Global Debt Unconstrained in USD
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
Portfolio Managers
David Rolley, CFA
Co-Head of the Global Fixed Income Team, Portfolio Manager
Lynda Schweitzer, CFA
Co-Head of the Global Fixed Income Team, Portfolio Manager
Scott Service, CFA
Portfolio Manager, Co-Head of Global Fixed Income
About the Team
Offering consistent and competitive risk-adjusted returns to our clients for decades.
Investment Strategy
- Our investment philosophy combines intensive bottom-up credit research across major sectors of the bond market with top-down macroeconomic insights
- Our sovereign research universe is comprised of more than 100 countries, and portfolios are typically invested in 25 to 35 countries
- Create portfolios that invest in global securities with a focus on Loomis Sayles’ best investment ideas across relevant risk factors, including country, currency, curve, sector and specific credit
- Invests across a broad global universe of securities including government and quasi-government and agency securities, corporate credits, and asset-backed securities including mortgages
- Seeks to generate solid long-term risk-adjusted investment performance
- Seeks to manage risk through diversification and continuous monitoring based on fundamental analysis
- Allowable below investment grade allocation: typically over 20%
- Typical allocation to emerging markets debt: generally greater than 25%
- Target tracking error: 3% to 8%, opportunistic approach rather than benchmark relative
- Typical portfolio: more than 150 issues
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 0.99% | 0.87% | 0.60% |
| Year-To-Date | 11.39% | 10.97% | 7.91% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 4.73% | 4.21% | 2.40% |
| 3 Years | 8.62% | 8.10% | 5.45% |
| 5 Years | -0.11% | -0.54% | -1.56% |
| 10 Years | 2.36% | 1.96% | 1.15% |
| Since 7/1/1996 | 6.22% | 5.62% | 3.55% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | -2.25% | -2.73% | -1.69% |
| 2023 | 8.45% | 7.91% | 5.72% |
| 2022 | -14.61% | -14.90% | -16.25% |
| 2021 | -5.69% | -6.00% | -4.71% |
| 2020 | 13.17% | 12.80% | 9.20% |
| 2019 | 5.62% | 5.26% | 6.84% |
| 2018 | -2.36% | -2.72% | -1.20% |
| 2017 | 10.04% | 9.62% | 7.39% |
| 2016 | 4.55% | 4.14% | 2.09% |
| 2015 | -5.55% | -5.99% | -3.15% |
Documents
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Non-US Securities Risk, Currency Risk, Prepayment Risk and Extension Risk. Investing involves risk including possible loss of principal.
Diversification does not ensure a profit or guarantee against a loss.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Strategy assets are comprised of Loomis Sayles Global Bond style accounts including Global Aggregate Bond, Global World Bond, and Global Debt Unconstrained and other Global Bond investment styles.
The Composite includes all discretionary accounts with market values of at least $10 million managed by Loomis Sayles with guidelines prescribing investment in a concentrated, best ideas portfolio of foreign bonds as well as U.S. dollar denominated bonds with minimal targeted benchmark correlation, and with the following characteristics. Composite accounts include both sovereign and corporate securities, as well as emerging market debt and below investment grade securities. Prior to June 1, 2024 the Composite minimum account size requirement was $20 million and prior to July 1, 2016, the minimum account size requirement was $5 million. The Composite inception date is July 1, 1996. The Composite was created in October 2011.