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Emerging-Market Debt Offers More than One Kind of Diversification
by Paul DeNoon of AllianceBernstein,
The increases in the portfolios net asset value continue easily to beat the hardly exacting returns from the index. The fund has gained 10.4% gross for the year to date (to 22 March), vs. a 3.0% rise for the MSCI Emerging Index. This outperformance (replicated over rolling 1- and 3-year periods) has been achieved by choosing investments irrespective of index country or sector weightings or where they are listed, so long as they derive the majority of income and profits from developing countries.
Today's Good News Isn't Bad for US Stocks
by Daniel Loewy of AllianceBernstein,
Believe it or not, recent US housing market gains, the slight reduction in jobless rates and other signs of a revival in US economic growth are making some investors bearish about US stocks. We think their fears are misplaced.
SMID-Caps: To Know Them Is to Love Them
Its an opportunity born of neglect. Small-cap stocks have historically been the star performers of equities, handily outpacing large-cap stocks. And because they can get lost so easily in the grand sweep of the markets, small companies are often misunderstood and mispriced. That makes them great sources of alpha potential, especially for investors who take the time to get to know them well.
Cyprus Averts Disaster, but the Price is High
by Darren Williams of AllianceBernstein,
The European Unions last-minute deal with Cyprus has headed off bankruptcy for now, but comes at a heavy price for uninsured bank depositors. Meanwhile, the move to impose losses on private creditors and growing complacency among policymakers could be storing up trouble for the future.
US Stocks: Third Times the Charm
by Seth Masters of AllianceBernstein,
At 1550, the S&P 500 has regained the peak it reached in March of 2000 (when the tech bubble burst) and again in October of 2007 (before the credit crunch hit). But we think the third times the charm: We think the stock market still has room to rise because equities are now more attractively valued and of higher quality than they were at previous peaks.
UK Budget: No Fiscal Consolidation, but Looser Money Ahead
by Darren Williams of AllianceBernstein,
We expect little change in UK fiscal policy in Wednesdays budget. Instead the Chancellor George Osborne may try to nudge the Bank of England towards more aggressive monetary easing, putting further pressure on the pound.
Feared Copper "Flood" More Likely a Trickle
by Jon Ruff of AllianceBernstein,
Investors have turned bearish on commodities, particularly in the case of copper, where recent talk of a looming surge in new supply has sparked fears of a price rout. Were skeptical about the copper supply-glut story and dont think whats happening in copper is a "canary in the coal mine" for the rest of the metals markets.
US Manufacturing Restores Competitive Vigor
by Joseph Carson of AllianceBernstein,
The US manufacturing sector has repeatedly figured out how to reinvent itself when faced with competitive threats. In recent years, American companies have become much leaner, regaining an edge in global markets that should lead to a bigger role in economic growth.
How Much Risk Does Adding Stocks Pose?
by Seth Masters of AllianceBernstein,
Investors have good reasons for their recent net increase in stock fund purchasesand good reasons to remain anxious, in our view. While market volatility has returned to normal, memories of the wild market swings of the past five years loom large. Here's what we think about the risk of increasing stock exposure now.
Is It Time to Get Back into Stocksor Too Late?
by Seth Masters of AllianceBernstein,
After five years of fleeing stocks for the perceived safety of bonds, US mutual fund investors became net buyers of stock funds in January. While some see the return of the retail investor as a negative indicator for stocks, we say, "Better late than never."
We Expect High-Yield Defaults to Remain Low
by Jeff Skoglund of AllianceBernstein,
High-yield bond defaults are historically low today, even for troubled companies. Despite the worries we hear in some corners about looming high-yield defaults, we think default rates will stay low for at least the next few years.
In the wake of the 2008 financial meltdown, US companies did the responsible thing and got leaner, reducing head count and overhead costs aggressively. When the recovery gained traction, they held the line on expensesand profit margins are at historic highs today.
Fed Must Tune in to Changing US Economy
by Joseph Carson of AllianceBernstein,
With each passing month, more questions are being asked about the sluggish US economic recovery. Why has growth been subdued since the recession ended in mid-2009? What's changed in the economy? How long can loose monetary policies persist before promoting more inflation or creating a new bubble?
In Defense of Commodity Futures
Several prominent pension funds have slashed their commodity futures investments for delivering poor returns with higher volatility than usual, while failing to diversify equity exposures as expected, The Wall Street Journal recently reported. If inflation rises, they may regret it.
The Next Step to Increasing DC Plan Participation
by Seth Masters of AllianceBernstein,
Defined contribution (DC) plans can deliver benefits only if workers choose to participate. Unfortunately, about one in every five eligible US employees chooses not to, according to research from Aon Hewitt. So it's encouraging that 77% of DC plan sponsors stress the importance of increasing participation in their plans, according to a recent survey we conducted. Automatic enrollment has helped lift participation in many DC plans. But how can plans take the next step toward 100% participation?
High-Yield Bonds: Tackling the Tough Questions
With high-yield bonds at record high prices and interest rates so low they're barely visible in some parts, investors have a lot of anxious questions. Our opinion: we think high-yield bonds still offer more income and fare better in rising rate environments than other bond types.
When Is a Small-Cap Fund Too Big?
by Bruce Aronow of AllianceBernstein,
Asset managers of all types frequently grapple with capacity issues. These questions are even more acute for a small-cap growth manager. Since small-cap stocks are seldom widely held and are thinly traded, it can be tricky to trade quickly when you need to. And growth managers tend to be bigger "consumers" of liquidity, because they're often competing with others to buy companies that are in favor by virtue of their strong fundamental momentum.
The Myth of the Nest Egg
by Seth Masters of AllianceBernstein,
For decades we've focused on the nest-egg notion as the goal for retirement saving, benchmarking our progress in relation to that lump sum. But it has no context other than probably being the single biggest "paycheck" most of us will ever see. That lump sum may sound great to me, but what does it mean for my spending over 20 or even 30 years without a paycheck?
Investing in the Robot Revolution: Part 1
As robots increasingly take over processes currently performed by humans, we believe that an inflection point in manufacturing automation is imminent. Transport and healthcare will quickly follow, with enormous social, economic and hence investment implications.
Stability Still Matters as Investors Embrace Risk Again
by Kent Hargis of AllianceBernstein,
After years of chasing safety at all costs, investors are now reaching for opportunities in long-spurned riskier stocks. But they will still want to safeguard their portfolios against painful market swings in the future.
UK Threat to Exit EU: Much Ado About Nothing
by Darren Williams of AllianceBernstein,
In a speech last week, British Prime Minister David Cameron raised the possibility that the UK might push the nuclear button and leave the European Union. We think both the threat and consequences of such a move have been exaggerated. The most striking aspect of Mr Camerons much-postponed speech on Europe last week was his promise to hold a referendum on the UKs membership of the European Union (EU) by the end of 2017. Such a vote, he said, would follow a new settlement to hand powers back to national governments.
The Road to Restoring Confidence in Retirement
by Seth Masters of AllianceBernstein,
The next-generation DC design can provide participants with better outcomes and more control. Particularly if the default includes lifetime income, participants no longer need to struggle with almost impossibly complex planning problems.
Seniors: Act Fast If You Want to Transfer IRA Assets Directly to Charity
Philanthropic seniors in the US have only until the end of January to decide whether to make a tax-neutral transfer of up to $100,000 in IRA assets to the charity of their choice. For many, this could significantly lower their tax bill.
Is the Euro "Dangerously High"?
by Darren Williams of AllianceBernstein,
Jean-Claude Juncker's view that the euro is "dangerously high" isn't shared by the European Central Bank (ECB). As long as this is the case, the single currency may continue to defy fundamentals and act as an unwelcome headwind for an economy still struggling to break out of recession.
UK Economic Quagmire Adds Pressure for Monetary Policy Change
by Darren Williams of AllianceBernstein,
Bank of England governor-elect, Mark Carney, has raised hopes that the central bank may soon switch to a nominal GDP target. In our view, the costs outweigh the benefits, but the attractions of a radical new approach will grow if the economy remains stuck in the doldrums.
The Markets and the Cult of Now
by Joseph Paul of AllianceBernstein,
Crisis-battered investors continue to favor the relative certainty of current income over the "maybe" of future capital appreciation. If you ask me, however, this hyperfixation on Now is creating some provocative opportunities in Later.
Will Emerging Market Earnings Rebound in 2013?
by Morgan Harting of AllianceBernstein,
For two years, emerging markets companies have delivered inferior earnings growth and investment returns compared to peers in sluggish developed market economies. Now, the consensus is that earnings growth will catapult from near-zero in 2012 to 13 per cent in 2013. Hopes were high at the end of 2010 and 2011, too, yet analysts were then forced to revise down their earnings estimates. Will 2013 represent another triumph of hope over experience? To answer that question, let's look at what investors got wrong about emerging markets in recent years.
Surging EM Corporate Bond Issuance: Cause for Concern?
by Shamaila Khan of AllianceBernstein,
New bond issuance by emerging-market companies boomed in 2012, leading to fears of a bubble. But we think this market growth is positive for investors, rather than a harbinger of soaring debt levels or deteriorating credit quality.
Looking Under the Hood at High-Yield Bank Loans
When you're shopping for a car, you take a look under the hood to see what makes the thing run. You also check out the car's features: does it have heated seats, a rear-view camera, a GPS? What goes for buying cars goes for investing in high-yield loans. As it turns out, not all loan features are what you'd call investor-friendly.
Skip the Surtax: A Tax-Saving Strategy for CRTs
A special provision buried deep in a recent set of proposed US Treasury regulations opens the door for charitable remainder trusts (CRTs) to protect gains from being subject to next year's 3.8% Medicare surtax. Here's how CRTs can reduce their beneficiaries' tax burden.
To Wait or Not to Wait? That Is the Charitable Gifting Question
The tax impact of delaying a charitable gift by just a couple of weeks (until 2013) could be large, but it may not be positive for US taxpayers. The potential tax savings from claiming a charitable income tax deduction for a donation depends on a number of factors.
Hedge Funds: Identifying Alpha and Mitigating Risk
by Daniel Eagan of AllianceBernstein,
Hedge funds have historically generated higher returns than stocks with less volatility, but they also pose several significant risks that volatility alone doesn't capture, our research suggests. That makes careful due diligence and diversification of managers crucial.
TAG Could Be Tagged in Fiscal-Cliff Negotiations
Caught up in the wrangling over the US fiscal cliff is a little-publicized program that could have big implications for short-term investors and bond yields if it expires on December 31. If the Transaction Account Guarantee (TAG) program ends, huge sums of money may start looking for a new home.
Hedge Funds: Separating Fact from Hype
by Daniel Eagan of AllianceBernstein,
It's easy to understand the allure of hedge funds and the fear they inspire. After conducting rigorous research aimed at separating fact from hype, we have concluded that hedge funds historically have had an attractive risk/return profile.
Buy and Hold Is Dead...Long Live Buy and Hold
by Kurt Feuerman of AllianceBernstein,
It seems that rumors of the death of long-term equity investing have been greatly exaggerated. That the rumors exist is hardly surprising. There are still significant risks facing the market, the 2000s were an underwhelming decade, and investors still feel the pain of the 20082009 selloff and the effects of the volatility that followed it. Stocks have made plenty of headway since that low point, though, and based on our assessment the prospects seem bright.
High-Yield Bank Loans: Look Before You Leap
High-yield bank loans are a hot topic again in capital markets, with features touted as ideal for today's environment. But we think it makes sense to take a closer look at what bank loans really areand aren't. In our opinion, there are a few holes in the case for piling into high-yield loans.
Don't Let Abuses Overshadow Value of 10b5-1 Plans
by Daniel Eagan of AllianceBernstein,
A recent Wall Street Journal article implied that some US executives have manipulated 10b5-1 programs to boost gains or reduce losses when trading company stock. Even if these abuses did occur, we think they shouldn't obscure the value of 10b5-1 programs implemented in good faith.
Results 1,751–1,800
of 1,859 found.
