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Cat Bond

Overview

A strategy that invests in global catastrophe-bond-insurance-linked securities, primarily found in the Swiss Re Global Cat Bond Total Return Index.

Strategy Inception Date
June 16, 2008
Composite Inception Date
June 30, 2008
Composite AUM
(as of 11/30/2017)
$256.20 MM
Composite Benchmark
Swiss Re Cat Bond Index
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2017
as of 09/30/2017

Cumulative
Annualized
3 mo ytd as of 2017-09-30
1 yr 3 yr 5 yr since inception
Cat Bond (gross of fees)
-7.01% -4.76% -3.92% 2.39% 5.10% 5.27%
Cat Bond (net of fees)
-7.36% -5.80% -5.32% 0.91% 3.58% 3.75%
Swiss Re Cat Bond Index
- - - - - -
Swiss Re Cat Bond Index
- - - - - -
Cumulative
Annualized
3 mo ytd as of 2017-11-30
1 yr 3 yr 5 yr since inception
Cat Bond (gross of fees)
-9.36% -5.51% -5.58% 1.94% 5.01% 5.09%
Cat Bond (net of fees)
-9.72% -6.77% -6.97% 0.46% 3.49% 3.57%
Swiss Re Cat Bond Index
- - - - - -
Swiss Re Cat Bond Index
- - - - - -

Year Cat Bond (gross of fees) Cat Bond (net of fees) Swiss Re Cat Bond Index
2009 5.28% 3.76% 0.99%
2010 10.84% 9.26% 0.34%
2011 0.66% -0.81% 0.27%
2012 10.00% 8.43% 0.51%
2013 12.28% 10.69% -
2014 5.99% 4.46% -
2015 3.72% 2.20% -
2016 7.37% 5.83% -

Date Cat Bond (gross of fees) Cat Bond (net of fees)
11/30/2012 0.00 0.00
12/31/2012 1.94 1.82
1/31/2013 2.89 2.64
2/28/2013 4.34 3.97
3/31/2013 5.37 4.87
4/30/2013 6.82 6.18
5/31/2013 7.61 6.84
6/30/2013 7.98 7.09
7/31/2013 8.68 7.66
8/31/2013 10.47 9.29
9/30/2013 12.09 10.77
10/31/2013 13.04 11.58
11/30/2013 13.67 12.06
12/31/2013 14.46 12.71
1/31/2014 15.34 13.44
2/28/2014 16.05 13.99
3/31/2014 16.75 14.55
4/30/2014 17.29 14.94
5/31/2014 17.01 14.52
6/30/2014 17.22 14.59
7/31/2014 17.85 15.07
8/31/2014 19.15 16.19
9/30/2014 19.86 16.75
10/31/2014 20.66 17.38
11/30/2014 20.52 17.10
12/31/2014 21.32 17.73
1/31/2015 22.03 18.29
2/28/2015 22.25 18.36
3/31/2015 22.39 18.33
4/30/2015 22.69 18.49
5/31/2015 22.83 18.46
6/30/2015 22.69 18.18
7/31/2015 23.42 18.74
8/31/2015 24.73 19.85
9/30/2015 26.36 21.28
10/31/2015 25.07 19.88
11/30/2015 25.62 20.27
12/31/2015 25.83 20.33
1/31/2016 26.05 20.39
2/29/2016 27.02 21.17
3/31/2016 27.65 21.63
4/30/2016 28.46 22.25
5/31/2016 29.18 22.79
6/30/2016 29.57 23.01
7/31/2016 30.54 23.78
8/31/2016 32.27 25.28
9/30/2016 33.93 26.70
10/31/2016 34.65 27.23
11/30/2016 35.22 27.61
12/31/2016 35.11 27.34
1/31/2017 35.66 27.71
2/28/2017 36.22 28.08
3/31/2017 36.61 28.30
4/30/2017 37.25 28.75
5/31/2017 37.47 28.80
6/30/2017 38.37 29.48
7/31/2017 39.70 30.57
8/31/2017 40.86 31.50
9/30/2017 28.67 19.95
10/31/2017 25.93 17.24
11/30/2017 27.67 18.72
Portfolio

Portfolio Holdings Breakdown

    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. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Currency derivative investments may be particularly volatile and involve significant risks. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.

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