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 31/12/2018

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Bond Fund 0.72 -0.02 -0.14 3.85 - 2.27 July 12, 2010
Bloomberg Barclays Global Aggregate Bond Index 2.82 2.82 0.97 4.93 - 3.25 July 12, 2010
Statistics Fund Index
Average Maturity 6.9 years 8.9 years
Effective Duration 3.1 years 7.0 years
Yield to Maturity 2.4 2.0
Current Yield 2.4 3.1
Average Credit Quality A- AA-
# of securities 147 21,716
Fund Size € 114.7MM
Sector Fund Index Diff.
Treasuries 48.3 54.2 -5.9
Agency 4.2 5.6 -1.4
Industrials 13.7 10.1 3.5
Finance 22.7 7.0 15.7
Utilities 2.2 1.4 0.8
Supranational 0.5 2.2 -1.8
Sovereign 4.9 1.3 3.6
MBS 0.0 11.3 -11.3
CMO 0.0 0.0 0.0
CMBS 0.0 0.8 -0.8
ABS 0.0 0.3 -0.3
Municipals 0.0 3.0 -3.0
Covered bonds 0.0 2.8 -2.8
M&A 0.0 0.0 0.0
Cash 3.5 0.0 3.5
Region Fund Index
Top 10 Holdings % Weight
  • Q2 2018 Performance Review

    The CBIS World Bond Fund returned -0.85% versus the benchmark Bloomberg Barclays Global Aggregate Bond Index’s (EUR) 2.41% return.

    3-MONTH REVIEW

    • The Fund’s defensive duration positioning (3.9 yrs vs. 7.0 yrs for the benchmark) was a modest contributor.
    • Curve positioning was a modest positive due to the portfolio’s positive carry results.
    • Sector allocation was a detractor resulting primarily from the overweight positions in Spanish and Italian government bonds and the sudden downturn in the Italian bond market during late May.
    • Security selection was negative for the period. Noteworthy were positions in European Financials and Portuguese and Brazilian Government bonds that were affected by investor concern stemming from the Italian bond troubles.
    • The Fund was underweight in the U.S. Dollar, which was a large detractor.

    12-MONTH REVIEW

    • The Fund’s duration positioning was positive for the period as the sub-adviser maintained a shorter than benchmark duration.
    • Curve positioning detracted slightly as the yield curve flattened for the period.
    • Sector exposure was negative, largely due to the Italian, Spanish, and Portuguese Government Bond exposure. Corporate financial names also detracted, as Italy and EU concerns spilled over to financials.
    • Security selection was a minor detractor due to European and South African Government bond exposure.

     

  • Fund Fact Sheet

    PDF
Please review our important disclosures.