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Objective

The Portfolio seeks to increase the value of your investment over time mainly through income, as well as capital growth.

In actively managing the Portfolio, the Investment Manager will, depending on market conditions, invest flexibly across sectors (types of fixed income securities), industries, countries, currencies, credit qualities and duration profiles and seeks to balance risk and return characteristics. The Investment Manager uses a flexible, disciplined process integrating fundamental and quantitative research to identify high-conviction opportunities while actively managing duration, credit exposure and yield-curve positioning (top-down and bottom-up approach). The Portfolio may benefit from capital appreciation. Under normal market conditions, the Portfolio typically invests in debt securities from all types of issuers (including supranational and government issuers) anywhere in the world, including Emerging Markets. These securities may be below investment grade. The Portfolio may utilise all bond markets where these debt securities are traded including Bond Connect. The Portfolio may invest in, or be exposed to, the following asset classes up to the percentages of assets indicated: debt securities rated below investment grade: 50%; structured products such as asset- and mortgage-backed securities and collateralised loan obligations (ABSs, MBSs and CLOs): 75% (including up to 20% in CLOs); CoCos, including those that are issued as additional tier 1 securities or tier 2 securities: 10%; Perpetual bonds: 10%. The Portfolio’s investments may include other convertible securities. Expected average duration: 0 to 10 years but the Portfolio may buy securities with any duration. The Portfolio’s exposure to USD is at least 75%. The Portfolio may invest in government bonds. By way of derogation of Article 43 (3) of the 2010 Law, it may invest in securities issued by a European State, its local authorities or agencies, a member state of the OECD or of the G20, or a public international body to which one or more European State belongs, up to 100%.

Portfolio Management Team

Investment Risks to Consider

These and other risks are described in the Portfolio's prospectus

  • Credit Risk: A bond, money market instrument, or other debt security from any type of issuer could fall in price and become more volatile and less liquid, if the security’s credit rating or the issuer’s financial health deteriorates, if interest rates change, or the market believes it might. This risk is greater the lower the credit quality of the debt security. The greater the Portfolio’s exposure to below investment grade bonds may amplify credit risk.

  • Currency Risk: To the extent that the Portfolio holds assets that are denominated in currencies other than its Base Currency, any changes in currency exchange rates could reduce investment gains or income, or increase investment losses, in some cases significantly. Hedging may reduce but not eliminate currency risk.

  • Debt Securities Risk: The value of most bonds and other debt securities will rise when interest rates fall and will fall when interest rates rise. A bond or money market instrument could fall in price and become more volatile and less liquid if the security’s credit rating or the issuer’s financial health deteriorates, or the market believes it might. Debt securities carry, inter alia, interest rate risk, credit risk and default risk. 

  • Derivatives Risk: The portfolio may invest in financial derivative instruments for investment purposes in addition to hedging and/or efficient portfolio management purposes and hence this may lead to a higher volatility to the net asset value of the Portfolio. 

  • Emerging/Frontier Markets Risk: Emerging Markets, including frontier markets, are less established and more volatile than developed markets and more sensitive to challenging market conditions. Compared with developed markets, Emerging Markets involve higher risks, both as to frequency and intensity, particularly market, credit, liquidity, legal and currency risks.

  • Liquidity Risk: The risk that arises when adverse market conditions affect the ability to sell assets when necessary. Reduced liquidity may have a negative impact on the price of the assets.

  • Structured Instruments Risk: Structured instruments (including basket securities) are potentially more volatile and carry greater market risks than traditional debt securities. Structured instruments may be less liquid and more difficult to price than less complex securities. The risk of these investments can be substantial, potentially extending to a Shareholder’s entire investment.

Fund Literature

Prior to 16 April 2025, the name of this Portfolio was Global Income Portfolio. With effect from 16 April 2025, the Portfolio was renamed Flexible Income Portfolio, and the investment objective and strategy of the Portfolio was adjusted to have a more flexible approach with both credit and duration. In addition to these changes, with effect from 16 April 2025, Share Classes A2 (USD), A2 (HKD), AA (USD), AA (HKD), AT (USD), AT (HKD), I2 (HKD), IT (HKD), S1 (USD), A2 EUR H, AA AUD H, AA CAD H, AA EUR H, AA SGD H, AT GBP H, AT SGD H, I2 EUR H, I2 GBP H and I2 SGD H (referred collectively in this footnote as the “Legacy Share Classes”) were redesignated as Share Classes A2X (USD), A2X (HKD), AAX (USD), AAX (HKD), ATX (USD), ATX (HKD), I2X (HKD), ITX (HKD), S1X (USD), A2X EUR H, AAX AUD H, AAX CAD H, AAX EUR H, AAX SGD H, ATX GBP H, ATX SGD H, I2X EUR H, I2X GBP H and I2X SGD H respectively (referred collectively in this footnote as the “Redesignated Share Classes”). Investors should note that the past performance information in this table (as of 30 April 2024) insofar as it refers to the Legacy Share Classes correlate to the past performance of the corresponding Redesignated Share Classes. The Redesignated Share Classes are not offered to new investors.

Investment in the Fund entails certain risks. Past performance does not guarantee future results. The value of an investment in the Fund can go down as well as up and investors may not get back the full amount invested. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the fund’s full prospectus, together with the fund’s Product Highlights Sheet and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com / www.alliancebernstein.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.

The Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d’investissement à capital variable) under the laws of the Grand Duchy of Luxembourg.

The Portfolio may invest in financial derivative instruments for investment purposes in addition to hedging and/or efficient portfolio management purposes and hence this may lead to a higher volatility to the net asset value of the Portfolio.

Dividends are not paid for all share classes and are not guaranteed.

Please note that dividend distribution is at the discretion of The Board of Director (“Board”) and subject to the dividend policy referred in the Singapore Offering Document. It is dependent on prevailing market conditions and the income generated by the underlying securities of the fund. Any payments of distributions by the portfolio may result in an immediate reduction of the net asset value per share/unit. A high distribution yield does not imply a high return on the fund. Investors should not make any investment decision solely based on dividend information provided.

Currency-hedged share classes (indicated above by a currency denomination and an “H” in the Class name) use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. 

AllianceBernstein funds are offered only by the offering document with respect to each fund. The sale of shares of AB funds may be restricted in certain jurisdictions. In particular, shares may not be offered or sold, directly or indirectly, in the United States or to U.S. persons, as is more fully described in the Offering Document with respect to each Fund. Shares of AB funds are offered only pursuant to the Fund’s current Offering Document together with the most recent financial statements. The information on this page is for information purposes only and should not be construed as an offer to sell, or solicitation to buy, or a recommendation for the securities of any AB fund.

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AllianceBernstein (Luxembourg) S.à.r.l. is the management company of the Portfolios and has appointed AllianceBernstein (Singapore) Ltd. (Company Registration No. 199703364C) as its agent for service of process and as its Singapore representative. AllianceBernstein (Singapore) Ltd. is regulated by the Monetary Authority of Singapore. This advertisment has not been reviewed by the Monetary Authority of Singapore.

The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this publication.  This document is for informational purposes only and does not constitute investment advice.

AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

The contents of this site are general in nature, for general information only and prepared without consideration given to the specific investment objective, financial situation and particular needs of any specific person. This site contains the views and opinions of particular individuals and may not necessarily represent views expressed or reflected in other AB communications, strategies or funds. Reliance should not be placed on these views and information when making individual investment and/or strategic decisions.

Past performance, historical and current analyses, and expectations do not guarantee future results.

Investment involves risk. The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this publication.  This document is for informational purposes only and does not constitute investment advice.  AllianceBernsteinL.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams.

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