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QGRNX

Global Allocation Fund

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Overview

The strategy seeks to achieve attractive total returns without taking undue risk by dynamically allocating across a variety of asset classes with a short-to-medium term horizon.

Inception Date
March 1, 2001
Investment Style
Global Allocation
Fund Index
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
CUSIP
68380E825
NAV
  • B
(as of 01/16/2019)
$16.35
Total Assets
(as of 12/31/2018)
$1.35 BN
Gross Expense Ratio
(as of 12/31/2018)
1.59%
Net Expense Ratio
(as of 12/31/2018)
1.53%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 12/31/2018
  • H
as of 12/31/2018
  • H

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • H
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (NAV)
-9.94% -9.94% 2.53% 1.50% 6.73% 2.69%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
-4.91% -4.91% 5.27% 3.46% 7.42% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (with sales charge)
-9.94% -9.94% 2.53% 1.50% 6.73% 2.69%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
-4.91% -4.91% 5.27% 3.46% 7.42% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (NAV)
-9.94% -9.94% 2.53% 1.50% 6.73% 2.69%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
-4.91% -4.91% 5.27% 3.46% 7.42% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Global Allocation Fund (with sales charge)
-9.94% -9.94% 2.53% 1.50% 6.73% 2.69%
60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg
-4.91% -4.91% 5.27% 3.46% 7.42% -
Gross Expense Ratio: 1.59% | Net Expense Ratio: 1.53%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  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
2002 -20.05% -
2003 30.18% -
2004 9.90% 13.04%
2005 2.47% 5.45%
2006 10.27% 15.01%
2007 -4.13% 10.43%
2008 -31.78% -24.35%
2009 32.42% 24.21%
2010 13.11% 10.98%
2011 -7.96% -0.82%
2012 9.90% 11.86%
2013 17.49% 12.87%
2014 -0.16% 3.36%
2015 0.10% -1.70%
2016 4.52% 6.52%
2017 14.52% 15.19%
2018 -9.94% -4.91%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  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
12/31/2008 0.00 0.00 0.00 0.00
1/31/2009 -3.80 -6.13 -0.88 -8.43
2/28/2009 -12.74 -12.34 -1.26 -18.18
3/31/2009 -7.90 -6.97 0.12 -11.01
4/30/2009 0.89 -0.04 0.59 -2.49
5/31/2009 10.63 6.94 1.32 2.96
6/30/2009 9.60 6.92 1.90 3.16
7/31/2009 19.56 13.43 3.54 10.97
8/31/2009 24.16 16.71 4.62 14.97
9/30/2009 27.80 20.87 5.72 19.26
10/31/2009 25.11 19.91 6.24 17.05
11/30/2009 30.77 24.21 7.61 24.07
12/31/2009 32.72 24.21 5.93 26.46
1/31/2010 31.09 21.34 7.55 21.92
2/28/2010 32.82 22.63 7.95 25.69
3/31/2010 39.29 27.03 7.82 33.28
4/30/2010 42.17 27.54 8.94 35.38
5/31/2010 33.81 19.88 9.86 24.57
6/30/2010 28.81 18.20 11.58 18.05
7/31/2010 35.16 25.35 12.77 26.32
8/31/2010 30.44 23.33 14.22 20.62
9/30/2010 40.95 31.38 14.34 31.38
10/31/2010 45.69 34.86 14.75 36.38
11/30/2010 43.08 31.64 14.09 36.40
12/31/2010 50.54 37.85 12.86 45.51
1/31/2011 50.44 39.39 12.99 48.96
2/28/2011 54.52 42.26 13.27 54.07
3/31/2011 54.69 42.57 13.34 54.13
4/30/2011 59.95 47.56 14.78 58.69
5/31/2011 57.91 45.92 16.27 56.90
6/30/2011 55.90 44.58 15.93 54.28
7/31/2011 55.31 44.20 17.77 51.14
8/31/2011 49.24 38.91 19.49 42.93
9/30/2011 36.03 30.24 20.36 32.89
10/31/2011 45.15 39.36 20.49 47.41
11/30/2011 42.40 36.39 20.39 47.08
12/31/2011 38.84 36.72 21.71 48.59
1/31/2012 44.96 42.35 22.78 55.25
2/29/2012 49.47 46.58 22.75 61.96
3/31/2012 49.63 46.95 22.08 67.29
4/30/2012 48.32 46.71 23.43 66.24
5/31/2012 39.49 38.46 24.55 56.25
6/30/2012 42.16 42.76 24.60 62.69
7/31/2012 42.16 44.58 26.32 64.95
8/31/2012 45.08 47.00 26.40 68.66
9/30/2012 48.36 50.43 26.57 73.02
10/31/2012 48.26 49.81 26.82 69.82
11/30/2012 49.47 51.06 27.02 70.81
12/31/2012 52.96 52.94 26.84 72.37
1/31/2013 58.94 56.72 25.95 81.29
2/28/2013 59.34 56.41 26.58 83.76
3/31/2013 61.27 58.18 26.69 90.65
4/30/2013 64.92 61.68 27.97 94.32
5/31/2013 65.74 59.83 25.68 98.87
6/30/2013 61.29 56.37 23.74 96.19
7/31/2013 67.50 61.61 23.91 106.18
8/31/2013 64.86 59.31 23.28 100.21
9/30/2013 72.67 65.49 24.44 106.49
10/31/2013 76.13 70.14 25.45 115.98
11/30/2013 77.77 71.17 24.98 122.56
12/31/2013 80.17 72.61 24.27 128.19
1/31/2014 76.13 69.36 26.11 120.30
2/28/2014 82.96 75.20 26.78 130.38
3/31/2014 80.94 75.65 26.56 132.32
4/30/2014 79.49 77.40 27.63 134.03
5/31/2014 81.36 80.13 29.08 139.53
6/30/2014 83.05 82.72 29.15 144.48
7/31/2014 79.31 80.72 28.83 141.10
8/31/2014 83.47 83.71 30.25 150.75
9/30/2014 78.86 78.25 29.37 147.23
10/31/2014 81.15 79.21 30.64 153.27
11/30/2014 82.81 80.86 31.56 160.08
12/31/2014 80.34 78.41 31.69 159.43
1/31/2015 79.82 76.98 34.45 151.64
2/28/2015 86.62 82.23 33.18 166.10
3/31/2015 86.73 80.09 33.80 161.89
4/30/2015 88.72 83.86 33.32 164.41
5/31/2015 91.34 82.54 33.00 167.81
6/30/2015 89.24 79.66 31.55 162.62
7/31/2015 89.97 80.80 32.47 168.13
8/31/2015 80.40 73.52 32.28 151.95
9/30/2015 76.92 70.14 33.17 145.71
10/31/2015 85.24 78.29 33.19 166.44
11/30/2015 84.82 77.45 32.84 167.23
12/31/2015 81.07 75.37 32.41 163.02
1/31/2016 75.85 70.00 34.23 149.97
2/29/2016 75.21 70.00 35.19 149.63
3/31/2016 82.46 78.07 36.43 166.56
4/30/2016 83.52 79.78 36.95 167.60
5/31/2016 83.20 80.24 36.98 172.40
6/30/2016 85.85 81.07 39.45 173.11
7/31/2016 90.88 86.17 40.33 183.18
8/31/2016 91.20 86.51 40.17 183.58
9/30/2016 93.05 87.21 40.09 183.63
10/31/2016 90.27 84.59 39.01 178.46
11/30/2016 87.17 84.21 35.73 188.77
12/31/2016 89.68 86.80 35.92 194.48
1/31/2017 93.31 89.58 36.18 200.06
2/28/2017 97.38 93.42 37.10 211.98
3/31/2017 99.84 94.81 37.03 212.34
4/30/2017 103.47 97.17 38.08 215.55
5/31/2017 108.09 100.25 39.15 219.99
6/30/2017 108.08 100.58 39.01 221.98
7/31/2017 111.17 104.20 39.61 228.61
8/31/2017 112.71 105.42 40.86 229.61
9/30/2017 112.93 107.42 40.19 236.41
10/31/2017 114.70 110.35 40.27 244.26
11/30/2017 115.91 112.92 40.09 254.82
12/31/2017 117.81 115.17 40.73 258.76
1/31/2018 125.42 121.75 39.11 279.31
2/28/2018 118.25 115.99 37.79 265.33
3/31/2018 115.94 113.96 38.68 256.04
4/30/2018 115.05 114.88 37.64 257.41
5/31/2018 116.82 115.38 38.63 266.01
6/30/2018 114.94 114.86 38.46 268.27
7/31/2018 117.48 118.76 38.49 281.97
8/31/2018 117.70 120.08 39.38 294.42
9/30/2018 115.39 120.33 38.48 296.66
10/31/2018 103.70 110.18 37.39 269.55
11/30/2018 104.91 112.47 38.21 277.08
12/31/2018 96.65 104.61 40.75 243.03
Date Dividends
3/17/2009 0.0422
6/16/2009 0.0247
9/22/2009 0.0057
12/7/2009 0.006
3/16/2010 0.0158
6/22/2010 0.022
9/21/2010 0.0317
12/30/2010 0.1018
6/21/2011 0.072
9/20/2011 0.0112
12/22/2011 0.3171
3/20/2012 0.0078
6/19/2012 0.037
9/18/2012 0.0061
12/20/2012 0.0657
3/19/2013 0.0021
6/18/2013 0.0528
9/17/2013 0.0171
12/17/2013 0.2366
6/17/2014 0.0531
12/15/2014 0.1077
3/16/2015 0.0112
6/15/2015 0.0689
9/21/2015 0.008
12/14/2015 0.1711
6/20/2016 0.0679
9/19/2016 0.0026
12/22/2016 0.4724
6/19/2017 0.0077
12/20/2018 0.3401

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 investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
 

$ per share as of 01/16/2019

Date 2014 2015 2016 2017 2018
Short Term 0.0147
Long Term 1.1539
Total Amount of Distribution 1.1686
Record Date 12/19/18
Ex Div Date 12/20/18
Pay Date 12/20/18

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

Portfolio

Top Holdings

(50.2% of assets as of 12/31/2018)


Portfolio Positioning

(84.3% of assets as of 12/31/2018)


US Equity International Fixed Income Emerging Equity US Fixed Income International Equity Alternatives FX Overlays
31.4% 20.1% 17.2% 13.1% 11.2% 8.6% -17.3%

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 48.4% - -
Japan 11.2% - -
Multi 8.9% - -
France 7.3% - -
Bermuda 3.7% - -
United Kingdom 2.8% - -
Spain 1.9% - -
Canada 1.9% - -
Australia 1.7% - -
Italy 1.6% - -
Netherlands 1.6% - -
Switzerland 1.5% - -
China 0.9% - -
Supranational (non-iso) 0.8% - -
Cayman Islands 0.7% - -
Sweden 0.7% - -
India 0.7% - -
Hong Kong 0.7% - -
Turkey 0.6% - -
South Africa 0.6% - -
Developed Markets Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Americas 54.6% - -
Asia Pacific 13.9% - -
Supranational 0.8% - -
Europe 0.3% - -
Middle East 0.1% - -
Emerging Markets Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Multi 8.9% - -
Asia Pacific 3.3% - -
Americas 1.1% - -
Europe 0.8% - -
Africa 0.7% - -
Middle East 0.1% - -
Equity Sector Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Consumer Discretionary 10.8% - -
Information Technology 9.3% - -
Industrials 8.3% - -
Financials 8.1% - -
Health Care 6.3% - -
Communication Services 5.5% - -
Consumer Staples 5.1% - -
Energy 4.4% - -
Materials 3.1% - -
Real Estate 1.8% - -
Utilities 1.3% - -
Broad Market -1.4% - -
Fixed Income Sector Global Allocation Fund 60% MSCI ACWI/40% BBG Barc Gbl Agg Hdg Overweight / Underweight
Treasuries 24.6% - -
Catastrophe 5.9% - -
Analytics
(As of 12/31/2018)

Morningstar 12/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
389
Category
World Allocation
Performance Statistics
3Y
5Y
Alpha
-2.82
-1.95
Beta
1.05
1.02
Information Ratio
-1.41
-0.80
R-Squared
92.27
88.65
Sharpe Ratio
0.24
0.15
Standard Deviation
6.84
7.20
Sortino Ratio
0.32
0.21
Tracking Error
1.95
2.45
Portfolio Characteristics
Fund
Fund Index
Current Duration
2.80 yrs
2.60 yrs
Turnover Ratio
151%
-
Dividends
  • E
Est. Frequency
Annual
Last Pay Date
12/20/2018
Per Share ($)
$0.3401
12-Month Distribution ($)
$0.3401
Distribution Sources
  • E
Net Income
14.20%
Net Profit from Sale
76.10%
Other Capital Sources
9.70%
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. 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. Small and 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 small-sized or 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. The index returns are made up of the returns of (i) Composite Index representing 30% Russell 1000® Index/ 30% MSCI® ACWI ex-US/ 20% Bloomberg Barclays U.S. Aggregate Index/ 20% Bloomberg Barclays Multiverse ex US Index from January 1, 31, 2003 through September 30, 2015, and (ii) 60% MSCI® ACWI/ 40% Bloomberg Barclays Global Aggregate Bond Hedged USD from October 1, 2015 to present. The MSCI® ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of global investment grade fixed-rate debt markets.  The index is comprised of several other Barclays indexes that measure fixed income performance of regions around the world while hedging the currency back to the US dollar. The indices are unmanaged, are shown for illustrative purposes only, and cannot be purchased directly by investors.  Past performance does not guarantee future results.
  6. 6. Holdings are subject to change, and are dollar weighted based on total new 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. 7. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  8. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  9. B. 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.
  10. C. 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.
  11. D. "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.
  12. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  13. F. 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  14. G. The performance data quoted represents past performance, which does not guarantee future results.  The investments 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 and reinvested distributions.  Class I shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  15. H. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
     
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