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Alliancebernstein Global High I Message Board

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  • goldinvestmentmanagement goldinvestmentmanagement Sep 17, 2008 1:52 PM Flag

    Here's why AWF and ACG fell like a stone today

    Some positives:

    Leverage levels are very modest.
    Could be lowered and paid off.
    Duration reasonable at approx 5 yrs. (less vol than 30 yr sovereigns)
    Almost 500 names in portfolio
    Great long-run perf.
    Controls in place - KPMG, legal, major transfer agent.
    AXA backing AB


    Percentage of Leverage
    %
    1 Bank Loans : 0.00
    2 Investment Operations : 7.18
    3 Preferred Stock : 0.00

    Duration
    Years
    Duration 5.31



    Information as of: 8/31/2008
    Total Holdings in the Portfolio: 496


    Description (as of 9/16/2008 ) Annualized (as of 8/31/2008 ) Inc. Date
    MTD YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs Since Inc.
    NAV: — — 4.16 7.16 10.50 17.46 12.13 7/28/1993
    Market: — — 7.67 9.88 10.14 17.20 11.08 7/28/1993

    Fiscal Year End: 03/31
    Frequency of Shareholder Reports: Semi-annually
    Advisor: AllianceBernstein L.P.
    Transfer Agency : Computershare Trust Company, N.A.
    Legal Advisor : Seward & Kissel LLP
    Auditors: Ernst & Young LLP

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    • Undoubtedly AB will lose some assets under management and the fees associated with them, but I just don't see them going under like an investment bank with big exposure to mortgage-related derivatives might..

      I was just starting to invest in '98 and I remember the LTCM crisis, I remember owning TBR (Telebras) and it going from 120 to 50 in a couple of weeks then back to 100 the month after that..

      I don't think things will bounce back as quickly this time but it's a little late to sell now

 
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