AllianceBernstein’s Carpenzano to attend Barcelona Roundtable
Flavio Carpenzano, senior portfolio manager – Fixed Income at AllianceBernstein, will attend the InvestmentEurope Barcelona Roundtable to be held on the 31st of May at the Hotel Majestic.
Over the last few years European fixed income investors globalised their portfolio to escape the negative/low yield environment of euro investments. However, today the annual cost of hedging a US dollar-denominated investment into Euros accounts for around 2.8%. A bond yield may look attractive in US dollar, but if European investors hedge these back to euros to avoid currency risk, they shave off the vast part of the income paid. Although this does not mean European investors should make a complete U-turn from their global allocations, it is worth looking closer to home again.
The senior portfolio manager will share his view on how a balanced mix of carefully selected euro government and corporate bonds can still deliver a yield of around 2.5% with an average investment grade portfolio rating. In addition, select tactical opportunities such as European financials subordinated debt still offer attractive valuations alongside strong fundamentals of the banking sector.
Carpenzano joined AB in 2017 as a senior portfolio manager for fixed income. In his client-facing role, he represents the market views and investment strategies of the firm’s fixed income portfolio management team, with a focus on credit-related strategies.
With some 12 years’ experience, Carpenzano previously worked at PIMCO. Prior to that, he worked as an analyst for the Bank of England and as a trader at Citigroup.