ALHYX: AB Limited Duration High Income Advisor

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ALHYX AB Limited Duration High Income Advisor


Profile

ALHYX - Profile

Vitals

  • YTD Return -6.3%
  • 3 Yr Annualized Return -2.1%
  • 5 Yr Annualized Return -1.1%
  • Net Assets $274 M
  • Holdings in Top 10 39.3%

52 WEEK LOW AND HIGH

$9.74
$8.11
$10.43

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.80%

SALES FEES

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

BROKERAGE FEES

  • Turnover 37.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return -6.3%
  • 3 Yr Annualized Total Return -2.0%
  • 5 Yr Annualized Total Return -1.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.10%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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
    Adv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Gershon 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 invests on a global basis, including securities of issuers in both developed and emerging market countries.


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Categories

Performance

ALHYX - Performance

Return Ranking - Trailing

Period ALHYX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.3% -53.1% 4.7% 42.76%
1 Yr -5.9% -52.9% 6.3% 44.80%
3 Yr -2.1%* -23.7% 5.4% 28.51%
5 Yr -1.1%* -14.8% 3.3% 18.91%
10 Yr N/A* -6.6% 6.4% N/A

* Annualized

Return Ranking - Calendar

Period ALHYX Return Category Return Low Category Return High Rank in Category (%)
2019 5.8% -6.2% 23.9% 66.06%
2018 -4.8% -17.1% 0.0% 14.23%
2017 0.3% -9.5% 6.3% 75.74%
2016 5.0% -0.8% 28.6% 85.71%
2015 -4.2% -34.3% 3.5% 10.10%

Total Return Ranking - Trailing

Period ALHYX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.3% -53.1% 4.7% 42.76%
1 Yr -5.9% -52.9% 5.1% 44.80%
3 Yr -2.0%* -23.7% 5.4% 43.80%
5 Yr -1.0%* -14.7% 4.5% 32.84%
10 Yr N/A* -5.7% 6.4% N/A

* Annualized

Total Return Ranking - Calendar

Period ALHYX Return Category Return Low Category Return High Rank in Category (%)
2019 5.8% -6.2% 23.9% 67.52%
2018 -4.6% -17.1% 1.3% 28.46%
2017 0.3% -8.5% 10.5% 82.13%
2016 5.3% -0.8% 39.0% 89.29%
2015 -4.2% -32.4% 3.5% 17.17%

NAV & Total Return History


Holdings

ALHYX - Holdings

Concentration Analysis

ALHYX Category Low Category High ALHYX % Rank
Net Assets 274 M 1.85 M 17.4 B 44.60%
Number of Holdings 694 3 1825 11.76%
Net Assets in Top 10 38.2 M -104 M 1.96 B 47.40%
Weighting of Top 10 39.25% 4.7% 99.0% 14.93%

Top 10 Holdings

  1. 5 Year Treasury Note Future Sept 20 19.20%
  2. Iboxhy-Trs-549953 0% 20/12/2020 10.01%
  3. Iboxhy-Trs-542181 0% 20/06/2020 2.48%
  4. Euro-Bobl Future 0% 08/06/2020 2.25%
  5. 10 Year Treasury Note Future Sept 20 1.45%
  6. Cdx-Nahys31v3-5y Cdss 475797 5% 20/12/2023 1.10%
  7. Iboxhy-Trs-541475 0% 20/06/2020 0.78%
  8. Marathon Petroleum Company 5.12% 0.74%
  9. Federal Home Loan Mortgage Corporation 1.88% 0.64%
  10. 1011778 B.C. UNLIMITED LIABILI 1.928% 19/11/2026 0.61%

Asset Allocation

Weighting Return Low Return High ALHYX % Rank
Bonds
117.53% 6.29% 166.97% 2.75%
Convertible Bonds
1.97% 0.00% 16.78% 24.57%
Stocks
0.00% -15.92% 22.69% 85.91%
Preferred Stocks
0.00% 0.00% 10.37% 78.55%
Other
-6.75% -6.75% 30.38% 99.31%
Cash
-12.76% -66.97% 81.99% 95.50%

Bond Sector Breakdown

Weighting Return Low Return High ALHYX % Rank
Corporate
59.60% 0.00% 100.00% 86.11%
Government
20.23% 0.00% 68.79% 6.60%
Securitized
11.43% 0.00% 88.54% 4.86%
Derivative
7.01% 0.00% 36.87% 14.58%
Cash & Equivalents
1.73% -9.91% 86.20% 87.85%
Municipal
0.00% 0.00% 5.02% 67.71%

Bond Geographic Breakdown

Weighting Return Low Return High ALHYX % Rank
US
96.82% 6.29% 154.24% 2.42%
Non US
20.71% 0.00% 63.28% 41.18%

Expenses

ALHYX - Expenses

Operational Fees

ALHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.80% 0.04% 7.50% 83.75%
Management Fee 0.55% 0.00% 1.84% 42.76%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

ALHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

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

ALHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 37.00% 1.88% 484.00% 28.78%

Distributions

ALHYX - Distributions

Dividend Yield Analysis

ALHYX Category Low Category High ALHYX % Rank
Dividend Yield 0.00% 0.00% 2.48% 64.51%

Dividend Distribution Analysis

ALHYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

ALHYX Category Low Category High ALHYX % Rank
Net Income Ratio 4.10% -0.81% 9.20% 83.57%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

ALHYX - Fund Manager Analysis

Managers

Gershon Distenfeld


Start Date

Tenure

Tenure Rank

Dec 07, 2011

8.57

8.6%

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

2.34

2.3%

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


Start Date

Tenure

Tenure Rank

Feb 01, 2019

1.41

1.4%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.94 6.12 0.82