High-Yield Bonds: Tight Spreads Don’t Mean Limited Opportunity
The Fed’s easing cycle is now finally underway, but it doesn’t change the market uncertainty on the horizon. And when it comes to high-yield bonds—a cornerstone for many fixed-income allocations—the one constant is the need to adopt a flexible and proactive approach. Active management can provide a clear competitive edge in the high-yield space, especially when paired with the efficiency of ETFs.
Now On Demand
Register now to hear from AllianceBernstein’s fixed-income experts, who will walk through their thoughts on navigating credit markets and more. Topics covered will include:
Head—US Retail Fixed Income Business Development
AllianceBernstein
AJ Rivers is a Senior Vice President and Head of US Retail Fixed Income Business Development. Prior to joining AB in 2022, he was the director of Product Strategy at Lord Abbett. Throughout his career, Rivers has been directly involved in the rates and credit markets, and has directed the product development and competitive positioning of investment strategies in traditional and alternative assets. He has held roles in trading, risk management, portfolio analytics and product strategy. Rivers attended the McDonough School of Business at Georgetown University and graduated from the University at Buffalo for undergrad. He is a CFA charterholder, a Financial Risk Manager (FRM) and a Chartered Alternative Investment Analyst (CAIA). Location: Nashville.
Director—US High Yield
AllianceBernstein
Will Smith is a Senior Vice President and Director of US High Yield Credit. He is also a member of the High Income, Global High Yield, Limited Duration High Income, Short Duration High Yield and European High Yield portfolio-management teams. Smith designed and is one of the lead portfolio managers for AB’s Multi-Sector Credit Strategy, which invests across investment-grade and high-yield credit sectors globally. He leads the monthly High Yield portfolio-construction meeting, and is a member of the Credit Research Review Committee, which determines investment policy for the firm’s credit-related portfolios. Smith has authored several papers and blogs on high-yield investing, including one on the importance of using a probability-based framework to build better portfolios. He joined AB in 2012, and spent 2014 in London as part of the European High Yield portfolio-management team. Smith started his career with UBS Investment Bank, working as an analyst with the Credit Risk team and then later on the Fixed Income sales and trading desk. He holds a BA in economics from Boston College and is a CFA charterholder. Location: Nashville.
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