Rising Prices and the Big Tradeoff: Inflation Protection vs. Market Participation – AllianceBernstein – 3.1.22

Summary:

On Demand

Register today for the inaugural edition of AB’s Disruptor Series—where our expert panel takes on the issues dominating headlines and influencing capital markets. The first topic without question at the top of mind for investors: inflation. It’s back, and with nominal returns expected to be lower ahead, rising prices are casting a big shadow over prospects for real returns—the lifeblood of investment success.

Here’s what’s on the agenda:

A Brief Inflation History Lesson: To understand today’s inflation problem, we need to explore its history, which can provide insights into the inflation seeds planted in earlier periods.

Where Are the Numbers Coming From? A deep dive under the headlines to pin down the exact drivers of today’s inflation numbers. Which parts of the economy are being hit hard and which are insulated?

The Path of Inflation…including beyond COVID-19: Which factors are shaping inflation’s path—and by extension, policy? It’s part economic normalization, part nuts and bolts. We’ll also present our base-case view and how it might be off the mark in either direction.

The Big Trade-Off—Inflation Protection vs. Market Participation: How can investors strike the best balance? What attributes make an inflation hedge effective and efficient? We’ll drill into the different approaches to protecting portfolios and what makes them tick.

Speakers:

Rick Brink is a Senior Vice President and Market Strategist in the Client Group. Previously, he served as a managing director in the Alternatives and Multi-Asset Group. Prior to that role, Brink was a senior portfolio manager in Fixed Income, and before that an investment director for fixed-income investments within the Global Retail Investments Group. Before joining AB in 2004, he was senior product manager at the Dreyfus Corporation, covering both retail and institutional fixed-income offerings. Brink was previously a senior trainer, dealing primarily with the design and delivery of product training to financial advisors and mutual fund sales representatives. He holds a BS in applied mathematics and economics from Stony Brook University, and is a CFA charterholder.

Eric Winograd is a Senior Vice President and Director of Developed Market Economic Research. He joined the firm in 2017. From 2010 to 2016, Winograd was the senior economist at MKP Capital Management, a US-based diversified alternatives manager. From 2008 to 2010, he was the senior macro strategist at HSBC North America. Earlier in his career, Winograd worked at the Federal Reserve Bank of New York and the World Bank. He holds a BA (cum laude) in Asian studies from Dartmouth College and an MA in international studies from the Paul H. Nitze School of Advanced International Studies.

Inigo Fraser Jenkins is Co-Head of Institutional Solutions at AB. He was previously head of Global Quantitative Strategy at Bernstein Research. Prior to joining Bernstein in 2015, Fraser Jenkins headed Nomura’s Global Quantitative Strategy and European Equity Strategy teams after holding the position of European quantitative strategist at Lehman Brothers. He began his career at the Bank of England. Fraser Jenkins holds a BSc in physics from Imperial College London, an MSc in history and philosophy of science from the London School of Economics and Political Science, and an MSc in finance from Imperial College London.

Janaki Rao is a Senior Vice President and Portfolio Manager for US Multi-Sector and Securitized Assets. In this role, he is the lead portfolio manager for AB’s US Multi-Sector portfolios, including TIPS portfolios and agency MBS portfolios, and he is a member of the Securitized Asset portfolio-management team. Rao brings decades of experience to AB, with a focus on securitized assets and US interest-rate strategies. Before joining the firm, he spent seven years in the US Interest Rate Strategy Group at Morgan Stanley, where he was responsible for covering the agency MBS market, including publishing for the flagship weekly publication, and generating ad hoc reports on breaking news, in-depth analysis of emerging trends and product primers. Rao also engaged with policymakers on various issues related to housing finance. Prior to joining Morgan Stanley, he ran the advance pricing, debt and derivatives trading desk at the Federal Home Loan Bank of New York. Rao holds a BA in economics from Delhi University and an MBA in finance from the Zicklin School of Business at Baruch College.