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Global Bond Fund

Summary

Summary

What is the Global Bond Fund?

The Fund seeks to deliver total return by investing in bonds across multiple sectors in developed and emerging markets located throughout the world.

Yield

Dividend Yield 1 as of 08/19/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.37% 1.28%

30-Day Standardized Yield 2 as of 07/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.39% 0.00%

Fund Basicsas of 07/31/2019

Total Net Assets
$10.66 M
Inception Date
08/01/2018
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.67%
Fund Net Expense Ratio
0.58%
Number of Holdings
306

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 6.52% 5.10% - - - 5.10%
Lipper Category Avg. Global Income Funds 6.52% 6.01% - - - -
Bloomberg Barclays Global Aggregate Index 5.27% 5.73% - - - 5.73%

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 6.85% - - - - 5.43%
Lipper Category Avg. Global Income Funds 6.43% - - - - -
Bloomberg Barclays Global Aggregate Index 5.57% - - - - 6.02%

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

Investment Team

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

18 Years of Industry Experience

Brooke Fapohunda
Annika Lombardi

Portfolio Manager

12 Years of Industry Experience

Supported By 64 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 6.52% 5.10% - - - 5.10%
Lipper Category Avg. Global Income Funds 6.52% 6.01% - - - -
Bloomberg Barclays Global Aggregate Index 5.27% 5.73% - - - 5.73%

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 6.85% - - - - 5.43%
Lipper Category Avg. Global Income Funds 6.43% - - - - -
Bloomberg Barclays Global Aggregate Index 5.57% - - - - 6.02%

Fund Expense Ratio :

Gross 2.67%

Net 0.58%

Year Fund Returns Bloomberg Barclays Global Aggregate Index
2018 -1.33% -1.20%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.33% 3.40% - - 7.12%
2018 - - - -1.05% -1.33%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Non-US Corp High Grade
Sovereign Developed
US Corp High Grade
US Corp High Yield
Currency
MBS Passthrough
Non-US Corp High Yield
Govt
ABS
Sovereign Emerging
CMBS
MBS Other
Convertibles
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 07/31/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
CCC
Not Rated

Portfolio Positioning as of 06/30/2019

  • The portfolio maintains a flexible, multi-sector approach with the ability to have exposure to more credit-sensitive sectors outside of its benchmark, the Bloomberg Barclays Global Aggregate Index. The portfolio seeks to deliver total return by investing in bonds across multiple sectors in developed and emerging markets located throughout the world. Primary sector allocations include investment grade and high yield corporate bonds, sovereign debt, mortgage-backed securities (“MBS”), and asset-backed securities (“ABS”).
  • Going into the second quarter, the portfolio was overweight risk assets, such as high yield corporate bonds and emerging markets securities. As spreads came in and valuations tightened, we made modest reductions to the portfolio’s risk profile. However, we added back to risk assets, primarily high yield and investment grade European corporate bonds with longer duration at the end of the period. Given the slump in European inflation and the expectation that the European Central Bank (“ECB”) is going to cut rates, we believe European corporate credit spreads will tighten and the longer duration securities will benefit.
  • We reduced the portfolio’s allocation to emerging market securities within Latin America. Specifically, we reduced the portfolio’s exposure to Argentina given the uncertainties surrounding the upcoming presidential election. We also reduced the portfolio’s allocation to Mexico due to the country’s weakening economy and the volatility regarding trade tariffs with the U.S.

Portfolio Details as of 07/31/2019

Total Net Assets
$10.66 M
Number of Issues
306
Average Coupon
4.05%
Average Life
7.60 Years
Average Maturity
8.40 Years
Average Effective Duration
5.53 Years

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
2.67% 0.58%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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