NPORT-EX 2 NPORT_64RK_85879779_0924.htm HTML

AB Select US Long/Short Portfolio

Portfolio of Investments

September 30, 2024 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 74.0%

        

Information Technology – 19.4%

        

IT Services – 0.3%

        

International Business Machines Corp.

      19,635        $ 4,340,906  
       

 

 

  

Semiconductors & Semiconductor Equipment – 7.7%

        

Advanced Micro Devices, Inc.(a)

      43,347          7,112,376  

Applied Materials, Inc.

      44,005          8,891,210  

Broadcom, Inc.

      112,873          19,470,592  

NVIDIA Corp.

      529,375          64,287,300  

NXP Semiconductors NV

      32,396          7,775,364  

Texas Instruments, Inc.

      34,372          7,100,224  
       

 

 

  
          114,637,066  
       

 

 

  

Software – 6.4%

        

Adobe, Inc.(a)

      17,742          9,186,453  

Microsoft Corp.(b)

      160,706          69,151,792  

Oracle Corp.(b)

      52,773          8,992,519  

Salesforce, Inc.

      27,621          7,560,144  
       

 

 

  
          94,890,908  
       

 

 

  

Technology Hardware, Storage & Peripherals – 5.0%

        

Apple, Inc.(b)

      305,604          71,205,732  

Epic Games, Inc.(a) (c) (d)

      5,074          3,321,999  
       

 

 

  
          74,527,731  
       

 

 

  
           288,396,611  
       

 

 

  

Financials – 11.7%

        

Banks – 3.3%

        

Bank of America Corp.

      123,286          4,891,989  

Fifth Third Bancorp

      243,981          10,452,146  

JPMorgan Chase & Co.

      88,627          18,687,889  

Wells Fargo & Co.(b)

      273,784          15,466,058  
       

 

 

  
          49,498,082  
       

 

 

  

Capital Markets – 1.4%

        

Goldman Sachs Group, Inc. (The)

      22,270          11,026,100  

Jefferies Financial Group, Inc.

      161,817          9,959,836  
       

 

 

  
          20,985,936  
       

 

 

  

Consumer Finance – 1.0%

        

Capital One Financial Corp.

      96,530          14,453,437  

Stripe, Inc.(a) (c) (d)

      24,598          693,294  
       

 

 

  
          15,146,731  
       

 

 

  

Financial Services – 4.9%

        

Apollo Global Management, Inc.

      114,892          14,351,160  

Berkshire Hathaway, Inc. - Class B(a)

      88,133          40,564,095  

Visa, Inc. - Class A(b)

      62,035          17,056,523  
       

 

 

  
          71,971,778  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Insurance – 1.1%

        

American International Group, Inc.

      95,090        $ 6,963,441  

Progressive Corp. (The)

      36,883          9,359,430  
       

 

 

  
          16,322,871  
       

 

 

  
           173,925,398  
       

 

 

  

Health Care – 9.3%

        

Biotechnology – 1.3%

        

AbbVie, Inc.

      73,808          14,575,604  

Amgen, Inc.

      16,672          5,371,885  
       

 

 

  
          19,947,489  
       

 

 

  

Health Care Equipment & Supplies – 1.9%

        

Abbott Laboratories

      150,909          17,205,135  

Stryker Corp.

      30,132          10,885,486  
       

 

 

  
          28,090,621  
       

 

 

  

Health Care Providers & Services – 2.5%

        

Cigna Group (The)

      26,262          9,098,207  

HCA Healthcare, Inc.

      20,665          8,398,876  

UnitedHealth Group, Inc.

      32,520          19,013,794  
       

 

 

  
          36,510,877  
       

 

 

  

Life Sciences Tools & Services – 0.8%

        

Thermo Fisher Scientific, Inc.

      19,882          12,298,409  
       

 

 

  

Pharmaceuticals – 2.8%

        

Eli Lilly & Co.

      19,965          17,687,792  

Johnson & Johnson(b)

      88,298          14,309,574  

Merck & Co., Inc.

      86,445          9,816,694  
       

 

 

  
          41,814,060  
       

 

 

  
          138,661,456  
       

 

 

  

Industrials – 8.9%

        

Aerospace & Defense – 1.9%

        

Northrop Grumman Corp.

      32,767          17,303,270  

RTX Corp.

      86,528          10,483,732  
       

 

 

  
          27,787,002  
       

 

 

  

Building Products – 0.8%

        

Carrier Global Corp.

      144,199          11,606,578  
       

 

 

  

Electrical Equipment – 0.2%

        

GE Vernova, Inc.(a)

      13,337          3,400,668  
       

 

 

  

Ground Transportation – 2.8%

        

CSX Corp.

      529,086          18,269,339  

Norfolk Southern Corp.

      46,228          11,487,658  

Uber Technologies, Inc.(a)

      53,061          3,988,065  

Union Pacific Corp.

      31,985          7,883,663  
       

 

 

  
          41,628,725  
       

 

 

  

Industrial Conglomerates – 2.1%

        

3M Co.

      97,724          13,358,871  

Honeywell International, Inc.

      89,944          18,592,324  
       

 

 

  
          31,951,195  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Machinery – 1.1%

        

Parker-Hannifin Corp.

      24,822        $ 15,683,036  
       

 

 

  
          132,057,204  
       

 

 

  

Communication Services – 8.7%

        

Diversified Telecommunication Services – 0.5%

        

AT&T, Inc.

      343,393          7,554,646  
       

 

 

  

Entertainment – 2.2%

        

Cinemark Holdings, Inc.(a)

      63,928          1,779,755  

Electronic Arts, Inc.

      51,414          7,374,824  

Netflix, Inc.(a)

      22,600          16,029,502  

Spotify Technology SA(a)

      4,569          1,683,814  

Walt Disney Co. (The)(b)

      58,783          5,654,337  
       

 

 

  
          32,522,232  
       

 

 

  

Interactive Media & Services – 5.5%

        

Alphabet, Inc. - Class A

      252,338          41,850,257  

Meta Platforms, Inc. - Class A(b)

      67,962          38,904,167  
       

 

 

  
          80,754,424  
       

 

 

  

Media – 0.1%

        

Sirius XM Holdings, Inc.

      56,601          1,338,614  
       

 

 

  

Wireless Telecommunication Services – 0.4%

        

T-Mobile US, Inc.

      31,203          6,439,051  
       

 

 

  
           128,608,967  
       

 

 

  

Consumer Staples – 4.9%

        

Beverages – 1.5%

        

Coca-Cola Co. (The)

      192,649          13,843,757  

PepsiCo, Inc.

      48,656          8,273,953  
       

 

 

  
          22,117,710  
       

 

 

  

Consumer Staples Distribution & Retail – 1.6%

        

Costco Wholesale Corp.

      10,208          9,049,596  

Target Corp.

      35,813          5,581,814  

Walmart, Inc.

      108,056          8,725,522  
       

 

 

  
          23,356,932  
       

 

 

  

Household Products – 1.2%

        

Procter & Gamble Co. (The)

      101,719          17,617,731  
       

 

 

  

Tobacco – 0.6%

        

Philip Morris International, Inc.

      74,178          9,005,209  
       

 

 

  
          72,097,582  
       

 

 

  

Consumer Discretionary – 4.4%

        

Broadline Retail – 2.2%

        

Amazon.com, Inc.(a) (b)

      180,259          33,587,660  
       

 

 

  

Hotels, Restaurants & Leisure – 0.9%

        

Booking Holdings, Inc.

      2,346          9,881,633  

Starbucks Corp.

      32,067          3,126,212  
       

 

 

  
          13,007,845  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Specialty Retail – 1.1%

        

Home Depot, Inc. (The)(b)

      40,382        $ 16,362,786  
       

 

 

  

Textiles, Apparel & Luxury Goods – 0.2%

        

NIKE, Inc. - Class B

      27,457          2,427,199  
       

 

 

  
            65,385,490  
       

 

 

  

Energy – 3.4%

        

Oil, Gas & Consumable Fuels – 3.4%

        

Cheniere Energy, Inc.

      34,619          6,225,881  

EOG Resources, Inc.(b)

      152,473          18,743,506  

Exxon Mobil Corp.

      165,892          19,445,860  

Occidental Petroleum Corp.

      122,135          6,294,838  
       

 

 

  
          50,710,085  
       

 

 

  

Utilities – 2.7%

        

Electric Utilities – 2.7%

        

Constellation Energy Corp.

      30,956          8,049,179  

NextEra Energy, Inc.

      152,720          12,909,422  

PPL Corp.

      574,078          18,990,500  
       

 

 

  
          39,949,101  
       

 

 

  

Materials – 0.6%

        

Chemicals – 0.6%

        

Sherwin-Williams Co. (The)

      22,393          8,546,736  
       

 

 

  

Total Common Stocks
(cost $928,748,904)

           1,098,338,630  
       

 

 

  

WARRANTS – 0.0%

        

Financials – 0.0%

        

Financial Services – 0.0%

        

Pershing Square Holdings Ltd., - Class A, expiring 07/24/2027 (a) (c) (d)
(cost $52,400)

      9,228          0  
       

 

 

  

SHORT-TERM INVESTMENTS – 25.1%

        

Investment Companies – 25.1%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.73%(e) (f) (g)
(cost $372,743,467)

      372,743,467          372,743,467  
       

 

 

  

Total Investments Before Securities Sold Short – 99.1%
(cost $1,301,544,771)

           1,471,082,097  
       

 

 

  

SECURITIES SOLD SHORT – (1.0)%

        

INVESTMENT COMPANIES – (0.5)%

        

Funds and Investment Trusts – (0.5)%(e)

        

Invesco CurrencyShares Euro Currency Trust

      (14,119 )         (1,452,351 ) 

iShares 20+ Year Treasury Bond ETF

      (68,703 )         (6,739,764 ) 
       

 

 

  

Total Investment Companies
(proceeds $8,249,429)

           (8,192,115 ) 
       

 

 

  

 

4

Company    Shares      U.S. $ Value  

COMMON STOCKS – (0.5)%

 

Real Estate – (0.1)%

 

Hotel & Resort REITs – 0.0%

 

Chatham Lodging Trust

      (66,604 )     $ (567,466 ) 
     

 

 

  

Retail REITs – (0.1)%

 

Acadia Realty Trust

      (50,262 )         (1,180,152 ) 

Agree Realty Corp.

      (10,044 )       (756,614 ) 
     

 

 

  
     (1,936,766 ) 
     

 

 

  
     (2,504,232 ) 
     

 

 

  

Information Technology – (0.1)%

 

Electronic Equipment, Instruments & Components – 0.0%

 

Amphenol Corp. - Class A

      (12,432 )       (810,069 ) 
     

 

 

  

Software – (0.1)%

 

Roper Industries, Inc.

      (1,935 )       (1,076,712 ) 
     

 

 

  
     (1,886,781 ) 
     

 

 

  

Financials – (0.1)%

 

Financial Services – 0.0%

 

Western Union Co. (The)

      (34,166 )       (407,600 ) 
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) – (0.1)%

 

Blackstone Mortgage Trust, Inc. - Class A

      (48,739 )       (926,529 ) 
     

 

 

  
     (1,334,129 ) 
     

 

 

  

Communication Services – (0.1)%

 

Interactive Media & Services – (0.1)%

 

Yelp, Inc.(a)

      (28,280 )       (992,062 ) 
     

 

 

  

Industrials – (0.1)%

 

Machinery – (0.1)%

 

Snap-on, Inc.

      (2,923 )       (846,822 ) 
     

 

 

  

Total Common Stocks
(proceeds $6,973,134)

 

      (7,564,026 ) 
     

 

 

  

Total Securities Sold Short
(proceeds $15,222,563)

 

      (15,756,141 ) 
     

 

 

  

Total Investments, Net of Securities Sold Short – 98.1%
(cost $1,286,322,208)(h)

 

      1,455,325,956  

Other assets less liabilities – 1.9%

 

      28,879,432  
     

 

 

  

Net Assets – 100.0%

       $  1,484,205,388  
     

 

 

  

 

(a)

Non-income producing security.

(b)

Position, or a portion thereof, has been segregated to collateralize short sales.

(c)

Fair valued by the Adviser.

(d)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(f)

Affiliated investments.

(g)

The rate shown represents the 7-day yield as of period end.

 

5

(h)

As of September 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $172,428,107 and gross unrealized depreciation of investments was $(3,424,359), resulting in net unrealized appreciation of $169,003,748.

 

 

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Glossary:

ETF – Exchange Traded Fund

REIT – Real Estate Investment Trust

 

6

AB Select US Long/Short Portfolio 

September 30, 2024 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2024:

 

Investments in Securities:

    Level 1      Level 2      Level 3     Total  
Assets:           
Common Stocks:           

Information Technology

    $  285,074,612      $     —      $  3,321,999     $   288,396,611  

Financials

      173,232,104        —        693,294       173,925,398  

Health Care

      138,661,456        —        —       138,661,456  

Industrials

      132,057,204        —        —       132,057,204  

Communication Services

      128,608,967        —        —       128,608,967  

Consumer Staples

      72,097,582        —        —       72,097,582  

Consumer Discretionary

      65,385,490        —        —       65,385,490  

Energy

      50,710,085        —        —       50,710,085  

Utilities

      39,949,101        —        —       39,949,101  

Materials

      8,546,736        —        —       8,546,736  
Warrants      —        —        0 (a)      —  
Short-Term Investments      372,743,467        —        —       372,743,467  

 

7

Liabilities:          
Investment Companies      (8,192,115 )      —        —       (8,192,115 ) 
Common Stocks:          

Real Estate

      (2,504,232 )      —        —       (2,504,232 ) 

Information Technology

      (1,886,781 )      —        —       (1,886,781 ) 

Financials

      (1,334,129 )      —        —       (1,334,129 ) 

Communication Services

      (992,062 )      —        —       (992,062 ) 

Industrials

      (846,822 )      —        —       (846,822 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  
Total Investments in Securities      1,451,310,663       —        4,015,293 (a)      1,455,325,956  
Other Financial Instruments(b):      —       —        —       —  
  

 

 

    

 

 

     

 

 

    

 

 

  
Total    $  1,451,310,663     $     —      $  4,015,293 (a)    $  1,455,325,956  
  

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) 

The Fund held securities with zero market value at period end.

 

(b) 

Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2024 is as follows:

 

Fund    Market Value
06/30/2024
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
09/30/2024
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $  391,837      $  140,040      $  159,134      $  372,743      $  5,315  

 

8