally attractive today.
Profits and Persistence: The Secret to Investing for Long-Term Growth

What should equity investors look for to find companies with strong economic profits, backed by clear business advantages?
Global Macro Outlook: Third Quarter 2024

There’s more evidence that growth is slowing, but it appears manageable and unlikely to lead to recession. While rate cuts have begun outside the US, we expect the Fed to follow suit by December. Political developments, especially the election cycle, are now coming into frame.
Equity Outlook: Making Way for the Magnificent Others

Despite narrow market concentration, we see opportunities in high-quality stocks that haven’t yet been rewarded.
Midyear Equity Outlook: Investing Beyond the Megacaps

If you told me at the beginning of the year that we were going to go from starting with six interest-rate cuts to now we’re hoping to get one, I would be shocked to say that the equity markets are up 15%.
Fixed-Income Midyear Outlook: Sail with the Tide

Don’t miss out. Prepare to take advantage of opportunities in the second half.
Asia’s New Balance: High-Yield Market Offers More Diversity, Lower Risk

The Asian high-yield market is evolving faster than investor perceptions.
Emerging-Market Stocks: Great Businesses Hide in a Murky Market Landscape

Sour sentiment toward emerging-market stocks is obscuring uncommon opportunities for equity investors.
Prompting AI: Can Better Conversations Drive Better Investment Research?

A richer dialogue between human experts and large language models may improve outcomes.
Calculated Risk Management: Strategy, Tools and Culture for Equity Portfolios

Investors need a better grasp of risk-management tools to gauge a portfolio’s strategic resilience in a rapidly changing world.
The New Frontier in Fixed Income: Systematic Investing

Bond investors have been looking for an approach that delivers attractive, repeatable, uncorrelated active returns. Is their wait over?
Mix of Participant Optimism and Anxiety Offers DC Plan Sponsors New Avenues for Engagement

Confidence is up, but inflation and other worries offer ways to work toward better outcomes.
European Industrials: A Hotbed of Growth for Equity Investors

Today’s industrial business models offer surprising sources of consistent earnings growth.
What’s the Next Step for the Bank of Japan?

Passive quantitative tightening could be the Bank of Japan’s next step toward normalization. Here’s why.
Income…with a Side of Growth Potential

We think today’s market landscape calls for a different mix in multi-asset income strategies.
Premium Municipal Bonds: Myth vs. Fact

Higher coupons and interest payments can make premium municipal bonds worth the extra upfront cost.
Underwriting the Underwriters: Finding Opportunity in Consumer Loans

When it comes to investing in consumer debt, headlines may be misleading. We see opportunity.
Quality and Growth: Striking a Balance

When the economy is picking up steam, growth stocks offer the potential to capture market gains. But hallmarks of quality—including sustained earnings growth and sound underlying fundamentals—may help weather economic headwinds.
Office Space: Looking Past the Doom and Gloom

Will Americans return to the office? It may depend on where it is and what it offers.
A New Frontier for Equity Investors: The Middle East Transformation

Investors in emerging-market equities haven’t typically paid much attention to the Middle East. It’s time to take a closer look.
Trade Wars and Tariffs Test Equity Investing Research

How can global equity investors incorporate the impact of tariffs into fundamental analysis of companies?
How to Capture AI Innovation in a Risk-Aware Equity Portfolio

Technological disruption creates opportunity—and volatility. But there are ways to capture AI innovation while managing risk.
Asset-Based Finance: Private Credit’s Key Diversifier

Private capital is increasingly being used to finance consumer spending.
How Should DC Plans Deliver Lifetime Income to Typical Participants?

Steady income and access to remaining assets are key considerations for DC plan sponsors.
Healthcare Stocks: Testing the Vital Signs of Managed Care Providers

Questions are being asked about the US managed care industry, but some businesses are equipped to rise to the challenge.
Update on Fiscal Policy—the “Other” Policy to Watch

Investors have seemed transfixed lately by endless news headlines on the path of monetary policy. But fiscal policy outcomes have far-reaching impacts on long-run growth and fundamentals in the world’s economies. On that score, many regions continue to wrestle with the challenges of deficits and debt.
Active or Passive? Seeking Solutions to ESG Confusion

Active management can help investors address some of the especially tricky issues in sustainable equity portfolios.
Resilient US Housing Market Defies Lofty Rates

US housing has weathered surging mortgage rates. Thin inventory and pent-up demand could create opportunity.
Capital Markets Outlook: 2Q 2024

We think the intersection of hope and fear offers opportunity across asset classes and market segments. Tapping into it, however, requires in-depth research and a discerning eye. Waiting for a clarion bell to ring before deploying capital might leave investors a step behind.
Actively Managing the Fed: How to Fix Your Fixed Income
Register now to hear from AllianceBernstein’s fixed income experts, who will tackle those questions and more.
What’s Up With Short-Maturity High-Yield Bonds? Yield.

It makes sense that longer-maturity bonds typically provide higher yields than shorter-term bonds. After all, more bad things can happen in a longer period than a shorter one, and visibility is poorer for the next 10 years than for tomorrow. Investors expect to be paid for these risks.
Opportunity Knocks: The Case for Emerging-Market Corporates

Emerging-market (EM) corporate bonds are too-often overlooked by investors who presume the asset class is too niche or too risky. But the aggregate fundamentals of EM corporates are stronger than those of their developed-market counterparts.
Decisive Factors: Understanding the Drivers of Equity Returns

Stocks have been buoyant this year, but market conditions are still in flux. Looking at equity factors can help investors make informed judgments about how allocations are prepared for different scenarios.
Reading the Room: Harnessing AI to Uncover Equity Investing Clues

If investors are detectives seeking clues for outperformance in the US large-cap equity market, natural language processing is a team of tireless assistants.
Do You Have Questions About CRTs? We Have Answers.

We demystify the credit risk transfer securities market.
US Economic Growth Up, Fed Rate Cuts Coming Later

Stronger economic growth is allowing the Fed to stay patient. That means a likely delayed start for expected interest-rate cuts.
Inflation Progress May Be Bumpy, But Is Likely to Continue

Inflation, one of many inputs to multi-asset decision-making, cooled substantially last year, but upside surprises in early 2024 for the US and Europe have many investors concerned that the path back to normal has hit a roadblock.
AI-Driven Spending Boom Is No Dot-Com Bust for Investors

Today’s technology boom is being driven by real efficiency gains, which is why we think comparisons with the dot-com bubble are misguided.
Painting a Fuller Picture: A Framework for Comparing Lifetime Income Solutions

It can be a tall task to compare diverse lifetime income solutions. Applying a comprehensive framework may enable a level playing field.
Are the Stars Finally Aligned for US Financial Stocks?

Market and industry trends are shining on US financial stocks, whose fortunes might be changing for the better across diverse sub-industries.
Private Credit Outlook: The Bright Side of Higher Rates

More clarity on interest rates means more clarity on the investment outlook and the opportunities across private markets.
Just Transition and Emerging Markets: Weighing the Risks

Understanding the social risks posed by climate transition requires discipline, nuance and a systematic approach.
Tesla’s Troubles Signal a Speedbump for Investors in the EV Story

Competition for electric vehicles is mounting, but demand persists. So how can equity investors capture the potential of the fast-changing industry?
Responsible Investing: Four Themes to Follow in 2024

From biodiversity and blended finance to a just transition and the cost of drugs, we preview the key ESG issues we’re targeting through research.
Global Macro Outlook: Second Quarter 2024

An economic soft landing in 2024 remains our base case. Inflation continues to cool, which we think will prompt central banks to follow through on rate cuts by late in the second quarter. Meanwhile, political and policy risks could rise, as over half the world holds key elections in the coming months.
Equity Outlook: Earnings Step Back into the Market Spotlight

Too many companies with solid earnings growth haven’t been rewarded in narrow equity markets. That may be about to change.
Fixed-Income Outlook: Don’t Miss the Forest for the Trees

Bond investors who are overly focused on individual data points may lose sight of the bigger opportunity picture.
How Does Global “Friend-Shoring” Affect Chinese Manufacturers?

Geopolitical tensions in recent years have prompted companies to reconfigure their supply chains, with US firms increasingly moving production outside of China.
Ahead of the Fed: Don’t Delay Return to the Muni Market

Many investors seem content to sit in cash. But with the market pricing in rate cuts by July, we think it’s time for muni investors to jump back in now. Here’s why.
AB Disruptor Series: The US Banking Transition Accelerates
But a bigger story has been afoot: the incredible shrinking US bank sector. Its numbers, which have withered for decades, are the lowest in over a century. The current environment should accelerate that decline, raising multi-trillion-dollar questions: Why? What does it mean for consumers and investors?
Finding Pockets of Growth in Europe’s Overlooked Equity Market

Attractive growth companies are scattered across Europe’s otherwise lackluster market landscape. Here’s how to find them.
Taking Flight: The Opportunity in Aircraft Financing

Investments in aircraft can offer steady cash flow and a return profile that’s uncorrelated to broad market indices.
Governance Matters: The Proof Is in the Proxy

Our research shows a correlation between strong governance and higher stock returns.
Could ECB Rate Cuts Beat the Fed to the Punch?

Although markets expect both the Fed and the ECB to cut rates in June, macro developments could change that forecast.
Investing with Impact: How Municipal Bonds Are Leading the Way

Issues like water scarcity are felt most intensely at the local level. That makes it incumbent on municipal bond issuers to lead the response.
The Time Is Now: Rate Cuts Could Add Fuel to Muni Gains
Register now to join Matt Norton, AB’s CIO for Municipal Bonds, and Municipal Portfolio Manager Daryl Clements as they discuss how to best position muni portfolios in today’s environment.
Designing Multi-Asset Income: It’s Complementary

Multi-asset income strategies are becoming more popular, but some may bake in more risk than expected. The key is designing complementary exposures.
European Sovereign Debt: Is the Periphery a Problem?

Sovereign debt levels soared during the pandemic, and countries at the eurozone’s periphery may look high risk. But appearances can be deceptive.
Apples and Oranges: Understanding Lifetime Income Options

Secure lifetime income is a top wish-list item for defined contribution plan participants, and it has benefits for plan sponsors too. But there are very different ways to deliver it.
Climate-Focused Investing Two Approaches for Equity Portfolios

There's been a lot of focus, especially in the media, around things like renewable energy and electric vehicles. But if you think about the challenge of reducing emissions, we're going to have to do that across a diverse set of solutions, including things like heating and cooling, manufacturing, infrastructure, agriculture.
Finding Hidden Value in the Future of Global Security

Companies supporting efforts to create a more secure and stable world could provide equity investors with an attractive source of long-term returns.
Concentrating on Earnings Perspectives on Profit for Equity Investors

Earnings haven’t been consistently rewarded in equity markets recently. That could change faster than you think.
Breaking the ESG Barrier Empowering Credit Investors Through Better and Faster Data

A new approach to environmental, social and governance (ESG) research could ease investors’ frustrations with sourcing and evaluating the data required for objective credit analysis. Thanks to a surge in company reporting, ESG metrics can now be quantified and incorporated into analyses that were historically rooted in fundamental research alone.
European Bonds: Will Cash Stay King as Rates Reverse?

Investors who stay too long in cash may find they’ve missed out.
Nurturing Nature: Why Investors Should Care About Biodiversity

Investors face an urgent challenge in understanding, analyzing and managing biodiversity risks.
The Fed’s Rate Message Makes the Sidelines Risky

The Fed poured cold water on a March rate cut, but the underlying message still has rates coming down—by a lot. Waiting for the starting point can be risky for investors.
Rethinking Three Misconceptions About Emerging-Market Equities

Emerging-market equities have a bad rap. But a lost decade may have set up promising conditions for a recovery.
Could Falling US Rates Elevate Emerging-Market Returns?

Emerging-market (EM) assets were resilient in 2023, gaining ground despite conflict in the Middle East, concerns over slowing economic growth in China, and the US dollar’s strength against other regional currencies. Now, with the Fed signaling rate cuts in 2024, the news could get better.
Why High Yield Belongs in Your Investment-Grade Income Portfolio

Many investors limit their mandates to credits rated BBB or higher. But they could tap high-quality high yield—without adding to overall risk.
Is the “Vibe-cession” for US Consumers on Its Way Out?

Falling inflation hasn’t yet translated into good feelings among US consumers. Based on the latest data, that might be changing.
It’s Time to Say Goodbye to ‘T-Bill and Chill’

Investors who wait too long to get off the sidelines may find they’ve missed out.
Multi-Asset Investing in a Post-Peak Rate Climate

Rate cuts don’t happen in a vacuum—staying nimble with asset allocation can help investors adapt.
Muni Investors, Take Heed of Fed Pause

Still doing “T-bill and chill”? As a strategy, rolling Treasury bills may have worked well so far this year, but history suggests it’s time for municipal bond investors to get off the sidelines and back into the market—and soon.
The Weather Is Changing for Climate-Focused Investors

As equity investors hunt for opportunities, why should they consider climate-focused investing?
ESG Opportunities: Emerging Markets and Biodiversity

AB’s Chief Responsibility Officer previews areas of research focus for our Responsible Investing teams in 2024.
Private Credit Outlook: Evolution and Opportunity

Private credit has in a little more than a decade evolved from a niche asset class to a key component of a diversified investment portfolio. We think it will be even more important in 2024 as banks’ reluctance to lend widens the opportunity set for investors.
Investment Strategies for Generating Efficient Income

Bond yields are up—that’s good news for income investors, but secular forces still pose headwinds for inflation-adjusted returns. We think an efficient way to generate income is by carefully assembling mixes of interest-rate and credit building blocks—and incorporating private-market exposure for additional diversification and return potential.
Equity Outlook: Three Questions for Investors in 2024

It’s hard to chart a course through equity markets in times of uncertainty. Here are our thoughts on some of the big questions on investors’ minds today.
Equity Investing in 2024: How to Position in a World of Uncertainty

So it was a very strong year for broad equity benchmarks around the world, but it perhaps didn't feel like a great year for many investors. There's economic uncertainty for sure.
Fixed-Income Outlook 2024: Bonds Roar Back

The tide has turned for bonds. Here’s what we think is in store for 2024.
Market Concentration in Magnificent Seven Distorts Index Exposures

US equity market returns have been disproportionately driven by the so-called Magnificent Seven (Mag 7) stocks this year. Their dominance has created style imbalances within large-cap benchmarks that deserve closer attention from investors.
Will Hawks Still Rule the Roost at Europe’s Central Banks?

As European inflation rates converge with targets, markets expect rate cuts. But central banks are set on a decisive victory over inflation.
Reflections on COP28: Opportunities Amid Challenges

Investors are warming to opportunities stemming from climate change, and other takeaways from COP28.
Multi-Asset Income Investing in a 2024 Slowdown

For multi-asset income investors, adapting portfolios for equity defense, credit potential and duration exposure should be on the docket for 2024.
DC Plan Participants Want Lifetime Income…but Need Help

A secure lifetime income solution can seamlessly continue the “do it for me” structure that has helped DC plan participants save in their working years.
Can AI Hallucinations Be Tamed for Investing Models?

Generative artificial intelligence has a reliability problem. Here’s how investors can gain confidence in portfolios that deploy the technology.
Labor Squeeze: Auto and Airline Deals Drive US Margin Challenges

Recent labor agreements in the auto and airline industries spotlight the profitability conundrum facing US companies—and equity investors.
Is Equity Risk Worth the Reward in a World of Higher Bond Yields?

Equities have an important role to play in a diversified allocation today, to help hedge against inflation and to navigate a lower-growth environment.
Multi-Asset Investing: Tracing the Growth Impact of US Fiscal Policies

A robust growth backdrop, a key input for cross-asset positioning, benefited from pent-up demand and an accommodative fiscal policy stance.
AI Heralds a Technology Paradigm Shift—But Not So Fast

Technological turning points in the past have taught important lessons about how to identify long-term winners from transformative innovation.
A Changing World: The New Psychological Workplace Contract

A new psychological contract is transforming the modern workplace, highlighted by an increase in collective actions and changing employee expectations.
Taking the Temperature of Healthcare Stocks

Healthcare stocks have underperformed the global market this year. But taking a closer look under the sector’s hood reveals a more complex picture. In key industries, earnings growth forecasts are healthy and valuations look attractive.
Muni Investors, Take Heed of Fed Pause

Still doing “T-bill and chill”? As a strategy, rolling Treasury bills may have worked well so far this year, but history suggests it’s time for municipal bond investors to get off the sidelines and back into the market—and soon.
Six Metrics Light the Path to Sustainability for Emerging-Market Sovereigns

Just six metrics can effectively assess sovereign issuers’ sustainability and provide guidance for both issuers and investors.
Investing Lessons from Climate School, Class of 2023

We’ve always intended for the unique collaboration between AllianceBernstein (AB) and Columbia University to serve the broader asset-management industry. Asset owners and managers alike are eager to explore the complex issues of climate change and its potential effect on investments and investment decision-making.
US Equities: Which Stocks Have Outperformed in a Weaker Market?

Weakness in US equity markets since July reflects ongoing uncertainty about the macroeconomic outlook. Despite the concerns, stocks with quality and defensive features have performed relatively well and could help portfolios surmount shaky conditions ahead.
4Q: 2023 Capital Markets Outlook

Following a strong first half of 2023, third-quarter returns were more challenged across almost all asset classes. One outlier was high-yield debt, which often serves as a way to de-risk equity exposures when stocks are under pressure.
Thoughts from the Digital Fixed-Income Evolution

The data science wave is here, and bond managers must adapt traditional investment processes to harness new technologies and amplify human talent.
Diversity of Thought A New Approach to Equity Alpha

The world is becoming an increasingly diverse place, especially the societies that we live in and we invest in. It’s not just about social equity that companies need to focus on diversity, equity, and inclusion; it’s really about business fundamentals.
Cashing Out: Getting Clients off the Sidelines
Bonds may be back, but many clients are still sitting on piles of cash and CDs. What’s not well known is that returns for money markets and CDs could decline precipitously if—or when—the Fed cuts rates. To help clients think ahead, it’s time to start repositioning portfolios to help adhere to the old adage of “buy low and sell high.”
Register now to hear where AB’s fixed-income portfolio managers are finding compelling opportunities.
Pain Reliever: The Behavioral Case for Defensive Equities

Human behavior can lead to irrational investment decisions, but a well-planned low-volatility strategy may be the antidote.
Investment-Grade Corporates: A Tale of Two Markets

Investors are accustomed to getting a snapshot of the market by looking at the latest index statistics. But today, average spreads and yields for investment-grade corporate bonds are deceptive. A look under the hood reveals that intermediate-maturity corporates are a much more compelling opportunity than long-maturity ones.
Opportunity Knocks: Investing in Dislocation

Tight lending standards and rising yields, along with concern about an approaching turn in the business cycle, have put opportunistic credit in the spotlight. But what, exactly, does opportunistic credit mean? Here’s how we look at it—and what we think it may offer investors.
The View from Muniland: Once in a Generation

It feels like Groundhog Day, with yet another challenging quarter for muni investors. The index was down about 4%, bringing year-to-date returns to –1.4% for the year. So what happened in August and September?
Healthcare Investing Finding Growth Beyond Pharmaceuticals

Drugmakers don’t have to dominate a healthcare portfolio. Equity investors should cast a wide net across the sector to find innovation and growth.
Harnessing the Inverted Municipal Yield Curve

The muni yield curve has been inverted before, but not for any meaningful length of time—until now. With yields on short-term muni bonds still significantly higher than those on intermediate-term munis, what’s an investor to do?
Seeking Balance in Sustainable Multi-Asset Investing

A multi-asset approach to sustainable investing brings a broad and more balanced palette to paint with.
Private Credit Outlook: Room to Run

Slower growth and rising interest rates have tapped the brakes on private deal activity this year. But as banks continue to retreat from lending, we see plenty of opportunity for investors to pick their spots across the broad private credit universe.
Finding Balance in US Equities as Macro Threats Mount

In a market burdened by uncertainties, a flexible approach can help equity investors strike the right balance between short-term risks and long-term opportunities.
Persistent Anomaly? High Yields on Short Bonds

With yield curves still inverted, a short-dated high-yield strategy continues to make sense for return-seeking investors with a defensive mindset.
Japan Equities: Inflation May Be Just What the Doctor Ordered

Japanese stocks have outperformed global equities by a wide margin this year. Is this a false dawn or can inflation continue to breathe life into the market?
How to Invest in Stocks for the Next Phase of China’s Evolution

In an era of new economic challenges, we expect value investing to trump growth-oriented strategies for investors in Chinese equities.
Fixed-Income Outlook: The View from Higher Elevations

Good news for bond investors: yields are likely to stay higher for longer. We share strategies for making the most of this environment.
Healthcare Stocks Invest in Business, not Science

Even the best scientists in the world cannot reliably forecast drug-test results, so why should investors gamble? Quality businesses are key for healthcare stocks.
Offense or Defense? Direct Lending Can Play Both

A balanced portfolio needs assets with strong return potential and those that may provide downside mitigation. We believe direct lending can deliver both—a potentially valuable feature, particularly in today’s uncertain market.
Barbie, Beyoncé, Taylor Swift and the Economic Outlook

Now, is it an oversimplification to say that the upgrade to GDP growth is just down to Taylor Swift and Beyoncé? It is, to a degree, no matter how popular they are—and they are very popular indeed.
Why Global Bonds Make Sense for US Investors

Although US bond yields are well above their lows of the past decade, it’s always a good idea to think globally.
Inflation Is Coming Down. Will Treasury Yields Be Next?

The 10-year Treasury yield has climbed steadily over the past two years. But we believe fixed-income investors should be prepared for lower yields ahead.
Tree Spotting: Detecting Deforestation Risks One Company at a Time

From the dense Amazon jungle to wide stretches of Malaysian palm oil plantations, agricultural practices have been stripping the world of vital forests for decades.
What Is It About the US Consumer?

Resilient consumer spending has been a pillar of the US economy. While activity may soften, we think the consumer will help the coming slowdown stay mild.
How Can Companies Turn AI Promise into Profits?

Equity investors should look beyond the hype for companies with clear strategies to profitably monetize the benefits of generative AI.
Systematic Fixed Income: A Breakthrough in Bond Investing

Bond investors have been looking for an approach that delivers attractive, repeatable, uncorrelated active returns. Is their wait over?
BRICS' Expansion: A Journey of a Thousand Miles

The BRICS’ invitation to six more nations to join their group is an important initiative promoting greater global influence for major EM countries.
Argentina May Be Headed Down the Dollarization Path

The favorite in Argentina’s presidential election has vowed to eliminate the central bank and dollarize the economy. Which path will the country follow?
Investors Beware—Earnings Forecasts Omit Stock Compensation

Adjusted earnings forecasts tend to overshadow reported earnings and add uncertainty to corporate outlooks.
US Housing: As Rates Rise, Homeowners and Prices Stay Put

Despite softening demand, US home prices remain elevated. The culprits are high interest rates, limited supply and owners' reluctance to take on new mortgages.
Navigating Generative AI? Consider a Framework

AI development is racing ahead. A thoughtful framework to making decisions and leveraging tools can help investors stay on course.
Broader Horizons? More Stocks Help Fuel US Market Gains

Ten stocks have dominated US equity market gains for most of this year. But the rest of the market may be waking up. That’s good news for active managers who seek to tap diversified sources of long-term returns that can withstand challenging macroeconomic conditions.
Multi-Asset Trends to Watch

With the second half of 2023 underway, how are the macro and market landscapes unfolding?
The Two Speeds of the US Economy

Recession? Soft Landing? Getting a read on where the US economy is headed hasn’t been easy.
Office Exodus: Can US Cities Survive?

Flagging office occupancy rates have municipal bond investors concerned. But US cities have more than one card to play in the revenue game.
Under Pressure? High Yield Can Hold Up (Your Income Portfolio)

Do high-yield bonds still make sense for income investors at this stage of the credit cycle? We think so.
Will Sweden’s Woes Shake Europe’s Real Estate Markets?

Investors are taking fright at commercial real estate risks in Sweden. But we think the situation is less threatening than feared.
Why ESG Investors Should Look Beyond the Obvious Choices

Companies that are on course to overcome ESG controversies deserve closer attention from investors.
Multi-Asset Income Opportunities with an Inverted Yield Curve

In any environment, multi-asset investors should prudently balance risks across equity, corporate credit and government bonds. But near-term tactical shifts can help take advantage of ever-evolving market conditions in the pursuit of long-term returns.
From Valuable to Referable: Becoming the Trusted Advisor

The more painful the situation, the more motivated we are to act. Here, we share an example of how an advisor can build a relationship with a client to become a trusted advisor and how that trust helps inspire referrals.
Record Heat, Climate Policies Energize Low-Carbon Investing

New public policies reflect growing urgency to address climate risk, which equity investors should emphasize, too.
Capital Markets Outlook: 3Q 2023

Markets posted a strong first quarter, though it was a rollercoaster ride. The path forward will likely stay turbulent, with bank turmoil likely tightening credit conditions and the Fed still wrestling with inflation.
2023 Multi-Asset Midyear Outlook: Rounding the Corner

Over the past 18 months, high inflation drove rapid monetary policy tightening, which weighed heavily on consumer spending power and corporate margins. As inflationary pressures now abate, we see eventual improvement in both real incomes and profits, which should enhance prospects for multi-asset investors.
From the Ground Up Sowing the Seeds of Biodiversity Investment

Biodiversity is taking on increasing importance as a consumer concern, but it isn’t always top of mind for investors. We think that could soon change. Beyond the obvious environmental benefits, there’s an economic case to be made for protecting biodiversity.
ESG-Labeled Bonds: Are Greeniums Doomed to Dwindle?

Investors in ESG-labeled bonds expect well-structured issues with strong green or social credentials to command higher prices than the same issuer’s conventional bonds.
Do Financials Have a Role in Sustainable Equity Portfolios?

Financial companies that help address some of the world’s most pressing socioeconomic challenges deserve attention from sustainability-focused investors.
Nasdaq Rebalance Spotlights Risks from Supersized Set of Stocks

Even benchmark-makers are starting to address the supersized influence of heavyweight stocks. Nasdaq’s plan to reconfigure the weights of its constituents should prompt investors to think about the broader concentration risks in US equity markets, particularly in passive portfolios.
Midyear Outlook: Three Income Themes for Multi-Asset Investors

An improved income outlook for multi-asset investors, including higher yields, sharply contrasts with cloudy conditions at 2023’s start.
Municipal Midyear Outlook: Come on In, the Water’s Fine

With the highest yields in years, the muni bond market looks increasingly attractive.
AI Alone Won’t Magically Unlock Earnings Power

Artificial intelligence has quickly become a hot topic around dinner tables and in corporate boardrooms. But delivering business benefits from AI will take time. Investors should proceed with caution.
Investing Beyond the Headlines 3Q 2023 Equity Outlook

Global equity markets have had a very strong first half of the year, but it’s a pretty unusual time because, on the one hand, equities are contending with a pretty difficult macro backdrop.
Emerging Markets from the Asset Allocator’s View

We’re tactically cautious on developed-market equities with a broadly risk-off stance, but we have a relative preference for emerging-market (EM) stocks over a 6- to 12-month horizon.
Global Macro Outlook - Third Quarter 2023

Steadfast global resilience to recession highlighted the quarter, although the outlook hasn’t necessarily improved. But with labor markets tight and wages keeping pace with inflation, consumers are navigating the economy’s rough patches. Still, we expect growth to slow in time.
Don’t Look Back The Next Emerging-Market Decade Will Be Different

For over a decade, emerging markets (EMs) have been full of promise—and disappointment. Year after year, investors have waited for the powerful growth trends of the past that drove developing markets from Mexico to Malaysia to reassert themselves.
Fixed-Income Midyear Outlook: Surfing Lessons

Surf’s up! Elevated yields and negative correlations are good news for bond investors. We share strategies for making the most of today’s opportunities.
Equity Outlook: AI Stars Eclipse Broader Earnings Resilience

Excitement over AI has driven equities this year. Yet investors should maintain a disciplined, long-term focus amid uncertain market conditions.
Higher for Longer: Getting Comfortable with the New Policy Regime

Central banks in the developed world have raised interest rates higher and faster than at any time in recent memory. But until labor markets start to slow, policymakers are unlikely to take their feet off the brakes.
Return to Normal? Surveying the Landscape for Emerging-Market Bonds

After the disruptions of the past few years, many of us are looking for a return to normal. For investors in emerging-market bonds, normal would mean a world in which global inflation is in check, interest rates are no longer rising, China is healthy, and traditional asset correlations resume.
Keeping Your Balance as the Credit Cycle Turns

Striking the right balance between interest rate and credit risk can be a good idea in the late stages of a credit cycle. We think it’s a particularly good idea in this credit cycle.
Will the Emerging Markets’ Financial Sector Trigger a New Crisis?

Naturally, the recent banking crises in the US and Europe raise concerns about EM exposure to financial sector risks too. We’ve found that the EM financial sector overall looks strong and resilient—but that several individual EM countries’ banks could be vulnerable.
Help Wanted: Why Smart Companies Recruit for Diversity

Recruiting talent is a basic ingredient for business success. Companies that are more inclusive in their recruiting will discover better-qualified employees, which can bolster competitive advantages and help deliver better outcomes for investors.
Sustainability-Linked Bonds: The Good, the Bad and the Ugly

Corporate bonds that fund environmental, social and governance (ESG) initiatives continue to capture investor hearts and minds. But ESG-labeled bonds come in different stripes, so investors need to discern among the good, the bad and the occasional ugly ones merely posing as ESG bonds.
Will AI Transform the Healthcare Industry for Investors?

Healthcare companies are beginning to explore how artificial intelligence (AI) might unlock efficiencies for patients and medical systems. But to transform science fiction into reality, AI applications in the sector must prove that they can improve business profitability to deliver returns for investors.
Are Clients Getting Paid to Wait? Why Sitting in Cash is Risky
According to the ICI, assets in money markets have ballooned to $5.3 trillion—the equivalent of the world’s 5th largest economy. And with so much cash sitting on the sidelines, a fundamental question persists. Are investors being compensated to wait? Find out why sitting in cash could be a risky proposition as inflation and economic growth show signs of slowing.
Don’t miss an in-depth conversation with fixed income experts from VettaFi and AllianceBernstein, who will share insights on how to position portfolios amid a challenging market environment.
Topics will include:
- Is the battle with inflation over and what is the likely path of Fed policy going forward?
- Is the most televised recession in recent history likely to happen?
- How do you maximize return while mitigating risk in your client’s portfolios?
Home Bias Could Be Costly for US Equity Investors

When it comes to their equity portfolios, US investors have historically exhibited a high degree of home-country bias. But in today’s fast-changing global market landscape, they may find that there are good reasons to rethink regional allocations to stocks.
How the Yen Drives Japan's Monetary Policy

If price stability is the legal mandate of the Bank of Japan (BOJ), and the central bank’s official target for price stability is 2%, as measured by the Consumer Price Index (CPI),* then why are fluctuations in prices the norm for Japan?
What Comes After the Debt Ceiling Debacle? Opportunity.

The standoff between the White House and Congress over raising the US debt ceiling has been the talk of the town for months. Now that the government has reached an agreement, savvy investors will be on the hunt for opportunities—and we think there will be some attractive ones.
Defensive Stand: Investment-Grade Corporates Hold the Line

The financial markets are giving off mixed signals of late, and credit investors may wonder whether to be downbeat or optimistic.
Learnings from Earnings: Macro Crosscurrents Make Growth Elusive

Here’s what we learned in earnings season about how companies are coping with a particularly tricky set of macroeconomic conditions.
Taking a Time Out? The High Price of Idle Cash

Parking your fixed-income assets in cash may seem like a safe choice in today’s volatile investing environment, but it’s actually a risky proposition. Here are three reasons why sitting on the sidelines can be a dangerous game.
Connecting the Disinflation Dots in Multi-Asset Strategies

The Federal Reserve’s latest 0.25% interest-rate hike has likely capped one of its most aggressive policy-tightening cycles in 40 years. And the cumulative 5% policy rate increase in just over a year is now starting to have an effect on rate-sensitive sectors and inflation.
Five Reasons to Invest in High-Yield Bonds Today

As the US economy begins to feel the weight of the Federal Reserve’s rate hikes, investors have grown leery of US high-yield corporate bonds. On the surface, that makes sense. Historically, credit conditions soured when growth slowed.
Homing in on Quality in Climate Investing Strategies

Stock selection in a climate investing strategy takes more than just avoiding companies exposed to global warming risks. The process should intersect with an active search for diverse opportunities among companies helping to fight climate change, but with high-quality business models, too.
Like 10,000 Interns: How ChatGPT Can Liberate Investment Analysts

ChatGPT is generating excitement about the power of artificial intelligence (AI) to reshape the business. For investment firms, AI can help execute many menial functions to free up analysts for deeper research dives, armed with more information than they could ever process alone.
The Fed and ECB Go Their Own Ways with Interest Rates…for Now

The big picture is that this week’s adjacent decisions by two major central banks point to a near-term divergence in policy paths between the US and Europe: the Fed is on hold and the ECB is still raising rates.
Don’t Bank on Bank Loans in 2023

Floating-rate bank loans tend to do well when conditions are just right: the Federal Reserve is raising rates and the economy is growing. But such conditions typically don’t last long.
Capital Markets Outlook: 2Q 2023

Markets posted a strong first quarter, though it was a rollercoaster ride. The path forward will likely stay turbulent, with bank turmoil likely tightening credit conditions and the Fed still wrestling with inflation.
US Commercial Real Estate Outlook: Seeking Calmer Waters in Quality

The pandemic hurt small retailers by hastening the transition to digital commerce and emptied office buildings by turning living rooms into workspace. But it also fueled a warehouse building boom and unleashed a torrent of pent-up travel-and-leisure spending when economies reopened, underscoring the diversity of commercial real estate.
Why Your Grandmother Was Right

My grandmother always had something witty or wise to share. One of her favorites had me imagining vivid pictures of pounds of medicine in bottles and spoonfuls of colorful liquids.
India’s New Look: Paving Roads to Efficiency and Investment

India’s ability to attract foreign investment has long been hampered by subpar infrastructure and excessive bureaucracy. But reputations can obscure real change.
Is Europe Facing Another Banking Crisis?

Investors in European bank shares have been rattled by recent turmoil in the sector. But many banks are in much better shape than widely perceived, and the sector is subject to much tighter regulation than in the US.
Compelling AMT Muni Bond Yields: Hiding in Plain Sight?

For years, investors seeking tax-efficient income grappled with a key question: Are municipal bonds that are subject to the alternative minimum tax (AMT) worth their higher yields? After all, an attractive bond yield didn’t hold as much luster once the AMT shaved off up to 28%.
The Picture Brightens for Government Bonds as Multi-Asset Diversifiers

The lack of diversification benefits of government bonds in 2022 was painful for multi-asset investors. The sell-off in US Treasuries in particular was sharp, and we saw correlations versus stocks move well into positive territory.
Dividend Investing: Broader Is Better for Multi-Asset Strategies

We think dividend-income strategies can be effective across multiple environments, provided that they’re designed to tap into a wider opportunity set beyond traditional dividend payers alone.
With Banks in Focus, the Fed Signals (Cautious) Optimism

Yesterday, the Fed raised its benchmark interest rate 25 basis points to a 4.75%–5.0% range and signaled that one more hike is likely this cycle.
Taming Biases in High-Dividend Equity Strategies

Income-seeking investors are accustomed to casting wide nets after years of low yields.
China’s Green Enablers Deserve a Place in Equity Funds

Investors focusing on climate change often overlook Chinese firms.
Are Cheap Burgers in Emerging Markets a Good Sign for Investors?

Investors in emerging markets (EM) have endured a decade of poor performance. But things may be changing. Based on The Economist magazine’s data comparing hamburger prices across countries, many EM currencies look cheap today—as they did 20 years ago before an extended rally of EM stocks and bonds.
Why Rising US Rates Don’t Have to "Break" the System

Over the past few decades, investors have become conditioned to expect that rising interest rates will trigger broader US financial market crises.
AI Chatbots Rewrite Code for Technology Sector’s Future

ChatGPT has ignited the world’s imagination about the power of artificial intelligence (AI).
Want to Know How Advisors Are Sabotaging Themselves?

As the financial services industry has evolved away from transactions and toward financial planning, an interesting shift has happened: more couples have started showing up in advisors’ offices to discuss their investments and their financial plan.
Activating Equity Portfolios for Higher Rates and Inflation

Passive equity investing has retained its dominance and outflows from active portfolios have continued amid the market and macro shocks of the past year.
The Outlook for Income: Balancing Rates and Credit in 2023

When we think about generating income for our clients, for over 30 years we’ve thought the most efficient way to do this is to blend the two key risks of fixed income into one portfolio.
Weakening Growth Outlook to Eventually Favor Euro Rate Risk

European policymakers face a dilemma: continue to hike interest rates to combat inflation or ease off to stimulate growth.
Healthcare Stocks: An Innovative Antidote for Volatile Times

Healthcare stocks have remained in vogue through volatile markets, driven by increased interest in the sector during COVID-19.
European Fixed-Income Outlook: Stay High Quality in 2023

European bond-market performance was among the worst on record in 2022, as Europe ran the gamut of geopolitical, economic and market storms.
Global Macro Outlook - First Quarter 2023

After a year defined by inflation and the policy response to it, we expect 2023 to be a year of transition.
Are Small-Cap Stocks Further Along the Road to Recovery

Small-cap companies are usually the most vulnerable to volatility, with their stock prices and earnings getting hit particularly hard and early in economic downturns, much like what occurred in 2022. Yet they also tend to lead the way on both fronts during recoveries.
Can European Credit Ride Out the Storm?

As Europe struggles with war, costly energy, record inflation and slowing growth, it’s no surprise that European corporate credit is out of favor.
Global Stocks: Look Beyond Home Base to Find Growth

In this year’s global economic crisis, no two regions are having identical experiences. While inflation rages across much of the world, price rises have been more moderate in some countries than others. Similarly, the scale of rate hikes and the degree of recession fears aren’t uniform.
What's Behind the Drop in Treasury Market Liquidity?

With the year winding down, investors might think they’ve seen it all. But one element of market dysfunction that’s largely flown under the radar is increased friction within the US Treasury market. Treasuries are experiencing a liquidity decline on the back of economic uncertainty and higher volatility, with large blocks of government debt increasingly hard to trade.
Three Income Themes for Multi-Asset Investors in 2023

In one of the most challenging years for markets, 2022 brought persistently high inflation, aggressive central bank tightening and heightened geopolitical risks, leaving investors with few places to hide.
10 Reasons to Stay Invested in Equities

Equity investors have sustained significant losses this year and are facing a long list of new uncertainties.
Rates and Stocks: How Low Can Valuations Go?

Equity valuations have fallen substantially as central banks hike interest rates to combat inflation.
Drug Innovation Can Surmount New US Law's Price Caps

The cost of prescription medicine is a constant strain for many Americans.
Market Collapse Raises Stakes for Active Equity Investors

Equity investors are trying to figure out whether steep share-price declines have led to attractive valuations, given mounting threats to fundamental business performance. The answer varies from company to company and requires an active equity investing approach to separate winners from losers.
Investing in Technology Stocks After the Big Blowout

Technology stocks have been pummeled this year, leading some investors to question the sector’s future.
Can the Sell-Off in Sterling Corporate Bonds Last?

UK government bonds prices have plunged recently. Sterling-denominated corporate bonds have also fallen sharply and are looking cheap.
Can China Revive Economic Growth Post-Congress?

China's 20th National Congress could help air ideas for more growth-supportive policies.
Capital Markets Outlook: 4Q 2022

The difficult capital markets saga of 2022 continued through the third quarter with few safe harbors as rates rose and growth slowed.
Fixed-Income Outlook: Stormy Weather and Silver Linings

2022 has been a stormy year for bond investors, and the forecast calls for more of the same. We address today’s biggest investment challenges—from persistent inflation to rising rates to a looming recession—the silver linings of higher yields, wider credit spreads, and strategies for navigating bad weather.
Equity Income: The Dividend Defense Against Inflation

Many investors are searching for assets that can help protect portfolios from inflation.
Equity Outlook: Charting a Course Beyond Uncertainty

Equity market volatility persisted in the third quarter as investors came to terms with a new reality of high inflation and rising interest rates.
Growth Stock Rout Resets Valuation Landscape

It’s been a tough year for investors, particularly in growth stocks.
Fourth Quarter 2022

Inflation remains persistently high, dominating everything else in the macro outlook.
Tackling the Income Problem

While 2022 has been a challenging year for nearly every segment of the capital markets, it comes with a silver lining for income investors: higher yields.
US Housing Outlook: Rates and Supply in Tug of War

With interest rates on the rise, the once red-hot US housing market is finally showing signs of cooling.
Rates and Supply in Tug of War

With interest rates on the rise, the once red-hot US housing market is finally showing signs of cooling.
Finding Stocks with Staying Power

In a time of uncertainty, we believe that quality is the key to investing in equities.
The Future of Energy

Energy prices have been on a rollercoaster ride the past few years, and the invasion of Ukraine upended the entire supply/demand framework. The path ahead for energy—and related investment opportunities—will be defined by how today’s “power problems” are resolved. Listen to the latest from the AB Disruptor Series Podcast as Rick Brink, our Chief Market Strategist, and a panel of energy experts zero in on critical issues in the energy story.
Europe's Policymakers Grapple with Soaring Natural Gas Prices

As surging natural gas prices stoke inflation throughout Europe, policymakers are responding to both reduce the economic damage of high energy prices and clamp down on blistering inflation rates.
AB Disruptor Series: The Future of Energy
Energy prices have been on a rollercoaster ride the past few years, and the invasion of Ukraine upended the entire supply/demand framework. The path ahead for energy—and related investment opportunities—will be defined by how today’s “power problems” are resolved.
China’s State-Owned Enterprises Hold Keys to Carbon Neutrality

China has pledged to reach carbon neutrality by 2060, and state-owned enterprises (SOEs) are responsible for half the country’s CO2 emissions.
Turning Less into More: Revisiting Equity Risk in a Volatile Year

During this period of economic uncertainty and market stress, investors may be surprised to discover how a strategy targeting stocks that lose less in a downturn can beat the market over time.
Finding the ESG Edge in Global Small-Cap Stocks

In small-cap markets, fundamental research is in short supply—and good environmental, social and governance (ESG) research is even scarcer.
Practice Management Edition: A 6-step Model to Turn Client Trust into Action in a Down Market

The first six months of 2022 have served as a stark reminder that market outlooks can quickly shift. Advisors who want to retain business must now prepare clients for the possibility of greater volatility, abiding inflation and muted returns. Clients have many reasons to be skeptical of change and financial advisors (FAs) who don’t have these conversations now risk having painful discussions with disappointed investors. AllianceBernstein Advisor Institute’s, Ken Haman discusses key insights about human decision-making and research in behavioral finance to look at the practical challenges of managing client trust during uncertain times.
3Q: 2022 Capital Markets Outlook

As prologues go, the first six months of this year have been a doozy.
Are Healthcare Stocks Still Defensive in the Current Environment?

Healthcare has long been considered one of the most reliable defensive sectors—an effective portfolio buffer when equity markets turn volatile.
Deglobalization and the Future of Portfolio Construction

For decades, globalization has been on an inexorable rise, a key pillar fueling economic growth, driving inflation and yields down, bolstering corporate profit margins and supporting an upward climb in market valuations. Over the past few years, though, cracks have started to develop in globalization, as populism has seen a resurgence and trade wars have erupted.
Three Reasons It’s Time to Add High-Yield Bonds

With central banks tightening aggressively to beat down inflation, growth is beginning to slow—and the risk of recession is ticking higher. Historically, creditworthiness has soured when growth slows. But instead of bracing for a wave of downgrades and defaults, we think income-seeking investors should embrace the high-yield corporate bond sector.
Don’t Lose Your Nerve: Four Ways to Reduce Equity Risk

Equity investors are anxious about the future after sharp market declines in the first half of 2022.
Equity Outlook: Bracing for an Economic Slowdown

Spiking inflation, rising interest rates and growing fears of a US recession dominated global equity markets in the second quarter. While the outlook is very cloudy, it’s important to evaluate what types of strategies can help investors in an economic downturn.
Energy Crunch vs. Consumer Freeze: What Are Stocks Signaling?

US energy stocks are outperforming consumer discretionary stocks by the widest margin in more than 30 years. Does this mean surging energy prices will trigger a deep freeze in consumer spending?
Lifetime Income Fees vs. Costs: Look Beneath the Tip of the Iceberg

Lifetime income solutions are high on the wish lists of defined contribution (DC) plan participants, with the certainty of a guaranteed lifetime income stream ranking as the top feature in our surveys over the past decade.
Deglobalization, Reversals in the Supercycle and What it Means for the Future of Portfolio Construction

Have COVID-19 and geopolitics hastened the decline of globalization and other tailwinds that drove an era of exceptional returns? That's the question on the agenda in the next installment of the Disruptor SeriesSM from AllianceBernstein. Our experts tackle the big issues facing capital markets and look closer at the challenges to a powerful mix-including globalization, automation and demographics-that fueled profits and drove capital markets for decades.
Practice Management Edition: Seven Steps to Managing Client Anxiety in Volatile Markets

Market headlines in 2022 have been dominated by inflation, tightening monetary policy, ongoing volatility and the Russia-Ukraine conflict. To get ahead of client concerns, financial advisors need to develop creative ways to turn difficult conversations into opportunities to build confidence. A clear and concise presentation on the capital markets can help solidify and restore lost credibility—and trust. Hear from Ken Haman, Managing Director, and Scott Tatum, CIMA, CFP, Director, as they discuss seven steps to organize a compelling capital-markets narrative.
Capturing Persistent Growth in Volatile Equity Markets

Growth stocks are under acute pressure as rising interest rates change the dynamics that drive equity valuations.
Inflation: Higher but Not Forever

High inflation and the consequences of attempts to curb it are a top concern for today’s investors.
FAANG Is Dead: A Timeless Lesson for Equity Investors

For several years, the largest US technology and new media companies were widely seen a cluster of similar stocks.
Want to De-Risk? Look to High Yield

Looking for a tactical way to de-risk your portfolio? You might consider rotating a portion of your equity allocation into high-yield bonds.
Defensive Equities: Finding Stability in an Unhinged World

Three powerful forces have unleashed a volatility storm in stock markets this year.
How the Financial Industry Can Help Stop Modern Slavery

Modern slavery is a lucrative business that can’t exist without the financial system.
Investment Strategies for Generating Efficient Income

An unfriendly macro and market landscape is making life harder for investors today, with traditional core bonds coming up short on income. In our view, focusing on generating efficient income is an effective approach to tackling the challenge of mixing the key building blocks of rates, credit and growth.
Investing for Growth in a Decelerating World Economy

With the world facing inflationary and geopolitical hurdles, economic growth is poised to slow. In this environment, investors in growth stocks must identify companies with the right features to overcome headwinds to earnings.
China’s Economic Outlook: COVID Impedes GDP Growth

COVID-19’s resurgence in China has cast doubt over the government’s ability to meet its 2022 growth target of around 5.5%, which officials affirmed in March, before the scale of the latest outbreak became clear.
An Investor’s Guide to Evolving Supply Chains

Many companies are rethinking supply chains amid disruptions from the war in Ukraine and the pandemic.
A Different Kind of Volatility

As of this writing, Russian forces are reorganizing in eastern Ukraine, and fighting is well into its second month. Supply chain disruptions continue, gas prices are reaching all-time highs, inflation has become a constant concern, and some analysts are predicting that the Fed will aggressively raise rates.
ESG Ratings: Solution or Starting Point?

Environmental, social and governance (ESG) ratings are a popular way to search for companies that meet specific criteria in a responsible investing agenda.
How Synthetic Biology Can Help Fix the Supply Chain Crisis

Supply-chain disruptions are testing companies around the world.
Understanding Your Bond Portfolio’s Carbon Footprint

Transitioning to a net-zero carbon economy* is vitally important, and corporate bonds will play a critical role in the transition.
Balance Is the Watchword with Commodities Exposure

The highest inflation in 40 years has spurred more investors to search for assets that can help offset its bite.
Can the World Live Without Russian Oil?

Russia’s power on the world stage is supported by its vast reserves of oil and gas.
Carbon Handprints: A New Approach to Climate-Focused Equity Investing

How can investors gain confidence that an equity portfolio is invested in companies that are really helping to address climate risk? Focus on a company’s carbon handprint, which measures the positive impact, or carbon avoided, by using its products.
Rising Prices and the Big Trade-Off: Inflation Protection vs. Market Participation

Dormant for many years, inflation has returned with a vengeance—fed by pandemic-related challenges and easy-money policies. Inflation may end up as a temporary condition or a longer-lasting issue, but in either case it’s top of mind for many investors today. Hear from AB experts as they tackle inflation in the inaugural edition of the Disruptor Series by AllianceBernstein.
Looking Beneath the Turmoil in European Equity Markets

European markets have been turbulent because of the region’s proximity to the war in Ukraine and economic links with Russia.
Do Your Clients Know These Three Things About You?

When I meet with a financial advisor in her office, I look around and think, “What do the displayed items tell me about you? Who or what is in the pictures, and why do they matter?”
ECB’s Surprise Taper Decision Comes with Economic Risk

At its March 10 meeting, the European Central Bank (ECB) surprised the market by announcing an acceleration of its tapering program—wrapping up securities purchases earlier than anticipated.
SFDR Unpacked: What to Look for in Article 8 and 9 Portfolios

European investors are struggling to understand new rules designed to confirm the environmental, social and governance (ESG) credentials of portfolios.
The Long View: Russia-Ukraine War Has Lasting Implications for Investing

When Russian president Vladimir Putin sent troops into Ukraine, he unraveled decades of efforts to cement peace in Europe after the Cold War.
Inflation TIPS for Fixed-Income Investors

What happens when you combine the tipping point of two deflationary forces—globalization and demographics—with a pandemic, epic supply-chain disruptions and an invasion in Europe? Inflation of a magnitude not seen since the 1970s. Some of the contributing factors may be transitory, but not all, and lingering inflation is likely to be higher than before. How should bond investors adapt?
Russia Invasion Energy Shock Prompts Monetary Policy Rethink

Russia’s invasion of Ukraine has shocked the global economy, in particular by fueling further spikes in energy and commodity prices. The new inflationary catalysts will have differing effects on monetary policy moves because regional economies are starting from different places, which will determine their ability to withstand higher commodity prices.
How Green Bonds Will Fund a Green Future

More securities labeled as environmental, social and governance (ESG) bonds are being issued by a wider variety of companies than ever before.
What Could Go Wrong? The Case for Governance

Environmental, social and governance (ESG) factors are all important to the sustainability of an investment.
Inflation Protection: Weighing Your Options

Given the dominance of inflation in today's capital markets discussion, it should be no surprise to anyone watching this video that one of the most common questions I get is, “How do I inflation-protect my portfolio?” And that's what we're going to focus on today: what to think about when you're thinking about inflation protection.
Finding the Middle Path in Extreme Equity Markets

Equity markets were jolted in January amid growing concerns about macroeconomic threats.
How DC Plan Sponsors Can Engage Diverse Participant Personas

Millennials often say their biggest challenge is being lumped into one category, as if everyone’s needs and aspirations are identical.
Corporate Credits Can Withstand Policy Normalization in 2022

The prospect of rising interest rates has clouded the outlook for global bond investors in 2022, but it’s not all bad news.
Why US Rate Rises Highlight European Fixed-Income Opportunities

Recently, euro-based investors have been able to access higher-yielding US dollar bond markets while hedging their currency risk at low cost.
Five Ways Technology Companies Offer Inflation Protection

From the advent of electricity to the adoption of the internet, technology has often been a catalyst for cost reduction.
Why Banks' Balance Sheets Are in Better Shape

The COVID-19 pandemic looked set to batter the world’s banks—and yet banks’ balance sheets are now the strongest they’ve been since the global financial crisis (GFC).
Bolstering Asset Allocation Defenses Against COVID-19

The surge of the coronavirus omicron variant has implications not only for broader asset-class allocations but also for macro exposures within asset classes.
China’s Economy in the Year of the Tiger

For China, the year ahead holds special political and economic significance.
Emerging-Market Investors Can't Afford to Ignore ESG Factors

Most investors need little persuading that emerging markets offer exciting opportunities.
Municipal Impact Investing: Making an Impact on Education

One of the things that we like to do is to make sure that our investments are very specific—that they have intentionality behind each investment.
Solid US Value Equities

As we go into 2022 and ’23, we’re going to have an economy that’s going to be quote-unquote normal.
2022 Equity Outlook

Few investors would’ve anticipated the very strong returns we’ve seen, particularly in the US market.
Equity Outlook: Get Ready for Another Year of Surprises

Global equities surged in 2021 during a year full of surprises.
Why High-Yield Investors Are Rooting for Rates to Rise

High-yield investors should actually root for rates to move higher, rather than lower. And that’s because if rates are moving higher, it means the economy is doing well and companies are generating a lot of earnings, and therefore their credit risk is actually coming down. Which is a really good thing for us as credit investors.
Fed Accelerates Rate Hike and Taper Game Plan

The Federal Reserve responded to stubborn inflation pressures in the US economy by doubling the pace at which it’s tapering its QE purchases. It also ramped up the number of rate hikes it expects will be needed to bring the economy back into equilibrium in the medium term.
Central Banks Push the Levers Toward Tighter Monetary Policy

The world’s central bankers have had to manage competing priorities during the COVID-19 era. Now that COVID-related threats to global economic growth look to be receding, the risks from higher inflation are becoming more prominent in their thinking.
Bond Investors Can Help Hold Companies Accountable Post COP26

The United Nations Glasgow Climate Change Conference, also known as COP26, concluded in November with 200 nations signing the Glasgow Climate Pact (GCP), an agreement that could accelerate climate action and drive big carbon cuts.
Climate Change: The Commodities Dimension

Commodities, by virtue of their fungibility and broad uses, have infiltrated nearly every facet of human life, making the world enormously reliant on their ready availability.
Will Real Estate Stocks Build on Brisk Recovery?

Real estate stocks posted a sharp recovery this year, despite disparate effects of the pandemic on different property types. Improving trends in key US market segments show how investors can gain confidence in property stocks as a diversifying source of solid long-term returns and an effective hedge against inflation.
Six Best Practices for Carbon Offsets

As investors and companies increasingly seek to address the risks of climate change, there is growing debate about the use of carbon offsets in achieving net-zero emissions. We think there’s room for a measure of offsets to achieve carbon neutrality, provided best practices are followed.
Fixed-Income Opportunities in 2022 The Outlook for Income

So, when you think about the end of 2021, and looking forward into 2022, we’re reasonably optimistic about the backdrop. Growth should be set up pretty well for 2022.
Impact Investing: Addressing Local Needs with Precision and Purpose

Impact investing, which seeks to make a direct—and measurable—social or environmental impact while generating a financial return, has historically been synonymous with the private debt and equity markets. But that ignores the hugely important public market of municipal finance.
Modern Slavery: How Investors Can Help the Victims

With profits from forced labor estimated at US$150 billion a year, some companies in global portfolios could be unwittingly associated with modern slavery. The good news: businesses and investors can help tackle the problem—individually and through collaboration.
Rethinking High Yield

In high yield specifically, investors tend to think about it as a risky way to play fixed income. But we like to turn that thinking on its head, actually: that you should think about it as a way to de-risk your overall portfolio rather than to re-risk your fixed-income side.
Four ESG Myths About Emerging-Market Corporates

As one of the fastest-growing bond sectors, emerging-market (EM) corporate debt has become too big to ignore. With US$2.7 trillion outstanding across more than 600 companies, it’s now larger than the entire EM sovereign sector and is equal to the US-dollar and euro high-yield markets combined.
Low-Carbon Investing Needs an Active Eye on Quality

Equity investors focused on a low-carbon strategy needn’t compromise on company fundamentals. When quality and compelling valuations are equally considered, joining the global fight against climate change and generating strong return potential can work hand in glove.
The Synthetic Biology Revolution - Investing in the Science of Sustainability

The revolutionary technology of synthetic biology is poised to make a profound impact on the way a vast array of products are manufactured, from lab-grown meat to cosmetics to biodegradable packaging. Yet investors are paying relatively little attention to the huge business potential.
Disrupting Inflation: Innovative Companies Can Light the Way

Inflation and rising interest rates have prompted many equity investors to reconsider technology and high-growth companies. But this inflationary environment is different, and so are the companies best poised to rise above it.
How to Create a Memorable Client Experience

One advisor whom I coach uses a color-coded checklist with every client to track which areas of a financial plan have been completed and which tasks are pending. It’s a brilliant way to shift a client’s attention from portfolio performance to the larger, more important elements that make up a holistic financial plan.
Making ESG Second Nature in Asset Allocation

It’s not uncommon for stakeholders in large organizations to have different views on the meaning of ESG and the importance of its pillars in defining organizational success. That’s understandable, and in fact, diverse perspectives can be a source of strength when making investment decisions.
360°-View Helps Track Progress in Snarled Supply Chain

After years of anxiously watching for inflation, it’s here. Unfortunately, what many expected to be a short, COVID-19-induced visit has turned into an extended stay, thanks to robust demand and a snarled supply chain. The question now is does the supply chain pose a threat to our economic outlook?
Putting Client Cash to Work—Efficiently
Investors are sitting on a mountain of cash as household reserves now stand four times higher than pre-COVID-19 levels, while money market reserves rose to all-time highs. However, a trifecta of concerns from rising interest rates, persistent inflation, and an evolving US tax picture are making investors reluctant to deploy that cash.
China’s Quest for Common Prosperity: Reading the Tea Leaves

Renewed impetus behind China’s goal of “common prosperity” has raised concerns that Beijing plans a redistribution of wealth that could hurt growth and investment. The reality, however, is more nuanced—and a good deal more positive for China’s long-term growth ambitions.
Global Transition to Renewable Energy is a Complex ESG Journey

Soaring energy prices highlight the challenges of shifting toward renewable power sources. The continuing need for oil and gas during the transitional phase raises complex questions about balancing environmental needs and social concerns on the journey to a net-zero world.
Evaluating Earnings Quality as Inflation Bites

Inflationary pressures are threatening corporate profitability. As third-quarter earnings season winds down, we’re gathering intelligence to identify companies that will have advantages sustaining quality earnings and margins amid rising prices.
Stay Flexible as Rates Rise

When rates are rising, investors need portfolio protection. But it’s no time to sit idly in cash and wait things out. Every day spent on the sidelines means income and opportunities lost. A passive, set-it-and-forget-it investing approach isn’t ideal either. Buy-and-hold laddered portfolios tend to lock in low yields that disappoint if the market begins to offer more.
AllianceBernstein's Guide to Investing in the Time of COVID…and Beyond

Investing is about to get a lot harder, with thinner return streams and potential pitfalls from inflation, rising rates and market volatility dominating the landscape. In our view, the solution is to build a portfolio that has better up/down capture. Getting that balance right is the challenge for every investor—and requires three main elements: better beta, efficient structure and targeted alpha. Each element can create a favorable return sequence and be even more powerful in combination.
Download AB’s guide to get our views on how to design a portfolio around these elements in the post-pandemic environment.
Do Your Equities Have Pricing Power?

When I look at the opportunity, it’s all about how well corporate America has done in terms of increasing profit margins. We’re at record levels now, so the revenues have come back, but all the costs haven’t come back. And that means tremendous earnings growth. That’s the positive.
For DC Plan Participants, Solving for Retirement Income Is a Challenge

After decades of saving for a comfortable retirement, plan participants eventually face the question of how to create an income stream from those savings. Most aren’t sure how to do that, even though income is the main reason they’re saving in the first place...
A Flexible Approach to Equity Investing

Well, on the surface, it's been a very solid year for the second year in a row. But under the surface, it's been unusually volatile.
Sustainability and Investing: Lessons Learned in the Pandemic Era

When the history of COVID-19 is written, the pandemic period will be seen as more than just a health and economic crisis. Both contributed to a social reckoning, with a growing focus on inequality around the world, while the intensifying global climate crisis has added new and unpredictable threats.
Sustainable Investing Through the Supply Chain Electric Vehicles

The shift to electric vehicles means major changes across the supply chain and involves multiple ESG challenges. As the auto industry strives to institute sustainable practices, investors need to engage with governments and corporates to encourage and accelerate the process of change.
How to Take Control of Your Bond Portfolio’s Interest-Rate Risk

Interest rates are rising, and bond investors are worried about the potential impact on their portfolios. But they’re not entirely at the mercy of the markets.
Connecting the Dots on China’s Growth Outlook

Concerns about China’s slowing economy have focused on issues affecting property and manufacturing. But these are only part of the story. Investors seeking a fuller understanding of the risks and opportunities need to take a broader perspective.
Capital Markets Outlook: 4Q:2021

The strong economic and market trends of the first half of 2021 wavered during the third quarter. The coronavirus delta variant caught up with the US at the height of the summer, just as vaccinations slowed and concerns grew that inflation might flare and persist.
Self-Help for Companies Unlocks Equity Return Potential

In business as in life, a healthy sense of self-awareness is often the first step to meaningful change. Companies that are conscious of their flaws and eager to address the root problems offer a source of solid return potential for equity investors who identify the turnaround stories early.
Searching for Companies with Pricing Power as Inflation Looms

Inflationary pressures are mounting, based on evidence from the recent earnings season. The question for investors is, which companies can pass on those costs to help protect profit margins?
Keys to Maximizing Yield in a Low Interest Rate World
The US high-yield market has staged a strong comeback since its downturn at the onset of the COVID-19 pandemic and—despite historically tight spreads—fundamentals for credit continue to improve. Along with a strong global economic recovery, credit spreads are getting positive tailwinds from declining default expectations, falling levels of distressed debt, and improving access to capital.
Don't Fear a Taper Tango

The US Federal Reserve will soon slow its open market purchases of fixed-income securities. These purchases have served to keep rates low and liquidity flowing, but as the post-pandemic economy heals, it’s time for the Fed to taper. As they step back from buying, who is going to step forward?
Encouraging Effective Executive Pay Structures

Executive pay is a powerful motivating factor. But investors need to consider whether executive pay incentives are fully aligned with the goals of the business. We find that companies with meaningful ESG goals embedded in their executive compensation schemes tend to have a better understanding of the ESG factors that are material to their business, use specific key performance indicators (KPIs) and are more likely to achieve them.
COVID-19 Strained Participant Financial Wellness - Can Employers Help Them Recover?

With COVID-19 still a top employer concern, protecting workers’ health and well-being naturally comes first. But the pandemic’s impact isn’t limited to only physical and mental health: financial wellness is also ailing. The crisis has exacerbated the problem, but it’s not exactly a sudden occurrence.
ECB Strategy Has the PEPP Had Its Day?

In December, the European Central Bank (ECB) is likely to announce the retirement of its Pandemic Emergency Purchase Programme (PEPP) next March. But how will the central bank manage this process? And what will this mean for euro-area bond yields?
Hidden Dangers Navigating Climate Risks in CMBS

One of the most crucial components of investing in commercial mortgage-backed securities (CMBS) is assessing the underlying collateral value. But what if investors are disregarding risks that threaten a property’s very existence?
How Populism May Sway Policies in Emerging Markets

COVID-19 has increased inequality and aggravated social problems across emerging market economies, fueling populist pressures—but several emerging countries share features that make them particularly vulnerable. Assessing key environmental, social and governance (ESG) metrics can help identify potential pressure points.
What’s the Policy Playbook for the Inflation Endgame?

A single-minded approach to price stability is under threat as policymakers start to focus on what are—arguably—more pressing concerns.
Finding Defensive Stocks Ripe for Recovery

Defensive stocks are often misunderstood. In recent years, even when they have delivered strong and steady earnings, returns have disappointed.
Smaller Stocks Defy Emerging-Market Weakness

Emerging-market (EM) stocks have hit a rough patch, but shares of smaller companies have held up well.
China Inc.: Understanding Risk in China’s Credit Markets

Much of the volatility that has recently shaken China’s credit markets has been associated with government interventions.
Technology Enables Municipal Investing at the Speed of Alpha

What You Need to Know
Municipal bonds are the cornerstone of many portfolios, but efficiently navigating today’s complex, fragmented and ever-changing muni market can be overwhelming. Unfortunately, many managers research, evaluate and trade municipal bonds like it’s 1995, missing out on opportunities because they can’t find them in the chaos. The right technology can change that.
Can Advances in Technology Keep a Lid on Inflation?

Technology is advancing at a rapid pace, exerting downward pressure on prices
What to Expect When You’re Expecting a Taper

Many investors, perhaps scarred by 2013’s “taper tantrum,” are focused on the likelihood that the Federal Reserve will start reducing its bond purchases in the next few months.
Five Questions to Ask Your Muni Bond Manager

Today’s complex, fragmented, fast-moving muni market is rapidly outpacing the capability and capacity of traditional portfolio-construction methods.
Time Is Money: Restoring Investor Confidence in Long-Term Cash Flows

As equity style winds shift, investors are still debating the merits of growth versus value stocks.
The New IQ: Investing in Quality

What we’ve seen this year is an exceptionally high rate of earnings growth across markets, but that’s not going to persist.
Vacation Variants: Travel Indicators Mark Different Recovery Paths

As the summer progresses, US vacationers are out in force while the European and Asian holiday scene remains relatively subdued.
Will Policy Changes Open the Door to Higher Inflation?

Central banks are being forced to address many challenges—inequality, climate change, and debt management to name but three.
Taking Muni Bonds to the Next Level: Where Cutting-Edge Tech and Fundamental Research Meet
There’s considerable uncertainty in today’s municipal market. Questions persist about the likelihood of rising interest rates, inflation that may not be transitory and the impact on municipalities once the benefits of fiscal stimulus fades. Active bond managers have many decisions to make and need to be nimble in a changing landscape. What’s next for municipal bonds, and how can trading and portfolio management technology help investors navigate this changing environment?
Is Your Target-Date Fund Providing Enough Inflation Protection?

Inflation has been on the rise recently, raising concerns about long-run inflation and its impact on the spending power of those who can least afford it—investors approaching or already in retirement.
Can Onshore Stocks Offer Shelter from China’s Market Storm?

Chinese stocks have tumbled amid a regulatory crackdown on education and technology companies.
Why Investors Shouldn’t Take a Time-Out from High Yield

The US high-yield market has seen a strong comeback since its panic-driven downturn at the onset of the COVID-19 pandemic.
Quality Enhances Value for Investors After Market Crises

Market crises and macroeconomic recessions typically create fertile ground for value stocks to outperform in a recovery.
Looking Back and Ahead: Eventful Decades for Emerging Markets

In 2010, 68% of the companies in Fortune Magazine’s Global 500 were domiciled in Group of Seven (G7) countries, compared with 17% in the E20* emerging-market (EM) countries.
The Renminbi Outlook: The Journey Is the Reward

Many investors with exposure to the Chinese renminbi (RMB), having enjoyed a strong rally in the second quarter, are worried that policy uncertainties could hurt the currency’s short-term outlook.
Earnings Bounce Poses Quality Test for Equity Investors

As the world convalesced from the pandemic, stocks advanced in the second quarter and earnings rebounded across sectors.
What Are Bond Investors Thinking? Their Three Top Concerns

Bond investors are worried, and who can blame them?
This Too Shall Pass: The Micro Case for Transitory Inflation

US inflation continued to soar in May, with the Core Consumer Price Index (CPI) up 0.7% month over month and 3.8% year over year—its highest annual rate in more than 25 years.
Japanese Stocks Regain Luster for Post-Pandemic Markets

Japanese equities have long been overlooked by many global investors.
ESG Managers to High-Yield Issuers: Don’t Stand Still

Environmental, social and governance (ESG)-linked bond structures have become very popular in investment-grade bond markets.
Muni Strategies for an Inflationary Climate

With the post-pandemic US economy on the mend, a new threat has emerged: inflation.
Healthcare Stocks: Four Questions for the Recovery

Disappointing returns for healthcare stocks through the market’s recovery from the pandemic have raised concerns about the sector.
The Fed Will Likely Taper…but Don’t Expect a Tantrum

With the US economy accelerating and price pressures rising, investors have started wondering when the Federal Reserve will start to wind down, or taper, its current QE asset purchases—a pillar of accommodative monetary policy since the global financial crisis.
Uncovering Hidden Risks in Passive Equity Portfolios

Passive equity portfolios continue to gain popularity, but some investors might not know that a small group of outperforming stocks have driven most of the gains in recent years.
Making Sense of ESG Bond Structures

We’re optimistic that environmental, social and governance (ESG)-linked bonds will help create a better, more sustainable world.
Why Munis Should Hold Their Shine Amid Higher Rates

Municipal bonds have held up well this year, despite rising interest rates and inflation. Munis’ long-term outlook is strong too. What accounts for their outperformance in today’s environment?
Will COVID-19 Accelerate Euro-Area Integration?

Widespread lockdowns have resulted in record output declines and soaring debt across the euro area. But the political response to the COVID-19 crisis may be positive for the European integration project—and for euro-area bond markets.
Back to Business: Spending Surge Signals Demand

Global indicators continue to signal a sharp business recovery from last year’s COVID-19 pandemic lows. While inflation expectations are increasing as a result, business improvements offer multi-asset investors good reasons to remain tilted to equities for the next stage of the recovery.
The Current State of Retirement Income

Retirement planning has evolved from a singular focus on savings to ensuring that account values provide income for life. Multiple generations of DC plan participants are concerned that they’ll outlive their retirement savings, and they’re turning to plan sponsors for solutions.
Value Stocks—Still Plenty of Fuel in the Tank

After a strong rally for value stocks in recent months, some investors are wondering if the rebound will continue.
What Could US Corporate Tax Hikes Mean for Share Buybacks?

As the US economy continues to reopen, economic growth is accelerating in line with our above-consensus forecasts.
Will Household Savings Provide an Upside Growth Surprise?

Developed-market (DM) household savings recorded a significant gain last year, with an increase equivalent to 10% of combined gross domestic product (GDP).
Are We in the Middle of a Paradigm Shift?

Paradigm shifts are driven by creativity and innovation. Innovation is attracted to and stimulated by inefficiencies in a big, lucrative marketplace, such as financial services. Recently, our industry has seen a growing number of innovations in how financial-services products are delivered to consumers.
Stock Compensation Adds Risks for Growth Companies

Many US technology companies use stock compensation to help align workers’ performance with shareholder interests.
Will the Sweet Spot for Smaller Value Stocks Persist?

US small-cap value stocks have enjoyed considerable success since value stocks began to outperform growth in October 2020.
Resilient Recovery Stocks Transcend the Growth-Value Divide

Investors are reassessing which types of companies will thrive in the next stage of the recovery amid the recent rebound of value stocks.
Three Strategies for Navigating Turbulent Bond Markets

Today’s market environment taps into bond investors’ primal fears.
Stocks Can Surmount a Return of Inflation

As US inflation expectations grow, many investors are concerned about the potential impact on stocks.
Beyond Renewables, Low-Carbon Investing Eyes Energy Efficiency

Across the industrial sector, low-carbon investing naturally leans toward renewable energy opportunities, like wind and solar power.
Delivering a Net-Zero World—on Time

Companies globally are racing to reduce their carbon emissions. But what does it really take to achieve ambitious green targets?
Accepting the Inevitable

Our brains have a set of built-in shortcuts that influence us every day.
Is Your Portfolio Prepared for Inflation?

It’s been a long time since investors have had to worry about inflation.
Four Things Investors Should Know About US Inflation in 2021

US core inflation likely will be volatile during 2021, as underlying economic forces continue to rebalance from the pandemic.
Crisis Dashboard: Big Data Helps Paint the Big Picture (March Update)

Our crisis dashboard includes signals from three areas: 1) public health, 2) the consumer sector and 3) financial markets. By pulling big data from traditional sources (earnings growth and gross domestic product, for example) and nontraditional sources (like Google Trends and Glassdoor), we can create a better mosaic of the road back.
Raising Equity Defenses for the COVID-19 Recovery

The exit from the pandemic will be bumpy. Defensive stocks with attractive valuations can help provide balance through an uncertain recovery.
Are Growth Stocks Attractive in a Post-Pandemic World?

The recent selloff of US growth market darlings reflects increasing questions about whether their growth potential still justifies exceptionally high valuations. Away from the froth, growth investors can still find solid return potential in quality companies with profitable, sustainable business models.
As Retirement Income Needs Grow, DC Plan Sponsors Weigh Solutions

As more plan participants worry about retirement income security, demand for guaranteed income solutions is growing—and plan sponsors are pondering the options.
Can Mario Draghi Recharge Italy’s Economy?

Italy’s new prime minister, Mario Draghi, has a well-earned reputation for turning around difficult situations. But can he reverse Italy’s relative economic decline? And what does his program mean for Italian bond yields?
Five Things Investors Should Know About Hydrogen

Hydrogen’s potential as an energy source is attracting renewed attention. It may take 20 years or so for the potential to be realized. But the effects are likely to be felt within the planning horizons of most long-term investors—a good reason to start thinking now about the investment implications.
Will the Energy Sector Evolve or Devolve?

The energy sector is beginning to adapt to the realities of climate change. Who is best positioned for the future?
Four Things Investors Should Know About US Inflation in 2021

We expect US core inflation to surge in the months ahead, as comparisons to low price levels of a year ago cause sizable fluctuations. Ultimately, supply should respond to recovering demand, bringing inflation down and facilitating easy Fed policy.
The Green Transition: Implications of the European Recovery Plan

Despite questions over financing the European Union’s (EU’s) new Green Deal, the green transition is now under way.
Cold Cash? How to Redeploy in Hot Markets

Investors have parked record piles of cash on the sidelines amid concerns about valuations and volatility. But short-term safety comes at a price. By defining long-term goals, investors can put idle cash to work despite uncertainty about the path to recovery.
Will High-Dividend Payers Make a Comeback in 2021?

Having strongly underperformed the wider stock market in 2020, high-dividend stocks have shown early signs of a rebound in recent weeks.
The Future of Bond Trading—and Why It Matters

The pandemic has accelerated an evolution in bond trading, and it is already making a difference for investors—if bond managers have embraced tech-enabled trading.
GameStop Frenzy Reinforces Need for Quality in US Stocks

The GameStop drama that has rattled US stocks reflects the growing power of individual investors to shape market events. But there are lessons for traditional, long-term investors, too. When markets ignore fundamentals, redoubling a focus on quality is the best way to produce consistent returns while reducing volatility.
Better Stimulus Odds Are Shot in the Arm for US Growth Expectations

The probability of more fiscal relief from Congress has risen—good news for the US economy and a boost to our growth forecast. While risks remain, and it’s too early to talk about the pandemic in the past tense, we’re optimistic the economy can return to more normal footing soon.
How to Choose a Sustainable Equity Portfolio

As inflows to sustainable equities break new records, here’s what investors should look for to identify portfolios that align with their responsible investing goals.
How Shopping—and Investing—Might Be Enabling Modern Slavery

It may seem shocking, but a simple trip to the local store to pick up fresh produce or clothing could enable human exploitation. For investors, those same connections can exist within their portfolios—and it takes more than a passive effort to root them out.
China’s Uneven Equity Rally Opens New Roads to Recovery

As China begins the year of the Ox, many investors are wondering whether another bull run is possible in 2021. Given that last year’s rally was extremely narrow, we believe many parts of the market still offer pent-up recovery potential.
Should Bondholders Keep Faith in Europe’s Banks?

For European banks’ stockholders, 2020 was a year to forget. But bank bondholders enjoyed positive returns and may overcome COVID-19 challenges again in 2021, backed by solid balance sheets and supportive regulatory conditions.
When Markets Are Recovering, Don’t Ignore Volatility

Global stocks rebounded sharply from the coronavirus market crash in 2020, but the ride was rocky. With so many risks clouding the outlook, we believe that investors should focus on generating a smoother pattern of returns through the recovery from COVID-19.
Rediscovering the Appeal of Emerging Market Equities

Emerging-market stocks rebounded in 2020 even as the COVID-19 pandemic spread globally. As vaccines and other favorable conditions unfold, investors have good reasons to consider EM equities in 2021 while strategically considering their potential risks.
2021 Municipal Outlook: Reasons for Optimism

Municipal bond issuers’ financial health and resiliency—which helped in 2020—should support opportunities for active muni investors in 2021.
2021 Outlook: Will Global Credit Be in the Sweet Spot?

Credit markets have staged an epic rebound from the depths of March 2020. But in a low-growth, low-yield world, we believe there may be more room to run in 2021.
It’s 2021: What’s Ahead?

Now’s the time to put the challenges of 2020 behind us and start the new year with a fresh perspective. While we can’t predict the future, we can break away from old behaviors and be intentional about our choices in the new year.
Emerging-Market Sovereigns: Pandemic Aftermath Sets Stage for Cyclical Uplift

Emerging-market sovereign debt has rebounded sharply off the lows, but this hard-hit sector offers attractive yields and compelling growth opportunities to discerning investors.
Why Should We Remember the Year of the Missing Toilet Paper?

The events of 2020 remind us that life is complicated and fragile and that being prepared really does matter. Could this inspire you to become a character of great significance in the lives of your clients because of how you comfort, lead and inspire them?
Could Chinese Bond Defaults Benefit Investors in the Long Run?

Recent SOE bond defaults signal Beijing’s willingness to let markets price risk more accurately.
ESG Lens Enhances Pursuit of Equity Income

Income-seeking investors have been frustrated in recent years as US dividend-paying stocks underperformed. But companies that offer strong payouts in a sustainable manner can help investors source surprisingly robust streams of income and equity returns.
Low Rates Rev Up Technology Innovation for Equity Investors

Low interest rates and massive stimulus-fueled debt raise investor concerns about potential long-term fallout. But when the cost of capital is this low, it revs up funding for innovation that ultimately fills the pipeline with robust opportunities, especially in technology.
A Road Map to the Coming US Economic Cycle

With a greater level of clarity than we’ve had since the COVID-19 pandemic, we’re getting a better sense of how the US economy might shape up over the next few months, into 2022 and beyond. We see three distinct stages over that time frame.
Will 2021 Mark the Launch of a Durable Global Recovery?

After a difficult winter, we expect the global economy to rebound strongly next year. But structural headwinds remain. Will the post-pandemic bounce trigger a durable and broad-based global reflation?
Vaccine Hopes Shouldn’t Drive Healthcare Investing Strategies

Healthcare stocks are once again in focus as a result of promising news of COVID-19 vaccines. But investors shouldn’t hunt for the pandemic’s panacea. Focusing on business fundamentals is a much better way to find healthcare stocks with long-term potential than searching for the next big drug.
Will US-China Relations Shift Under Biden? China Seems to Think So

Global investors have been watching US President-Elect Joe Biden closely for clues as to how his administration intends to conduct relations with China.
The Growing Case for Broader Investment Beyond Domestic Equities
Despite lingering uncertainty about corporate earnings growth and economies around the world, global stocks have rebounded from the COVID-19-driven downfall in March. But even following that bounce back, international stocks have lagged their US counterpoints for over the last decade. Could they be reaching an important inflection point? If so, how are astute investors casting a broader net to pinpoint the right companies outside the US?
Join us to hear from an interactive panel of investment experts from AllianceBernstein, who will cover:
- Key catalysts that could signal improved performance outside the US
- The benefits of going abroad, including less-crowded trades, lower valuations, and sourcing different alpha
- Why consider a high-conviction approach for international stock selection
- How benchmark-agnostic strategies can help identify forward-looking thematic opportunities
Crisis Dashboard: Big Data Helps Paint the Big Picture (November Update)

As investors look for signs of a return to normalcy from the coronavirus crisis, they have a dizzying array of indicators to choose from. We’ve assembled a group of signals, with the help of big data, that may point the way.
Elections? Vaccines? What They Could Mean for the US Economy

Two recent developments could have big implications for the US economic outlook: general elections and news of very promising progress on a COVID-19 vaccine. To understand the ramifications, we have to distinguish near term from longer term.
Intangible Assets Provide Tangible Defenses for Equities

Defensive equities are usually found in sectors that have withstood market shocks, such as utilities and real estate. But as COVID-19 shakes up investment conventions, companies with intangible assets are being more appreciated for their volatility cushion.
Is There Light at the End of the COVID-19 Tunnel for the Euro Area?

A fresh round of lockdowns means a difficult winter lies ahead for the euro area. But three factors caution against excessive pessimism.
Capital Markets Outlook: 4Q:2020

The roller-coaster ride of 2020 still has a few twists and turns to navigate. But the massive policy response to the COVID-19 pandemic brought a quick, though incomplete, recovery. With volatility expected to continue, where can investors look for opportunities?
2020 US Election: Inside the Candidates’ Retirement-Savings Policies

There have been plenty of headlines exploring what the November US elections might mean for the economy and markets. But it’s just as important to look at what they might have in store for defined contribution (DC) and other retirement vehicles, which more Americans than ever rely on.
Advice for Advisors: Why an Ounce of Prevention Is Worth 300,000,000 Doses of Cure

Why is it hard to get clients to take preventative action to protect themselves from real and measurable risks?
Japan After Abe: Continuity and Change

As Prime Minister Suga begins his administration, the message is one of continuity, but Abenomics may need a reboot after COVID-19. We examine what Suganomics may mean for Japan.
Emerging-Market Debt: Opportunity in a Volatile Environment

Emerging-market debt has rebounded sharply off March lows, but attractive yields and compelling opportunities persist. We provide a roadmap for what may lie ahead.
Do US Elections Matter for Equity Investors?

Even if this US election has a bigger impact on markets than in the past, we would advise against building an investing strategy based on a potential political outcome for several reasons.
Why European Fixed Income Has Become More Attractive

Euro-area countries were struggling to achieve growth and inflation even before the coronavirus pandemic. Now global lockdowns and trade disputes have compounded their problems. Still, we believe euro fixed-income markets offer active investors attractive opportunities and worthwhile income.
10 Active Angles on Today’s Market Challenges

Investors should consider many angles when evaluating what active managers can offer through a global crisis and an indefinite period of uncertainty.
Will US Sanctions Disrupt China’s Credit Market?

Escalating trade tensions between the US and China could affect Chinese corporate bonds, but not all credits are vulnerable.
Why Does March Feel So Long Ago?

It seems like ages ago that our firms closed their doors and we scrambled to set up home offices. We weren’t sure what challenges lay ahead, and the market took our breath away in those first intense weeks. But while we don’t like having to cope with a disaster, human beings tend to do well in a crisis and to adapt quickly to massive disruptions.
US Economy Still Faces a Long Path Back to Normal

US third quarter GDP was better than expected, though our updated economic forecasts still show a quick but incomplete recovery. Over time, this should give way to a more gradual, lengthy path back to “normal.” But there are a lot of moving parts.
Global Equities: Finding Broader Paths Through Narrow Markets

Equity markets advanced in the third quarter but pulled back during September. Market moves were dominated by a small group of giant US stocks. How should investors react?
Low-Carbon Investing Doesn’t Have to Mean Low Return

Investing in businesses that strive for a better climate through decarbonization doesn’t necessarily assume a lower bar for performance. Just the opposite. Besides contributing to a healthier environment, low-carbon equity investing can also offer attractive return potential.
For DC Plans, Pandemic Reinforces Value of Consultants and Advisors

Guiding Defined Contribution (DC) plans through economic cycles is challenging enough without harsh headwinds from a global health crisis. But more plan sponsors are getting invaluable expert help to navigate through current challenges while keeping a long-term perspective.
The 2020 US Election: How Tax Policy May Impact Municipal Bonds

What will a Trump or Biden win mean for munis? From taxes to infrastructure, the candidates differ—sometimes dramatically—on policy.
US Treasuries, German Bunds Still Anchor to Windward

Recent history suggests that low—and even negative—yields don’t eliminate the offset to risk assets provided by government bonds.
Want to Rock That Video Call?

Videoconferencing is becoming routine, mundane and overused. Here are tips for looking and sounding your best on a video call so that your audience stays engaged and you can rock that call.
Corporate Culture: The Secret Sauce for Growth Success

Investors don’t often pay much attention to corporate culture. But cultural norms can make the difference between success and failure, especially for growth companies.
Making Sense of ESG Bond Structures

Investors are eager to buy bonds that help create a better, more sustainable world. Here’s how to navigate the evolving landscape.
Rational Exuberance? Explaining Global Equity Market Gains

Global stock markets seem to be defying the reality of recessions this year. Despite recent volatility, we think market gains for the year are more rational than perceived, given the powerful impact of stimulus and low rates on stock valuations.
Brexit Negotiations: One Minute to Midnight

The Brexit negotiations are growing more adversarial with no signs of agreement on key issues. The most likely outcomes are now the hardest and most disruptive Brexit scenarios—leading to further potential weakness for the UK’s currency.
How to “Keep Your Close On”

The best reason to conduct a virtual meeting is to motivate some kind of action. This means that a well-managed meeting is always moving toward a clear and specific close. There are six steps to a meeting’s flow that will help you “keep your close on.”
The End Game: How Governments Might Tackle Debt Burdens

A wave of policy support to stabilize the world economy has left developed nations with a growing public debt load. What path will governments follow to address the issue? History offers several debt-reduction templates.
For Multi-Asset Investors, Defense Is Now a Team Effort

Sovereign bonds have long been the prime defensive asset for multi-asset portfolios. But in today’s extraordinary market conditions, should investors make more extensive use of other defensive choices?
Smaller Stocks Open Broader Windows to Emerging Markets

Equity investors in emerging markets (EM) typically focus on large-cap companies. But allocating to smaller companies can help broaden an EM allocation by providing a different mix of exposures to opportunities across countries and sectors—and can bring potential for higher added value.
Smaller Stocks Open Broader Windows to Emerging Markets

Equity investors in emerging markets (EM) typically focus on large-cap companies. But allocating to smaller companies can help broaden an EM allocation by providing a different mix of exposures to opportunities across countries and sectors—and can bring potential for higher added value.
2020 US Election: What the Polls Could Mean for Policy and Markets

With US elections about two months away, investors are intensifying their focus on the presidential and congressional contests. Historically, political transitions haven’t had much impact on the economy and markets, but this time could be different.
Crisis Dashboard: Big Data Helps Paint the Big Picture (August Update)

Many investors are looking for emerging signs of a return to normalcy from the coronavirus crisis. While there are many indicators to choose from, we’ve assembled a group of signals, with the help of big data, that may point the way.
Debunking the Myths of “High-Priced” Tech Stocks

As technology stocks of all shapes continue to surge, many investors are questioning whether they’re now overpriced. But even at high valuations, we think the tech landscape is still dotted with long-term growth potential.
Style Tilt: Growth Surge Reshapes US Stock Market in 2020

During the coronavirus downturn and rebound, US growth stocks outpaced value stocks by a record margin. Now growth stocks seem expensive, but that depends on how you look at it.
Is There Opportunity in COVID-19 Valuation Dislocations?

Capital markets have rebounded from their COVID-19-induced lows, but impacted industries have lagged substantially. That pessimism may be overdone in some cases, creating opportunities for multi-asset investors to exploit dislocations.
For Muni Investors, COVID-19 Provides Lessons in Liquidity

Investors flock to municipals to meet safety, income and after-tax return goals. But investors should consider how they gain exposure to the asset class.
Don’t Shun Global Bonds

Interest rates are at extreme lows around the world, and they’ll likely stay low for some time. Does this mean US-based investors should revert to a US-only bond strategy?
Is It Instagrammable?

One of the biggest differences between live and virtual meetings is the importance of visual illustrations. Virtual interactions are the perfect medium for using pictures to support a sales presentation. In fact, illustrations can make the difference between a successful encounter and a waste of time.
Is Concentrated Investing Riskier in Today’s Uncertain Environment?

In a world of uncertainty, many investors choose to diversify, rather than investing in a concentrated strategy. But this year, a portfolio of just the five largest US stocks would have significantly outperformed. So, is there a way to reduce risk and to capture long-term growth in a concentrated portfolio?
Are You Sick of COVID-19? Then Here’s What to Do

Cut off from meeting in person. Reliant on videoconferencing. Trying to stay interesting and relevant. Advisors are searching for ways to be useful to clients and prospects. Here are four techniques that can help.
Fintech: The Rapid Rise of Cashless Commerce

Cash may still be king, but cashless commerce is rapidly becoming the new king. The revolution in digitalization of commerce is already generating growth in transaction value of roughly 24 percent per year over the last three years.
Crisis Dashboard: Big Data Helps Paint the Big Picture (August Update)

Many investors are looking for emerging signs of a return to normalcy from the coronavirus crisis. While there are many indicators to choose from, we’ve assembled a group of signals, with the help of big data, that may point the way.
Can Value Stocks Recover Without Help from Financials?

Growing challenges to banks have weighed on recovery hopes for value stocks. But our research of Japan’s experience and global value trends suggests value stocks don’t necessarily need financials to turn the corner.
Why the US Economy Needs More Stimulus Very Soon

US household income has held steady, but only because of stimulus checks and enhanced unemployment benefits. As Congress debates the shape and scope of the next package, economic data show a clear need for more help sooner rather than later.
China’s Higher Bond Yields Buck the Global Trend

Government bond yields have tumbled globally but China’s yields have risen to pre-COVID-19 levels. The RMB hasn’t yet reacted to the favorable rate difference, and we think bond yields are likely to decline moving forward—a favorable landscape for China bonds.
Do COVID-19 Subsidies Threaten Shareholder Value?

As more companies tap government stimulus funds, questions are being asked about how shareholders may be affected. To answer these questions, investors must assess how corporate behavior and stakeholder engagement will shape a company’s long-term outlook.
Capturing the Ups and Downs in Coronavirus Equity Markets

Several equity factors diverged significantly from their typical performance patterns during the COVID-19 crisis. By understanding how factor returns behaved in this market correction relative to their historic norms, investors can not only prepare for future volatility but also take advantage of short-term market dislocations.
The Trillion-Dollar Question: Will the Corporate Borrowing Binge Cause Lasting Damage?

US Investment-grade corporate bond issuance has rolled past US$1 trillion so far in 2020. What are the long-term effects of this explosive borrowing?
Mastering the Virtual Practice: Virtual vs. Face-to-Face Meetings

Virtual meetings significantly reduce the role of social instincts, and attendees often feel the freedom to multitask or disengage. However, by taking a proactive approach, you can keep virtual meetings on track.
Small Ways Muni Investors Can Make a Big Difference

Investors increasingly want to align their financial goals with a commitment to improving the lives of others. Two recent projects showcase how municipal bond investors are making an impact.
EU Recovery Fund: No Gamechanger but a Clear Positive

After four days of intense negotiations, EU leaders have reached agreement on a €750 billion recovery fund to help repair the economic damage from COVID-19. It took several concessions to EU creditor countries to break the deadlock. As expected, total grants in the deal have been reduced to €390 billion from an original €500 billion proposal.
Income Assets Are Down but Not Out

Higher-income assets underperformed in the second-quarter rebound. But that also means there’s pent-up potential in income-generating assets that may begin to show in later stages of the recovery.
Emerging-Market Equities: Looking Past the Pandemic

In emerging markets, some industries and countries are in better shape than others. And many businesses have the right qualities to benefit from structural changes now and long after local conditions improve.
The Ripple Effect: COVID-19 and Multi-Asset Portfolio Construction

In addition to its tragic human toll, COVID-19 triggered the sharpest recession in recent history, and efforts to control its spread have transformed the way we work, the way we shop and how we connect with others. We think these changes will last awhile—with implications for asset allocation.
US Banks Look Better than Fed Stress Tests Suggest

The Fed’s recent stress tests raised concern about solvency risks to US banks. But as second-quarter earnings season begins, investors may find that some banks are much more resilient than expected.
Mastering the Virtual Practice: 10 Reasons Why Virtual Meetings Are Harder

Virtual meetings are inherently different from face-to-face encounters, largely because they eliminate many of the social obligations that deeply influence interpersonal behaviors. Experience with conducting virtual meetings in a variety of contexts has revealed that they are typically harder to manage than live meetings.
Midyear Outlook: Bond Investing in the Era of Low and No Yield

Low yields plus rising defaults seemingly leave little ground for bond investors seeking safety or income—or both. But for investors who remain flexible, those objectives aren’t as distant as many think.
Brexit in the Coronavirus Era
Reaching a mutually beneficial Brexit deal has so far been beyond the reach of UK and European Union (EU) negotiators. Now that COVID-19 has struck, can they avoid a damaging split?
Record US Index Concentration Adds Hazards for Investors
The five largest US growth stocks now comprise more than a third of the Russell 1000 Growth Index. Investors should be alert to the risks of high benchmark concentration.
The One Metric All High-Yield Investors Should Know
One simple statistic can help high-yield investors gauge how their bonds may perform down the road.
Unlocking REIT Potential Amid COVID-19
Economic fallout from the coronavirus crisis was especially hard on real estate, mostly from misperceptions that the asset class is dominated by hotels, malls and office parks. But a look inside shows a diverse group of sectors that are more pandemic resilient than investors may think.
ESG Research Helps Reveal Resilience amid COVID-19
Companies are coping with diverse challenges through the coronavirus crisis. Investors who integrate environmental, social and governance (ESG) factors into their research can gain important insights on how businesses are adapting—and how future return potential might be affected.
Crisis Dashboard: Big Data Helps Paint the Big Picture (Update)
Many investors are looking for emerging signs of a return to normalcy from the coronavirus crisis. While there are many indicators to choose from, we’ve assembled a group of signals, with the help of big data, that may point the way.
Rediscovering the Potential of Downtrodden Value Stocks
Value stocks have underperformed in the coronavirus crisis. Yet some higher-quality companies are now trading at valuations that underestimate their ability to withstand shorter-term stress—and their longer-term recovery potential.
Coronavirus May Shake Up DC Plan Participant Benefits
The COVID-19 crisis poses a big challenge for employers to rationalize the benefits they offer to employees. With budgets stretched and every dollar scrutinized, tough choices loom on DC plan offerings, in addition to programs like financial wellness.
Mastering the Virtual Practice: Why Advisors Will Prefer Virtual Meetings
The new normal—working from home and curtailed travel—is painful for extroverts. Conducting virtual meetings using videoconferencing makes people seem less real, and extroverts crave the physical presence of others. While you may prefer to be face-to-face with your clients, this blog may convince you of the benefits of virtual meetings.
Mid-Grade Munis Have Room to Rebound
Municipal bonds—especially higher-quality issues—bounced back after a rough March. But not all munis have rallied. We see potential among overlooked mid-grade issues.
How Target-Date Funds Can Use Equities for Stability
Target-date portfolios that use carefully chosen defensive equities are best equipped to protect from coronavirus market turmoil and volatility in general.
How Will European Government Bond Markets Navigate the New Era?
COVID-19 is triggering a new era of central banking. We believe this will play out just as powerfully in the euro area as elsewhere.
Mastering the Virtual Practice: Prospecting Remotely
The COVID-19 pandemic has significantly impacted an advisor’s ability to prospect for new business. But with turbulent markets, clients may be willing to consider a new financial relationship. Recognize this opportunity and offer an immediate, problem-solving approach: the Financial Uncertainty Preparedness Checklist.
The Fed Didn’t Ease More...Is That a Missed Opportunity?
The Fed gave its updated economic outlook this week, but not the additional policy support markets were looking for. We think this was a misstep...but one we hope will be corrected if the outlook doesn’t improve.
The Fed Didn’t Ease More...Is That a Missed Opportunity?
The Fed gave its updated economic outlook this week, but not the additional policy support markets were looking for. We think this was a misstep...but one we hope will be corrected if the outlook doesn’t improve.
Are Tech Stocks the New Utilities for Investors?
As the coronavirus crisis reinforces technology’s fundamental role in our lives, investors can find sources of risk reduction and growth potential in companies that have become digital utilities enabling global networks.
Mastering the Virtual Practice: Why Your Clients Will Prefer Virtual Meetings
The term “new normal” now widely applies to everyone’s lives. One facet is attending virtual meetings. It’s our view that web-based conversations are here to stay because they are better than live interactions. Here is a list of 10 reasons why your clients prefer virtual meetings.