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
    (Since 31 August 2017)
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 30/06/2017

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Bond Fund -4.16 -5.37 4.92 2.01 - 2.82 July 12, 2010
July 12, 2010
Bloomberg Barclays Global Aggregate Bond Index -3.79 -4.72 5.90 2.95 - 3.76 July 12, 2010
Statistics Fund Index
Average Maturity 8.2 years 8.7 years
Effective Duration 6.3 years 6.9 years
Yield to Maturity 1.5 1.6
Current Yield 2.1 3.8
Average Credit Quality A+ AA-
# of securities 187 20,296
Fund Size € 82.1MM
Effective Duration Fund Index
0-1 years 17.2 1.3
1-3 years 19.9 22.4
3-4 years 4.3 12.3
4-6 years 21.7 23.7
6-8 years 6.4 12.8
> 8 years 30.4 27.5
Credit Quality Fund Index
AAA 40.0 40.0
AA 10.7 16.3
A 28.8 27.0
BBB/BAA 17.7 16.8
< BBB/NR 0.0 0.0
Cash 2.8 0.0
Sector Fund Index Diff.
Government/Sovereign 53.2 54.9 -1.7
Supranational 1.0 2.3 -1.3
Industrials 13.7 10.3 3.4
Financial 10.8 6.9 3.8
Utility 0.2 1.4 -1.2
Non-Corporate 7.3 8.8 -1.6
MBS 3.4 11.5 -8.1
CMBS 0.7 0.7 0.0
ABS 3.8 0.3 3.5
Covered 3.1 2.8 0.3
Cash 2.8 0.0 2.8
Country Fund Index
Australia 1.0 1.7
Belgium 1.7 1.2
Brazil 0.0 0.0
Canada 1.4 3.3
France 6.0 5.9
Germany 6.7 4.7
Italy 1.2 3.8
Japan 16.9 17.1
Mexico 2.2 0.7
Netherlands 5.0 2.4
Spain 3.7 2.6
South Korea 0.9 1.4
Sweden 1.6 0.9
Switzerland 0.8 0.5
United Kingdom 3.7 5.7
USA 40.8 39.4
Currency Bloc Fund Index
Dollar 46.2 44.8
Euro 25.6 24.4
UK Pound 2.1 5.2
Yen 16.5 16.9
Other* 9.7 8.7
Top 10 Holdings % Weight
United States Of America 1.0% 31-May-2018 6.1
Japan 0.6% 20-Mar-2023 4.4
Japan 2.1% 20-Mar-2030 3.7
Japan 1.9% 20-Sep-2042 2.8
FHLMC POOL #Q3-8621 3.500% 01-Feb-2046 2.6
Japan 0.9% 20-Mar-2022 2.6
United States Of America 1.875% 30-Nov-2021 2.0
The Netherlands 4.0% 15-Jul-2018 1.8
Spain 1.45% 31-Oct-2027 1.8
Germany 0.25% 11-Oct-2019 1.6
  • Q2 2017 Performance Review

    The CBIS World Bond Fund returned -4.16% versus the benchmark Bloomberg Barclays Global Aggregate Bond Index’s (EUR) -3.79% return. For the 12-month period, the Fund returned -5.37% versus the Index’s -4.72% return.

    SUMMARY: Quarterly Review

    • Credit and active currency strategies made positive contributions to performance, while interest rates and inflation strategies detracted.
    • The less dovish tone from central bankers caused markets to price higher bond yields later in June prompting a sharp rebound in directional duration positions, which was beneficial for performance.
    • Currency positioning was additive with the portfolio benefiting particularly from a weaker sterling versus euro.

    SUMMARY: 12-Month Review

    • Contributors to outperformance include the portfolio’s shorter than benchmark duration positioning, security selection within corporate bonds and underweighting the securitized sector and mortgagebacked pass through sector.
    • The Fund’s top detractors for the twelve-month period were sovereigns, especially carry and roll sovereigns, including positions in long-dated Japanese Government Bonds.

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