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Nathan

Vice President and Equity Research Analyst at Barclays

Nathan Jones is a Vice President and Equity Research Analyst at Barclays, specializing in the healthcare sector with a focus on biotechnology and specialty pharmaceuticals. He covers key companies including Regeneron Pharmaceuticals, Vertex Pharmaceuticals, Gilead Sciences, and BioMarin Pharmaceutical, boasting a strong performance track record with a 68% success rate on TipRanks and average return of 14.2% per rating as of late 2025. Ranked in the top 10% of biotech analysts, Jones joined Barclays in 2020 after prior roles at Jefferies (2016-2020) and starting his career at Leerink Partners in 2014. He holds Series 7, 63, and 86 FINRA licenses, along with an MBA from Wharton School.

Nathan's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership

Question · Q4 2025

Nathan from Barclays asked about AllianceBernstein's private credit exposure to the software sector, including its percentage of AUM and any adjusted risk limits, and followed up on the growth strategy for Private Markets AUM beyond the 2027 target.

Answer

AllianceBernstein President Onur Erzan stated that software exposure is not significant for their diversified platform, with approximately a quarter of their corporate direct lending (PCI) portfolio related to software, noting no material change in loss experience. AllianceBernstein CEO Seth Bernstein clarified that the Private Markets AUM target does not include the $10 billion+ from commercial mortgage lending and will be revised with Q2 earnings, aiming to exceed the current forecast.

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