AllianceBernstein
The latest research and outlooks in the ProAllocate library
- Equities
Three Market Risks Bolster the Case for Defensive Equities
AB argues that rising AI capital-expenditure risks, higher interest rates and persistent inflation strengthen the case for defensive, quality equity strategies despite their recent underperformance versus speculative AI-driven markets. It contends quality, stability and price (QSP) stocks have historically outperformed in similar high-rate, high-inflation environments and should be judged over a full cycle.
- Private Markets
How Insurers Can Tailor Private Credit to Fit Their Needs
AB argues insurers should select private credit investments—from fund finance to real estate debt—based on matching liability profiles, cash needs and relative value, rather than chasing broad asset-class exposure or industry allocation targets.
- Portfolio Construction
The Book 2025 Edition
AllianceBernstein's Inigo Fraser Jenkins and Alla Harmsworth argue structural tailwinds like globalisation and favourable demographics have reversed, requiring a new strategic allocation favouring equities, real assets and active management over bonds. They recommend redesigning pension asset allocation and adding tokenised and crypto assets to portfolios.
- Fixed Income
A Note from the AB Fixed Income Trading Desk
AllianceBernstein argues the Fed's September hike confirms a hawkish pivot, as resilient growth and sticky inflation suggest a structurally higher neutral rate. It recommends flexible, globally diversified fixed-income portfolios emphasizing active duration and credit selection.
- Pensions
A Simpler Path to Lifetime Income: Make It Automatic
AB's 2026 participant survey finds DC savers more confident about accumulation than decumulation, with most overestimating safe withdrawal rates. AB argues plan sponsors should add automatic lifetime income options that preserve liquidity and growth potential.
- Fixed Income
Why Japanese Government Bonds Deserve a Second Look
AllianceBernstein argues that the Bank of Japan's retreat from yield curve control has pushed JGB term premiums to G4-leading levels, while Japan's smaller projected deficits versus the US, UK and Germany support a larger allocation.
- Macro
Demographics: Going the Way of the Ents?
AB argues that an abrupt collapse in global fertility, beyond long-known population aging, will lower growth and return assumptions, strain pension systems and bond markets, while reinforcing US equity exceptionalism and demand for healthcare and real estate exposure.
- Equities
Healthcare Stocks Deserve a Second Opinion
AllianceBernstein argues healthcare stocks are undervalued despite strong earnings growth, aging-driven demand and R&D-fueled innovation, having lagged as investors chased AI-related technology names. It views healthcare as a quality, reasonably priced diversifier offering recovery potential uncorrelated with AI market swings.
- Fixed Income
The Week in Muniland
AllianceBernstein reports municipal bonds rallied again as Treasury flight-to-quality and tax-loss harvesting flows boosted demand, while shrinking net supply into year-end and disciplined 2027 state budgets support a favourable technical and credit backdrop.