In a continued effort to designate existing strategies within MFS Meridian® Funds and MFS Investment Funds under Article 8 of the European Union’s Sustainable Finance Disclosure Regulation (SFDR), CEO Mike Roberge is pleased to announce that effective 21 November 2022, four additional funds have received regulatory approval – Read more.
Please note that this is an actively managed product.
THIS INFORMATION IS FOR MARKETING PURPOSES ONLY
Class I shares are only available to certain qualifying institutional investors.
Seeks total return, with an emphasis on current income but also considering capital appreciation, measured in Euros.
INVESTMENT FOCUS
Experienced portfolio management team benefitting from collaborative global fixed income platform
Idea generation based on intensive fundamental research with a focus on bottom-up security selection and seeking to avoid adverse credit events
May have limited high-yield, international and/or emerging market debt (mostly currency hedged to euros)
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Geographic: Because the portfolio may invest a substantial amount of its assets in issuers located in a single country or in a limited number of countries, it may be more volatile than a portfolio that is more geographically diversified.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
Fund Inception
15-Feb-19
Net Assets
(€
M)
As of 30-Apr-24
€
211.06
Fiscal Year End
JANUARY
SFDR Classification
Article 6: Integrates sustainability risks into the investment process.
Article 8: Systematically promotes a stated environmental or social characteristic and provides enhanced disclosure accordingly.
Article 9: Typically for "impact" funds, which have a dual objective of financial return and specific environmental or social outcomes.
Article 8
Share Class Information
Class Inception
15-Feb-19
Net Asset Value (NAV)
As of 16-May-24
$103.20
Most Recent NAV Change
As of 16-May-24
$0.20
|
0.19%
Pilar Gomez-Bravo, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, she has joint oversight of MFS' global fixed income team and works collaboratively with MFS' investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve the firm's clients globally. She is also a fixed income portfolio manager with oversight of the firm's Global Aggregate and Global Credit portfolio management teams. She is based in MFS' London office.
Pilar joined MFS in 2013 as a portfolio manager from Imperial Capital, where she served as a managing director. She was named director of Fixed Income -- Europe in 2017 before being named co-CIO in 2023. She previously served as a portfolio manager and head of research at Negentropy Capital, within Matrix Asset Management, and cofounded Marengo Asset Management. From 2006 through 2010, she served as a senior portfolio manager and head of credit, Europe, for Neuberger Berman. She began her career in financial services at Lehman Brothers in 1997 and spent nine years with the firm, including serving as head of investment grade credit research for Europe.
Pilar earned the equivalent of an LL.B degree in Law and a Bachelor of Science degree in Economics and Business Science from Universidad Pontificia Comillas (ICADE E-3, Spain). She also earned a Master of Business Administration degree from the Massachusetts Institute of Technology's Sloan School of Management. She has held the Chartered Financial Analyst designation since 2000.
Andy Li, CFA
Portfolio Manager
19
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
19
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
Andy Li, CFA, is a fixed income portfolio manager at MFS Investment Management (MFS). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. He is based in London.
Prior to joining MFS in 2018, Andy worked for four years as a portfolio manager at Man GLG. He previously served as a portfolio manager for ECM Asset Management for seven years and a management consultant at Accenture for two years. He began his career in financial services in 2005.
Andy earned a Bachelor of Engineering degree in computer science with honors from Imperial College, London. He holds the Chartered Financial Analyst designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Owen David Murfin, CFA
Institutional Portfolio Manager
27
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
27
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
Owen Murfin, CFA, is an investment officer and institutional fixed income portfolio manager at MFS Investment Management® (MFS®). He is a member of the MFS Global Fixed Income portfolio management team. In this capacity, he participates in portfolio strategy discussions, customizes portfolios to client objectives and guidelines and communicates portfolio investment strategy and positioning. He is based in London.
Prior to joining MFS in 2017, Owen served as managing director and global fixed income portfolio manager at BlackRock for 15 years. Before that, he worked as an associate and global fixed income portfolio manager at Goldman Sachs Asset Management for five years.
Owen earned Bachelor of Science degree with first class honors from University College London. He holds the Chartered Financial Analyst designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
These results represent the percent change in net asset value.
*YTD Updated Daily as of 16-May-24, subject to revision and not annualized.
12 month period ending:
30-Apr-20
or Life
Life performance is only shown when 5 years of performance is not available.
30-Apr-21
30-Apr-22
30-Apr-23
30-Apr-24
YTD %
*
Class Inception
Class
I1 Shares, US Dollars
at NAV
-1.06
18.95
-20.33
0.45
4.73
-0.15
15-Feb-19
12 month period ending:
Class
I1 Shares, US Dollars
at NAV
30-Apr-20or Life
Life performance is only shown when 5 years of performance is not available.
-1.06
30-Apr-21
18.95
30-Apr-22
-20.33
30-Apr-23
0.45
30-Apr-24
4.73
YTD %
*
-0.15
Class Inception
15-Feb-19
15-Feb-19
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
Average Annual Total Returns
Average Annual Total Returns (%)
Average Annual Total Returns (%)
These results represent the percent change in net asset value.
Updated monthly as of
30-Apr-24
*YTD Updated Daily as of 16-May-24, subject to revision and not annualized.
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Class I1 Roll-Up shares do not pay distributions to shareholders.
Annual Rate of Return
Annual Rate of Return (%)
Annual Rate of Return (%)
As of
31-Dec-23
annual rate of return table
Life
Life performance as of 30-Apr-24
2020
2021
2022
2023
At NAV
0.09
15.09
-6.58
-20.16
14.37
At NAV
2023
14.37
2022
-20.16
2021
-6.58
2020
15.09
Life
Life performance as of 30-Apr-24
0.09
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
16-May-24
Net Asset Value (NAV):
$103.20
Change ($) (since
15-May-24):
0.20
Change (%) (since
15-May-24):
0.19
Market Price (MP):
Maximum data displayed is for the most recent 10 years
Historical NAV Lookup
Enter date for which you wish to obtain a Historical NAV for this fund
Historical NAV may not be available for all dates.
Historical MP Lookup
Enter date for which you wish to obtain a Historical MP for this fund
Historical MP may not be available for all dates.
Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
There are no distributions for this share class or distributions are currently not available
Portfolio & Holdings Information
Portfolio characteristic data are based on unaudited net assets.
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Yield to Worst: For fixed income securities, yield is the discount rate that equilibrates the net present value of all future cash flows to the current market value. Average Yield is the equivalent exposure weighted average yield to worst which is typically the lowest of the yields to each potential call or put or the yield to maturity, whichever is worst.
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
As of
30-Apr-24
Data table of holding characteristics
characteristics
Fixed Earning
Number of Issues
183
Number of Issuers
118
Average Coupon
3.30
Average Effective Duration
4.58 yrs
Average Effective Maturity
6.64 yrs
Average Credit Quality of Rated Securities
A-
Performance Statistics
Updated Monthly As of
30-Apr-24
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
n/a
1.47
1.23
Beta
n/a
1.06
1.09
R-squared
n/a
97.38
97.02
Standard Deviation %
n/a
11.73
12.76
Sharpe Ratio
n/a
-0.20
-0.67
Tracking Error
n/a
2.02
2.44
Information Ratio
n/a
0.65
0.22
Treynor Ratio
n/a
-2.18
-7.81
Downside Capture %
n/a
99.05
102.78
Upside Capture %
n/a
108.24
108.57
Top 10 Holdings
As of
30-Apr-24
Euro Schatz 2Yr Future JUN 06 24
European Union RegS 1.625% DEC 04 29
Euro BOBL Future JUN 06 24
Itraxx Eur Xover Ser 41 5.000 Put JUN 20 29
UST 10Yr Ultra Bond Future JUN 18 24*
Itraxx Eur Xover Ser 41 Payer 375.00 SEP 18 24*
Itraxx Eur Xover Ser 41 Payer 375.00 SEP 18 24*
Itraxx Eur Xover Ser 41 Payer 375.00 SEP 18 24*
UST Bond 5Yr Future JUN 28 24*
GB Govt Bond 10Yr Future JUN 26 24*
Exposures
Portfolio Structure (%)
As of
30-Apr-24
Investment Grade Corporates
73.82
Non-U.S. Sovereigns
24.64
Emerging Markets Debt
4.82
High Yield Corporates
2.67
Asset Backed
0.12
High Yield Credit Derivatives
-3.86
U.S. Treasuries
-5.22
Cash & Cash Equivalents
4.87
Other1
-1.84
Credit Quality (%)
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
As of
30-Apr-24
% of Total Net Assets
AAA
7.26
AA
10.63
A
27.75
BBB
45.47
BB
2.28
B
0.24
CCC
0.40
C
0.28
Other Not Rated
5.69
Currency Weights (%)
As of
30-Apr-24
Euro
99.64
United States Dollar
0.20
British Pound Sterling
0.17
Important Characteristics Information
Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
Top holdings, portfolio characteristics and weightings do not reflect the effect of exposure/weightings for hedging of hedged share classes. Full holdings and net assets do reflect this hedging.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
Click here to view fund documents such as Key Investor Documents, Complete Prospectus, Annual Report, Semi Annual Report, Swing Pricing, and Fact Sheets. Some of these documents are available in other languages.
Seeks total return, with an emphasis on current income but also considering capital appreciation, measured in Euros.
INVESTMENT FOCUS
Experienced portfolio management team benefitting from collaborative global fixed income platform
Idea generation based on intensive fundamental research with a focus on bottom-up security selection and seeking to avoid adverse credit events
May have limited high-yield, international and/or emerging market debt (mostly currency hedged to euros)
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Geographic: Because the portfolio may invest a substantial amount of its assets in issuers located in a single country or in a limited number of countries, it may be more volatile than a portfolio that is more geographically diversified.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
Fund Inception
15-Feb-19
Net Assets
(€
M)
As of 30-Apr-24
€
211.06
Fiscal Year End
JANUARY
SFDR Classification
Article 6: Integrates sustainability risks into the investment process.
Article 8: Systematically promotes a stated environmental or social characteristic and provides enhanced disclosure accordingly.
Article 9: Typically for "impact" funds, which have a dual objective of financial return and specific environmental or social outcomes.
Article 8
Share Class Information
Class Inception
15-Feb-19
Net Asset Value (NAV)
As of 16-May-24
$103.20
Most Recent NAV Change
As of 16-May-24
$0.20
|
0.19%
Pilar Gomez-Bravo, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, she has joint oversight of MFS' global fixed income team and works collaboratively with MFS' investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve the firm's clients globally. She is also a fixed income portfolio manager with oversight of the firm's Global Aggregate and Global Credit portfolio management teams. She is based in MFS' London office.
Pilar joined MFS in 2013 as a portfolio manager from Imperial Capital, where she served as a managing director. She was named director of Fixed Income -- Europe in 2017 before being named co-CIO in 2023. She previously served as a portfolio manager and head of research at Negentropy Capital, within Matrix Asset Management, and cofounded Marengo Asset Management. From 2006 through 2010, she served as a senior portfolio manager and head of credit, Europe, for Neuberger Berman. She began her career in financial services at Lehman Brothers in 1997 and spent nine years with the firm, including serving as head of investment grade credit research for Europe.
Pilar earned the equivalent of an LL.B degree in Law and a Bachelor of Science degree in Economics and Business Science from Universidad Pontificia Comillas (ICADE E-3, Spain). She also earned a Master of Business Administration degree from the Massachusetts Institute of Technology's Sloan School of Management. She has held the Chartered Financial Analyst designation since 2000.
Andy Li, CFA
Portfolio Manager
19
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
19
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
Andy Li, CFA, is a fixed income portfolio manager at MFS Investment Management (MFS). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. He is based in London.
Prior to joining MFS in 2018, Andy worked for four years as a portfolio manager at Man GLG. He previously served as a portfolio manager for ECM Asset Management for seven years and a management consultant at Accenture for two years. He began his career in financial services in 2005.
Andy earned a Bachelor of Engineering degree in computer science with honors from Imperial College, London. He holds the Chartered Financial Analyst designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Owen David Murfin, CFA
Institutional Portfolio Manager
27
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
27
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
Owen Murfin, CFA, is an investment officer and institutional fixed income portfolio manager at MFS Investment Management® (MFS®). He is a member of the MFS Global Fixed Income portfolio management team. In this capacity, he participates in portfolio strategy discussions, customizes portfolios to client objectives and guidelines and communicates portfolio investment strategy and positioning. He is based in London.
Prior to joining MFS in 2017, Owen served as managing director and global fixed income portfolio manager at BlackRock for 15 years. Before that, he worked as an associate and global fixed income portfolio manager at Goldman Sachs Asset Management for five years.
Owen earned Bachelor of Science degree with first class honors from University College London. He holds the Chartered Financial Analyst designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
These results represent the percent change in net asset value.
*YTD Updated Daily as of 16-May-24, subject to revision and not annualized.
12 month period ending:
30-Apr-20
or Life
Life performance is only shown when 5 years of performance is not available.
30-Apr-21
30-Apr-22
30-Apr-23
30-Apr-24
YTD %
*
Class Inception
Class
I1 Shares, US Dollars
at NAV
-1.06
18.95
-20.33
0.45
4.73
-0.15
15-Feb-19
12 month period ending:
Class
I1 Shares, US Dollars
at NAV
30-Apr-20or Life
Life performance is only shown when 5 years of performance is not available.
-1.06
30-Apr-21
18.95
30-Apr-22
-20.33
30-Apr-23
0.45
30-Apr-24
4.73
YTD %
*
-0.15
Class Inception
15-Feb-19
15-Feb-19
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
Average Annual Total Returns
Average Annual Total Returns (%)
Average Annual Total Returns (%)
These results represent the percent change in net asset value.
Updated monthly as of
30-Apr-24
*YTD Updated Daily as of 16-May-24, subject to revision and not annualized.
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Class I1 Roll-Up shares do not pay distributions to shareholders.
Annual Rate of Return
Annual Rate of Return (%)
Annual Rate of Return (%)
As of
31-Dec-23
annual rate of return table
Life
Life performance as of 30-Apr-24
2020
2021
2022
2023
At NAV
0.09
15.09
-6.58
-20.16
14.37
At NAV
2023
14.37
2022
-20.16
2021
-6.58
2020
15.09
Life
Life performance as of 30-Apr-24
0.09
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
16-May-24
Net Asset Value (NAV):
$103.20
Change ($) (since
15-May-24):
0.20
Change (%) (since
15-May-24):
0.19
Market Price (MP):
Maximum data displayed is for the most recent 10 years
Historical NAV Lookup
Enter date for which you wish to obtain a Historical NAV for this fund
Historical NAV may not be available for all dates.
Historical MP Lookup
Enter date for which you wish to obtain a Historical MP for this fund
Historical MP may not be available for all dates.
Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
There are no distributions for this share class or distributions are currently not available
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Yield to Worst: For fixed income securities, yield is the discount rate that equilibrates the net present value of all future cash flows to the current market value. Average Yield is the equivalent exposure weighted average yield to worst which is typically the lowest of the yields to each potential call or put or the yield to maturity, whichever is worst.
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
As of
30-Apr-24
Data table of holding characteristics
characteristics
Fixed Earning
Number of Issues
183
Number of Issuers
118
Average Coupon
3.30
Average Effective Duration
4.58 yrs
Average Effective Maturity
6.64 yrs
Average Credit Quality of Rated Securities
A-
Performance Statistics
Updated Monthly As of
30-Apr-24
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
n/a
1.47
1.23
Beta
n/a
1.06
1.09
R-squared
n/a
97.38
97.02
Standard Deviation %
n/a
11.73
12.76
Sharpe Ratio
n/a
-0.20
-0.67
Tracking Error
n/a
2.02
2.44
Information Ratio
n/a
0.65
0.22
Treynor Ratio
n/a
-2.18
-7.81
Downside Capture %
n/a
99.05
102.78
Upside Capture %
n/a
108.24
108.57
Top 10 Holdings
As of
30-Apr-24
Euro Schatz 2Yr Future JUN 06 24
European Union RegS 1.625% DEC 04 29
Euro BOBL Future JUN 06 24
Itraxx Eur Xover Ser 41 5.000 Put JUN 20 29
UST 10Yr Ultra Bond Future JUN 18 24*
Itraxx Eur Xover Ser 41 Payer 375.00 SEP 18 24*
Itraxx Eur Xover Ser 41 Payer 375.00 SEP 18 24*
Itraxx Eur Xover Ser 41 Payer 375.00 SEP 18 24*
UST Bond 5Yr Future JUN 28 24*
GB Govt Bond 10Yr Future JUN 26 24*
Exposures
Portfolio Structure (%)
As of
30-Apr-24
Investment Grade Corporates
73.82
Non-U.S. Sovereigns
24.64
Emerging Markets Debt
4.82
High Yield Corporates
2.67
Asset Backed
0.12
High Yield Credit Derivatives
-3.86
U.S. Treasuries
-5.22
Cash & Cash Equivalents
4.87
Other1
-1.84
Credit Quality (%)
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
As of
30-Apr-24
% of Total Net Assets
AAA
7.26
AA
10.63
A
27.75
BBB
45.47
BB
2.28
B
0.24
CCC
0.40
C
0.28
Other Not Rated
5.69
Currency Weights (%)
As of
30-Apr-24
Euro
99.64
United States Dollar
0.20
British Pound Sterling
0.17
Important Characteristics Information
Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
Top holdings, portfolio characteristics and weightings do not reflect the effect of exposure/weightings for hedging of hedged share classes. Full holdings and net assets do reflect this hedging.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
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