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ALASX AB Credit Long/Short A

  • Fund
  • ALASX
  • Price as of: Apr 19, 2018
  • $9.48
  • - $0.00
  • - 0.00%
  • Category
  • Long-Short

ALASX - Profile

Vitals

  • YTD Return -1.0%
  • 3 Yr Annualized Return -0.3%
  • 5 Yr Annualized Return N/A
  • Net Assets $20 M
  • Holdings in Top 10 18.3%

52 WEEK LOW AND HIGH

$9.48
N/A
N/A

Expenses

OPERATING RELATED FEES

  • Expense Ratio 9.22%

SALES FEES

  • Front Load 4.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 111.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$2,500

Investment Themes

CATEGORY

Long-Short
  • Fund Type Open End Mutual Fund
  • Investment Style Long-Short Credit

Distributions

  • YTD Total Return -1.0%
  • 3 Yr Annualized Total Return -1.7%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -2.21%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name AB Credit Long/Short Portfolio
  • Fund Family Name AllianceBernstein
  • Inception Date May 07, 2014
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Gershon M. Distenfeld

Fund Description

The fund will normally invest at least 80% of its net assets in long and short positions in credit-related instruments. For purposes of this 80% requirement, credit-related instruments will include any type of fixed-income security, such as corporate bonds, convertible fixed-income securities, preferred stocks, U.S. government and agency securities, securities of foreign governments and supranational entities, mortgage-related and asset-backed securities, and loan participations.

ALASX - Performance

Return Ranking - Trailing

Period ALASX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.0% -81.5% 25.6% 67.16% 4
1 Yr -5.4% -80.0% 25.3% 75.00% 4
3 Yr -0.3% * -37.6% 13.3% 80.77% 5
5 Yr N/A * -24.9% 10.9% N/A N/A
10 Yr N/A * -6.5% 14.6% N/A N/A

* Annualized


Return Ranking - Calendar

Period ALASX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -6.3% -24.8% 13.7% 42.27% 3
2017 5.0% -46.3% 26.8% 44.86% 3
2016 -1.0% -24.5% 25.3% 68.38% 4
2015 N/A -25.6% 22.9% N/A N/A
2014 N/A -24.3% 28.6% N/A N/A

Total Return Ranking - Trailing

Period ALASX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.0% -81.5% 25.6% 67.56% 4
1 Yr -9.5% -81.1% 25.3% 86.47% 5
3 Yr -1.7% * -38.8% 13.3% 86.01% 5
5 Yr N/A * -25.8% 10.9% N/A N/A
10 Yr N/A * -6.5% 14.6% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period ALASX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -6.3% -24.8% 16.3% 42.45% 3
2017 5.0% -46.3% 26.8% 45.21% 3
2016 -0.5% -20.0% 28.5% 69.23% 4
2015 N/A -26.4% 25.9% N/A N/A
2014 N/A -16.6% 34.1% N/A N/A

NAV & Total Return History

ALASX - Holdings

Filings data as of: Feb 28, 2018

Concentration Analysis

ALASX Category Low Category High ALASX % Rank Quintile
Net Assets 20 M 101 K 8.24 B 26.59% 4
Number of Holdings 113 2 2146 15.99% 3
Net Assets in Top 10 3.08 M -166 M 2.21 B 29.36% 4
Weighting of Top 10 18.3% 0.0% 628.9% 36.05% 5

Top 10 Holdings

  1. Bombardier Inc. 5.75% SNR PIDI BDS 15/03/2022 USD (144A) 2.82%
  2. Navient Corporation 5% SNR PIDI NTS 26/10/2020 USD (SEC REGD) 2.16%
  3. K. Hovnanian Enterprises, Inc. 10.5% SNR SEC PIDI NTS 15/07/2024 USD (144A) 1.04%
  4. Mexico (United Mexican States) 5.75% PIDI BDS 05/03/2026 MXN (MBONOS) 1.01%
  5. The Kroger Co. 3.875% SNR PIDI NTS 15/10/2046 USD (SEC REGD) 2.45%
  6. Noble Holding International Limited 7.75% SNR PIDI NTS 15/01/2024 USD (SEC 2.16%
  7. Secretaria Tesouro Nacional 6% SNR PIDI NTS 15/08/2024 BRL (NTN-B) 1.62%
  8. California Resources Corporation 6% SNR PIDI NTS 15/11/2024 USD (SEC REGD) 1.74%
  9. Nabors Industries, Inc. 5.5% SNR PIDI NTS 15/01/2023 USD (SEC REGD) 1.41%
  10. Axis Capital Holdings Ltd E 1.84%

Asset Allocation

Weighting Category Low Category High ALASX % Rank Quintile
Cash
64.13% -25.16% 104.74% 5.52% 1
Bonds
30.88% -10.67% 90.42% 3.76% 1
Stocks
3.78% -30.32% 122.42% 36.13% 5
Convertible Bonds
2.62% -0.01% 5.37% 1.45% 1
Other
0.16% -61.40% 70.59% 13.08% 2
Preferred Stocks
-1.56% -1.56% 10.76% 6.69% 5

Stock Sector Breakdown

Weighting Category Low Category High ALASX % Rank Quintile
Consumer Cyclical
0.56% -6.55% 33.70% 33.04% 5
Industrials
0.53% -12.12% 22.92% 31.56% 4
Financial Services
0.48% -5.70% 72.96% 34.22% 5
Energy
0.43% -4.33% 19.33% 29.79% 4
Communication Services
0.18% -4.48% 12.55% 25.96% 4
Healthcare
0.15% -12.48% 57.07% 33.63% 5
Consumer Defense
0.13% -18.65% 21.16% 28.61% 4
Basic Materials
0.13% -5.08% 15.60% 28.91% 4
Technology
0.08% -4.90% 46.54% 35.40% 5
Utilities
0.00% -7.68% 15.89% 23.01% 4
Real Estate
0.00% -7.71% 73.68% 26.55% 4

Stock Geographic Breakdown

Weighting Category Low Category High ALASX % Rank Quintile
US
2.71% -29.93% 100.00% 35.17% 5
Non US
1.07% -30.21% 96.06% 25.00% 4

Bond Sector Breakdown

Weighting Category Low Category High ALASX % Rank Quintile
Cash & Equivalents
64.13% -25.75% 130.32% 5.23% 1
Corporate
25.94% -6.09% 58.90% 2.03% 1
Government
4.13% -21.87% 58.92% 4.36% 1
Securitized
1.87% -0.05% 28.09% 2.03% 1
Derivative
0.00% -9.37% 61.34% 4.94% 1
Municipal
0.00% 0.00% 86.42% 3.49% 1

Bond Geographic Breakdown

Weighting Category Low Category High ALASX % Rank Quintile
US
21.37% -10.67% 82.85% 4.94% 1
Non US
9.51% -17.95% 15.36% 2.62% 1

ALASX - Expenses

Operational Fees

ALASX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 9.22% 0.42% 74.87% 3.51% 5
Management Fee 0.85% 0.00% 2.25% 8.38% 1
12b-1 Fee 0.25% 0.00% 1.00% 3.03% 2
Administrative Fee N/A 0.01% 0.55% N/A N/A

Sales Fees

ALASX Fees (% of AUM) Category Low Category High ALASX Rank Quintile
Front Load 4.25% 2.50% 5.75% 8.24% 1
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

ALASX Fees (% of AUM) Category Low Category High ALASX Rank Quintile
Max Redemption Fee N/A 0.50% 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.

ALASX Fees (% of AUM) Category Low Category High ALASX Rank Quintile
Turnover 111.00% 0.00% 9956.00% 21.41% 3

ALASX - Distributions

Dividend Yield Analysis

ALASX Category Low Category High ALASX % Rank Quintile
Dividend Yield 0.2% 0.00% 0.97% 25.48% 2

Dividend Distribution Analysis

ALASX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

ALASX Category Low Category High ALASX % Rank Quintile
Net Income Ratio -2.21% -3.66% 3.31% 61.70% 5

Capital Gain Distribution Analysis

ALASX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

ALASX - Managers

Gershon M. Distenfeld

Manager

Start Date

May 07, 2014

Tenure

3.9

Tenure Rank

11.0%

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


Robert Schwartz

Manager

Start Date

May 07, 2014

Tenure

3.9

Tenure Rank

11.0%

Robert Schwartz is a Senior Vice President and Corporate Credit Research Analyst, covering specialty finance, automotive, aerospace/defense and industrial companies. Prior to joining AB in 2012, he analyzed the same industries as a senior credit analyst at Citadel Investment Group and Bell Point Capital Management. Before beginning his investing career in 2005, Schwartz was a project leader with Boston Consulting Group, where he advised industrial and financial companies on corporate strategy. He started his career as an automotive engineer working in Detroit, where he was awarded two patents. Schwartz holds a BS in mechanical engineering (summa cum laude) from the University of Michigan and an MBA (with high distinction) from the University of Michigan’s Stephen M. Ross School of Business. Location: New York


Ivan Rudolph-Shabinsky

Manager

Start Date

May 07, 2014

Tenure

3.9

Tenure Rank

11.0%

Ivan Rudolph-Shabinsky, CFA Portfolio Manager—Credit Ivan Rudolph-Shabinsky is a Senior Vice President and Credit Portfolio Manager, focusing primarily on the Low Volatility High Yield Strategy and the Short Duration High Yield Fund on the Luxembourg-domiciled fund platform, designed for non-US investors. He is a member of the Credit and High Yield fixed-income portfolio-management teams, and a member of the internal Credit Research Review Committee, the primary investment policy and decision-making committee for all AB’s credit-related portfolios. Rudolph-Shabinsky joined the firm in 1992 as a portfolio manager, and managed the Stable Value and Inflation-Linked Bond strategies. He has held other leadership posts at the firm, including head of Product Development and head of Product Management. Rudolph-Shabinsky has also authored or co-authored a number of papers, including “Beyond Interest Rate Anticipation: Strategies for Adding Value in Fixed Income” (2000) and “Assigning a Duration to Inflation-Protected Bonds” (1999), both published in the Financial Analysts Journal. He also co-wrote “Managed Synthetics,” published in The Handbook of Stable Value Investments (1998), and “LDI: Reducing Downside Risk with Global Bonds” (2012), published in The Journal of Investing. Rudolph-Shabinsky has written many blogs highlighting the risks in bank loans and in high-yield CCC-rated bonds. He holds a BA in economics and Soviet/East European studies from Cornell University and an MBA from Columbia University, and is a CFA charterholder. Location: New York


Tenure Analysis

Category Low

0.3

Category High

40.8

Category Average

5.13

Category Mode

4.3