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 08/31/2015

Not Rated

Portfolio Details as of 08/31/2015

Total Net Assets
$8.29 M
Number of Holdings
Average Coupon
Modified Duration
4.38 Years

Portfolio Positioning as of 06/30/2015

  • As the market continues to anticipate a gradual rise in U.S. interest rates, we believe emerging markets’ interest rates will continue to exhibit lower correlation with that of those in the United States.
  • As the U.S. Federal Reserve (Fed) moves closer to increasing interest rates, we may seek to reduce our exposure to U.S. rates using Treasury futures.
  • Most emerging-market economies are unlikely to follow Fed rate hikes in lockstep, as many emerging-market economies have just completed significant easing cycles.
  • Short-term interest rates have become increasingly attractive for carry-trades; thus, we anticipate an increase in market participants who want to take advantage of opportunities in the short end of the curve.
  • As many emerging markets’ yield curves have steepened significantly, we will seek to take positions in anticipation of future yield-curve flattening. Specifically, we are targeting positions in countries that exhibit higher correlation to the United States, such as Mexico and Poland. 
Currency Assets
Mexico 12.5%
Turkey 11.5%
Indonesia 10.4%
Poland 9.9%
Brazil 9.6%
South Africa 8.5%
Malaysia 8.5%
Hungary 7.6%
Thailand 7.3%
Colombia 6.1%
Russia 4.4%
Philippines 2.0%
India 1.7%
Nigeria 1.3%
Chile 1.1%
Argentina 1.0%
Romania 0.9%
Peru -0.4%
Euro -1.3%
Singapore -2.0%
Taiwan -3.0%
Fund Dividends & Cap Gains next tab

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