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

Annual Average Total Returns
(%) as of 30/09/2021

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Bond Fund 0.7 1.81 4.5 1.44 2.96 2.85 9/7/2010
Bloomberg Barclays Global Aggregate Bond Index 1.42 0.26 4.32 1.37 3.37 3.36

Characteristics as of 30/09/2021

Statistics Fund Index
Average Maturity 9.5 years 9.0 years
Effective Duration 7.7 years 7.4 years
Yield to Maturity 2.2% 1.2%
Current Yield 2.1% 1.7%
Average Credit Quality A A+
# of securities 176 27,340
Fund Size € 295.1MM
Effective Duration Fund Index
0-1 years 18.8 1.4
1-3 years 7.1 22.4
3-5 years 15.0 23.7
5-7 years 12.9 16.9
7-10 years 22.7 12.9
10-20 years 19.1 17.3
> 20 Years 4.4 5.5
Credit Quality Fund Index
AAA 40.1 37.2
AA 4.8 15.1
A 20.9 30.3
BBB/BAA 28.6 17.4
< BBB/NR 5.5 0.1
Sector Fund Index Diff.
Treasuries 46.0 53.0 -6.9
Agency 0.2 8.3 -8.1
Industrials 18.3 10.1 8.2
Finance 11.5 6.9 4.6
Local Authority 0.0 3.1 -3.1
Utilities 1.4 1.5 -0.2
Supranational 5.1 2.2 2.8
Sovereign 13.9 1.3 12.6
Covered 0.0 1.9 -1.9
MBS 0.0 10.6 -10.6
CMO 0.0 0.0 0.0
CMBS 0.0 0.8 -0.8
ABS 0.0 0.1 -0.1
Cash 3.6 0.0 3.6
Country Fund Index
France 1.8 5.5
Germany 3.1 4.4
Italy 1.7 3.4
United Kingdom 3.7 5.2
Japan 3.1 13.6
Canada 3.1 3.5
United States 37.9 38.0
Other Developed Europe 15.4 10.9
Other Developed Asia 8.3 2.3
Other Emerging Asia 5.1 10.1
Other Emerging Markets 16.7 3.0
Currency Bloc Fund Index
Dollar 44.3 42.7
Euro 32.0 23.2
UK Pound 1.8 4.8
Yen 2.4 13.2
Other* 19.5 9.0
  • 2Q 2021 Performance Review

    12-Month Review

    • The Fund outperformed the benchmark.
    • Interest rate strategies adversely impacted relative results during the year as rates have moved higher.
    • Sector allocation contributed due to the overweight allocation to Financial and Industrial corporate credit.
    • Security selection was the biggest contributor to relative results with most of the contribution coming from Treasury.

    3-Month Review

    • The Fund outperformed the benchmark.
    • Overweight allocation to Corporates and certain emerging market Sovereign Bonds helped relative results.
    • Selection decisions had the biggest positive impact on relative results.

    Current Positioning

    • Duration exposure increased due to belief that rates will remain lower for longer.
    • Exposure to develop market Government Bonds reduced and move into emerging market Sovereign Bonds for valuation reasons.
  • Fund Fact Sheet

    PDF
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