Fund Evaluator:
AB High Income A (AGDAX)
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Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
AB High Income A Overview
AB High Income A (AGDAX) is an actively managed Taxable Bond High Yield Bond fund. AllianceBernstein launched the fund in 1994.
The investment seeks to maximize total returns from price appreciation and income. The fund pursues income opportunities from government, corporate, emerging market and high-yield sources. It has the flexibility to invest in a broad range of fixed-income securities in both developed and emerging market countries. The fund's investments may include U.S. and non-U.S. corporate debt securities and sovereign debt securities. It may invest, without limitation, in either U.S. Dollar-denominated or non-U.S. Dollar-denominated fixed-income securities.
About AB High Income A (AGDAX)
There are 5 members of the management team with an average tenure of 10.82 years: Matthew Sheridan (2005), Gershon Distenfeld (2008), Christian DiClementi (2021), Fahd Malik (2021), William Smith (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg Global High Yield TR Hdg USD index with a weighting of 100%. AB High Income A has 1117 securities in its portfolio. The top 10 holdings constitute 12.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AB High Income A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. AB High Income A has 36.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.4%. There is 0.1% allocated to foreign stock, and 2.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 106.4% (69.8% domestic bond, 36.6% foreign bond and 0.0% convertible bond). AB High Income A has -9.0% of the portfolio in cash.
Assets Under Management
The fund has $764 million in total assets, which is above the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AGDAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AB High Income A expense ratio is high compared to funds in the High Yield Bond category. AB High Income A has an expense ratio of 0.86%, which is 6% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AB High Income A has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, AB High Income A returned -0.3%, which earned it a grade of C, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
AB High Income A has a trailing yield of 6.17%, which is below the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AB High Income A Grades
Year to date, the fund has returned 2.0%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 5.1% over the past year (grade of B), 8.5% over the past three years (grade of A) and 4.0% per year over the past five years (grade of B) and 4.6% per year over the past 10 years (grade of D).
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AGDAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AGDAX Return (NAV) | -0.3% | 0.7% | 5.1% | 8.5% | 4.0% | 4.6% |
| AGDAX Grade | C | B | B | A | B | D |
| +/- Category | 0.0% | 0.2% | 0.2% | 1.0% | 0.3% | -0.2% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| AGDAX Tax Cost Ratio | na | na | 3.0% | 2.9% | 2.9% | 2.7% |
AGDAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AGDAX Return (NAV) | 2.0% | 8.0% | 8.6% | 14.3% | -11.8% | 4.9% | 2.9% | 13.7% | -5.8% | 7.9% | 15.2% |
| AGDAX Grade | B | C | B | A | F | C | F | C | F | A | B |
| +/- Category | 0.4% | 0.2% | 1.0% | 2.4% | -1.8% | -0.2% | -2.3% | 0.6% | -3.1% | 1.2% | 1.8% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 1.09 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 0.62 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | Low Quality Limited Sensitivity |
| Yield: | 6.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3018 Mil |
| Fund Total Assets: | $ 764 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 55% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 20.8 years | |||
| Average Tenure: 10.8 years | |||
| Managers (Year): Sheridan Matthew (2005), Distenfeld Gershon (2008), Malik Fahd (2021), DiClementi Christian (2021), Smith William (2022) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 1117 |
| % in Top 10 Holdings: | 12.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 36.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.4% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 2.0% |
| Domestic Bond: | 69.8% |
| Foreign Bond: | 36.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -9.0% |
Purchase Information
| Fund Family: | AllianceBernstein |
| Phone Number: | 800-221-5672 |
| Website: | www.AllianceBernstein.com |
| Status: | Open |
| Inception Date: | February 25, 1994 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 4.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | AB High Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
