||Emerging-Market Debt is an actively managed fixed-income strategy that invests broadly in sovereign and quasi-sovereign bonds (in both hard and local currencies), corporate emerging-market debt, and emerging-market currencies. The strategy’s objective is to outperform the J.P. Morgan EMBI Global (or other broad, diversified emerging-market–debt index) by 200 to 300 basis points annually, before fees, over full market cycles, with a tracking error to benchmark of between 300 and 500 basis points annually. This strategy is available via separate accounts or through the ACMBernstein Emerging Markets Debt Portfolio, a Luxembourg-domiciled UCITS fund designed for non-US investors.
||Global Credit is an actively managed global bond strategy with a research-driven investment approach. This service invests primarily in investment-grade credits and takes opportunistic positions in convertible securities, the sovereign debt of developed nations, agency bonds, asset-backed securities, and high-yield and emerging-market debt, where permitted by client guidelines. The strategy’s goal is to outperform the Barclays Global Aggregate–Credit Index by 100 to 150 basis points annually, before fees, over full market cycles.
|Global High Income
||Global High Income is a dynamic, actively managed fixed-income strategy that seeks to maximize total return while producing high current income. It invests across the higher-yielding sectors of the global fixed-income markets: high-yield corporate bonds of issuers in developed markets globally, emerging-market sovereign and quasi-sovereign debt (both US dollar–denominated and local currency), and emerging-market corporate debt. The strategy implements its global, multi-sector approach to maximize its opportunity set and income potential, hedge against interest-rate risk, and exploit the diversification benefits of investing in sectors not highly correlated with one another. The strategy is managed against either a global high-yield benchmark or a custom benchmark reflecting both the high-yield and emerging-market–debt sectors, or the approach may be benchmark agnostic.
||Global-Plus Fixed Income is an actively managed global bond strategy that invests broadly in the sovereign debt of developed nations, investment-grade credits, agencies, mortgages, commercial mortgage-backed securities and asset-backed securities. Additionally, the strategy takes opportunistic positions in high-yield and emerging-market debt.
|Global Short Duration
||Global Short Duration is a low-duration, high-quality, core fixed-income strategy. The strategy seeks to achieve high total investment return by investing in a global portfolio of investment-grade fixed-income securities denominated in various currencies, while maintaining an average duration of five years or less. At least 70% of non–US dollar positions will be hedged into US dollars in an effort to minimize the risks of currency fluctuations. This strategy is available via separate accounts or as a Luxembourg-domiciled, UCITS-compliant fund designed for non-US investors.