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 10/30/2015

Not Rated

Portfolio Details as of 10/30/2015

Total Net Assets
$8.30 M
Number of Holdings
Average Coupon
Average Maturity
7.61 Years
Modified Duration
4.65 Years

Portfolio Positioning as of 09/30/2015

  • We believe the eventual interest-rate hike of the Federal Reserve could be a positive as it would remove continuing uncertainty around U.S. interest-rate policy. Investors will look for signs of stability in economic data that would alleviate concerns regarding global growth, and should prove beneficial for the emerging-markets universe.  
  • In line with our belief of an eventual interest-rate hike by the U.S. Federal Reserve, we reduced our exposure to U.S. rates.
  • We continue to look for buying opportunities in Asia, as investors abandoned local currency-denominated bonds due to soaring hedging costs in light of the massive sell-off in Asian currencies. We expect gradual stabilization of the currencies in the region in the fourth quarter of 2015, which should benefit local bonds.
  • We reduced our exposure to Latin America, and especially the lower end of the Brazil curve, as the country and the region were negatively affected by political instability and economic recession.
  • We expect concerns about China’s growth to abate somewhat in the fourth quarter, as the Chinese government introduced a number of stimulus measures aimed at stabilizing growth and restoring investor confidence, which should have a positive effect on emerging-markets economies.
Currency Assets
Mexico 11.6%
Indonesia 10.5%
Malaysia 10.5%
Poland 10.0%
Turkey 10.0%
South Africa 10.0%
Brazil 9.8%
Thailand 7.1%
Colombia 6.5%
Russia 6.5%
Hungary 5.5%
Argentina 2.1%
Peru 1.9%
India 1.3%
Romania 0.9%
Philippines -0.4%
Chile -0.9%
Euro -1.0%
South Korea -2.0%
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