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JGBSX

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Global Bond Fund

Global Multi-Sector Approach, Dynamic Core Holding
NAV As of 12/07/18 $9.17

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
12/28/10 Inception Date
$211.02M Total Net Assets (As of 10/31/18)
GROSS 1.40%
NET 1.10%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
1.46% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 10/31/18)
With Waivers 1.18%
Without Waivers 0.30%
Monthly Distribution Frequency
Performance (As of 12/07/18)
0.00% 1 Day Return %
-3.59% 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 09/30/2018)
(As of 11/30/2018)
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – S Shares -1.64% -3.29% -2.23% 0.75% 1.12% - 2.05%
Bloomberg Barclays Global Aggregate Bond Index -0.92% -2.37% -1.32% 1.98% 0.75% 2.89% 1.66%
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – S Shares -1.64% -4.24% -3.99% 0.65% 0.72% - 1.88%
Bloomberg Barclays Global Aggregate Bond Index -1.66% -3.16% -2.82% 2.20% 0.56% 2.90% 1.52%
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 67 94 49 - 45
World Bond Category
Rank/Count
207/320 268/289 153/282 -/- 119/240
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 70 96 56 - 44
World Bond Category
Rank/Count
222/318 271/286 161/282 -/- 118/237

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio -0.68 0.29
Alpha -0.89 0.58
Tracking Error 1.50 1.85
Beta 0.92 0.88
R-Squared (%) 90.89 82.62

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

3 YEAR 5 YEAR
Up Capture Ratio 83.98 87.79
Down Capture Ratio 97.52 78.54

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Bond Fund 4.81 4.26
Bloomberg Barclays Global Aggregate Bond Index 4.98 4.40

SHARPE RATIO

3 YEAR 5 YEAR
Global Bond Fund -0.08 0.08
Bloomberg Barclays Global Aggregate Bond Index 0.13 -0.05

ANNUAL FEES & EXPENSES

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

CLASS S SHARES
Management Fees 0.60%
12b-1 Fees 0.25%
Other Expenses 0.55%
Total Gross Expenses 1.40%
Waivers -0.30%
Total Net Expenses 1.10%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
United States Treasury Note/Bond, 3.00%, 08/15/48 5.93
United States Treasury Note/Bond, 2.88%, 08/15/28 4.89
United States Treasury Note/Bond, 2.88%, 09/30/23 4.16
Japan Government Ten Year Bond, 0.10%, 06/20/27 3.54
Spain Government Bond, 3.80%, 04/30/24 3.15
Australia Government Bond, 5.75%, 05/15/21 2.57
United Kingdom Gilt, 1.50%, 07/22/47 2.55
Bundesrepublik Deutschland Bundesanleihe, 0.25%, 08/15/28 2.32
Canadian Government Bond, 0.75%, 03/01/21 2.24
Italy Buoni Poliennali Del Tesoro, 4.50%, 02/01/20 2.19
TOTAL 33.54

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Debt Issues
89
22549
Portfolio Turnover Rate
(1-year trailing)
273.68%
-
Weighted Average Maturity
(years)
9.96
8.79
Effective Duration
(years)
6.89
6.92

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
Non-U.S. Developed 54.75 52.70
U.S. 37.48 39.00
Non-U.S. Emerging 2.88 6.06
Cash & Equivalents 4.89 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
Aaa 46.11 39.97
Aa 6.56 16.38
A 19.67 28.59
Baa 16.19 15.05
Ba 4.52 0.01
B 0.54 -
Caa 0.27 -
NOT RATED 1.25 -
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 10/31/18)

% OF FUND % OF INDEX
Treasuries 68.77 53.92
Credit-Investment Grade 8.12 18.85
ABS 6.78 0.26
CMBS 3.29 0.80
Credit-High Yield 2.60 -
Inflation Linked 2.12 -
Futures 1.78 -
Bank Loans 1.03 -
Non-US Collateralized 1.03 2.68
CMO 0.85 -
Short Futures -1.26 -
Cash & Equivalents 4.89 -
Treasuries include U.S. Treasuries and non-U.S. Government securities.

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
< 1 yr 2.86 1.02
1 - 3 yrs 18.62 22.07
3 - 5 yrs 16.96 18.61
5 - 7 yrs 14.36 13.47
7 - 10 yrs 18.49 21.37
10 - 20 yrs 7.60 11.43
> 20 yrs 16.22 12.03

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 45.33 42.43
Europe 29.39 31.29
Japan 10.84 16.78
Asia/Pacific Ex Japan 9.07 5.55
Latin America 0.48 1.06
Cash & Equivalents 4.89 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The Fund underperformed its benchmarks during the quarter.
  • Risk assets performed well and our cautious stance weighed on relative results.
  • We remain concerned with how much room is left to run in the global economic and credit cycles, and we believe a more conservative stance is prudent.

Read The Full Commentary