Core Plus Full Discretion
Effective 12/31/2023, Elaine Stokes will no longer serve as a portfolio manager for the Strategy.
The Core Plus Full Discretion strategy seeks to maximize total return through research driven security selection while managing downside risk through careful portfolio construction
Primary Benchmark:
Bloomberg US Aggregate Index
Strategy Highlights
- Maximum <BB: 15%
- Maximum emerging markets debt: 15%
- Maximum non-US dollar: 20%
- 5% maximum per issuer, GSEs excluded
- 25% maximum per corporate industry
Portfolio Management Team
Portfolio Managers
Associate Portfolio Manager
The Composite includes all discretionary accounts with market values greater than $5 million managed by Loomis Sayles with the objective of maximizing total return through individual security selection with a 15% limit in high yield securities and use of out-of-benchmark sectors including but not limited to non-US dollar denominated, emerging market debt, convertibles, securitized debt and bank loans. Yield curve and duration management provide additional tactical tools for the portfolio management team with strategic allocation to higher yielding credit sensitive sectors employing Loomis Sayles security level research and significant allocation to non-index sectors as primary sources of alpha. Tracking error is not explicitly targeted for this product, however, historically these portfolios have exhibited annualized tracking error of approximately 300-500 basis points. As of 1/1/2021 the Composite was redefined to include commingled vehicles, previously only separate accounts were included. The Composite inception date is January 1, 1989. The Composite was created in 2003.
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Strategy Facts as of 6/30/2023
| Strategy Inception | 1/1/1989 |
| Strategy Assets | $23.0 billion |
| Composite Assets | $10.3 billion |
| Number of Composite Accounts | 14 |
Learn More About the Team
CLICK HERE to explore more about the team’s philosophy, offerings and insights.
Primary Benchmark:
Bloomberg US Aggregate Index
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Quarter-End Performance as of 6/30/2023 | Cumulative | Gross | Net | Index |
|---|
| 3 month | -0.48% | -0.58% | -0.84% | | Year-to-date | 2.75% | 2.54% | 2.09% |
Trailing Performance as of 6/30/2023 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | 1.46% | 1.15% | -0.94% | | 3 years | -1.02% | -1.28% | -3.96% | | 5 years | 2.61% | 2.34% | 0.77% | | 10 years | 3.14% | 2.86% | 1.52% | | Since Inception 1/1/1989 | 7.31% | 7.05% | 5.35% |
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Period Performance | Year | Gross | Net | Index |
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| 2022 | -10.95% | -11.14% | -13.01% | | 2021 | 0.33% | 0.11% | -1.54% | | 2020 | 11.77% | 11.47% | 7.51% | | 2019 | 9.44% | 9.13% | 8.72% | | 2018 | 0.15% | -0.14% | 0.01% | | 2017 | 6.16% | 5.86% | 3.54% | | 2016 | 7.15% | 6.84% | 2.65% | | 2015 | -1.99% | -2.27% | 0.55% | | 2014 | 5.62% | 5.33% | 5.97% | | 2013 | 0.94% | 0.64% | -2.02% |
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Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Monthly as of -1/-1/-1
| Currency Distribution | |
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| @ERROR% | | Duration Distribution | |
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| @ERROR% | |
| Sector Distribution (Fixed) | |
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| 0.0% | | Country Distribution | |
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| @ERROR% | | Maturity Distribution | |
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| @ERROR% | |
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%.
Quarterly as of -1/-1/-1
| Currency Distribution | Fund | Index |
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| @ERROR% | 0.0% | | Duration Distribution | Fund | Index |
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| @ERROR% | @ERROR% |
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| Sector Distribution (Fixed) | Fund | Index |
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| 0.0% | 0.0% | | 0.0% | 0.0% | | Country Distribution | Fund | Index |
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| @ERROR% | 0.0% | | Maturity Distribution | Fund | Index |
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| @ERROR% | @ERROR% | | Credit Quality | Fund | Index |
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| @ERROR% | 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%.
Top Ten Holdings
as of 6/30/2023 | % Assets |
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| @ERROR% |
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Top 10 holdings may not be representative of current or future holdings and will evolve over time.