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JGBIX

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Global Bond Fund

Global Multi-Sector Approach, Dynamic Core Holding
NAV As of 02/21/19 $9.26

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Fund Facts

Details Yields Morningstar (As of 01/31/19)
12/28/10 Inception Date
$210.97M Total Net Assets (As of 01/31/19)
GROSS 0.82%
NET 0.69%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
1.59% Distribution Yield at NAV
(As of 01/31/19)
30 Day SEC Yield (As of 01/31/19)
With Waivers 1.25%
Without Waivers 1.07%
Monthly Distribution Frequency
Performance (As of 02/21/19)
-0.10% 1 Day Return %
0.54% YTD Return
Category
World Bond
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

This dynamic, global multi-sector fixed income fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

Why Invest in the Fund

    Dynamic Core Global Bond Holding

  1. The Fund emphasizes risk-adjusted returns and capital preservation while seeking to identify the best opportunities across fixed income sectors globally. The strategy uses a bottom-up, fundamentally driven investment process.
  2. Integrated Research

  3. Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free cash flow generation, quality of management and security valuation.
  4. Sophisticated Risk Management

  5. Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Featured Insights

Performance

RETURNS

(As of 12/31/2018)
(As of 01/31/2019)
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – I Shares 0.62% -2.32% -2.32% 1.69% 1.26% - 2.37%
Bloomberg Barclays Global Aggregate Bond Index 1.20% -1.20% -1.20% 2.70% 1.08% 2.49% 1.76%
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – I Shares 3.29% 1.22% -3.40% 1.97% 1.29% - 2.49%
Bloomberg Barclays Global Aggregate Bond Index 3.90% 1.52% -0.88% 2.92% 1.17% 2.98% 1.93%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 62 79 39 - 35
World Bond Category
Rank/Count
194/319 236/285 123/279 -/- 89/236
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 77 88 52 - 36
World Bond Category
Rank/Count
240/314 253/279 159/273 -/- 95/230

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio -0.69 0.06
Alpha -0.73 0.26
Tracking Error 1.38 1.82
Beta 0.93 0.88
R-Squared (%) 92.49 83.84

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Up Capture Ratio 89.02 86.86
Down Capture Ratio 100.66 82.79

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Bond Fund 4.87 4.32
Bloomberg Barclays Global Aggregate Bond Index 5.02 4.49

SHARPE RATIO

3 YEAR 5 YEAR
Global Bond Fund 0.19 0.15
Bloomberg Barclays Global Aggregate Bond Index 0.37 0.12

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS I SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.22%
Total Gross Expenses 0.82%
Waivers -0.13%
Total Net Expenses 0.69%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 01/31/2019)

% of Fund
Italy Buoni Poliennali Del Tesoro, 0.95%, 03/01/23 3.91
Japan Government Ten Year Bond, 0.10%, 06/20/27 3.71
Spain Government Bond, 3.80%, 04/30/24 3.24
United States Treasury Note/Bond, 3.00%, 08/15/48 3.23
United States Treasury Note/Bond, 2.50%, 12/31/20 3.01
United States Treasury Note/Bond, 1.00%, 11/30/19 2.91
United States Treasury Note/Bond, 2.88%, 08/15/28 2.80
Bundesobligation, 0.00%, 10/13/23 2.50
Australia Government Bond, 5.75%, 05/15/21 2.31
Canadian Government Bond, 0.75%, 03/01/21 2.30
TOTAL 29.92

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Debt Issues
74
22651
Portfolio Turnover Rate
(1-year trailing)
280.33%
-
Weighted Average Maturity
(years)
8.63
10.73
Effective Duration
(years)
6.61
6.94

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
Non-U.S. Developed 58.13 52.57
U.S. 31.41 39.19
Non-U.S. Emerging 2.31 6.05
Cash & Equivalents 8.15 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 01/31/19)

% OF FUND % OF INDEX
Aaa 48.47 40.07
Aa 8.02 16.12
A 19.55 28.35
Baa 13.80 15.43
Ba 1.12 -
NOT RATED 0.89 -
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Treasuries 69.65 54.43
Credit-Investment Grade 5.15 18.55
Inflation Linked 4.32 -
Government Related 4.11 11.23
ABS 3.63 0.26
CMO 2.08 -
Futures 1.41 -
CMBS 1.26 0.82
Credit-High Yield 0.76 0.03
Bank Loans 0.73 -
Short Futures -1.25 -
Cash & Equivalents 8.15 -
Treasuries include U.S. Treasuries and non-U.S. Government securities.

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 01/31/19)

% OF FUND % OF INDEX
< 1 yr 6.23 0.84
1 - 3 yrs 21.50 21.89
3 - 5 yrs 16.58 17.26
5 - 7 yrs 12.41 11.81
7 - 10 yrs 20.11 13.82
10 - 20 yrs 2.29 12.55
> 20 yrs 12.73 21.83

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 42.11 42.53
Europe 29.55 30.95
Japan 11.21 17.08
Asia/Pacific Ex Japan 8.47 5.58
Latin America 0.51 1.04
Cash & Equivalents 8.15 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Slowing global economic growth, political uncertainties and the removal of central bank accommodation challenged risk assets during the quarter.
  • The Fund underperformed its benchmark, with our modest out-of-index exposure to high yield weighing heavily on performance.
  • We expect volatile markets in the months ahead, which may present opportunities, but will also require a nimble approach and diligent risk management.

Read The Full Commentary