Important risk disclosure

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LU1309712963

AB American Income Portfolio Fund(LU1309712963)

Fixed income
Investment grade
US
HKD Cash
Accumulating

Invest with

HKD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to provide a high level of current income consistent with preservation of capital by employing a US dollar-denominated multi-sector bond approach.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Invests primarily in the US fixed income market, employing a "credit barbell" strategy that balances high-quality government bonds with high-yield credit assets. Offers diversified exposure across US Treasuries, investment-grade corporates, high-yield bonds, securitized assets, and emerging market debt.

People

Managed by a five-member portfolio management team with an average of over two decades of industry experience. The leadership team is supported by a deep global bench of fundamental credit and quantitative analysts.

Performance

Targets consistent income generation and attractive risk-adjusted returns over a full market cycle through active asset allocation. The strategy actively manages duration and credit exposure, aiming to mitigate drawdowns during market stress while capturing upside in favorable environments.

Process

Combines top-down macroeconomic research on interest rates and credit cycles with rigorous bottom-up fundamental security selection. Utilizes a "credit barbell" approach to dynamically adjust the portfolio's balance between stable, risk-reducing US Treasuries and income-generating credit assets. Integrates advanced proprietary technology platforms for research management and liquidity sourcing to identify relative value opportunities across the capital structure.

Cost

Access to institutional share class with no trailer fees to achieve the lowest possible fees.

How it fits in a portfolio

Serves as a robust income generator that can complement a traditional core bond allocation or anchor a broader fixed-income portfolio. Suitable for investors seeking yields higher than investment-grade bonds who are comfortable with the moderate volatility associated with a flexible, multi-sector credit strategy. Ideally utilized as a satellite position for risk-conscious investors, or a core holding for those with a higher tolerance for credit and duration risk.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

36.43%

YTD

-0.21%

1 month

-2.15%

6 month

0.78%

1 year

5.30%

3 year

17.77%

5 year

8.73%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-16.31%As of Mar 2026

Volatility

6.51%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.8%	1.2%	-2.2%	-	-	-	-	-	-	-	-	-
2025	8.4%	1.3%	1.6%	-0.2%	0.2%	1.2%	1.9%	-0.0%	0.8%	0.3%	0.2%	0.8%	0.1%
2024	2.8%	-0.1%	-0.9%	1.0%	-2.3%	1.6%	1.1%	2.2%	1.6%	1.0%	-2.1%	1.0%	-1.2%
2023	9.1%	4.1%	-2.4%	1.4%	0.8%	-1.0%	0.3%	0.4%	0.3%	-2.1%	-1.4%	4.5%	4.1%
2022	-12.5%	-1.9%	-1.6%	-1.5%	-3.6%	-0.0%	-4.2%	3.6%	-2.3%	-5.0%	0.1%	3.6%	-0.1%
Load more		5 of 11

Top Exposures

Holdings

Regions

Sectors

Federal National Mortgage Association	10.24%
United States Treasury Bonds	5.96%
Government National Mortgage Association	2.66%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.82% p.a.

Fund facts

ISIN

LU1309712963

Fund house

AllianceBernstein

Fund size

HK$170.7B

As of 28 Apr 2026

Fund inception date

11 May 2016

Fund class currency

HKD

Oldest share inception date

01 Jul 1993

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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