International Bond Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The International Bond Fund seeks high total investment return though a combination of current income and capital appreciation
Primary Benchmark:
Barclays Global Aggregate ex-USD Index
Portfolio Management
Ken Buntrock, CFA, CIC
David Rolley, CFA
Lynda Schweitzer, CFA
Total Fund Assets (as of 4/30/2013):
$18.5 million
Lipper Category:
International Income
Morningstar Category:
World Bond
Strategy Highlights
- Invests primarily in investment grade fixed income securities of issuers located outside of the US (at least 65% of net assets)
- Invests in a broad universe of fixed income securities
- May invest up to 35% of assets in lower-rated fixed income securities
- Potential diversification benefits of owning non-US fixed income securities
- Access to larger investment universe as more than 50% of the world bond markets are outside of the US
Investment Strategy
- Active global fixed income management combining top-down macroeconomic analysis with research driven bottom up security selection
- Securities held by the fund may be denominated in any currency
- Securities held by the fund may be denominated in any countries, including emerging markets
- May invest 35% of assets in lower rated fixed income securities
About Risk
- This fund is non-diversified and may tend to be more volatile than diversified funds
- Mutual funds that invest in bonds can lose their value. When interest rates rise, bond prices usually fall and vice versa. Credit risk (the risk that the issuer or borrower will fail to make timely payments of interest and/or principal) is heightened for lower rated or higher yielding fixed-income securities and lower rated borrowers. In addition, lower-rated debt securities may be subject to greater price volatility
- Below investment-grade (also known as high yield) securities are subject to a high degree of market and credit risk. In addition, the secondary market for these securities may lack liquidity, which in turn may adversely affect the value of these securities and that of the Fund
- Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
- Securities issued by US Government agencies are not insured, and may not be guaranteed by the US Government
Past performance is no guarantee of future results.1 For further detail regarding Minimum Initial Investment, please see the fund prospectus.
2 Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2014. Investors should consult the most recent prospectus for more detailed information.
3Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The
Barclays Global Aggregate ex-USD Bond Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The liquidity constraint for all securities in the index is $300 million. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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Primary Benchmark: Barclays Global Aggregate ex-USD Index
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Year-to-Date Performance as of 6/18/2013 Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | -0.23% | -0.84% | | Year-to-date | -1.04% | -1.91% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 2.10% | -0.31% | | 3 Years | 6.40% | 4.61% | | 5 Years | 5.44% | 3.40% | | Since Inception (2/1/2008) | 5.75% | 3.74% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | -2.81% | -3.51% | | Year-to-date | -2.81% | -3.51% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 1.78% | -0.71% | | 3 Years | 5.89% | 3.80% | | 5 Years | 4.67% | 2.47% | | Since Inception (2/1/2008) | 5.48% | 3.47% |
Gross Expense Ratio: (Y) 1.60%; Net Expense Ratio: (Y) 0.80% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class Y |
|---|
| 1 Year | 75/124 | | 3 Years | 23/95 | | 5 Years | 30/76 | | 10 Years | N/A | | Lipper Category: International Income |
Morningstar Rankings as of 3/31/2013 | | Class Y |
|---|
| 1 Year | 259/333 | | 3 Years | 89/251 | | 5 Years | 91/201 | | 10 Years | N/A | | Morningstar Category: World Bond |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
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Total return assumes reinvestment of dividends and capital gains distributions, if any.
Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2013 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
© 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Issues | 101 | | Average Maturity | 7.45 | | Weighted Average Duration | 6.23 | | Annual Turnover (9/30/2012) | 169% |
| Currency Distribution | |
|---|
| Euro | 39.9% | | Japanese Yen | 21.8% | | British Pound Sterling | 10.7% | | Canadian Dollar | 5.0% | | South Korean Won | 3.6% | | Mexican Peso | 3.5% | | Singapore Dollar | 2.3% | | Norwegian Krone | 2.2% | | Thailand Baht | 1.7% | | Malaysian Ringgit | 1.5% | | Swiss Franc | 1.4% | | Swedish Krona | 1.2% | | Uruguay Peso | 1.1% | | Brazilian Real | 1.1% | | Philippine Peso | 1.1% | | Polish Zloty | 1.0% | | New Turkish Lira | 0.7% | | U S Dollars | 0.3% | | New Zealand Dollar | 0.1% | | South African Rand | 0.0% | | Australian Dollar | 0.0% |
| Duration Distribution | |
|---|
| Less than 1 Yr. | 6.8% | | 1 to 3 Yrs. | 10.3% | | 3 to 5 Yrs. | 43.7% | | 5 to 7 Yrs. | 8.6% | | 7 to 10 Yrs. | 15.2% | | 10 Yrs. or more | 16.9% | | Cash & Equiv | -1.5% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| JAPAN-284(10 YEAR ISSUE) JPY | 5.4% | | JAPAN FIN CORP MUNI ENT | 5.4% | | JAPAN-108 (20 YR ISSUE) JPY | 5.0% | | EURO-BOBL FUTURE JUN13 | 4.5% | | BUNDESREPUB. DEUTSCHLAND EUR | 4.0% | | U S TREASURY NOTES | 3.0% | | BUNDESREPUB. DEUTSCHLAND | 2.9% | | BUONI POLIENNALI DEL TES EUR | 2.9% | | FRANCE (GOVT OF) EUR | 2.8% | | MEXICAN BONOS M MXN | 2.4% | | Total | 38.3% | |
| Sector Distribution | |
|---|
| Non-US Dollar (Ex CAD) | 88.9% | | US Treasury | 3.0% | | Canadian Dollar | 2.6% | | High Yield Credit | 1.7% | | Investment Grade Credit | 0.6% | | Convertibles | 0.2% | | Cash & Equivalents | 3.0% |
| Country Distribution | |
|---|
| Japan | 22.3% | | United States | 11.7% | | United Kingdom | 10.6% | | Germany | 9.2% | | Italy | 6.8% | | Netherlands | 4.3% | | France | 4.0% | | Canada | 3.9% | | Finland | 3.5% | | Other | 23.7% |
| Maturity Distribution | |
|---|
| Less than 1 Yr. | 6.5% | | 1 to 3 Yrs. | 8.2% | | 3 to 5 Yrs. | 37.5% | | 5 to 7 Yrs. | 13.5% | | 7 to 10 Yrs. | 13.7% | | 10 Yrs. or more | 22.2% | | Cash & Equiv | -1.5% |
| Credit Quality | |
|---|
| Govt/Agency | 3.0% | | Aaa | 25.3% | | Aa | 31.8% | | A | 15.8% | | Baa | 20.1% | | Ba | 0.7% | | B | 0.7% | | Caa & Lower | 0.1% | | Cash & Equiv | 2.5% |
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Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch ratings are subject to change. The Fund's shares are not rated by any rating agency and no credit rating for Fund shares is implied.
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. In the Sector, Duration and Maturity distributions, the calculations are based on the specific traits of each security related to that distribution, which can result in variations of the Cash & Equivalents weightings.
Due to rounding, quality, maturity, sector, currency, country and duration totals may not equal 100.00%.
Both duration and maturity for equity securities are deemed to be zero.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Issues | 96 | 6968 | | Average Maturity | 7.55 | 8.22 | | Weighted Average Duration | 6.26 | 6.68 | | Annual Turnover (9/30/2012) | 169% | |
| Currency Distribution | Fund | Index |
|---|
| Euro | 38.5% | 43.3% | | Japanese Yen | 23.7% | 30.9% | | British Pound Sterling | 10.2% | 10.2% | | Canadian Dollar | 5.0% | 4.9% | | South Korean Won | 3.6% | 1.7% | | Mexican Peso | 3.3% | 0.6% | | Singapore Dollar | 2.2% | 0.3% | | Norwegian Krone | 2.1% | 0.3% | | Thailand Baht | 1.7% | 0.5% | | Malaysian Ringgit | 1.5% | 0.4% | | Swiss Franc | 1.4% | 1.2% | | Swedish Krona | 1.2% | 1.1% | | Philippine Peso | 1.1% | 0.0% | | Uruguay Peso | 1.1% | 0.0% | | Brazilian Real | 1.0% | 0.0% | | Polish Zloty | 1.0% | 0.5% | | U S Dollars | 0.8% | 0.0% | | New Turkish Lira | 0.7% | 0.0% | | New Zealand Dollar | 0.1% | 0.3% | | South African Rand | 0.0% | 0.4% | | Australian Dollar | 0.0% | 2.5% | | Danish Krone | 0.0% | 0.6% | | Israeli Shekel | 0.0% | 0.2% | | Czech Koruna | 0.0% | 0.2% | | Chilean Peso | 0.0% | 0.0% | | Hong Kong Dollar | 0.0% | 0.0% | | Hungarian Forint | 0.0% | 0.0% |
| Duration Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 7.5% | 2.1% | | 1 to 3 Yrs. | 9.4% | 26.3% | | 3 to 5 Yrs. | 39.6% | 20.9% | | 5 to 7 Yrs. | 12.1% | 14.9% | | 7 to 10 Yrs. | 15.4% | 15.7% | | 10 Yrs. or more | 16.9% | 20.0% | | Cash & Equiv | -1.0% | 0.0% |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| JAPAN-108 (20 YR ISSUE) JPY | 6.3% | | JAPAN FIN CORP MUNI ENT | 5.6% | | JAPAN-284(10 YEAR ISSUE) JPY | 5.6% | | EURO-BOBL FUTURE JUN13 | 4.4% | | FRANCE (GOVT OF) EUR | 4.1% | | BUNDESREPUB. DEUTSCHLAND | 3.9% | | U S TREASURY NOTES | 3.4% | | BUONI POLIENNALI DEL TES | 3.1% | | FINNISH GOVERNMENT EUR | 2.9% | | BUONI POLIENNALI DEL TES EUR | 2.7% | | Total | 41.9% | |
| Sector Distribution | Fund | Index |
|---|
| Non-US Dollar (Ex CAD) | 88.6% | 95.1% | | US Treasury | 3.4% | 0.0% | | Canadian Dollar | 2.6% | 4.9% | | High Yield Credit | 1.4% | 0.0% | | Investment Grade Credit | 0.4% | 0.0% | | Convertibles | 0.2% | 0.0% | | Cash & Equivalents | 3.3% | 0.0% |
| Country Distribution | Fund | Index |
|---|
| Japan | 24.3% | 30.7% | | United States | 12.4% | 1.4% | | United Kingdom | 10.5% | 9.8% | | Germany | 7.9% | 9.5% | | Italy | 7.2% | 6.8% | | France | 6.1% | 9.9% | | Canada | 3.8% | 4.9% | | Mexico | 3.3% | 0.7% | | Finland | 2.9% | 0.6% | | Other | 21.6% | 25.8% |
| Maturity Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 7.2% | 1.6% | | 1 to 3 Yrs. | 8.6% | 25.0% | | 3 to 5 Yrs. | 37.8% | 20.5% | | 5 to 7 Yrs. | 11.4% | 12.0% | | 7 to 10 Yrs. | 14.1% | 16.8% | | 10 Yrs. or more | 22.0% | 24.0% | | Cash & Equiv | -1.0% | 0.0% |
| Credit Quality | Fund | Index |
|---|
| Govt/Agency | 3.4% | 25.4% | | Aaa | 28.7% | 12.9% | | Aa | 28.6% | 36.9% | | A | 15.4% | 9.5% | | Baa | 19.6% | 15.4% | | Ba | 0.4% | 0.0% | | B | 0.7% | 0.0% | | Caa & Lower | 0.1% | 0.0% | | Cash & Equiv | 3.0% | 0.0% |
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Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch ratings are subject to change. The Fund's shares are not rated by any rating agency and no credit rating for Fund shares is implied.
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. In the Sector, Duration and Maturity distributions, the calculations are based on the specific traits of each security related to that distribution, which can result in variations of the Cash & Equivalents weightings.
Due to rounding, quality, maturity, sector, currency, country and duration totals may not equal 100.00%.
Both duration and maturity for equity securities are deemed to be zero.