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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 06/26/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.05% 1.06%

30-Day Standardized Yield 2 as of 05/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.12% 0.42%

Fund Basics

Total Net Assets
-
Inception Date
08/01/2018
Dividend Frequency
Monthly
Fund Gross Expense Ratio
3.07%
Fund Net Expense Ratio
1.08%
Number of Holdings
328

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 3.84% - - - - 2.23%
Lipper Category Avg. Global Income Funds 4.28% - - - - -
Bloomberg Barclays Global Aggregate Index 3.28% - - - - 3.72%

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 3.20% - - - - 1.61%
Lipper Category Avg. Global Income Funds 3.05% - - - - -
Bloomberg Barclays Global Aggregate Index 2.20% - - - - 2.64%

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

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 3.07%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 3.84% - - - - 2.23%
Lipper Category Avg. Global Income Funds 4.28% - - - - -
Bloomberg Barclays Global Aggregate Index 3.28% - - - - 3.72%

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge 3.20% - - - - 1.61%
Lipper Category Avg. Global Income Funds 3.05% - - - - -
Bloomberg Barclays Global Aggregate Index 2.20% - - - - 2.64%

Fund Expense Ratio :

Gross 3.07%

Net 1.08%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Non-US Corp High Grade
Sovereign Developed
US Corp High Yield
ABS
Govt
US Corp High Grade
Currency
Non-US Corp High Yield
MBS Passthrough
Sovereign Emerging
MBS Other
CMBS
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 05/31/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
CCC
<CCC

Portfolio Positioning as of 03/31/2019

  • The portfolio maintains a flexible, multi-sector approach with the ability to have exposure to more credit-sensitive sectors outside of the 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”).
  • Following the increased volatility and spread widening that occurred at the end of 2018, the portfolio maintained an overweight positioning to risk assets, as valuations were more compelling. As valuations tightened due to the U.S. Federal Reserve (“Fed”) and the European Central Bank (“ECB”) dovish stance and the easing of U.S.-China trade tensions, we reduced the portfolio’s allocation to U.S. and non-U.S. high yield corporate bonds and non-U.S. investment grade corporate bonds in an effort to reduce the overall risk profile of the portfolio.
  • The portfolio maintains an overweight positioning to European corporate bonds with longer durations. We believe the risk of a hard Brexit will be delayed, and European corporate credit spreads have room to tighten. Additionally, we are attracted to longer duration corporate bonds as the ECB continues to delay its efforts to tighten its monetary policy.
  • Within the portfolio’s currency exposure, there is more of an emphasis on emerging market currencies over developed currencies. We believe the Chinese economic stimulus program, which began last year, will have a ripple effect into emerging market currencies and create positive carry opportunities. 

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
3.07% 1.08%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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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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