1. For financial adviser use only. Not to be distributed to, or relied upon by, retail clients.
AllianceBernstein:
Total assets by channel and asset class
By Channel By Asset Class
Institutional
52%
Retail
33%
Private Client
15%
Assets Under Management
Total: US$454 Bil.*
As of 31 March 2014
*Source: AllianceBernstein
Multi-Asset
13%
Structured/
Index
9%
Fixed
Income
55%
Equities
20%
Other
3%

2. For financial adviser use only. Not to be distributed to, or relied upon by, retail clients.
Why is Dynamic De-risking important?
Portfolio volatility can vary dramatically
Simulated Portfolio Volatility
Static Asset Allocation Assuming 50/50 Equities and Bonds Hedged to GBP
The simulation was based on the AB Global Strategy 50/50 GBP portfolio allocation using daily returns with weekly rebalancing and fully hedged to GBP over the 10 year period from 30
June 2003–30 June 2013. Results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance
record, these results do not represent actual trading. Results exclude estimates of trading costs and market impact. Simulated or hypothetical trading programs in general are also subject
to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve returns or a volatility profile similar to those
being shown. See Important Information. Historical information provided for illustrative purposes only
Source: AllianceBernstein
While the average risk of a balanced portfolio is moderate over long periods,
in the interim, the risk can vary dramatically depending on the market environment.
0%
10%
20%
30%
40%
Jul 07 Jan 08 Aug 08 Mar 09 Oct 09 May 10Dec 10 Jun 11 Jan 12 Aug 12 Mar 13 Oct 13 May 14Dec 14 Jun 15 Jan 16 Aug 16 Mar 17
Average
volatility 6.3%

3. For financial adviser use only. Not to be distributed to, or relied upon by, retail clients.
Why is Dynamic De-risking important?
Aims to lower overall portfolio risk
Simulated Portfolio Volatility
Static Allocation vs. Target Volatility Allocation
(assumes 50/50 Equities and Bonds Hedged to GBP)
The simulation was based on the AllianceBernstein Global Strategy 50/50 portfolio allocation using daily returns with weekly rebalancing and fully hedged to GBP over the
10 year period from 30 June 2003–30 June 2013. The simulation results which incorporate the Target Volatility model dynamically reduce exposure to capital markets during
periods of high volatility and assume a 6.5% Target Volatility. Results are based on simulated or hypothetical performance results that have certain inherent limitations.
Unlike the results shown in an actual performance record, these results do not represent actual trading. Results exclude estimates of trading costs and market impact.
Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that
any account will or is likely to achieve returns or a volatility profile similar to those being shown. See Important Information.
The Target Volatility mechanism aims to reduce exposure to “riskier”
assets during periods of higher market volatility.
0%
10%
20%
30%
40%
0%
25%
50%
75%
100%
Jul 07 Feb 08 Oct 08 Jun 09 Feb 10 Oct 10 Jun 11 Feb 12 Oct 12 Jun 13 Feb 14 Oct 14 Jun 15 Feb 16 Oct 16 Jun 17
PercentInvestedin“RiskyAssets”
Volatility
Percent Invested
in Risky Assets
50/50
VOLATILITY
50/50 without
Target Volatility
VOLATILITY
50/50 with Target
Volatility

4. For financial adviser use only. Not to be distributed to, or relied upon by, retail clients.
Why is this important?
It is harder to recover a loss, than it is to make a gain.
% loss
Source: BNY Mellon. Joint Investment Forum Absolute return: searching for returns independent of market conditions ,
January 2014
% Gain needed

5. For financial adviser use only. Not to be distributed to, or relied upon by, retail clients.
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