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AB Select US Long/Short Portfolio
mutual fund
ASLAX
Payout Change
Pending
Price as of:
$14.49
+0.08
+0.56%
primary theme
Long-Short Equity
share class
ASLAX (Mutual Fund)
AB Select US Long/Short Portfolio
Payout Change
Pending
Price as of:
$14.49
+0.08
+0.56%
primary theme
Long-Short Equity
share class
ASLAX (Mutual Fund)
AB Select US Long/Short Portfolio
Payout Change
Pending
Price as of:
$14.49
+0.08
+0.56%
primary theme
Long-Short Equity
share class
Name
As of 12/23/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
19.3%
1 yr return
19.6%
3 Yr Avg Return
6.1%
5 Yr Avg Return
8.9%
Net Assets
$1.42 B
Holdings in Top 10
52.2%
52 WEEK LOW AND HIGH
$14.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.01%
SALES FEES
Front Load 4.25%
Deferred Load N/A
TRADING FEES
Turnover 181.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/23/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
ASLAX - Profile
Distributions
- YTD Total Return 19.3%
- 3 Yr Annualized Total Return 6.1%
- 5 Yr Annualized Total Return 8.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.90%
- Dividend Yield 0.5%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameAB Select US Long/Short Portfolio
-
Fund Family NameALLIANCEBE
-
Inception DateDec 12, 2012
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKurt Feuerman
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies, short positions in such securities, and cash and U.S. cash equivalents.
The Adviser selects investments for the Fund’s long positions through an intensive “bottom‑up” approach that places an emphasis on companies that are engaged in business activities with solid long-term growth potential and high barriers to entry, that have strong cash flows and other financial metrics, and that have transparent financial statements and business models. The Adviser also evaluates the quality of company management based on a series of criteria, including: (1) management’s focus on shareholder returns, such as through a demonstrated commitment to dividends and dividend growth, share buybacks or other shareholder-friendly corporate actions; (2) management’s employment of conservative accounting methodologies; (3) management incentives, such as direct equity ownership; and (4) management accessibility. The Adviser seeks to identify companies where events or catalysts may drive the company’s share price higher, such as earnings and/or revenue growth above consensus forecasts, potential market recognition of undervaluation or overstated market-risk discount, or the institution of any of the shareholder-friendly practices discussed in the preceding sentence. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading for the Fund.
The Adviser may reduce or eliminate the Fund’s holdings in a company’s securities for a number of reasons, including if its evaluation of the above factors changes adversely, if the anticipated events or catalysts do not occur or do not affect the price of the securities as expected, or if the anticipated events or catalysts do occur and cause the securities to be, in the Adviser’s view, overvalued or fully valued. At any given time the Fund may emphasize growth stocks over value stocks, or vice versa.
In determining securities to be sold short, the Adviser looks for companies facing near-term difficulties such as high valuations, quality of earnings issues, or weakness in demand due to economic factors or long-term issues such as changing technology or competitive concerns in their industries. The Fund may also sell securities of exchange-traded funds (“ETFs”) short, including to hedge its exposure to specific market sectors or if it believes a specific sector or asset will decline in value. When the Fund sells securities short, it sells a stock that it does not own (but has borrowed) at its current market price in anticipation that the price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market at a later date and returns it to the lender.
The Adviser derives the ratio between long and short positions for the Fund based on its bottom‑up analysis supplemented with macro-economic and market analyses. Generally, the net long exposure of the Fund (long exposure minus short exposure) is expected to range between 30% and 70%. There may be circumstances where the Adviser’s research and market outlook lead the Fund’s net long exposure to fall above or below these thresholds. The Adviser seeks to minimize the variability of Fund returns through industry diversification as well as by managing long and short exposures and/or by holding a material level of cash and/or cash equivalents. For example, the Fund may hold long positions in equity securities with a value equal to 60% of its net assets and have short sale obligations equal to 15% of its net assets, resulting in 45% net long exposure. Assuming a 60% long exposure, 40% of Fund assets will be held in cash or cash equivalents, including cash and cash equivalents held to cover the Fund’s short sale obligations. During periods of excessive market risk, the Adviser may reduce the net long exposure of the Fund. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged).
The Fund’s investments will be focused on securities of companies with large and medium market capitalizations, but it may also take long and short positions in securities of small-capitalization companies. The Fund may invest in non‑U.S. companies, but currently intends to limit its investments in such companies to no more than 10% of its net assets. The Fund may purchase securities in initial public offerings (“IPOs”) and expects to do so on a regular basis.
The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps, as part of its investment strategies or for hedging or other risk management purposes. These transactions may be used, for example, as a means to take a short position in a security or sector without actually selling securities short.
ASLAX - Performance
Return Ranking - Trailing
| Period | ASLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 19.3% | -11.3% | 41.7% | 22.60% |
| 1 Yr | 19.6% | -11.2% | 41.5% | 22.60% |
| 3 Yr | 6.1%* | -8.8% | 25.4% | 33.59% |
| 5 Yr | 8.9%* | -3.1% | 23.4% | 29.17% |
| 10 Yr | 7.3%* | -3.8% | 10.8% | 16.90% |
* Annualized
Return Ranking - Calendar
| Period | ASLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.4% | -17.3% | 43.8% | 27.40% |
| 2022 | -15.8% | -54.0% | 17.4% | 75.57% |
| 2021 | 4.4% | -40.0% | 54.1% | 59.20% |
| 2020 | 5.1% | -47.6% | 88.4% | 43.33% |
| 2019 | 12.9% | -20.3% | 62.6% | 34.51% |
Total Return Ranking - Trailing
| Period | ASLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 19.3% | -11.3% | 41.7% | 22.60% |
| 1 Yr | 19.6% | -11.2% | 41.5% | 22.60% |
| 3 Yr | 6.1%* | -8.8% | 25.4% | 33.59% |
| 5 Yr | 8.9%* | -3.1% | 23.4% | 29.17% |
| 10 Yr | 7.3%* | -3.8% | 10.8% | 16.90% |
* Annualized
Total Return Ranking - Calendar
| Period | ASLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.7% | -14.5% | 43.8% | 41.78% |
| 2022 | -10.2% | -54.0% | 50.3% | 70.23% |
| 2021 | 17.4% | -40.0% | 61.6% | 32.80% |
| 2020 | 9.8% | -29.9% | 91.0% | 40.83% |
| 2019 | 16.9% | -17.9% | 79.4% | 29.20% |
NAV & Total Return History
ASLAX - Holdings
Concentration Analysis
| ASLAX | Category Low | Category High | ASLAX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.42 B | 1.08 M | 6.67 B | 11.64% |
| Number of Holdings | 92 | 3 | 2730 | 56.85% |
| Net Assets in Top 10 | 774 M | -4.86 M | 2.41 B | 8.90% |
| Weighting of Top 10 | 52.24% | -9.9% | 110.8% | 42.47% |
Top 10 Holdings
- AB Fixed Income Shares, Inc. - Government Money Market Portfolio 25.15%
- Apple Inc 4.81%
- Microsoft Corp 4.69%
- NVIDIA Corp 4.40%
- Alphabet Inc 2.84%
- Berkshire Hathaway Inc 2.75%
- Meta Platforms Inc 2.64%
- Amazon.com Inc 2.28%
- Broadcom Inc 1.36%
- Exxon Mobil Corp 1.32%
Asset Allocation
| Weighting | Return Low | Return High | ASLAX % Rank | |
|---|---|---|---|---|
| Stocks | 73.34% | -0.13% | 113.26% | 45.89% |
| Cash | 26.66% | 0.00% | 109.95% | 42.47% |
| Other | 0.00% | -57.63% | 99.50% | 43.15% |
| Preferred Stocks | 0.00% | -1.13% | 6.36% | 89.73% |
| Convertible Bonds | 0.00% | -0.02% | 4.48% | 89.86% |
| Bonds | 0.00% | 0.00% | 108.68% | 92.47% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ASLAX % Rank | |
|---|---|---|---|---|
| Technology | 20.19% | 0.00% | 43.24% | 40.68% |
| Financial Services | 18.02% | 0.00% | 83.83% | 35.59% |
| Healthcare | 14.48% | 0.00% | 100.00% | 52.54% |
| Industrials | 13.58% | 0.00% | 31.93% | 29.66% |
| Consumer Cyclical | 8.98% | 0.00% | 88.83% | 66.10% |
| Energy | 7.89% | 0.00% | 32.57% | 22.88% |
| Communication Services | 7.48% | 0.00% | 32.32% | 47.46% |
| Consumer Defense | 6.82% | 0.00% | 19.75% | 41.53% |
| Utilities | 1.06% | 0.00% | 21.71% | 64.41% |
| Real Estate | 0.77% | 0.00% | 10.93% | 55.08% |
| Basic Materials | 0.72% | 0.00% | 28.58% | 85.59% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ASLAX % Rank | |
|---|---|---|---|---|
| US | 73.34% | 0.00% | 113.26% | 36.99% |
| Non US | 0.00% | -2.95% | 54.79% | 92.47% |
ASLAX - Expenses
Operational Fees
| ASLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.01% | 0.42% | 9.95% | 58.22% |
| Management Fee | 1.50% | 0.00% | 2.50% | 84.93% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 62.34% |
| Administrative Fee | N/A | 0.03% | 1.54% | N/A |
Sales Fees
| ASLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.25% | 2.50% | 5.75% | 95.45% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| ASLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| ASLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 181.00% | 0.00% | 446.00% | 69.91% |
ASLAX - Distributions
Dividend Yield Analysis
| ASLAX | Category Low | Category High | ASLAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.49% | 0.00% | 27.22% | 64.14% |
Dividend Distribution Analysis
| ASLAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| ASLAX | Category Low | Category High | ASLAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.90% | -3.33% | 2.16% | 52.08% |
Capital Gain Distribution Analysis
| ASLAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 10, 2024 | $0.070 | OrdinaryDividend |
| Dec 10, 2024 | $0.366 | CapitalGainShortTerm |
| Dec 10, 2024 | $0.594 | CapitalGainLongTerm |
| Dec 05, 2023 | $0.150 | OrdinaryDividend |
| Dec 06, 2022 | $0.804 | OrdinaryDividend |
| Dec 07, 2021 | $1.738 | OrdinaryDividend |
| Dec 08, 2020 | $0.594 | OrdinaryDividend |
| Dec 10, 2019 | $0.265 | CapitalGainShortTerm |
| Dec 10, 2019 | $0.178 | CapitalGainLongTerm |
| Dec 11, 2018 | $1.012 | CapitalGainShortTerm |
| Dec 13, 2017 | $0.645 | CapitalGainLongTerm |
| Dec 16, 2015 | $0.381 | CapitalGainShortTerm |
| Dec 16, 2015 | $0.001 | CapitalGainLongTerm |
| Dec 17, 2014 | $0.496 | CapitalGainShortTerm |
| Dec 18, 2013 | $0.165 | CapitalGainShortTerm |
ASLAX - Fund Manager Analysis
Managers
Kurt Feuerman
Start Date
Tenure
Tenure Rank
Dec 12, 2012
9.47
9.5%
Kurt Feuerman is Chief Investment Officer of Select Equity Portfolios at AllianceBernstein, focusing primarily on equity securities traded on US exchanges. Prior to joining the firm in June 2011, he was a senior managing director and senior trader with Caxton Associates for more than 12 years, and a managing director for nine years with Morgan Stanley, where his responsibilities included managing part of the firm’s US equity business. Earlier, Feuerman was a managing director with Drexel Burnham Lambert for six years, specializing as a sell-side securities analyst. He began his career in 1982 at The Bank of New York. Feuerman holds a BA in philosophy from McGill University, an MA in philosophy from Syracuse University and an MBA in finance from Columbia University. Location: New York
Anthony Nappo
Start Date
Tenure
Tenure Rank
Jun 30, 2015
6.92
6.9%
Anthony Nappo is Co-Chief Investment Officer for the Select US Equity Portfolios and a Portfolio Manager/Research Analyst covering healthcare and energy. Before joining the firm in 2011, Nappo was a portfolio manager at Surveyor Capital, a group within Citadel LLC, where he managed a long/short healthcare portfolio and an analyst team. Prior to that, he was a portfolio manager with Caxton Associates for eight years, in charge of healthcare and energy for both long/short and long-only strategies. Nappo started his career in finance as an equity research analyst at J.P. Morgan Securities. He graduated first in his class with a BS in management from Binghamton University and holds an MBA in finance from the University of Pennsylvania’s Wharton School. Nappo is a CFA charterholder and member of the CFA Institute and the New York Society of Security Analysts. Location: New York
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 23.55 | 5.96 | 7.93 |
