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JGLNX

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Global Bond Fund

Global Multi-Sector Approach, Dynamic Core Holding
NAV As of 08/16/19 $9.86

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Fund Facts

Details Yields Morningstar (As of 07/31/19)
12/28/10 Inception Date
$206.36M Total Net Assets (As of 07/31/19)
GROSS 0.72%
NET 0.59%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
World Bond Institutional
(out of 107 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
1.80% Distribution Yield at NAV
(As of 07/31/19)
30 Day SEC Yield (As of 07/31/19)
With Waivers 1.35%
Without Waivers 1.21%
Monthly Distribution Frequency
Performance (As of 08/16/19)
-0.30% 1 Day Return %
8.14% 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.

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.
  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 06/30/2019)
(As of 07/31/2019)
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – N Shares 3.39% 5.16% 4.23% 1.48% 0.86% - 2.78%
Bloomberg Barclays Global Aggregate Bond Index 3.29% 5.57% 5.85% 1.62% 1.20% 2.89% 2.30%
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – N Shares 3.61% 4.88% 4.39% 1.00% 0.93% - 2.72%
Bloomberg Barclays Global Aggregate Bond Index 3.31% 5.28% 5.73% 1.28% 1.33% 2.63% 2.25%
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
Performance for Class N Shares that includes periods prior to 10/28/13 reflects the performance of one or more share classes of the Fund. See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 71 69 49 - 24
World Bond Category
Rank/Count
157/219 142/204 107/201 -/- 46/178
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 48 65 50 - 24
World Bond Category
Rank/Count
125/227 130/204 105/201 -/- 46/178

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio -0.28 -0.26
Alpha -0.36 -0.30
Tracking Error 1.33 1.80
Beta 1.00 0.87
R-Squared (%) 91.94 84.61

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

3 YEAR 5 YEAR
Up Capture Ratio 97.08 82.56
Down Capture Ratio 103.28 87.77

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Bond Fund 4.68 4.34
Bloomberg Barclays Global Aggregate Bond Index 4.50 4.57

SHARPE RATIO

3 YEAR 5 YEAR
Global Bond Fund -0.11 -0.01
Bloomberg Barclays Global Aggregate Bond Index -0.03 0.10

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.12%
Total Gross Expenses 0.72%
Waivers -0.13%
Total Net Expenses 0.59%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the Bloomberg Barclays Global Aggregate Bond Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
United States Treasury Note/Bond, 2.62%, 12/31/25 5.19
Mexican Bonos, 8.00%, 12/07/23 5.14
United States Treasury Note/Bond, 2.00%, 11/30/20 4.93
United States Treasury Note/Bond, 1.75%, 07/15/22 4.52
Japan Government Ten Year Bond, 0.10%, 06/20/27 3.64
New Zealand Government Bond, 3.00%, 04/20/29 3.47
Spain Government Bond, 3.80%, 04/30/24 3.24
United States Treasury Note/Bond, 5.00%, 05/15/37 3.18
United States Treasury Note/Bond, 2.50%, 12/31/20 3.12
United States Treasury Note/Bond, 2.50%, 01/31/21 3.06
TOTAL 39.49

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Debt Issues
68
23873
Portfolio Turnover Rate
(1-year trailing)
250.68%
-
Weighted Average Maturity
(years)
10.29
10.88
Effective Duration
(years)
8.17
7.05

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
Non-U.S. Developed 47.75 51.20
U.S. 39.14 39.17
Non-U.S. Emerging 12.05 7.50
Cash & Equivalents 1.06 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND % OF INDEX
Aaa 49.71 39.38
Aa 12.71 15.63
A 26.27 29.42
Baa 10.34 15.57
Ba 0.31 -
NOT RATED -0.40 -
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 07/31/19)

% OF FUND % OF INDEX
Treasuries 82.95 54.25
Government Related 5.04 11.75
Credit-Investment Grade 4.89 18.91
ABS 2.60 0.23
Inflation Linked 2.05 -
CMO 1.50 -
Futures 0.75 -
Credit-High Yield 0.31 -
Short Futures -1.15 -
Cash & Equivalents 1.06 -
Treasuries include U.S. Treasuries and non-U.S. Government securities.

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND % OF INDEX
< 1 yr 2.07 0.84
1 - 3 yrs 21.07 21.33
3 - 5 yrs 21.95 17.14
5 - 7 yrs 12.36 12.04
7 - 10 yrs 14.64 13.49
10 - 20 yrs 10.61 12.93
> 20 yrs 16.24 22.23

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 46.94 42.54
Europe 25.73 30.34
Japan 9.56 16.44
Asia/Pacific Ex Japan 9.08 6.76
Latin America 7.63 1.10
Cash & Equivalents 1.06 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • As the likelihood increased that developed world central banks will inject stimulus in the near future, both government bonds and corporate credit performed well.
  • The Fund outperformed its benchmark, with our focus on longer-dated government bonds contributing positively to relative results.
  • As global growth continues to slow, and the best days of the credit cycle are likely behind us, we believe the most attractive opportunities will come in the form of interest rate risk.

Read The Full Commentary