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 30/06/2019

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Bond Fund 3.21 9.37 0.82 4.57 * 3.10 12/07/2010
Bloomberg Barclays Global Aggregate Bond Index 1.85 8.52 0.79 5.00 * 3.74 12/07/2010

Characteristics as of 30/06/2019

Statistics Fund Index
Average Maturity 9.8 years 8.8 years
Effective Duration 7.0 years 7.0 years
Yield to Maturity 2.3% 1.5%
Current Yield 2.8% 2.5%
Average Credit Quality A A+
# of securities 146 23,706
Fund Size € 197.2MM
Effective Duration Fund Index
0-1 years 2.0 1.9
1-3 years 13.6 26.5
3-5 years 21.6 24.4
5-7 years 22.8 13.0
7-10 years 14.4 12.2
10-20 years 24.4 17.5
> 20 Years 1.1 4.5
Credit Quality Fund Index
AAA 33.6 39.8
AA 5.3 15.4
A 18.8 26.9
BBB/BAA 31.7 17.3
< BBB/NR 9.2 0.6
Cash 1.3 0.0
Sector Fund Index Diff.
Treasuries 48.0 54.1 -6.0
Agency 1.4 5.8 -4.4
Industrials 18.3 10.4 8.0
Finance 24.9 7.1 17.9
Local Authority 0.0 3.0 -3.0
Utilities 2.2 1.5 0.7
Supranational 0.6 2.1 -1.6
Sovereign 3.3 1.2 2.1
Covered 0.0 2.7 -2.7
MBS 0.0 11.2 -11.2
CMO 0.0 0.0 0.0
CMBS 0.0 0.8 -0.8
ABS 0.0 0.2 -0.2
Cash 1.3 0.0 1.3
Country Fund Index
France 5.1 5.9
Germany 1.4 4.5
Italy 4.6 3.5
United Kingdom 5.4 5.2
Japan 1.1 16.7
Canada 2.4 3.4
United States 40.3 39.9
Other Developed Europe 22.5 11.8
Other Developed Asia 2.9 2.1
Other Emerging Asia 1.1 3.9
Other Emerging Markets 13.2 3.1
Currency Bloc Fund Index
Dollar 41.4 45.0
Euro 37.7 24.3
UK Pound 2.0 4.6
Yen 0.0 16.4
Other* 18.9 9.6
  • Q2 2019 Performance Review

    3-MONTH REVIEW

    • The Fund’s shorter duration positioning versus the benchmark was positive for the quarter.
    • Curve positioning was flat for the quarter.
    • Sector allocation resulted added to relative performance, with an overweight to Finance was the primary driver of positive contribution.

    12-MONTH REVIEW

    • The Fund’s higher relative weight to longer duration Euro currency, benefited results.
    • Yield curve positioning benefitted the portfolio, as longer maturities produced the highest contributions to returns.
    • Sector allocation provided strong results as the Fund’s overweights to Corporates and Sovereign were beneficial.
    • Security selection was relatively flat but did provide a slight contribution to outperformance.
  • Fund Fact Sheet

    PDF
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