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QVGIX

Global Allocation Fund

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Overview

The Strategy primarily invests globally in stocks, bonds and alternatives.

Inception Date
November 1, 1991
Investment Style
Global Allocation
Fund Index
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
CUSIP
68380E403
NAV
  • A
(as of 06/21/2018)
$19.67
Total Assets
(as of 05/31/2018)
$1.63 BN
Gross Expense Ratio
(as of 05/31/2018)
1.34%
Net Expense Ratio
(as of 05/31/2018)
1.28%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 05/31/2018
  • B
as of 03/31/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (NAV)
-0.86% 8.06% 4.96% 6.01% 5.04% 7.93%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
-0.56% 9.83% 5.91% 6.23% 5.29% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (with sales charge)
-6.56% 1.84% 2.91% 4.76% 4.42% 7.69%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
-0.56% 9.83% 5.91% 6.23% 5.29% -
Cumulative
Annualized
ytd as of 2018-05-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (NAV)
-0.46% 4.19% 4.26% 5.52% 4.55% 7.90%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
0.10% 7.56% 5.67% 6.15% 5.01% -
Cumulative
Annualized
ytd as of 2018-05-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (with sales charge)
-6.18% -1.80% 2.22% 4.28% 3.93% 7.66%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
0.10% 7.56% 5.67% 6.15% 5.01% -
Gross Expense Ratio: 1.34% | Net Expense Ratio: 1.28%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
1992 8.53% -
1993 11.77% -
1994 1.13% -
1995 28.41% -
1996 17.95% -
1997 31.01% -
1998 28.18% -
1999 11.23% -
2000 7.94% -
2001 3.20% -
2002 -19.92% -
2003 30.56% -
2004 10.29% 13.04%
2005 2.76% 5.45%
2006 10.66% 15.01%
2007 -3.88% 10.43%
2008 -31.64% -24.35%
2009 32.72% 24.21%
2010 13.42% 10.98%
2011 -7.77% -0.82%
2012 10.17% 11.86%
2013 17.79% 12.87%
2014 0.10% 3.36%
2015 0.40% -1.70%
2016 4.75% 6.52%
2017 14.83% 15.19%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Date Global Allocation Fund 60% MSCI ACWI/40% Bloomberg Barclays Global Aggregate Bond Index Hedged USD BBG Barclays Agg S&P 500
5/31/2008 0.00 0.00 0.00 0.00
6/30/2008 -7.38 -4.97 -0.08 -8.43
7/31/2008 -7.38 -6.23 -0.16 -9.20
8/31/2008 -5.76 -7.58 0.79 -7.89
9/30/2008 -15.97 -15.03 -0.57 -16.09
10/31/2008 -27.44 -25.92 -2.92 -30.19
11/30/2008 -31.17 -27.81 0.24 -35.20
12/31/2008 -28.05 -24.33 3.99 -34.51
1/31/2009 -30.78 -28.97 3.07 -40.03
2/28/2009 -37.21 -33.66 2.68 -46.41
3/31/2009 -33.73 -29.60 4.11 -41.72
4/30/2009 -27.41 -24.36 4.60 -36.14
5/31/2009 -20.40 -19.08 5.36 -32.57
6/30/2009 -21.14 -19.09 5.96 -32.43
7/31/2009 -13.97 -14.16 7.67 -27.32
8/31/2009 -10.67 -11.68 8.79 -24.70
9/30/2009 -8.04 -8.53 9.93 -21.89
10/31/2009 -9.98 -9.26 10.47 -23.34
11/30/2009 -5.91 -6.01 11.90 -18.74
12/31/2009 -4.50 -6.01 10.15 -17.17
1/31/2010 -5.68 -8.18 11.83 -20.15
2/28/2010 -4.43 -7.20 12.25 -17.68
3/31/2010 0.22 -3.87 12.11 -12.71
4/30/2010 2.30 -3.49 13.28 -11.33
5/31/2010 -3.72 -9.28 14.23 -18.41
6/30/2010 -7.32 -10.56 16.03 -22.69
7/31/2010 -2.75 -5.15 17.26 -17.27
8/31/2010 -6.14 -6.67 18.77 -21.00
9/30/2010 1.42 -0.58 18.90 -13.95
10/31/2010 4.83 2.05 19.32 -10.68
11/30/2010 2.95 -0.38 18.64 -10.67
12/31/2010 8.31 4.32 17.36 -4.70
1/31/2011 8.24 5.48 17.49 -2.44
2/28/2011 11.18 7.65 17.79 0.90
3/31/2011 11.31 7.88 17.85 0.94
4/30/2011 15.09 11.66 19.35 3.93
5/31/2011 13.62 10.42 20.91 2.76
6/30/2011 12.17 9.41 20.55 1.04
7/31/2011 11.75 9.12 22.47 -1.01
8/31/2011 7.39 5.12 24.26 -6.39
9/30/2011 -2.12 -1.45 25.16 -12.97
10/31/2011 4.44 5.46 25.29 -3.46
11/30/2011 2.46 3.21 25.18 -3.67
12/31/2011 -0.10 3.46 26.56 -2.68
1/31/2012 4.30 7.72 27.67 1.68
2/29/2012 7.55 10.92 27.64 6.07
3/31/2012 7.66 11.20 26.94 9.56
4/30/2012 6.72 11.02 28.35 8.88
5/31/2012 0.36 4.77 29.51 2.33
6/30/2012 2.29 8.03 29.56 6.55
7/31/2012 2.29 9.41 31.35 8.03
8/31/2012 4.39 11.24 31.44 10.46
9/30/2012 6.75 13.84 31.62 13.32
10/31/2012 6.67 13.36 31.87 11.22
11/30/2012 7.54 14.31 32.08 11.87
12/31/2012 10.06 15.73 31.89 12.89
1/31/2013 14.36 18.60 30.97 18.74
2/28/2013 14.65 18.36 31.63 20.35
3/31/2013 16.04 19.70 31.73 24.86
4/30/2013 18.67 22.34 33.07 27.27
5/31/2013 19.25 20.94 30.69 30.24
6/30/2013 16.05 18.33 28.67 28.50
7/31/2013 20.52 22.30 28.85 35.03
8/31/2013 18.62 20.55 28.19 31.12
9/30/2013 24.24 25.23 29.40 35.23
10/31/2013 26.73 28.75 30.45 41.45
11/30/2013 27.91 29.53 29.96 45.76
12/31/2013 29.64 30.62 29.23 49.45
1/31/2014 26.73 28.16 31.14 44.28
2/28/2014 31.65 32.58 31.83 50.88
3/31/2014 30.19 32.92 31.61 52.15
4/30/2014 29.15 34.24 32.72 53.28
5/31/2014 30.49 36.31 34.23 56.88
6/30/2014 31.71 38.27 34.30 60.12
7/31/2014 29.02 36.76 33.96 57.91
8/31/2014 32.01 39.02 35.44 64.23
9/30/2014 28.70 34.89 34.52 61.92
10/31/2014 30.34 35.61 35.84 65.88
11/30/2014 31.54 36.86 36.81 70.34
12/31/2014 29.76 35.01 36.93 69.91
1/31/2015 29.39 33.93 39.81 64.81
2/28/2015 34.28 37.90 38.49 74.28
3/31/2015 34.36 36.28 39.13 71.52
4/30/2015 35.79 39.13 38.64 73.17
5/31/2015 37.67 38.13 38.30 75.40
6/30/2015 36.16 35.95 36.79 72.00
7/31/2015 36.69 36.82 37.74 75.61
8/31/2015 29.80 31.31 37.55 65.01
9/30/2015 27.30 28.75 38.48 60.93
10/31/2015 33.29 34.92 38.50 74.50
11/30/2015 32.98 34.28 38.13 75.02
12/31/2015 30.28 32.71 37.69 72.26
1/31/2016 26.53 28.64 39.58 63.71
2/29/2016 26.07 28.64 40.57 63.49
3/31/2016 31.28 34.75 41.86 74.58
4/30/2016 32.05 36.04 42.41 75.26
5/31/2016 31.82 36.39 42.44 78.41
6/30/2016 33.72 37.02 45.00 78.87
7/31/2016 37.34 40.88 45.92 85.46
8/31/2016 37.57 41.14 45.75 85.72
9/30/2016 38.91 41.67 45.67 85.76
10/31/2016 36.90 39.68 44.55 82.37
11/30/2016 34.67 39.40 41.13 89.12
12/31/2016 36.48 41.36 41.33 92.86
1/31/2017 39.09 43.46 41.61 96.52
2/28/2017 42.02 46.36 42.56 104.32
3/31/2017 43.79 47.42 42.49 104.56
4/30/2017 46.40 49.20 43.59 106.66
5/31/2017 49.73 51.53 44.69 109.57
6/30/2017 49.72 51.78 44.55 110.88
7/31/2017 51.94 54.52 45.17 115.22
8/31/2017 53.05 55.45 46.47 115.87
9/30/2017 53.21 56.96 45.77 120.33
10/31/2017 54.48 59.17 45.86 125.47
11/30/2017 55.35 61.12 45.67 132.38
12/31/2017 56.72 62.82 46.34 134.97
1/31/2018 62.19 67.81 44.65 148.42
2/28/2018 57.04 63.45 43.28 139.26
3/31/2018 55.37 61.90 44.20 133.18
4/30/2018 54.74 62.61 43.13 134.08
5/31/2018 56.01 62.99 44.15 139.72
Date Dividends
9/23/2008 0.0817
12/8/2008 0.0763
3/17/2009 0.047
6/16/2009 0.0314
9/22/2009 0.0102
12/7/2009 0.0134
3/16/2010 0.0238
6/22/2010 0.0311
9/21/2010 0.0402
12/30/2010 0.1116
3/22/2011 0.0073
6/21/2011 0.0815
9/20/2011 0.0212
12/22/2011 0.3246
3/20/2012 0.0159
6/19/2012 0.0458
9/18/2012 0.0152
12/20/2012 0.076
3/19/2013 0.0104
6/18/2013 0.0632
9/17/2013 0.027
12/17/2013 0.2492
3/18/2014 0.0047
6/17/2014 0.0636
9/16/2014 0.0068
12/15/2014 0.1199
3/16/2015 0.0199
6/15/2015 0.0796
9/21/2015 0.0197
12/14/2015 0.1825
3/21/2016 0.0003
6/20/2016 0.0778
9/19/2016 0.0131
12/22/2016 0.484
3/20/2017 0.0031
6/19/2017 0.0191
12/21/2017 0.0026

There is no guarantee of the payment of any dividend or other distributions at any level.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 06/21/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Holdings

(49.8% of assets as of 05/31/2018)


Portfolio Positioning

(79.8% of assets as of 05/31/2018)


US Equity International Fixed Income International Equity US Fixed Income Alternatives Emerging Equity FX Overlays
30.1% 24.9% 19.8% 15.4% 10.0% 6.6% -27.0%

Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Fixed Income Sector
Country Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
United States 51.2% - -
Japan 7.6% - -
France 6.7% - -
Germany 5.0% - -
Bermuda 4.9% - -
United Kingdom 2.9% - -
Brazil 2.8% - -
Switzerland 2.1% - -
Mexico 1.9% - -
Australia 1.7% - -
Spain 1.6% - -
China 1.6% - -
Supranational (non-iso) 1.4% - -
Sweden 1.4% - -
India 1.4% - -
Taiwan 1.3% - -
Italy 1.2% - -
Netherlands 1.2% - -
Thailand 1.1% - -
Malaysia 1.1% - -
Developed Markets Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Americas 58.0% - -
Asia Pacific 7.9% - -
Europe 6.4% - -
Supranational 1.4% - -
Middle East -0.8% - -
Emerging Markets Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Americas 6.2% - -
Asia Pacific 5.5% - -
Africa 0.9% - -
Europe 0.4% - -
Middle East 0.1% - -
Multi -2.3% - -
Equity Sector Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Information Technology 12.0% - -
Consumer Discretionary 9.4% - -
Financials 7.4% - -
Industrials 6.8% - -
Health Care 5.6% - -
Broad Market 5.0% - -
Consumer Staples 4.0% - -
Materials 2.3% - -
Energy 2.2% - -
Telecommunication Services 0.7% - -
Real Estate 0.7% - -
Utilities 0.3% - -
Fixed Income Sector Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Treasuries 33.3% - -
Catastrophe 9.8% - -
Sovereign 1.0% - -
Corporates 0.1% - -
Analytics
(As of 05/31/2018)

Morningstar 05/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
383
Category
World Allocation
Performance Statistics
3Y
5Y
Alpha
-1.52
-0.71
Beta
1.04
1.03
Information Ratio
-0.74
-0.26
R-Squared
92.64
88.35
Sharpe Ratio
0.54
0.73
Standard Deviation
6.97
7.11
Sortino Ratio
0.24
0.36
Tracking Error
1.90
2.43
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/21/2017
Per Share ($)
$0.0026
12-Month Distribution ($)
$0.0217
Portfolio Characteristics
Fund
Fund Index
Current Duration
2.70 yrs
2.70 yrs
Turnover Ratio
40%
-
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. Because of changes to certain non-fundamental investment policies in connection with a change from a balanced strategy to a global allocation strategy, performance prior to 8/16/10 is not indicative of performance for any subsequent periods.
  2. 2. Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Event-linked securities are fixed income securities, otherwise known as Cat Bonds, for which the return of principal and interest payment is contingent on the non-occurrence of a trigger event that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal and additional interest. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
  3. 3. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
  4. 4. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  5. 5. Access index definitions.
  6. 6. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
  7. A. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  8. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  9. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  10. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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