Global Debt Unconstrained in USD
The Global Debt Unconstrained in USD Strategy seeks to identify undervalued securities and create diversified portfolios with high conviction global fixed income insights and favorable risk return parameters
Primary Benchmark:
Bloomberg Global Aggregate Index
Strategy Highlights
- 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
- Typical portfolio – average number of issues: 150-250
- Typically 1-2% max per investment grade non-gov’t/guaranteed/Agency issuer and 0.5-1.0% for below investment grade issuers (GSEs excluded)
1 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 greater than $20 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 July 1, 2016 the Composite minimum account size requirement was $5 million. The Composite inception date is July 1, 1996. The composite was created in 2011.
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Strategy Facts as of 6/30/2023
| Strategy Inception | 7/1/1996 |
| Strategy Assets 1 | $12.2 billion |
| Composite Assets | $542.7 million |
| Number of Composite Accounts | 2 |
Learn More about the Team
CLICK HERE to explore more about the team’s philosophy, offerings and insights.
Primary Benchmark:
Bloomberg Global Aggregate Index
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Quarter-End Performance as of 6/30/2023 | Cumulative | Gross | Net | Index |
|---|
| 3 month | -0.31% | -0.44% | -1.53% | | Year-to-date | 2.16% | 1.91% | 1.43% |
Trailing Performance as of 6/30/2023 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | 2.61% | 2.18% | -1.32% | | 3 years | -3.74% | -4.09% | -4.96% | | 5 years | -0.30% | -0.65% | -1.09% | | 10 years | 0.90% | 0.49% | 0.20% | | Since Inception 7/1/1996 | 6.18% | 5.58% | 3.46% |
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Period Performance | Year | Gross | Net | Index |
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| 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% | | 2014 | 2.36% | 1.74% | 0.59% | | 2013 | -0.82% | -1.39% | -2.60% |
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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.