World Credit Asset
The World Credit Asset strategy seeks to maximize return potential by investing in what we consider to be attractive issuers in the global investment grade credit, high yield credit, bank loan, securitized, and emerging markets sectors based on the current phase of the global credit cycle
Primary Benchmark:
50% BBG BARC Global Aggregate Corporate - USD Hedged/25% BBG BARC Global High Yield - USD Hedged/15% JP Morgan Corporate Emerging Markets Bond Index Broad Diversified/10% S&P/LSTA Leveraged Loan Index
Strategy Highlights
- Multi asset credit (MAC) strategy that seeks to capture credit risk premiums in markets that we believe can offer strong risk-adjusted return potential over a full market cycle
- Asset allocation determined by evaluating the current stage of the global credit cycle and the attractiveness of the various sectors
- Top-down analysis driven by real-time market data, economic releases, and market technicals, coupled with our quantitative models
- Bottom-up analysis is driven by the portfolio management team’s daily interaction with sector teams and the insights the teams generate
Portfolio Construction
- Duration: 0-7 years
- Maximum below investment grade: 100%
- Currency: 10% maximum non-US dollar after hedges
- Derivatives: Yes
- Leverage: None**
**Non-US Dollar-denominated investments may not exceed 10% of the Composite, excluding the Senior Loan Fund, LLC, which allows for up to 5% of its total assets in senior loans denominated in currencies other than USD.
The Composite includes all discretionary accounts with market values greater than $75 million managed by Loomis Sayles that seek to maximize risk-adjusted returns by allocating across the credit spectrum based on macro analysis of economic regimes and the global credit cycle. Accessing a broad investment opportunity set allows the product team to seek to create a diversified portfolio with what the team believes are the most attractive issuers in the global investment grade credit, high yield credit, bank loan, securitized and emerging markets. Interest rate duration is managed from zero to five years. The Composite inception date is October 1, 2013. The Composite was created in 2014.
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Primary Benchmark:
50% BBG BARC Global Aggregate Corporate - USD Hedged/25% BBG BARC Global High Yield - USD Hedged/15% JP Morgan Corporate Emerging Markets Bond Index Broad Diversified/10% S&P/LSTA Leveraged Loan Index
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Quarter-End Performance as of 3/31/2022 | Cumulative | Gross | Net | Index |
|---|
| 3 month | -5.03% | -5.15% | -6.03% | | Year-to-date | -5.03% | -5.15% | -6.03% |
Trailing Performance as of 3/31/2022 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | -3.18% | -3.66% | -3.64% | | 3 years | 4.57% | 4.05% | 2.75% | | 5 years | 4.35% | 3.83% | 3.31% | | Since Inception 10/1/2013 | 4.74% | 4.22% | 4.09% |
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Period Performance | Year | Gross | Net | Index |
|---|
| 2021 | 0.90% | 0.40% | 0.89% | | 2020 | 10.60% | 10.05% | 7.03% | | 2019 | 13.39% | 12.83% | 12.45% | | 2018 | -1.94% | -2.43% | -1.36% | | 2017 | 6.91% | 6.38% | 6.56% | | 2016 | 10.99% | 10.45% | 9.43% | | 2015 | -1.66% | -2.15% | -0.13% | | 2014 | 4.99% | 4.47% | 5.33% | | 2013* | 2.64% | 2.51% | 1.81% |
* Since Inception 10/1/2013 |
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% |
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| 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 |
|---|
| @ERROR% | 0.0% | | Duration Distribution | Fund | Index |
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| @ERROR% | @ERROR% |
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| Sector Distribution (Fixed) * | Fund | Index |
|---|
| 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%.