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AGDCX AB High Income C

  • Fund
  • AGDCX
  • Price as of: Nov 17, 2017
  • $8.92
  • + $0.01
  • + 0.11%
  • Category
  • Total Bond Market

AGDCX - Profile

Vitals

  • YTD Return 1.8%
  • 3 Yr Annualized Return 4.6%
  • 5 Yr Annualized Return 5.3%
  • Net Assets $8.07 B
  • Holdings in Top 10 17.1%

52 WEEK LOW AND HIGH

$8.92
$8.62
$9.08

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.58%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 45.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$2,500

Investment Themes

CATEGORY

Total Bond Market
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 1.8%
  • 3 Yr Annualized Total Return 4.6%
  • 5 Yr Annualized Total Return 5.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.94%
DIVIDENDS
  • Dividend Yield 0.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name AB High Income Fund
  • Fund Family Name AllianceBernstein
  • Inception Date Feb 25, 1994
  • Shares Outstanding N/A
  • Share Class C
  • Currency USD
  • Domiciled Country United States
  • Manager Matthew S. Sheridan

Fund Description

The fund pursues income opportunities from government, corporate, emerging market and high-yield sources. It has the flexibility to invest in a broad range of fixed-income securities in both developed and emerging market countries. The fund's investments may include U.S. and non-U.S. corporate debt securities and sovereign debt securities. It may invest, without limitation, in either U.S. Dollar-denominated or non-U.S. Dollar-denominated fixed-income securities.

AGDCX - Performance

Return Ranking - Trailing

Period AGDCX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.8% -19.6% 23.3% 22.33% 2
1 Yr 8.4% -15.5% 18.1% 3.02% 1
3 Yr 4.6% * -10.3% 10.0% 4.00% 1
5 Yr 5.3% * -2.4% 13.4% 2.42% 1
10 Yr 7.3% * -1.7% 9.4% 1.66% 1

* Annualized


Return Ranking - Calendar

Period AGDCX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 8.0% -10.9% 192.8% 0.69% 1
2015 -10.4% -33.0% 4.2% 65.21% 5
2014 -4.5% -9.3% 14.9% 64.57% 5
2013 -1.4% -24.1% 40.4% 21.30% 2
2012 10.6% -100.0% 18.7% 0.65% 1

Total Return Ranking - Trailing

Period AGDCX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.8% -19.6% 23.3% 22.32% 2
1 Yr 7.4% -15.5% 18.1% 3.33% 1
3 Yr 4.6% * -10.1% 10.0% 3.56% 1
5 Yr 5.3% * -3.2% 13.4% 2.24% 1
10 Yr 7.3% * -1.7% 9.4% 1.59% 1

* Annualized


Total Return Ranking - Calendar

Period AGDCX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 8.0% -9.5% 195.3% 1.91% 1
2015 -9.5% -32.5% 7.4% 72.56% 5
2014 -2.3% -8.3% 16.8% 70.95% 5
2013 -0.8% -12.9% 58.5% 28.42% 2
2012 11.0% -100.0% 35.2% 8.83% 1

NAV & Total Return History

AGDCX - Holdings

Filings data as of: Sep 30, 2017

Concentration Analysis

AGDCX Category Low Category High AGDCX % Rank Quintile
Net Assets 8.07 B 319 K 190 B 3.56% 1
Number of Holdings 1167 1 17381 5.44% 1
Net Assets in Top 10 1.41 B -36 B 31.8 B 3.81% 1
Weighting of Top 10 17.1% 0.0% 1330.9% 26.35% 4

Top 10 Holdings

  1. Brazil Federative Rep 10% 1.24%
  2. United Mexican States 6.5% 1.23%
  3. Turkey(Rep Of) 11% 1.23%
  4. US Treasury Note 1.25% 0.85%
  5. Turkey(Rep Of) 11.1% 0.79%
  6. US Treasury Bond 6.125% 6.62%
  7. US Treasury Bond 8.75% 1.90%
  8. US Treasury Bond 8% 1.52%
  9. US Treasury Bond 6.25% 0.92%
  10. US Treasury Bond 6.125% 0.85%

Asset Allocation

Weighting Category Low Category High AGDCX % Rank Quintile
Bonds
87.70% -175.98% 562.01% 21.97% 4
Preferred Stocks
3.96% -0.55% 16.33% 2.03% 1
Other
3.51% -24.51% 99.99% 6.31% 1
Convertible Bonds
1.82% 0.00% 13.10% 2.09% 1
Stocks
1.57% -3.75% 97.37% 2.80% 1
Cash
1.45% -461.99% 275.92% 26.04% 4

Stock Sector Breakdown

Weighting Category Low Category High AGDCX % Rank Quintile
Energy
0.30% -0.88% 9.76% 3.78% 1
Basic Materials
0.18% -0.43% 14.12% 2.89% 1
Technology
0.16% -1.56% 17.00% 4.08% 1
Consumer Defense
0.14% -0.25% 11.27% 3.58% 1
Consumer Cyclical
0.07% -1.51% 10.85% 5.07% 1
Industrials
0.02% -0.30% 10.07% 5.47% 1
Utilities
0.00% -0.08% 5.27% 5.77% 5
Real Estate
0.00% -0.15% 19.84% 4.88% 5
Healthcare
0.00% -0.69% 13.34% 4.78% 5
Financial Services
0.00% -0.15% 22.93% 7.46% 5
Communication Services
0.00% -0.12% 7.01% 4.18% 5

Stock Geographic Breakdown

Weighting Category Low Category High AGDCX % Rank Quintile
US
1.40% -13.34% 89.60% 2.90% 1
Non US
0.17% -0.82% 95.39% 2.59% 1

Bond Sector Breakdown

Weighting Category Low Category High AGDCX % Rank Quintile
Corporate
46.81% 0.00% 221.70% 11.95% 2
Government
36.20% -389.49% 503.27% 7.38% 2
Securitized
10.32% 0.00% 118.59% 29.91% 5
Cash & Equivalents
1.45% -462.00% 275.92% 25.33% 4
Municipal
0.13% 0.00% 97.96% 13.53% 3
Derivative
0.00% -64.42% 83.22% 3.15% 4

Bond Geographic Breakdown

Weighting Category Low Category High AGDCX % Rank Quintile
US
55.70% -482.62% 500.82% 30.37% 5
Non US
32.00% -124.80% 530.33% 3.97% 1

AGDCX - Expenses

Operational Fees

AGDCX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.58% 0.00% 32.76% 6.21% 5
Management Fee 0.46% 0.00% 2.15% 2.54% 4
12b-1 Fee 1.00% 0.00% 1.00% 0.08% 5
Administrative Fee N/A 0.00% 0.63% N/A N/A

Sales Fees

AGDCX Fees (% of AUM) Category Low Category High AGDCX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load 1.00% 0.15% 5.50% 2.49% 4

Trading Fees

AGDCX Fees (% of AUM) Category Low Category High AGDCX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AGDCX Fees (% of AUM) Category Low Category High AGDCX Rank Quintile
Turnover 45.00% 0.00% 1541.00% 14.61% 2

AGDCX - Distributions

Dividend Yield Analysis

AGDCX Category Low Category High AGDCX % Rank Quintile
Dividend Yield 0.1% 0.00% 1.00% 24.34% 4

Dividend Distribution Analysis

AGDCX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

AGDCX Category Low Category High AGDCX % Rank Quintile
Net Income Ratio 4.94% -1.56% 9.28% 1.53% 1

Capital Gain Distribution Analysis

AGDCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

AGDCX - Managers

Matthew S. Sheridan

Manager

Start Date

Oct 31, 2005

Tenure

12.01

Tenure Rank

2.7%

Matthew Sheridan is a Senior Vice President and Portfolio Manager at AB, primarily focusing on the Global Multi-Sector Strategy portfolios. He is a member of the Global Fixed Income, Global High Income and Emerging Market Debt portfolio-management teams. Additionally, Sheridan is a member of the Rates and Currency Research Review team and the Emerging Market Debt Research Review team. He joined AB in 1998 and previously worked in the firm’s Structured Asset Securities Group. Sheridan holds a BS in finance from Syracuse University. He is a CFA charterholder. Location: New York


Gershon M. Distenfeld

Manager

Start Date

Feb 01, 2008

Tenure

9.75

Tenure Rank

3.9%

Gershon M. Distenfeld is a Senior Vice President and Director of Credit at AB, responsible for overseeing the investment strategy and management of all investment-grade and high-yield corporate bond portfolios and associated portfolio-management teams. Strategies under his purview span the credit and risk spectrum, from short-duration investment-grade corporate bond portfolios to regional and global high-yield portfolios, encompassing a range of investment approaches, objectives and alpha targets, from income-oriented buy-and-hold strategies to active multi-sector total return strategies, and including both publicly traded securities and private placements in developed and emerging markets. Distenfeld is also a Partner of the firm. He co-manages AB’s multiple-award-winning High Income Fund, named “Best Fund over 10 Years” by Lipper from 2012 to 2015, and the multiple-award-winning Global High Yield and American Income portfolios, flagship fixed-income funds on the firm’s Luxembourg-domiciled fund platform for non-US investors. Distenfeld also designed and is one of the lead portfolio managers for AB’s Multi-Sector Credit Strategy, which invests across investment-grade and high-yield credit sectors globally. He is the author of a number of published papers, including one on high-yield bonds being attractive substitutes for equities and another on the often-misunderstood differences between high-yield bonds and loans. His blog “High Yield Won’t Bubble Over” (January 2013) is one of AB’s all-time most-read blogs. Distenfeld joined AB in 1998 as a fixed-income business analyst, and served as a high-yield trader (1999–2002) and high-yield portfolio manager (2002–2006) before being named director of High Yield in 2006. He began his career as an operations analyst supporting Emerging Markets Debt at Lehman Brothers. Distenfeld holds a BS in finance from the Sy Syms School of Business at Yeshiva University, and is a CFA charterholder. Location: New York


Douglas J. Peebles

Manager

Start Date

Aug 30, 2002

Tenure

15.18

Tenure Rank

1.7%

Douglas J. Peebles is the Chief Investment Officer of AB Fixed Income and a Partner of the firm. As CIO, he is also Co-Chairman of the Interest Rates and Currencies Research Review team. Since joining AB in 1987, Peebles has held several leadership positions, including director of Global Fixed Income (1997–2004), co-head of AB Fixed Income (2004–2008) and Head of Fixed Income (2008–2016). He holds a BA from Muhlenberg College and an MBA from Rutgers University. Location: New York


Paul J. DeNoon

Manager

Start Date

Aug 23, 2002

Tenure

15.2

Tenure Rank

1.7%

Paul DeNoon is Director of AB’s Global High Income and Emerging Market Debt strategies and a Partner of the firm. He leads the management of AB’s large global high-yield franchise, co-managing the firm’s award-winning High Income Fund, named “Best Fund over 10 Years” by Lipper from 2012 through 2015. DeNoon is also a Director, with Shamaila Khan, of AB’s Emerging Market Debt Portfolios, overseeing the management of emerging-market sovereign, quasi-sovereign and corporate debt strategies in both hard and local currencies. He is a member of the firm’s Emerging Market Multi-Asset Strategy Committee, Dynamic Asset Allocation Committee and the Municipal Impact Investment Policy Group. DeNoon is also the Partner overseeing the firm’s corporate responsibility, which includes responsible investment (environmental, social and corporate governance) and diversity and inclusion. He joined AB in 1992, and was instrumental in introducing some of the firm’s flagship emerging-market debt and global high-yield funds. Previously, DeNoon was a vice president in the Investment Portfolio Group at Manufacturers Hanover Trust and an economist in the bank’s Financial Markets Research Group, where he was primarily responsible for the analysis of monetary and fiscal policy. He began his career as a research analyst at Lehman Brothers. DeNoon holds a BA in economics from Union College and an MBA in finance from New York University. Location: New York


Tenure Analysis

Category Low

0.0

Category High

28.8

Category Average

6.43

Category Mode

2.8