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The views expressed herein do not constitute research, investment advice or trade recommendations, and do not necessarily represent the views of all AB portfolio-management teams and are subject to change over time.
The portfolios referred to in this website may invest in equity, fixed-income securities and/or derivatives. Each portfolio may have a different risk profile.
Some of the portfolios are entitled to use derivative instruments for hedging and efficient portfolio-management purposes, which may involve additional risks. In adverse situations, the Portfolio's use of derivative instruments may become ineffective in hedging or efficient portfolio management, and these portfolios may suffer significant losses.
Some of the portfolios may invest in commodity-linked derivative instruments or commodity-related securities, which expose the portfolios to greater volatility than traditional securities.
Some of the portfolios may invest in newly established, small-cap and less seasoned companies, which may be more volatile than investments in developed and large-cap companies due to the additional risks that these companies may have—limited product lines, markets or financial resources—and they may have a limited performance history.
Some of the portfolios may invest in emerging markets, which are subject to higher risks (for example, liquidity, political and economic risks) and higher volatility than portfolios investing in developed markets. Fluctuations in currency-exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets.
Some of the portfolios may be limited to investment in a single market or industry sector, which may involve higher concentration risks than diversified portfolios.
Some of the portfolios that invest in fixed-income securities may be subject to interest-rate risk, credit risk, credit rating downgrade risk and lower-rated and unrated instruments risk.
Lower-rated and unrated instruments are considered to be subject to a greater risk of loss of principal and interest than higher-rated securities.
The Management Company has the sole and absolute discretion to amend the dividend policy, subject to the SFC’s prior approval and by giving no less than one month’s prior notice to investors. Dividend yield is not indicative of return for the Portfolio. Dividends may be paid from the capital of the Portfolio at the discretion of the Management Company, which may amount to a partial return or withdrawal of an investor’s original investment, or from any capital gains attributable to that original investment, and such dividends may result in an immediate decrease of the Net Asset Value per share.
For RMB share class, there can be no assurance that RMB will not be subject to devaluation, which could adversely affect the value of investors’ investments in the RMB class(es) of the portfolios. Non-RMB-based (e.g., Hong Kong) investors may have to convert HKD or other currencies into RMB when investing in the RMB class; therefore, investors may incur currency-conversion costs and may suffer losses in the event the RMB depreciates against the HKD or such other currencies upon receipt of the RMB redemption proceeds and/or RMB distributions (if any).
For the hedged RMB class, investors have to bear the associated hedging costs, which may be significant depending on prevailing market conditions, which will be reflected in the net asset value of the relevant class. While the hedging strategy may protect investors against a decline in the value of the Portfolio’s base currency and/or other currencies of the non-RMB-denominated underlying investments relative to the RMB, on the other hand, it will limit the hedged RMB class(es) from benefiting from any potential gain resulting from the appreciation of the base currency/other currencies of the non-RMB-denominated underlying investments against the RMB.
The value of the portfolios can be volatile and can go down substantially within a short period of time. It is possible for the entire value of your investment in the Portfolio to be lost.
Please refer to the prospectus for further information about the relevant portfolios, including their investment objectives, risk factors, and fees and charges.
Investors should not rely on this document alone to make investment decisions.
The information on the following pages is intended solely for use by Hong Kong residents. The information on the following pages is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司). The funds mentioned are authorized and approved for sale in Hong Kong. SFC authorization is not a recommendation or endorsement of the Fund nor the Portfolios nor does it guarantee the commercial merits of the Fund or any Portfolio or its performance. It does not mean the Fund and the Portfolios are suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. By proceeding, you are representing and warranting that you are either a resident in Hong Kong or that the applicable laws and regulations of your jurisdiction allow you to access the information. Investors should note that the contents of this website are for informational purposes and do not constitute an offer to sell or the solicitation of an offer to buy units in AB funds in any jurisdiction where such activity is prohibited, including the United States of America.
All applications for units in AB funds must be made on the application forms accompanying the relevant prospectus. A copy of the relevant prospectus is available and may be obtained from AllianceBernstein Hong Kong Limited and its appointed distributors. Investors should read the prospectus for details, including the risk factors, before deciding whether to subscribe to or purchase shares in AB funds. An investment in the funds is subject to investment risks, including the possible loss of the principal amount invested. The value of units and the income from them may fall as well as rise. Past performance of AB funds or of AllianceBernstein L.P. and its affiliates and subsidiaries and their funds is not necessarily indicative of the future performance of AB funds or of AllianceBernstein L.P. and its affiliates and subsidiaries and their funds.
”United States Person” has the same meaning as the term “US Person”, as that term is defined in the Regulations under the United States Securities Act of 1933, as amended, and includes, among others, any natural person resident in the United States, any partnership, corporation or other entity organized or incorporated under the laws of the United States, any estate of which any executor or administrator is a US person, any trust of which any trustee is a US person, and any agency or branch of a foreign entity located in the United States.
This website has not been reviewed by the Securities and Futures Commission.
The issuer of this website is AllianceBernstein Hong Kong Limited (聯博香港有限公司).
Past performance does not guarantee future results. Returns shown are for illustrative purposes and not representative of any AB fund. It is not possible to invest in an index.
*Performance calculated by multiplying all positive monthly returns (0% or greater) of the MSCI World Index by 90% and all negative returns (less than 0%) by 70%; shown in logarithmic scale
†Annualized standard deviation
Data from March 31, 1986 (inception date MSCI World Index) through July 31, 2022
Source: MSCI and AllianceBernstein (AB)
Past performance does not guarantee future results.
Universe: S&P 500 and identification of 20 down market periods from January 1970 through December 31, 2021. USD returns across these periods for S&P 500. Quality, stability and price (QSP) represented by an equally weighted aggregate score of the most attractive quintiles of US stocks based on high return on assets (quality), low beta (stability) and high earnings to price (price). Quintile returns are cap-weighted.
Left chart: Returns for S&P 500 and QSP across all down-market periods.
Right chart: Returns for S&P 500 and QSP across recession/long-term periods: 1973 recession (Jan 1, 1973–Sep 1, 1974); 1982 stagflation (Dec 1, 1980–Jul 1, 1982); 1990 recession (Jan 1, 1990–Oct 1, 1990); 2000 dotcom recession (Apr 1, 2000–Sep 1, 2002); 2008 global financial crisis (Nov 1, 2007–Feb 1, 2009).
As of June 30, 2022
Sources: FactSet, S&P, S&P Compustat and AB
Past performance does not guarantee future results.
Universe is S&P 500. USD returns across these periods for S&P 500 and highest QSP quintile. Quintile returns are cap-weighted.
QSP represented by an equally weighted aggregate score of the most attractive quintiles of US stocks based on high return on assets (quality), low beta (stability) and high earnings to price (price).
As of June 30, 2022
Source: FactSet, S&P, S&P Compustat and AB
The views expressed herein do not constitute research, investment advice or trade recommendations, and do not necessarily represent the views of all AB portfolio-management teams and are subject to change over time.
MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein.
The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
Investment involves risk. The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this publication. This article is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer of solicitation for the purchase or sale of, any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. This presentation is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission.
Investment involves risks. Past performance is no guarantee of future results.
AllianceBernstein Hong Kong Limited (聯博香港有限公司) is the Hong Kong representative of AB’s Luxembourg-domiciled investment funds, and the funds have been authorized by the Securities and Futures Commission (SFC) for retail distribution in Hong Kong. It is also the investment manager of the AB (HK) Unit Trust Series, which is an open-ended unit trust established as an umbrella unit trust under the laws of Hong Kong, and its sub-funds. For general and sales information, please call 2918 7888.
SFC authorization is not a recommendation or endorsement of the Fund or its sub-funds, nor does it guarantee the commercial merits of the Fund or any of its sub-funds, or their performance. This does not mean the Fund or its sub-funds are suitable for all investors, nor is it an endorsement of their suitability for any particular investor or class of investors.
This website has not been reviewed by the Securities and Futures Commission.
The issuer of this website is AllianceBernstein Hong Kong Limited (聯博香港有限公司).