Less than 1 yr
1-3 yrs
3-5 yrs
5-7 yrs
7-10 yrs
10-20 yrs
More than 20 yrs

Credit Quality Distribution as of 12/31/2015

Not Rated

Portfolio Details as of 12/31/2015

Total Net Assets
$7.55 M
Number of Holdings
Average Coupon
Average Maturity
7.27 Years
Modified Duration
4.64 Years

Portfolio Positioning as of 12/31/2015

  • We maintained the portfolio’s reduced exposure to U.S. rates, as the long anticipated interest-rate hike by the U.S. Federal Reserve (Fed) occurred during the quarter.
  • We increased the portfolio’s exposure to South African bonds, which usually enjoy strong local demand in a rising interest-rate environment and at times of global volatility.
  • We maintained the portfolio’s underweight in Latin America, Brazil in particular, where political instability and economic woes continued to plague the country and the region.
  • As the divergence between the monetary policies of the Fed and the European Central Bank (ECB) continued, we increased the portfolio’s exposure to the eurozone, expecting ECB’s accommodative interest rate policy to remain in effect for the foreseeable future.
Currency Assets
Mexico 11.8%
Turkey 10.8%
Thailand 10.1%
Poland 9.9%
Indonesia 9.6%
South Africa 9.2%
Malaysia 8.5%
Colombia 7.3%
Russia 6.8%
Brazil 6.0%
Hungary 5.6%
Romania 3.1%
India 1.9%
Peru 1.7%
Philippines 0.4%
Chile 0.1%
Euro -1.0%
Australia -1.1%
Singapore -1.5%
Taiwan -2.3%
Fund Dividends & Cap Gains next tab

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