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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 05/29/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.43% 1.18%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.08% 1.34%

Fund Basicsas of 04/30/2020

Total Net Assets
$10.36 M
Inception Date
08/01/2018
Dividend Frequency
Monthly
Fund Gross Expense Ratio
3.08%
Fund Net Expense Ratio
0.83%
Number of Holdings
358

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge -5.40% -0.99% - - - 0.54%
Lipper Category Avg. Global Income Funds -1.59% 3.24% - - - -
Bloomberg Barclays Global Aggregate Index 1.63% 6.56% - - - 5.08%

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge -7.76% -3.30% - - - -0.95%
Lipper Category Avg. Global Income Funds -4.15% 0.64% - - - -
Bloomberg Barclays Global Aggregate Index -0.33% 4.20% - - - 4.12%

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

Investment Team

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

Partner & Portfolio Manager

19 Years of Industry Experience

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

Partner & Portfolio Manager

22 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

26 Years of Industry Experience

Annika M. Lombardi
Annika M. Lombardi

Portfolio Manager

13 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 3.08%

Net 0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge -5.40% -0.99% - - - 0.54%
Lipper Category Avg. Global Income Funds -1.59% 3.24% - - - -
Bloomberg Barclays Global Aggregate Index 1.63% 6.56% - - - 5.08%

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2018
w/o sales charge -7.76% -3.30% - - - -0.95%
Lipper Category Avg. Global Income Funds -4.15% 0.64% - - - -
Bloomberg Barclays Global Aggregate Index -0.33% 4.20% - - - 4.12%

Fund Expense Ratio :

Gross 3.08%

Net 0.83%

Year Fund Returns Bloomberg Barclays Global Aggregate Index
2019 8.26% 6.84%
2018 -1.44% -1.20%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.76% - - - -3.53%
2019 3.27% 3.34% -0.02% 1.47% 8.26%
2018 - - - -1.11% -1.44%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
US Corp High Grade
Non-US Corp High Grade
US Corp High Yield
Sovereign Developed
Currency
ABS
Non-US Corp High Yield
MBS Passthrough
Sovereign Emerging
MBS Other
Govt
CMBS
US Bank Loan High Yield
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 04/30/2020

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

Portfolio Positioning as of 12/31/2019

  • 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”).
  • As European yields became more negative at the end of the summer, we began reducing the portfolio’s allocation to core European countries to lock in the higher prices. In particular, we reduced the portfolio’s allocation to both sovereign securities and investment grade corporate bonds within Germany and France, mitigating the impact from the subsequent rise in developed sovereign bond yields throughout the quarter.
  • We increased the portfolio’s allocation to emerging market sovereign securities following weak performance in the third quarter due to trade tensions and concerns over slowing global growth. With trade tensions between the U.S. and China being alleviated and our expectation that central banks across the globe will hold steady and that the global economy will rebound, we anticipate emerging market securities will be positively impacted.
  • Given the continued tightening within corporate credit, we have reduced the portfolio’s allocation to U.S. investment grade corporate bonds and both U.S. and non-U.S. high yield corporates while opportunistically adding to sectors that offer attractive relative value and carry opportunities. We modestly increased the portfolio’s allocation to securitized products and bank loans, as we anticipate spreads will compress within these sectors in the upcoming months.

Portfolio Details as of 04/30/2020

Total Net Assets
$10.36 M
Number of Issues
358
Average Coupon
3.84%
Average Life
7.67 Years
Average Maturity
9.85 Years
Average Effective Duration
5.56 Years

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
3.08% 0.83%

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
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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