AllianceBernstein— Global Equity Blend Portfolio
during the month. The US economy detractors. Société Générale was
In a highly volatile August, equity continued to falter as manufacturing also hit by speculation that France
markets worldwide fell sharply, as was slower than expected and could be downgraded, after S&P’s
mounting global economic woes personal income, services and cut in the US rating earlier in the
accelerated investor de-risking. In a factory orders were below forecast. month. We still find both Société
month that saw the economic In Europe, manufacturing in the UK Générale and ING Groep attractive.
problems of the US exacerbated by contracted, German and Italian Specifically, we like Société
a credit downgrade, the European industrial production decreased and Générale given the profitability of its
debt crisis widening and threatening French business sentiment fell.
the 17-country euro-area and, The US dollar strengthened last on its strong funding and liquidity
slower growth in emerging markets, month against most major
the MSCI World Index declined currencies except the yen and the
7.05%, driving the year-to-date euro. In August, the US dollar was Renault was a casualty of the
return downward 3.87% into up versus the Australian dollar, deteriorating global economic
negative territory (in US dollar Canadian dollar, Swiss franc and outlook in spite of strong earnings
the pound sterling. Overall, the numbers.
The month started on a downbeat investors in international equities.
wrangled over plans to raise the All sectors in the MSCI World AstraZeneca and Pfizer. Pfizer country’s debt limit and avoid a declined in August, with capital received approval for its Xalkori government default. An eleventh equipment and industrial
hour deal to raise the debt ceiling by commodities hit the hardest. type of late-stage lung cancer.
up to $2.4 trillion failed to lift Consumer staples and utilities Pfizer also benefited from results markets, and culminated in S&P’s depreciated the least.
rating from AAA to AA+. The middle Portfolio Performance
of the month brought a brief The Portfolio declined and
reprieve, but sentiment again turned underperformed its benchmark, the impotence drug Viagra. negative on fears that S&P’s MSCI World Index, for the month downgrade of the US would spread and the year to date. Stock selection Lastly, a €1.25 billion share buyback to other countries. Adding to the was weakest in energy and plan boosted French construction gloom were reports that the Fed was financials.
banks in the US, and the European Fresh fears over Europe’s debt Central Bank revealed that a euro-
crisis and concerns over the health Outlook
area bank used the ECB’s 7-day and stability of the global economy Since the 2008 global financial liquidity window for the first time battered financials during August. crisis, investors have been very since February.
ING Groep and Société Générale, sensitive to risk. Subsequently,
as a consequence, led the when the risk of loss is perceived to
AUGUST 2011 MONTHLY COMMENTARY
be greater, equities have sold off our view. We believe that our a recovering economy. Such high-
more frequently and dramatically, bottom-up research and industry growth stocks are trading near the
which has resulted in higher market expertise are key to avoiding those lowest premiums we have seen
stocks that may not be able to since 1998.
significantly since the crisis, continued economic weakness.
for future earnings and are skeptical Our portfolios are concentrated in and value sleeves, the Portfolio
about earnings sustainability amid a stocks with strong cash flows and offers above-market growth
seeming plethora of obstacles to returns-on-equity that are now potential at a below-market price
economic growth, such as high available at unusually attractive while portfolio fundamentals remain
unemployment in the US, the valuations—specifically, a level of strong.
European sovereign debt crisis and quality not normally available at
This heightened uncertainly creates which are expected to benefit from
greater investment opportunity, in their attractive market positioning in
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A portfolio of ACMBernstein, a mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg, which
conducts business outside of Germany, Austria and Switzerland under the name AllianceBernstein.
References to specific securities are presented for the purpose of providing information regarding a particular investment sector, or to
illustrate the application of Al ianceBernstein's investment philosophy, and are not to be considered recommendations by AllianceBernstein.
The specific securities identified and described above may or may not be held by the Portfolio at any given time.
The transactions summarized herein represent those securities for which positions were initiated, eliminated or traded by the Portfolio, and
are provided for informational purposes only. The specific securities listed do not represent all the securities purchased or sold by the
Portfolio. Opinions and estimates expressed are AllianceBernstein’s present opinions only, reflecting information currently available to
AllianceBernstein as well as prevailing market conditions. Such opinions involve a number of assumptions which may not prove valid, and are subject to change without notice. Not all investments in the securities identified should be assumed to be profitable and future
investments may not be profitable. A list of the Portfolio's holdings is available at www.alliancebernstein.com/investments. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data
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AUGUST 2011 MONTHLY COMMENTARY
Manuscript of Review Article published in: MICROSCOPY RESEARCH and TECHNIQUE 2000; 48: 303-11 ROLE OF APOPTOSIS IN GASTRIC EPITHELIAL TURNOVER Axel von Herbay 1 , Jochen Rudi 2 1 Institute of Pathology, 2 Medizinische Klinik IV, University of Heidelberg, GermanyAddress for correspondance: Priv.-Doz. Dr. med. A. von Herbay, Pathologisches Institut,Universitätsklinikum, Im Neuenheimer F