July 3 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned AllianceBernstein Euro High Yield Portfolio (EHYP), a fundmanaged by AllianceBernstein L.P. (AB; A+/Stable/F1), a 'Strong' Fund Quality Rating.
AllianceBernstein EHYP is a Luxemburg domicile fund of EUR96m of assets as of end-June 2013 investing predominantly in European high yield corporate bonds with the Barclays Euro High Yield 2% Constrained benchmark.
The well balanced investment process combines the independent inputs of credit, economic and quantitative research in a disciplined manner to determine in a collegial manner the overall portfolio positioning, while allowing portfolio managers (PM) sufficient flexibility in bottom-up credit picking. Total return is primarily generated from sector and security selection. The two main London-based PMs belong to a European high yield team of six and benefit from the depth of AB's fixed income and support resources.
Launched in March 2010, the fund has outperformed the Lipper category "Bond EUR High Yield" since inception. The strong track record is illustrated by a Lipper Leader of four (second highest quintile) over three years.
AB is a diversified asset manager (USD443bn assets under management (AUM) as at March 2013 and USD250bn in fixed income). AB manages USD33bn in high yield bonds, including USD4.6bn in European high yield as at December 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.fundmanagement.fitchratings.com
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Link to Fitch Ratings' Report: AllianceBernstein Euro High Yield Portfolio