Objective

Seeks sustainable income with modest capital appreciation. Focuses primarily on investment-grade sovereign, supranational, corporate and mortgage debt securities, including securitizations, worldwide.

Strategy

Emphasizes worldwide country and issuer exposure to companies with improving financial health relative to their peers; combines quantitative and fundamental analysis in seeking to optimize portfolio structure across country, currency, duration and yield curve exposures — uses top down/ bottom up approach to determine sectors and issuers

Fund Facts
Asset Manager
  • Degroof Petercam Asset Management, Brussels, Belgium
Benchmark Bloomberg Barclays Global Aggregate Bond Index
Fund Inception Date July 12, 2010
Mimimum Investment €50,000
Expense Ratio 0.85
ISIN IE00B3DD4X73
Growth of €10,000
Inception Date: July 12, 2010

Annual Average Total Returns
(%) as of 31/03/2018

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Bond Fund -0.85 -0.99 0.33 2.97 - 2.33 July 12, 2010
July 12, 2010
Bloomberg Barclays Global Aggregate Bond Index 2.41 1.00 3.70 - 3.16 July 12, 2010
Statistics Fund Index
Average Maturity 4.6 years 8.8 years
Effective Duration 2.0 years 7.0 years
Yield to Maturity 11.9 1.8
Current Yield 15.2 3.1
Average Credit Quality A- A+
# of securities 137 21,381
Fund Size € 106.7MM
Effective Duration Fund Index
0-1 years 6.6 1.6
1-3 years 3.6 23.0
3-5 years 14.5 23.1
5-7 years 18.9 18.9
7-10 years 20.8 12.7
10-20 years 25.1 17.1
> 20 Years 10.5 3.6
Credit Quality Fund Index
AAA 19.8 38.7
AA 7.6 16.5
A 16.5 27.5
BBB/BAA 44.6 17.0
< BBB/NR 6.9 0.4
Cash 4.6 0.0
Sector Fund Index Diff.
Treasuries 57.5 54.5 3.0
Agency 3.6 5.7 -2.1
Industrials 12.6 10.1 2.5
Finance 17.1 6.9 10.2
Utilities 2.5 1.4 1.0
Supranational 0.5 2.3 -1.8
Sovereign 1.6 1.3 0.4
MBS 0.0 11.0 -11.0
CMO 0.0 0.0 0.0
CMBS 0.0 0.8 -0.8
ABS 0.0 0.3 -0.3
Municipals 0.0 3.0 -3.0
Covered bonds 0.0 2.8 -2.8
M&A 0.0 0.0 0.0
Cash 4.6 0.0 4.6
Country Fund Index
France 10.8 6.2
Germany 0.0 4.8
Italy 14.9 4.0
United Kingdom 5.2 5.9
Japan 0.6 17.4
Canada 0.9 3.3
United States 30.1 37.8
Other Developed Europe 27.9 12.6
Other Developed Asia 2.5 2.3
Other Emerging Asia 1.0 2.6
Other Emerging Markets 6.0 3.1
Currency Bloc Fund Index
Dollar 29.4 43.1
Euro 54.4 25.9
UK Pound 3.4 5.3
Yen 0.0 17.1
Other* 12.8 8.6
Top 10 Holdings % Weight
THE UNITED STATES OF AMERICA 0.75% 15-FEB-2042 7.4
SPAIN 2.9% 31-OCT-2046 5.3
SPAIN 1.0% 30-NOV-2030 5.1
SWEDEN 2.25% 01-JUN-2032 4.6
ITALY 1.25% 15-SEP-2032 3.7
ITALY 1.6% 01-JUN-2026 3.4
ITALY 1.35% 15-APR-2022 3.1
SOUTH AFRICA 7.75% 28-FEB-2023 2.1
PORTUGAL 4.1% 15-APR-2037 2.1
THE UNITED STATES OF AMERICA 0.125% 15-JUL-2026 2.0
  • Q1 2018 Performance Review

    The CBIS World Bond Fund returned 0.21% versus the benchmark
    Bloomberg Barclays Global Aggregate Bond Index’s (EUR) -1.03%
    return.

    SUMMARY

    • Over the 3-month period, security selection was the largest contributor to performance, led by long dated Spanish and Italian Government bonds. The Fund’s defensive duration positioning (2.0 yrs. vs 7.0 yrs. for the benchmark) was a strong positive. Sector allocation was a detractor resulting in part from the overweight in corporate financial and industrial holdings.
    • Over 12 months, security selection was positive largely due to positive selection in Spanish, Italian, and South African government bonds. The shorter than benchmark duration positioning was also positive, while sector exposure was negative, largely due the Fund’s corporate overweight.
    • The sub-advisor is maintaining a defensive duration position due to their belief that core global rate markets have entered a consolidation period and that the ECB is determined to exit their asset purchase program by the end of 2018. As valuations in the forwards market improve, the sub-advisor will start to increase duration exposure.
  • Fund Fact Sheet

    PDF
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