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ALHRX AB Limited Duration High Income R

  • Fund
  • ALHRX
  • Price as of: Aug 16, 2019
  • $10.31 + $0.01 + 0.10%
  • Category
  • High Yield Bonds

ALHRX - Profile

Vitals

  • YTD Return 4.8%
  • 3 Yr Annualized Return 0.0%
  • 5 Yr Annualized Return -0.7%
  • Net Assets $270 M
  • Holdings in Top 10 13.3%

52 WEEK LOW AND HIGH

$10.31
$9.81
$10.38

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.32%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 39.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 4.8%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.43%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name AB Limited Duration High Income Portfolio
  • Fund Family Name AllianceBernstein
  • Inception Date Dec 07, 2011
  • Shares Outstanding N/A
  • Share Class Retirement
  • Currency USD
  • Domiciled Country United States
  • Manager Gershon M. Distenfeld

Fund Description

The fund invests primarily in fixed-income securities, with an emphasis on corporate fixed-income securities rated below investment grade. It 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 will invest on a global basis, including securities of issuers in both developed and emerging market countries.

ALHRX - Performance

Return Ranking - Trailing

Period ALHRX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.8% -9.1% 23.5% 71.63%
1 Yr 0.9% -9.7% 5.8% 23.58%
3 Yr 0.0%* -6.4% 8.3% 25.31%
5 Yr -0.7%* -8.6% 1.9% 14.05%
10 Yr N/A* -13.4% 4.4% N/A

* Annualized


Return Ranking - Calendar

Period ALHRX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.8% -23.1% -0.4% 12.42%
2017 0.2% -9.5% 28.5% 85.06%
2016 5.1% -14.4% 28.6% 82.18%
2015 -4.2% -34.3% 1.0% 11.53%
2014 -4.1% -23.1% 27.7% 44.03%

Total Return Ranking - Trailing

Period ALHRX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.8% -9.1% 23.5% 72.64%
1 Yr 1.1% -9.7% 6.8% 31.50%
3 Yr 0.2%* -6.4% 11.0% 32.99%
5 Yr -0.4%* -7.8% 5.9% 29.77%
10 Yr N/A* -13.4% 8.6% N/A

* Annualized


Total Return Ranking - Calendar

Period ALHRX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.6% -23.1% 1.3% 23.22%
2017 0.2% -4.9% 36.8% 88.80%
2016 5.3% -14.4% 39.0% 83.02%
2015 -4.2% -28.3% 4.3% 22.43%
2014 -2.9% -21.8% 27.7% 42.04%

NAV & Total Return History

ALHRX - Holdings

Concentration Analysis

ALHRX Category Low Category High ALHRX % Rank
Net Assets 270 M 1.02 M 25 B 69.22%
Number of Holdings 589 6 1547 14.69%
Net Assets in Top 10 8 M -1.5 M 3.71 B 90.74%
Weighting of Top 10 13.34% 5.1% 99.6% 32.60%

Top 10 Holdings

  1. Euro BOBL Future Sept19 2.62%

  2. Iboxhy-Trs-499459 0% 20/09/2019 2.12%

  3. Irs #504789 Pay Fixed 1.7705 1.771% 03/05/2026 1.55%

  4. Secretaria Tesouro Nacional 0% 1.44%

  5. Iboxhy-Trs-499461 0% 20/09/2019 1.19%

  6. Cdx-Nahys31v3-5y Cdss 475797 5% 20/12/2023 1.16%

  7. Irs #506295 Pay Fixed 2.3420 2.342% 16/12/2026 1.03%

  8. Cdx-Nahys32v1-5y Cdss 490960 5% 20/06/2024 0.85%

  9. Southern Star Central Corp. 5.12% 0.73%

  10. 1011778 B.C. UNLIMITED LIABILI 4.484% 16/02/2024 0.66%


Asset Allocation

Weighting Return Low Return High ALHRX % Rank
Bonds
86.28% -17.48% 100.06% 89.94%
Cash
8.69% -3.02% 117.48% 12.68%
Other
3.31% -7.31% 11.36% 3.82%
Convertible Bonds
1.72% 0.00% 11.82% 15.29%
Stocks
0.00% -0.44% 99.77% 70.42%
Preferred Stocks
0.00% 0.00% 11.13% 51.91%

Bond Sector Breakdown

Weighting Return Low Return High ALHRX % Rank
Corporate
78.06% 0.00% 100.08% 89.94%
Cash & Equivalents
8.81% -1.24% 117.48% 11.47%
Securitized
6.36% 0.00% 60.24% 4.63%
Derivative
3.21% -17.48% 8.43% 4.02%
Government
0.26% -5.69% 65.95% 25.75%
Municipal
0.00% 0.00% 100.03% 19.92%

Bond Geographic Breakdown

Weighting Return Low Return High ALHRX % Rank
US
64.12% -17.48% 99.77% 88.93%
Non US
22.16% 0.00% 53.13% 8.65%

ALHRX - Expenses

Operational Fees

ALHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.32% 0.00% 6.42% 29.58%
Management Fee 0.60% 0.00% 1.00% 57.14%
12b-1 Fee 0.50% 0.00% 1.00% 59.76%
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

ALHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

ALHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

ALHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 39.00% 5.00% 1334.00% 30.18%

ALHRX - Distributions

Dividend Yield Analysis

ALHRX Category Low Category High ALHRX % Rank
Dividend Yield 1.16% 0.00% 4.50% 96.38%

Dividend Distribution Analysis

ALHRX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

ALHRX Category Low Category High ALHRX % Rank
Net Income Ratio 3.43% -1.92% 7.22% 91.75%

Capital Gain Distribution Analysis

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

ALHRX - Managers

Gershon M. Distenfeld

Manager

Start Date

Tenure

Tenure Rank

Dec 07, 2011

7.65

7.7%

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


William Smith

Manager

Start Date

Tenure

Tenure Rank

Feb 28, 2018

1.42

1.4%

Will Smith is a Vice President and Portfolio Manager with our High Yield and Multi-Sector Credit Portfolio Management Team, focusing on US and global multi-sector portfolios. 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. Location: New York


Jacqueline Pincus

Manager

Start Date

Tenure

Tenure Rank

Feb 01, 2019

0.49

0.5%


Tenure Analysis

Category Low

0.0

Category High

34.87

Category Average

6.64

Category Mode

0.0