UBS Dynamic Alpha ABNAAX

Morningstar Rating

Fund Research and Analysis

by John Coumarianos

UBS Dynamic Alpha isn't ready for prime time.

This fund is a different breed from the average moderate-allocation fund. Instead of owning roughly equal slugs of mostly large-cap stocks and mostly high-quality bonds and trying to beat the competition Read more

Kudos

Management's valuation approach has been honed over more than two decades.

Deep bench of analytical support. Read more

Risks

Fund experienced several management changes in 2008.

Management's short positions can be costly when they backfire.

Management's pronounced currency bets can court additional volatility.

Fund has fallen far short of its own performance goal. Read more

Strategy

Management aims to generate an absolute return that outpaces inflation (as measured by the non-seasonally adjusted version of the consumer price index that includes food and energy prices) by 5 full Read more

Management

The fund draws on the resources of multiple equity and fixed-income teams at UBS. Former lead manager Brian Singer, who led the firm's global investment solutions unit, left UBS in December 2007. Comanager Neil Williams left shortly thereafter. To steer Read more

Inside Scoop

This fund takes as its starting point the long-used top-down valuation approach behind UBS Global Allocation. Yet this version has the flexibility to take both long and Read more

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