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 31/03/2021

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Bond Fund -0.69 5.23 3.63 2.02 3.79 2.83 9/7/2010
Bloomberg Barclays Global Aggregate Bond Index -0.54 -2.28 4.37 2.02 4.18 3.34

Characteristics as of 31/12/2020

Statistics Fund Index
Average Maturity 9.8 years 9.0 years
Effective Duration 7.6 years 7.4 years
Yield to Maturity 0.8% 0.8%
Current Yield 1.8% 1.8%
Average Credit Quality A+ A+
# of securities 160 26,587
Fund Size € 265.3MM
Effective Duration Fund Index
0-1 years 11.9 3.2
1-3 years 12.7 26.2
3-5 years 10.7 21.2
5-7 years 15.2 13.2
7-10 years 24.7 12.7
10-20 years 21.8 17.1
> 20 Years 2.9 6.3
Credit Quality Fund Index
AAA 42.8 35.8
AA 6.4 15.8
A 20.2 30.5
BBB/BAA 26.6 17.9
< BBB/NR 4.0 0.0
Sector Fund Index Diff.
Treasuries 52.1 53.1 -1
Agency 0.2 8.3 -8.1
Industrials 19.8 10.5 9.3
Finance 12.8 6.8 6.0
Local Authority 0.0 3.2 -3.2
Utilities 1.3 1.6 -0.3
Supranational 3.9 2.1 1.8
Sovereign 6.9 1.4 5.5
Covered 0.0 2.2 -2.2
MBS 0.0 9.9 -9.9
CMO 0.0 0.0 0.0
CMBS 0.0 0.8 -0.8
ABS 0.0 0.2 -0.2
Cash 2.9 0.0 2.9
Country Fund Index
France 5.0 5.8
Germany 5.2 4.7
Italy 0.3 3.5
United Kingdom 4.1 5.5
Japan 3.1 14.4
Canada 3.2 3.4
United States 39.7 36.3
Other Developed Europe 18.6 11.4
Other Developed Asia 6.8 2.3
Other Emerging Asia 4.0 9.4
Other Emerging Markets 10.0 3.3
Currency Bloc Fund Index
Dollar 39.6 41.1
Euro 35.3 24.2
UK Pound 1.8 5.1
Yen 2.0 14.0
Other* 21.2 9.3
  • Q4 2020 Performance Review

    12-Month Review

    • Interest rate strategies detracted from relative performance. The negative results from duration strategies were partially offset by yield curve positioning.
    • Sector allocation modestly contributed.
    • Security selection was the biggest contributor to relative results.

    3-Month Review

    • Interest rate strategies had a neutral impact on relative results. Modest gains from duration management were offset by curve positioning.
    • Sector allocation added to relative results.
    • Security selection was the biggest contributor adding to relative results.

    Current Positioning

    • The fund is maintaining a longer relative duration.
    • The manager is overweight to the US, Europe, and certain emerging markets.
    • The portfolio maintains an overweight to the corporate credit sector.
  • Fund Fact Sheet

    PDF
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