TEXT-Fitch affirms AllianceBernstein Emerging Market Debt Fund 'excellent' fund quality rtg

Tue Nov 13, 2012 8:51am EST

Nov 13 - Fitch Ratings has affirmed AllianceBernstein Emerging Market Debt (EMD) fund's 'Excellent' rating. The fund is managed by AllianceBernstein L.P..

AllianceBernstein EMD is a Luxemburg domicile fund of USD799m of assets as of end-September 2012 investing in dollar- and local currency-denominated emerging market (EM) sovereign, quasi sovereign, corporate debt, currencies and derivatives.

The primarily bottom-up, investment process combines the independent inputs of fundamental and quantitative research in a disciplined manner, while allowing portfolio managers (PM) sufficient flexibility in the diversification of sources of risks and returns. The fund benefits from the depth of AB's resources, including the eight strong, largely centralised in New York, EMD team, led by Paul DeNoon, the fund's PM. Process and resources remained stable over the past 12 months, with increased resources and focus on emerging market corporate debt to be noted.

Launched in March 2006, the AllianceBernstein EMD fund has consistently outperformed the Lipper category "Bond Emerging Market Global Hard Currency". The strong track record is illustrated by a Lipper Leader of five (highest quintile) over five years and four over three years. Year to end of October 2012, the fund returned 15.3% outperforming its benchmark and Lipper category by 2.3 and 1.9% respectively.

AllianceBernstein, L.P., rated 'A+'/Stable/'F1' is a diversified asset manager (USD419bn assets under management as at September 2012). AB has been investing in emerging market debt since the early 1990s. AB manages USD24.5bn in emerging market debt strategies as at September 2012.

Fitch's Fund Quality Ratings combine Fitch's experience in qualitative fund analysis with rankings and performance data from Lipper, a Thomson Reuters company. Fitch's Fund Quality Ratings offer an independent, forward-looking assessment of a fund's key performance and risk attributes and consistency of longer-term returns, relative to peer group or benchmarks. The ratings focus on the fund manager's investment process, key fund performance drivers, risk management, and the quality of the fund's operational infrastructure.

For more information, please see www.fitchspotlight.com/FQR.

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