Seeks income-producing instruments: European government and high quality European corporate bonds
Diversify across investment grade short-term fixed-income securities, primarily direct government obligations; these may include discount and zero coupon instruments, money market funds and exchange-traded government futures contracts and forward currency exchange contracts for the purposes of managing portfolio duration, yield curve positioning or trading execution on a more cost-effective basis.
|Benchmark||Bloomberg Euro Aggregate: 80 % Treasury (1-3 Yr) Index / 20% Corporate (1-3 Yr) Index|
|Fund Inception Date||May 6, 2009|
Effective June 1, 2017, the benchmark for the European Short Bond Fund was changed to the 80% Bloomberg Euro Aggregate Treasury (1-3 Yr) Index/20% Bloomberg Euro Aggregate Corporate (1-3Yr) Index. For periods prior to June 1, 2017, the applicable benchmark was the Bloomberg European Government 1-3 Year Term Index.
Annual Average Total Returns
(%) as of
|Trailing||3 Months||1 Year||3 Years||5 Years||10 Years|
|European Short-Term Government Bond Fund||0.73||-3.13||-1.60||-1.21||-0.23|
|BB Euro Aggregate: 80 % Treasury (1-3 Yr) / 20% Corporate (1-3 Yr) Index||-0.06||-0.14||0.24||0.06||1.29|
- Returns are presented net of fees and include the reinvestment of income and past performance is not indicative of future results. Net of fees includes management fees, operating expenses, and fee reductions and/or expense reimbursements. See the fund prospectus for additional information.
- Since inception performance for each benchmark index is calculated based on the inception date of each corresponding Fund share class and reflects no deduction for fees, expenses or taxes.
2Q 2021 Performance Review
- Duration remained very similar to the benchmark.
- Curve positioning added to relative performance.
- Sector allocation was flat, and security selection had an adverse effect on results with Financial securities being the main detractor. This was partially offset by Industrial and Utility.
- Duration positioning was very close to the benchmark. Curve positioning was neutral as well.
- The Fund benefitted due to a modest exposure to Agencies.
- Security selection added due primarily to holdings within Treasuries and the Financials.
- The Fund maintains a neutral exposure to Corporate Bonds.
- Significant exposure to French, Italian, German and Spanish Bonds.
- Duration remains close to benchmark, and the Fund maintains a modest barbelled position.
Fund Fact SheetPDF