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JGBSX

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Global Bond Fund

Global Multi-Sector Approach, Dynamic Core Holding
NAV As of 04/22/19 $9.28

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Fund Facts

Details Yields Morningstar (As of 03/31/19)
12/28/10 Inception Date
$206.59M Total Net Assets (As of 03/31/19)
GROSS 1.40%
NET 1.10%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
1.21% Distribution Yield at NAV
(As of 03/31/19)
30 Day SEC Yield (As of 03/31/19)
With Waivers 0.90%
Without Waivers -0.28%
Monthly Distribution Frequency
Performance (As of 04/22/19)
-0.10% 1 Day Return %
0.85% 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 03/31/2019)
(As of 03/31/2019)
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – S Shares 1.62% 1.62% -3.38% 0.61% 0.52% - 2.19%
Bloomberg Barclays Global Aggregate Bond Index 2.20% 2.20% -0.38% 1.49% 1.04% 3.05% 1.97%
Inception: Dec 28, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Bond Fund – S Shares 1.62% 1.62% -3.38% 0.61% 0.52% - 2.19%
Bloomberg Barclays Global Aggregate Bond Index 2.20% 2.20% -0.38% 1.49% 1.04% 3.05% 1.97%
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 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 80 87 69 - 46
World Bond Category
Rank/Count
251/315 246/279 200/273 -/- 118/230
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 80 87 69 - 46
World Bond Category
Rank/Count
251/315 246/279 200/273 -/- 118/230

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 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio -0.44 -0.12
Alpha -0.49 -0.07
Tracking Error 1.24 1.77
Beta 0.97 0.88
R-Squared (%) 93.23 84.51

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

3 YEAR 5 YEAR
Up Capture Ratio 94.15 84.96
Down Capture Ratio 102.27 86.64

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Bond Fund 4.76 4.28
Bloomberg Barclays Global Aggregate Bond Index 4.71 4.49

SHARPE RATIO

3 YEAR 5 YEAR
Global Bond Fund -0.05 0.03
Bloomberg Barclays Global Aggregate Bond Index 0.07 0.07

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

Index represents the Bloomberg Barclays Global Aggregate Bond Index.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
Mexican Bonos, 8.00%, 12/07/23 5.04
Sweden Government Bond, 3.50%, 03/30/39 4.13
New Zealand Government Bond, 3.00%, 04/20/29 3.88
Japan Government Ten Year Bond, 0.10%, 06/20/27 3.55
Spain Government Bond, 3.80%, 04/30/24 3.30
Australia Government Bond, 3.25%, 04/21/29 3.25
US TSY INFL BOND .875 01/15/29, 0.88%, 01/15/29 3.22
United States Treasury Note/Bond, 2.50%, 12/31/20 3.11
United States Treasury Note/Bond, 2.50%, 01/31/21 3.05
US TSY INFL BOND 1. 02/15/48, 1.00%, 02/15/48 2.99
TOTAL 35.52

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Debt Issues
62
22943
Portfolio Turnover Rate
(1-year trailing)
273.19%
-
Weighted Average Maturity
(years)
9.66
10.78
Effective Duration
(years)
7.73
6.96

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
Non-U.S. Developed 54.50 52.25
U.S. 29.51 39.45
Non-U.S. Emerging 9.29 6.11
Cash & Equivalents 6.70 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 03/31/19)

% OF FUND % OF INDEX
Aaa 53.06 40.20
Aa 9.00 16.04
A 24.30 28.44
Baa 6.07 15.32
Ba 0.32 -
NOT RATED 0.55 -
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 03/31/19)

% OF FUND % OF INDEX
Treasuries 70.40 54.47
Inflation Linked 8.22 -
Credit-Investment Grade 4.46 18.67
Government Related 4.19 11.18
ABS 3.13 0.26
CMO 2.03 -
Futures 1.04 -
Bank Loans 0.75 -
Credit-High Yield 0.32 -
Short Futures -1.24 -
Cash & Equivalents 6.70 -
Treasuries include U.S. Treasuries and non-U.S. Government securities.

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 03/31/19)

% OF FUND % OF INDEX
< 1 yr 1.73 1.28
1 - 3 yrs 16.28 21.56
3 - 5 yrs 20.28 17.18
5 - 7 yrs 11.69 11.73
7 - 10 yrs 17.46 13.51
10 - 20 yrs 13.62 12.71
> 20 yrs 12.24 22.03

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 40.52 42.84
Europe 25.91 30.70
Asia/Pacific Ex Japan 10.52 5.61
Japan 8.88 16.98
Latin America 7.47 1.05
Cash & Equivalents 6.70 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Dovish central bank rhetoric spurred a strong rally in riskier assets, including corporate credit, over the quarter.
  • The Fund underperformed its benchmark, due in large part to our substantial underweight allocation in investment-grade corporate bonds.
  • 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