Global Fixed Income Compass
Quarterly insight from our fixed income teams to help clients navigate the markets and opportunities ahead.
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JGBIX
)
Global Bond Fund
Global Multi-Sector Approach, Dynamic Core Holding
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Overview
Client Commitment
This dynamic, global multi-sector fixed income fund seeks risk-adjusted returns and capital preservation.
Why Invest in the Fund
- The Fund emphasizes risk-adjusted returns and capital preservation while seeking to identify the best opportunities across fixed income sectors globally.
- 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.
- 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.
Dynamic Core Global Bond Holding
Integrated Research
Sophisticated Risk Management
Portfolio Management
Featured Insights
Thoughts and Bonds: The Beginning of the End
Our Fundamental Fixed Income team provides insights on potential investment risks and opportunities, and shares our global outlook for the quarter ahead.
Performance
RETURNS
| Inception: Dec 28, 2010 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Global Bond Fund – I Shares | 1.33% | 6.51% | 7.17% | 1.48% | 1.33% | - | 2.90% |
| Bloomberg Barclays Global Aggregate Bond Index | 0.71% | 6.32% | 7.60% | 1.59% | 1.99% | 2.34% | 2.32% |
| Inception: Dec 28, 2010 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Global Bond Fund – I Shares | 1.33% | 6.51% | 7.17% | 1.48% | 1.33% | - | 2.90% |
| Bloomberg Barclays Global Aggregate Bond Index | 0.71% | 6.32% | 7.60% | 1.59% | 1.99% | 2.34% | 2.32% |
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
View Fees and Expenses
CALENDAR YEAR PERFORMANCE
RETURNS-BASED STATISTICS
(As of 08/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
|---|---|---|
| Information Ratio | -0.11 | -0.17 |
| Alpha | -0.21 | -0.13 |
| Tracking Error | 1.45 | 1.86 |
| Beta | 1.03 | 0.90 |
| R-Squared (%) | 91.64 | 84.35 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 102.05 | 85.55 |
| Down Capture Ratio | 105.53 | 87.77 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Global Bond Fund | 4.98 | 4.53 |
| Bloomberg Barclays Global Aggregate Bond Index | 4.62 | 4.64 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Global Bond Fund | 0.10 | 0.09 |
| Bloomberg Barclays Global Aggregate Bond Index | 0.14 | 0.15 |
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
Index represents the Bloomberg Barclays Global Aggregate Bond Index.
TOP HOLDINGS(As of 08/31/2019) |
% of Fund |
|---|---|
| Mexican Bonos, 8.00%, 12/07/23 | 4.64 |
| United States Treasury Note/Bond, 1.75%, 07/15/22 | 4.24 |
| United States Treasury Note/Bond, 3.38%, 11/15/48 | 3.96 |
| United States Treasury Note/Bond, 2.50%, 01/31/21 | 3.81 |
| United States Treasury Note/Bond, 2.50%, 12/31/20 | 3.81 |
| United States Treasury Note/Bond, 2.12%, 05/31/21 | 3.80 |
| Japan Government Ten Year Bond, 0.10%, 06/20/27 | 3.49 |
| New Zealand Government Bond, 3.00%, 04/20/29 | 3.19 |
| Spain Government Bond, 3.80%, 04/30/24 | 2.99 |
| Sweden Government Bond, 3.50%, 03/30/39 | 2.77 |
| TOTAL | 36.70 |
PORTFOLIO CHARACTERISTICS(As of 08/31/19) |
FUND | INDEX |
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DEVELOPED VS. EMERGING MARKET(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Non-U.S. Developed | 48.82 | 50.95 |
| U.S. | 36.04 | 39.30 |
| Non-U.S. Emerging | 10.96 | 7.67 |
| Cash & Equivalents | 4.18 | - |
CREDIT QUALITY OF FIXED INCOME HOLDINGS(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Aaa | 45.69 | 39.30 |
| Aa | 11.18 | 15.31 |
| A | 24.71 | 29.89 |
| Baa | 9.62 | 15.48 |
| Ba | 0.29 | 0.02 |
| NOT RATED | 4.33 | - |
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 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Treasuries | 75.29 | 54.39 |
| Government Related | 4.70 | 11.74 |
| Credit-Investment Grade | 4.57 | 18.76 |
| Interest Rate Swap | 4.33 | - |
| Inflation Linked | 2.87 | - |
| ABS | 1.90 | 0.23 |
| CMO | 1.87 | - |
| Credit-High Yield | 0.29 | 0.02 |
| Cash & Equivalents | 4.18 | - |
Treasuries include U.S. Treasuries and non-U.S. Government securities.
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| < 1 yr | 2.14 | 0.55 |
| 1 - 3 yrs | 20.52 | 20.93 |
| 3 - 5 yrs | 21.13 | 17.05 |
| 5 - 7 yrs | 7.67 | 12.04 |
| 7 - 10 yrs | 19.55 | 13.43 |
| 10 - 20 yrs | 8.38 | 13.14 |
| > 20 yrs | 16.43 | 22.86 |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| North America | 43.39 | 42.62 |
| Europe | 27.77 | 29.74 |
| Japan | 9.32 | 16.85 |
| Asia/Pacific Ex Japan | 8.43 | 6.91 |
| Latin America | 6.91 | 1.10 |
| Cash & Equivalents | 4.18 | - |
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.