Fund Highlights
- The portfolio management team’s investment philosophy combines top-down macroeconomic insights with intensive bottom-up credit research across major sectors of the bond market
- The team’s sovereign research universe is comprised of more than 100 countries, and portfolios are typically invested in 25 to 35 countries
- The fund invests across a broad global universe of securities including government, quasi-government and agency securities, corporate credits, and asset-backed securities including mortgages
- The team seeks to identify and create diversified portfolios with undervalued and preferably discount securities across relevant risk factors, including country, currency, curve, sector and specific credit
- The team seeks to manage risk through diversification and continuous monitoring of absolute risk and tracking error from the benchmark
- Below investment grade is typically limited to 20%
- Emerging market debt allocation: Max 40%, but generally less than 25%
- Typical tracking error: 1% to 4%, depending on the market environment
- Typical portfolio: greater than 200 issues