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OIBIX

International Bond Fund

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Overview

The strategy uses top down macro and bottom up country analyses to invest across foreign exchange, interest rates and credit securities in international and emerging markets.

Inception Date
January 27, 2012
Investment Style
International Bond
Fund Index
50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
CUSIP
68380T608
NAV
  • A
(as of 11/24/2017)
$5.96
Total Assets
(as of 10/31/2017)
$5.27 BN
Gross Expense Ratio
(as of 10/31/2017)
0.60%
Net Expense Ratio
(as of 10/31/2017)
0.59%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2017
  • B
as of 09/30/2017
  • B

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2017-09-30
  • C
1 yr 3 yr 5 yr since inception
International Bond Fund (NAV)
2.55% 9.64% 5.12% 3.98% 2.36% 3.08%
Cumulative
Annualized
3 mo ytd as of 2017-10-31
  • C
1 yr 3 yr 5 yr since inception
International Bond Fund (NAV)
0.18% 9.35% 6.13% 3.67% 2.17% 2.99%
Gross Expense Ratio: 0.60% | Net Expense Ratio: 0.59%

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.


Year International Bond Fund 50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
2013 -3.88% -5.95%
2014 0.77% -1.59%
2015 -3.31% -7.04%
2016 6.79% 6.00%

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.


Date International Bond Fund 50% Citi non US WGBI /30% JPM GBI-EM Global Diversified /20% JP EMBI Global Diversified BBG Barclays Agg
10/31/2012 0.00 0.00 0.00
11/30/2012 0.69 0.45 0.16
12/31/2012 1.80 0.66 0.02
1/31/2013 2.31 -0.12 -0.68
2/28/2013 1.72 -1.24 -0.19
3/31/2013 1.62 -1.75 -0.11
4/30/2013 3.70 0.40 0.90
5/31/2013 0.16 -4.29 -0.90
6/30/2013 -3.93 -6.60 -2.43
7/31/2013 -3.12 -5.61 -2.30
8/31/2013 -5.14 -7.46 -2.80
9/30/2013 -2.96 -4.59 -1.88
10/31/2013 -1.37 -2.72 -1.08
11/30/2013 -2.49 -4.82 -1.45
12/31/2013 -2.15 -5.32 -2.01
1/31/2014 -3.11 -6.17 -0.56
2/28/2014 -1.54 -3.60 -0.03
3/31/2014 -0.94 -2.54 -0.20
4/30/2014 0.00 -1.39 0.64
5/31/2014 0.95 -0.10 1.79
6/30/2014 1.56 0.86 1.84
7/31/2014 0.87 -0.01 1.58
8/31/2014 1.34 0.42 2.70
9/30/2014 -0.71 -3.70 2.01
10/31/2014 -0.08 -3.28 3.01
11/30/2014 -0.17 -4.21 3.74
12/31/2014 -1.40 -6.83 3.84
1/31/2015 -0.47 -7.28 6.01
2/28/2015 -0.22 -7.94 5.02
3/31/2015 -0.63 -9.60 5.51
4/30/2015 -0.50 -7.65 5.13
5/31/2015 -1.19 -10.00 4.87
6/30/2015 -2.39 -10.60 3.73
7/31/2015 -1.51 -11.06 4.45
8/31/2015 -2.74 -12.35 4.30
9/30/2015 -3.84 -13.04 5.01
10/31/2015 -3.20 -11.33 5.02
11/30/2015 -3.77 -13.20 4.75
12/31/2015 -4.66 -13.39 4.41
1/31/2016 -4.68 -12.89 5.84
2/29/2016 -4.91 -10.44 6.60
3/31/2016 -0.65 -5.68 7.57
4/30/2016 1.48 -3.71 7.99
5/31/2016 0.36 -6.40 8.01
6/30/2016 2.53 -2.03 9.96
7/31/2016 4.87 -1.20 10.65
8/31/2016 5.81 -1.34 10.52
9/30/2016 6.20 -0.15 10.46
10/31/2016 4.91 -2.94 9.61
11/30/2016 0.88 -8.51 7.02
12/31/2016 1.82 -8.20 7.17
1/31/2017 3.22 -6.65 7.38
2/28/2017 4.51 -5.61 8.10
3/31/2017 5.65 -4.76 8.05
4/30/2017 6.96 -3.37 8.88
5/31/2017 8.09 -1.52 9.72
6/30/2017 8.86 -1.47 9.61
7/31/2017 11.13 0.66 10.08
8/31/2017 12.13 2.18 11.07
9/30/2017 11.64 1.38 10.54
10/31/2017 11.34 0.21 10.60
Date Dividends
11/30/2012 0.0252
12/28/2012 0.0222
1/31/2013 0.0234
2/28/2013 0.022
3/28/2013 0.0232
4/30/2013 0.0235
5/31/2013 0.0244
6/28/2013 0.0199
7/31/2013 0.0217
8/30/2013 0.0221
9/30/2013 0.0171
10/31/2013 0.0196
11/29/2013 0.02
12/30/2013 0.0189
1/31/2014 0.0209
2/28/2014 0.0171
3/31/2014 0.0165
4/30/2014 0.0179
5/30/2014 0.0186
6/30/2014 0.0171
7/31/2014 0.018
8/29/2014 0.0182
9/30/2014 0.0161
10/31/2014 0.0179
11/28/2014 0.0146
12/31/2014 0.0163
1/30/2015 0.0159
2/27/2015 0.0149
3/31/2015 0.0156
4/30/2015 0.0174
5/29/2015 0.019
6/30/2015 0.0191
7/31/2015 0.0218
8/31/2015 0.018
9/30/2015 0.0154
10/30/2015 0.0178
11/30/2015 0.0163
12/31/2015 0.0186
1/29/2016 0.0186
2/29/2016 0.0169
3/31/2016 0.0146
4/29/2016 0.0225
5/31/2016 0.026
6/30/2016 0.0228
7/29/2016 0.0224
8/31/2016 0.0234
9/30/2016 0.0217
10/31/2016 0.0277
11/30/2016 0.0259
12/30/2016 0.0317
1/31/2017 0.0275
2/28/2017 0.0207
3/31/2017 0.0219
4/28/2017 0.0217
5/31/2017 0.0212
6/30/2017 0.0217
7/31/2017 0.0223
8/31/2017 0.0232
9/29/2017 0.0238
10/31/2017 0.024

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 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.

$ per share as of 11/24/2017

Date 2012 2013 2014 2015 2016
Short Term
Long Term 0.0400 0.0022
Total Amount of Distribution 0.0400 0.0022
Record Date 12/28/12 12/30/13
Ex Div Date 12/28/12 12/30/13
Pay Date 12/28/12 12/30/13

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

Portfolio

Top Countries

(72.2% of assets as of 10/31/2017)


Portfolio Holdings Breakdown

Strategy 6
Developed Markets 6
Emerging Markets 6
Credit Rating Allocation
Currency 6 7
Strategy International Bond Fund 50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Global Tactical Rates / FX: Global Tactical Rates 31.6% - -
Global Core Rates / FX: Global Core Rates 27.7% - -
Credit: Emerging Markets 17.7% - -
Credit: Developed Markets 8.6% - -
Developed Markets International Bond Fund 50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Europe 24.7% 30.5% -5.8%
Asia Pacific 2.7% 16.7% -14.0%
Americas 1.8% 1.3% 0.5%
Supranational -0.4% - -
Emerging Markets International Bond Fund 50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Americas 22.8% 18.1% 4.7%
Asia Pacific 16.8% 12.0% 4.8%
Europe 12.9% 15.3% -2.5%
Africa 3.9% 4.8% -0.9%
Middle East 0.5% 1.3% -0.8%
Credit Rating Allocation International Bond Fund 50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
BBB 30.0% 30.4% -0.4%
BB 21.3% 6.5% 14.9%
A 13.2% 30.7% -17.5%
B 9.8% 5.4% 4.4%
Unrated 9.1% 3.0% 6.1%
AA 6.1% 14.5% -8.4%
Treasury 2.2% - -
AAA 1.4% 9.2% -7.8%
CCC 0.5% 0.3% 0.2%
Other -7.9% - -
Currency International Bond Fund 50% Citi Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
US Dollar 21.8% 20.0% 1.8%
Euro 15.8% 25.2% -9.4%
British Pound 8.5% 4.3% 4.2%
Mexican Peso 7.3% 3.5% 3.7%
Indian Rupee 7.2% - -
Brazilian Real 4.6% 3.0% 1.6%
Russian Ruble 3.7% 2.3% 1.4%
Indonesian Rupiah 3.5% 2.9% 0.6%
South African Rand 2.9% 2.7% 0.2%
Australian Dollar 1.9% 1.3% 0.6%
Malaysian Ringgit 1.7% 1.9% -0.2%
Argentine Peso 1.4% 0.3% 1.1%
Hungarian Forint 1.0% 1.4% -0.4%
Peruvian New Sol 0.9% 0.8% 0.1%
Turkish New Lira 0.8% 2.2% -1.4%
Thai Baht 0.6% 2.4% -1.7%
Colombian Peso 0.6% 2.1% -1.5%
Chilean Peso 0.5% 0.7% -0.3%
Polish Zloty 0.4% 3.0% -2.6%
Egyptian Pound 0.2% - -
Analytics
(As of 10/31/2017)

Morningstar 10/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
280
Category
World Bond
Performance Statistics
3Y
5Y
Alpha
2.76
2.01
Beta
0.56
0.63
Information Ratio
0.58
0.57
R-Squared
71.32
75.02
Sharpe Ratio
0.67
0.39
Standard Deviation
5.02
5.25
Sortino Ratio
0.33
0.16
Tracking Error
4.29
3.76
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
10/31/2017
Per Share ($)
$0.02
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.29
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
5.58%
3.16%
Yield to Worst
5.50%
315.55%
Average Effective Maturity
6.90 yrs
9.65 yrs
Current Duration
4.30 yrs
7.30 yrs
Average Coupon
6.40%
-
Turnover Ratio
128.00%
-
Yields
Dividend Yield (w/o sales charge)
4.79%
Standardized Yield
4.41%
Documents
  1. 1. Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. 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. 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. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Currency derivative investments may be volatile and involve significant risks. 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. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer. Regulation S securities are privately offered securities, may be illiquid, and involve a high degree of risk which may result in substantial losses to the Fund. 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.
  2. 2. 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.
  3. 3. 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.
  4. 4. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
  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. 7. The table for the top currency positioning is based on the net foreign exchange exposure of each currency after converting all currencies to a common currency, in this case the U.S. dollar.
  8. 8. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  9. 9. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  10. 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.
  11. B. 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.
  12. 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.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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