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Emerging Markets Local Bond

Overview

An international fixed income strategy investing in emerging market opportunities. The strategy typically invests in local currency government and corporate fixed income securities.

Strategy Inception Date
December 31, 2013
Composite Inception Date
December 31, 2013
Composite AUM
(as of 11/30/2017)
$312.20 MM
Composite Benchmark
J.P. Morgan GBI-EM Global Diversified Index
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2017
as of 09/30/2017

Cumulative
Annualized
1 mo 3 mo ytd as of 2017-09-30
1 yr 3 yr since inception
Emerging Markets Local Bond (gross of fees)
-0.21% 3.65% 15.26% 10.06% 4.23% 3.06%
Emerging Markets Local Bond (net of fees)
-0.26% 3.49% 14.76% 9.41% 3.61% 2.44%
J.P. Morgan GBI-EM Global Diversified Index
-0.34% 3.55% 14.28% 7.32% 0.26% 0.21%
J.P. Morgan GBI-EM Global Diversified Index
-0.34% 3.55% 14.28% 7.32% 0.26% 0.21%
Cumulative
Annualized
1 mo 3 mo ytd as of 2017-11-30
1 yr 3 yr since inception
Emerging Markets Local Bond (gross of fees)
1.51% -1.07% 14.27% 16.90% 3.24% 2.70%
Emerging Markets Local Bond (net of fees)
1.46% -1.22% 13.65% 16.20% 2.62% 2.08%
J.P. Morgan GBI-EM Global Diversified Index
1.68% -1.52% 12.93% 15.04% -0.21% -0.10%
J.P. Morgan GBI-EM Global Diversified Index
1.68% -1.52% 12.93% 15.04% -0.21% -0.10%

Year Emerging Markets Local Bond (gross of fees) Emerging Markets Local Bond (net of fees) J.P. Morgan GBI-EM Global Diversified Index
2014 -4.14% -4.72% -5.72%
2015 -10.76% -11.30% -14.92%
2016 13.53% 12.85% 9.94%

Date Emerging Markets Local Bond (gross of fees) Emerging Markets Local Bond (net of fees) J.P. Morgan GBI-EM Global Diversified Index
11/30/2014 0.00 0.00 0.00
12/31/2014 -4.96 -5.01 -5.93
1/31/2015 -2.77 -2.87 -5.61
2/28/2015 -4.48 -4.62 -6.88
3/31/2015 -7.55 -7.74 -9.65
4/30/2015 -5.83 -6.07 -7.02
5/31/2015 -7.56 -7.84 -9.42
6/30/2015 -8.92 -9.25 -10.52
7/31/2015 -9.61 -9.97 -12.81
8/31/2015 -12.00 -12.41 -17.50
9/30/2015 -15.14 -15.58 -19.95
10/31/2015 -12.44 -12.94 -16.33
11/30/2015 -13.45 -13.98 -18.14
12/31/2015 -15.18 -15.74 -19.96
1/31/2016 -14.62 -15.23 -19.68
2/29/2016 -13.92 -14.58 -18.52
3/31/2016 -6.13 -6.89 -11.14
4/30/2016 -2.76 -3.59 -8.86
5/31/2016 -7.42 -8.26 -13.81
6/30/2016 -2.53 -3.46 -8.74
7/31/2016 -1.45 -2.44 -8.19
8/31/2016 -1.19 -2.23 -8.15
9/30/2016 0.84 -0.27 -6.30
10/31/2016 0.53 -0.63 -7.09
11/30/2016 -5.88 -7.01 -13.62
12/31/2016 -3.71 -4.91 -12.00
1/31/2017 -0.89 -2.18 -10.02
2/28/2017 1.29 -0.07 -8.40
3/31/2017 4.07 2.62 -6.28
4/30/2017 5.17 3.65 -5.19
5/31/2017 6.28 4.70 -3.33
6/30/2017 7.08 5.43 -2.89
7/31/2017 9.42 7.68 -0.87
8/31/2017 11.22 9.40 0.90
9/30/2017 10.99 9.12 0.56
10/31/2017 8.39 6.51 -2.27
11/30/2017 10.03 8.06 -0.63
Portfolio

Top Strategies

(100.0% of assets as of 11/30/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Credit Rating Allocation
Currency
Country Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Russia 12.4% 7.6% 4.8%
Indonesia 10.4% 9.6% 0.8%
Brazil 9.1% 10.0% -0.9%
Mexico 8.4% 10.0% -1.6%
South Africa 6.4% 7.8% -1.4%
Colombia 6.1% 6.9% -0.8%
Poland 5.0% 9.0% -4.0%
Peru 4.7% 2.8% 2.0%
India 4.5% - -
Turkey 4.5% 7.1% -2.6%
Hungary 3.6% 4.6% -1.0%
Malaysia 3.5% 5.7% -2.2%
Thailand 3.5% 8.1% -4.6%
Chile 3.3% 2.4% 1.0%
Argentina 2.3% 1.0% 1.3%
Egypt 2.1% - -
Romania 1.7% 2.9% -1.2%
Uruguay 1.4% 0.3% 1.1%
Nigeria 1.2% - -
Ireland 0.4% - -
Developed Markets Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Europe 0.4% - -
Emerging Markets Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Americas 35.6% 33.4% 2.3%
Europe 27.5% 35.2% -7.6%
Asia Pacific 22.1% 23.7% -1.6%
Africa 9.9% 7.8% 2.1%
Middle East 0.2% - -
Credit Rating Allocation Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
BBB 46.1% 44.9% 1.2%
A 20.7% 35.4% -14.7%
Unrated 12.2% 6.4% 5.8%
BB 11.1% 9.3% 1.8%
B 4.3% 1.0% 3.3%
AA 1.4% 2.9% -1.6%
Currency Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Russian Ruble 12.4% 7.6% 4.8%
Indonesian Rupiah 10.4% 9.6% 0.8%
Brazilian Real 8.0% 10.0% -2.0%
Mexican Peso 8.0% 10.0% -2.0%
South African Rand 6.4% 7.8% -1.4%
Colombian Peso 5.9% 6.9% -1.0%
Polish Zloty 5.0% 9.0% -4.0%
US Dollar 4.7% - -
Indian Rupee 4.5% - -
Turkish New Lira 4.5% 7.1% -2.6%
Peruvian New Sol 4.3% 2.8% 1.6%
Hungarian Forint 3.6% 4.6% -1.0%
Malaysian Ringgit 3.5% 5.7% -2.2%
Thai Baht 3.5% 8.1% -4.6%
Chilean Peso 2.8% 2.4% 0.5%
Egyptian Pound 2.1% - -
Argentine Peso 2.0% 1.0% 1.0%
Romanian New Leu 1.7% 2.9% -1.2%
Peso Uruguayo 1.4% 0.3% 1.1%
Nigerian Naira 0.9% - -
Analytics
(As of 11/30/2017)

Performance Statistics
3Y
Alpha
3.29
Beta
0.88
Information Ratio
1.21
R-Squared
94.24
Sharpe Ratio
0.32
Standard Deviation
10.50
Sortino Ratio
0.14
Tracking Error
2.84
Portfolio Characteristics
Rep Portfolio
Benchmark
Yield to Maturity
8.08%
6.10%
Yield to Worst
8.08%
609.84%
Average Effective Maturity
7.38 yrs
7.44 yrs
Current Duration
5.10 yrs
5.10 yrs
Average Coupon
9.89%
-
Turnover Ratio
87.00%
-
Yields
Dividend Yield (with sales charge)
5.48%
Dividend Yield (w/o sales charge)
5.76%
Standardized Yield
5.59%

    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 and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. 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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