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
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