Global Bond Fund
The Global Bond Fund seeks high total investment return through a combination of high current income and capital appreciation
Primary Benchmark:
Bloomberg Barclays Global Aggregate Index
Portfolio Management
David Rolley, CFA
Lynda Schweitzer, CFA
Scott Service, CFA
Total Fund Assets (as of 5/31/2020):
$632.1 million
Lipper Category:
Global Income Funds
Morningstar Category:
World Bond
Strategy Highlights
- Invests primarily in investment grade fixed income securities worldwide
- Invests in a broad universe of fixed income securities
- May invest up to 20% of assets in lower-rated fixed income securities
- Potential diversification benefits of owning global fixed income securities
- Access to a 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 domiciled in any countries, including emerging markets
- May invest 20% of assets in lower rated fixed income securities
About Risk
- Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
- Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
- Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
- Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity.
- Mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities. Other related risks include prepayment risk, which is the risk that the securities may be prepaid, potentially resulting in the reinvestment of the prepaid amounts into securities with lower yields.
Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment
minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, L.P. (the “Distributor”).
1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 1/31/21. When an expense cap has not been exceeded, the fund may have similar expense ratios and/or yields.
2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The Bloomberg Barclays Global Aggregate 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:
Bloomberg Barclays Global Aggregate Index
Year-to-Date Performance as of 6/5/2020 | | Class N | Class I | Class R |
|---|
| | 4.05% | 4.00% | 3.89% |
Month-End Performance as of 5/31/2020 Cumulative
Total Return | Class N | Class I | Class R |
|---|
| 3 month | 0.93% | 0.93% | 0.83% | | Year-to-date | 2.29% | 2.29% | 2.15% |
Average Annualized
Total Return | Class N | Class I | Class R |
|---|
| Inception Date | 2/1/2013 | 5/10/1991 | 12/31/1996 | | 1 Year | 5.57% | 5.53% | 5.23% | | 3 Years | 3.33% | 3.30% | 3.04% | | 5 Years | 3.24% | 3.18% | 2.92% | | 10 Years | N/A | 3.19% | 2.93% | | Since Inception | 1.64% | 6.29% | 5.02% |
Quarter-End Performance as of 3/31/2020 Cumulative
Total Return | Class N | Class I | Class R |
|---|
| 3 month | -2.93% | -2.94% | -2.99% | | Year-to-date | -2.93% | -2.94% | -2.99% |
Average Annualized
Total Return | Class N | Class I | Class R |
|---|
| Inception Date | 2/1/2013 | 5/10/1991 | 12/31/1996 | | 1 Year | 1.09% | 1.04% | 0.85% | | 3 Years | 2.44% | 2.41% | 2.15% | | 5 Years | 2.02% | 1.94% | 1.70% | | 10 Years | N/A | 2.39% | 2.13% | | Since Inception | 0.94% | 6.14% | 4.83% |
|
Lipper Ranking as of 5/31/2020 | | Class N | Class I | Class R |
|---|
| 1 Year | 51/212 | 52/212 | 57/212 | | 3 Years | 57/179 | 61/179 | 85/179 | | 5 Years | 43/161 | 46/161 | 69/161 | | 10 Years | N/A | 42/94 | 53/94 | | Lipper Category: Global Income Funds |
Morningstar Ranking as of 5/31/2020 | | Class N | Class I | Class R |
|---|
| 1 Year | 23/211 | 24/211 | 28/211 | | 3 Years | 31/188 | 34/188 | 52/188 | | 5 Years | 24/172 | 27/172 | 43/172 | | 10 Years | N/A | 22/106 | 33/106 | | 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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Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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 2020 © 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.
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Monthly as of 5/31/2020
| Characteristics | |
|---|
| Number of Issues | 357 | | Average Maturity | 8.53 | | Weighted Average Duration | 6.69 | | Annual Turnover (9/30/2019) | 215% |
| Currency Distribution | |
|---|
| US Dollar | 52.5% | | Euro | 12.9% | | Japanese Yen | 10.9% | | Offshore Chinese Renminbi Spot | 4.6% | | British Pound Sterling | 2.9% | | Canadian Dollar | 2.0% | | Australian Dollar | 1.7% | | Indonesian Rupiah | 1.6% | | Norwegian Krone | 1.6% | | South African Rand | 1.5% | | Brazilian Real | 1.4% | | Mexican Peso | 1.4% | | Malaysian Ringgit | 1.3% | | Colombian Peso | 1.1% | | Danish Krone | 0.9% | | Polish Zloty | 0.7% | | Swedish Krona | 0.5% | | Thailand Baht | 0.4% | | New Zealand Dollar | 0.1% | | Duration Distribution | |
|---|
| Less than 1 Yr. | 8.6% | | 1 to 3 Yrs. | 12.4% | | 3 to 5 Yrs. | 22.3% | | 5 to 7 Yrs. | 17.7% | | 7 to 10 Yrs. | 21.2% | | 10 Yrs. or more | 15.0% | | Cash & Equivalents | 2.8% |
|
| Sector Distribution (Fixed) | |
|---|
| Non-US Dollar (ex CAD) | 44.1% | | Investment Grade Credit | 30.7% | | ABS/RMBS | 7.9% | | High Yield Credit | 5.1% | | Agency MBS | 4.0% | | Canadian Dollar | 2.0% | | Emerging Markets Debt | 1.9% | | US Treasury | 1.0% | | CMBS | 0.4% | | Cash & Equivalents | 2.8% | | Country Distribution | |
|---|
| United States | 40.7% | | United Kingdom | 9.1% | | Japan | 7.4% | | Italy | 6.3% | | China | 4.6% | | Brazil | 3.8% | | Mexico | 3.7% | | Spain | 3.3% | | South Africa | 1.8% | | Other | 19.5% | | Maturity Distribution | |
|---|
| Less than 1 Yr. | 5.1% | | 1 to 3 Yrs. | 9.4% | | 3 to 5 Yrs. | 17.8% | | 5 to 10 Yrs. | 45.5% | | 10 to 20 Yrs. | 7.7% | | 20 Yrs. or more | 14.4% | | Credit Quality | |
|---|
| US Treasurys | 1.0% | | AAA | 11.6% | | AA | 5.1% | | A | 28.3% | | BAA | 43.4% | | BA | 7.8% | | B | 0.0% | | CAA & Lower | 0.0% | | Not Rated | 0.1% | | Cash & Equivalents | 2.7% | |
Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
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. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.
Both duration and maturity for equity securities are deemed to be zero.
Quarterly as of 3/31/2020
| Characteristics | Fund | Index |
|---|
| Number of Issues | 360 | 25047 | | Average Maturity | 8.84 | 8.7 | | Weighted Average Duration | 7.21 | 6.99 | | Annual Turnover (9/30/2019) | 215% | |
| Currency Distribution | Fund | Index |
|---|
| US Dollar | 46.3% | 45.6% | | Japanese Yen | 14.1% | 15.5% | | Euro | 13.9% | 22.7% | | British Pound Sterling | 5.0% | 4.5% | | Offshore Chinese Renminbi Spot | 4.4% | 0.0% | | Canadian Dollar | 2.6% | 2.4% | | Norwegian Krone | 1.7% | 0.1% | | Australian Dollar | 1.7% | 1.1% | | Indonesian Rupiah | 1.5% | 0.3% | | Brazilian Real | 1.4% | 0.0% | | South African Rand | 1.3% | 0.0% | | Malaysian Ringgit | 1.3% | 0.3% | | Mexican Peso | 1.3% | 0.3% | | Danish Krone | 1.1% | 0.2% | | Colombian Peso | 0.9% | 0.0% | | Polish Zloty | 0.8% | 0.2% | | Swedish Krona | 0.4% | 0.4% | | New Zealand Dollar | 0.1% | 0.1% | | Swiss Franc | 0.0% | 0.5% | | Duration Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 1.7% | 4.2% | | 1 to 3 Yrs. | 18.3% | 29.8% | | 3 to 5 Yrs. | 23.6% | 18.8% | | 5 to 7 Yrs. | 18.8% | 12.9% | | 7 to 10 Yrs. | 19.3% | 11.6% | | 10 Yrs. or more | 16.9% | 22.7% | | Cash & Equivalents | 1.4% | 0.0% |
|
| Sector Distribution (Fixed) | Fund | Index |
|---|
| Non-US Dollar (ex CAD) | 50.0% | 52.0% | | Investment Grade Credit | 22.0% | 15.2% | | Agency MBS | 8.3% | 11.5% | | ABS/RMBS | 8.2% | 0.2% | | High Yield Credit | 4.6% | 0.1% | | Canadian Dollar | 2.6% | 2.4% | | Emerging Markets Debt | 1.5% | 0.0% | | US Treasury | 1.0% | 17.4% | | CMBS | 0.4% | 0.5% | | US Agency | 0.0% | 0.5% | | Municipals | 0.0% | 0.3% | | Cash & Equivalents | 1.4% | 0.0% | | Country Distribution | Fund | Index |
|---|
| United States | 38.1% | 39.9% | | Japan | 11.4% | 15.8% | | United Kingdom | 10.0% | 4.9% | | Italy | 5.9% | 3.4% | | China | 4.4% | 4.4% | | Spain | 4.1% | 2.4% | | Brazil | 3.6% | 0.0% | | Mexico | 2.8% | 0.6% | | Supra National | 2.2% | 2.1% | | Other | 17.4% | 26.3% | | Maturity Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 4.7% | 1.3% | | 1 to 3 Yrs. | 15.6% | 25.4% | | 3 to 5 Yrs. | 16.7% | 23.9% | | 5 to 10 Yrs. | 43.0% | 24.6% | | 10 to 20 Yrs. | 10.1% | 11.2% | | 20 Yrs. or more | 9.8% | 13.6% | | Credit Quality | Fund | Index |
|---|
| US Treasurys | 1.0% | 17.4% | | AAA | 18.1% | 22.6% | | AA | 7.1% | 14.7% | | A | 34.4% | 28.9% | | BAA | 30.7% | 16.3% | | BA | 7.0% | 0.2% | | B | 0.3% | 0.0% | | CAA & Lower | 0.0% | 0.0% | | Not Rated | 0.1% | 0.0% | | Cash & Equivalents | 1.3% | 0.0% |
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Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
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. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.
Both duration and maturity for equity securities are deemed to be zero.