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Bob Cheong Kwong

Vice President and equity research analyst at Morgan Stanley

Bob Cheong Kwong is a Vice President and equity research analyst at Morgan Stanley specializing in the financial sector, with coverage focusing on major Chinese and regional financial institutions including Ping An Insurance, China Life Insurance, AIA Group, and China Taiping. He is known for his incisive forecasting and company-specific analysis that consistently contributes to top-quartile research performance, with strong success rates and positive returns attributed to his published investment calls on platforms like Bloomberg and Refinitiv. Beginning his career with Morgan Stanley in the early 2010s, Bob Cheong Kwong has established himself as a specialist in Asian financials, backed by prior experience at other leading financial firms in the region. He holds recognized professional credentials including HK SFC Type 4 and 6 licenses, as well as international securities certifications.

Bob Cheong Kwong's questions to ALLSTATE (ALL) leadership

Question · Q3 2025

Bob Cheong Kwong from Morgan Stanley followed up on Allstate's fixed income portfolio duration, asking if there's a need to further increase duration as the Fed fund rate potentially declines, or if the current five-year duration is appropriate.

Answer

CEO Tom Wilson emphasized that there's never a 'need' for specific portfolio adjustments, but rather 'opportunity' to scope risk across the company. CIO John Dugenske explained that Allstate considers a mosaic of factors, not just market posture, to achieve the best overall economic return for shareholders, avoiding chasing yield.

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Question · Q3 2025

Bob Cheong Kwong from Morgan Stanley followed up on Allstate's fixed income portfolio duration, asking if there's a need to further increase duration as the Fed fund rate potentially declines, or if the current five-year duration is appropriate.

Answer

CEO Tom Wilson emphasized that there's never a 'need' for specific portfolio adjustments, but rather 'opportunity' to scope risk across the company. CIO John Dugenske explained that Allstate considers a mosaic of factors, not just market posture, to achieve the best overall economic return for shareholders, avoiding chasing yield.

Ask follow-up questions

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