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Trending ETFs

Name

As of 12/08/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.09

$517 M

6.26%

$0.57

1.00%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$517 M

Holdings in Top 10

7.7%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.00%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 57.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/08/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.09

$517 M

6.26%

$0.57

1.00%

ALHKX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.62%
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    AB Limited Duration High Income Portfolio
  • Fund Family Name
    ALLIANCEBE
  • Inception Date
    Dec 08, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Gershon Distenfeld

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in debt securities that are rated below investment grade (commonly known as “junk bonds”), unrated securities considered by the Adviser to be of comparable quality, and related derivatives. Under normal circumstances, the Fund will maintain a dollar-weighted average duration of less than four years, although it may invest in individual fixed-income securities with durations in excess of four years.
The Fund may also invest in investment grade fixed-income securities, high-yield securities of governments and government-related issuers, loan participations and assignments and, to a lesser extent, equity securities, and derivatives related to these instruments. The Fund will not invest more than 10% of its net assets in securities rated at or below Caa1 by Moody’s Investors Service (“Moody’s”), CCC+ by S&P Global Ratings (“S&P”) or CCC by Fitch Ratings (“Fitch”), or the equivalent by any nationally recognized statistical rating organization (“NRSRO”), at the time of purchase. (For the purpose of this 10% limit, the Fund will rely on the highest rating from any NRSRO, and the notional amount of derivatives related to these instruments will be counted.)
The Fund invests on a global basis, including securities of issuers in both developed and emerging market countries. The Fund may invest in securities denominated in foreign currencies, although it expects to use hedging instruments frequently to attempt to limit the currency exposure resulting from such investments.
In selecting securities for purchase or sale by the Fund, the Adviser attempts to take advantage of inefficiencies that it believes exist in the global fixed-income markets. These inefficiencies arise from investor behavior, market complexity, and the investment limitations to which investors are subject. The Adviser combines its quantitative forecasts with fundamental economic and credit research in seeking to exploit these inefficiencies.
The Adviser employs strategies to manage the Fund’s volatility relative to the global high-yield market. Such strategies may include shortening the duration of the Fund, adding higher rated investments, investing in various fixed-income sectors with relatively low correlation among them, and using hedging strategies that seek to provide protection from substantial market downturns. The Adviser utilizes different combinations of the above strategies at different points in time, taking into consideration, among other factors, the shape of the credit curve, the relative effect on yield associated with changes in credit quality, and the cost of hedging strategies.
The Fund expects to use derivatives, such as options, futures contracts, forwards and swaps, to a significant extent, subject to the limits of applicable law. Derivatives may provide more efficient and economical exposure to market segments than direct investments, and may also be a quicker and more efficient way to alter the Fund’s exposure. For example, the Fund may use credit default and interest rate swaps to gain exposure to the fixed-income markets. In determining when and to what extent to enter into derivative transactions, the Adviser considers factors such as the risks and returns of these investments relative to direct investments and the costs of such transactions. Derivatives such as options and forwards may also be used for hedging purposes, including to hedge against interest rate, credit market and currency fluctuations.
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ALHKX - Performance

Return Ranking - Trailing

Period ALHKX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -2.9% 2.6% 4.16%
1 Yr N/A -8.4% 19.9% 6.54%
3 Yr N/A* -17.8% 16.5% 19.43%
5 Yr N/A* -12.2% 14.4% 20.86%
10 Yr N/A* -13.2% 6.6% 23.44%

* Annualized

Return Ranking - Calendar

Period ALHKX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -12.0% 15.7% 62.02%
2022 -14.2% -31.8% 18.4% 61.54%
2021 -1.1% -26.6% 25.7% 37.52%
2020 -0.5% -49.2% 18.7% 68.61%
2019 5.8% -35.1% 15.3% 35.06%

Total Return Ranking - Trailing

Period ALHKX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -2.9% 2.6% 4.16%
1 Yr N/A -8.4% 19.9% 6.54%
3 Yr N/A* -17.8% 16.5% 19.43%
5 Yr N/A* -12.2% 14.4% 20.86%
10 Yr N/A* -13.2% 6.6% 23.44%

* Annualized

Total Return Ranking - Calendar

Period ALHKX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -7.0% 22.2% 45.18%
2022 -8.0% -31.8% 21.1% 44.31%
2021 3.2% -13.5% 49.9% 26.87%
2020 4.3% -28.6% 24.1% 61.92%
2019 10.8% -4.8% 19.1% 28.97%

NAV & Total Return History


ALHKX - Holdings

Concentration Analysis

ALHKX Category Low Category High ALHKX % Rank
Net Assets 517 M 2.32 M 127 B 52.48%
Number of Holdings 736 2 10577 33.73%
Net Assets in Top 10 39.6 M -1.57 B 54.9 B 77.32%
Weighting of Top 10 7.67% 0.8% 178.3% 93.71%

Top 10 Holdings

  1. AB Fixed Income Shares, Inc. - Government Money Market Portfolio 2.70%
  2. MPH Acquisition Holdings LLC 0.71%
  3. WR Grace Holdings LLC 0.59%
  4. Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 0.58%
  5. VOC Escrow Ltd 0.54%
  6. Elanco Animal Health Inc 0.54%
  7. Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 0.52%
  8. SCIL IV LLC / SCIL USA Holdings LLC 0.51%
  9. Gen Digital Inc 0.50%
  10. CVR Partners LP / CVR Nitrogen Finance Corp 0.47%

Asset Allocation

Weighting Return Low Return High ALHKX % Rank
Bonds
95.83% -150.81% 194.41% 27.98%
Cash
3.64% -94.66% 258.91% 48.01%
Convertible Bonds
1.22% 0.00% 33.50% 49.40%
Other
0.45% -72.32% 102.97% 65.83%
Stocks
0.07% -1.60% 102.94% 61.41%
Preferred Stocks
0.00% 0.00% 33.27% 45.80%

Stock Sector Breakdown

Weighting Return Low Return High ALHKX % Rank
Energy
100.00% 0.00% 100.00% 0.54%
Utilities
0.00% 0.00% 100.00% 48.12%
Technology
0.00% 0.00% 28.30% 37.10%
Real Estate
0.00% 0.00% 100.00% 45.70%
Industrials
0.00% 0.00% 100.00% 54.57%
Healthcare
0.00% 0.00% 100.00% 38.17%
Financial Services
0.00% 0.00% 100.00% 55.38%
Communication Services
0.00% 0.00% 100.00% 46.77%
Consumer Defense
0.00% 0.00% 99.97% 39.78%
Consumer Cyclical
0.00% 0.00% 89.95% 49.19%
Basic Materials
0.00% 0.00% 100.00% 41.40%

Stock Geographic Breakdown

Weighting Return Low Return High ALHKX % Rank
US
0.07% -1.47% 102.94% 57.73%
Non US
0.00% -0.13% 17.73% 22.24%

Bond Sector Breakdown

Weighting Return Low Return High ALHKX % Rank
Corporate
65.87% 0.00% 96.66% 12.90%
Government
10.55% 0.00% 99.43% 52.66%
Securitized
6.81% 0.00% 99.65% 71.78%
Cash & Equivalents
2.70% 0.00% 99.42% 47.86%
Derivative
0.37% -72.32% 45.81% 22.45%
Municipal
0.00% 0.00% 54.26% 39.76%

Bond Geographic Breakdown

Weighting Return Low Return High ALHKX % Rank
US
90.17% -151.11% 194.41% 28.72%
Non US
5.66% 0.00% 71.12% 36.52%

ALHKX - Expenses

Operational Fees

ALHKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% 0.01% 18.79% 61.23%
Management Fee 0.60% 0.00% 2.29% 48.98%
12b-1 Fee 0.25% 0.00% 1.00% 19.52%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

ALHKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ALHKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

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.

ALHKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 57.00% 0.00% 632.00% 31.91%

ALHKX - Distributions

Dividend Yield Analysis

ALHKX Category Low Category High ALHKX % Rank
Dividend Yield 6.26% 0.00% 11.48% 6.28%

Dividend Distribution Analysis

ALHKX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Quarterly

Net Income Ratio Analysis

ALHKX Category Low Category High ALHKX % Rank
Net Income Ratio 3.62% -1.55% 11.51% 25.11%

Capital Gain Distribution Analysis

ALHKX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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ALHKX - Fund Manager Analysis

Managers

Gershon Distenfeld


Start Date

Tenure

Tenure Rank

Dec 07, 2011

10.49

10.5%

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 and Co-Head of Fixed Income. 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

William Smith


Start Date

Tenure

Tenure Rank

Feb 28, 2018

4.25

4.3%

Will Smith is a Senior Vice President and Director of US High Yield Credit, one of the lead portfolio managers for multi-sector credit strategy. He is also a member of the High Income Portfolio Management Team. Mr. Smith joined AB in 2012 and spent 2014 in London as part of the European High Yield Portfolio Management Team. He started his career with UBS Investment Bank in 2009, working first as an analyst with the Credit Risk team and then later on the Fixed Income sales and trading desk. Mr. Smith holds a BA in economics from Boston College and is a CFA charterholder.

Robert Schwartz


Start Date

Tenure

Tenure Rank

Jan 20, 2022

0.36

0.4%

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

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19