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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. Views are subject to revision over time.
Past performance does not guarantee future results.
Return on assets (ROA): last 12 months’ earnings divided by average total assets; low beta: exponentially weighted beta with a one-year half-life over the last five years; return on equity (ROE): net income divided by average shareholder’s equity; net income margin: last 12 months’ net income/last 12 months’ revenue; price to free cash flow (FCF): last 12 months’ cash flow from operations minus three-year average capex to market cap.
*Factor returns are for the first quintile of stocks of each factor.
†Percentile rankings are based on monthly valuations (i.e., relative price/earnings of quintile 1 for each factor vs. Russell 1000) from 1990 to present.
Left display as of October 31, 2023. Right display as of September 30, 2023.
Source: Bloomberg, Piper Sandler and AllianceBernstein (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. Views are subject to revision over time.
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.