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Emerging Markets Local Bond

Overview

The strategy uses top down macro and bottom up country analyses to invest across local currency emerging market sovereign debt.

Strategy Inception Date
December 31, 2013
Composite Inception Date
December 31, 2013
Composite AUM
(as of 11/30/2018)
$313.90 MM
Composite Benchmark
J.P. Morgan GBI-EM Global Diversified Index
Available Vehicles
Separate Account
Commingled Vehicle
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2018
as of 09/30/2018

Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
1 yr 3 yr since inception
Emerging Markets Local Bond (gross of fees)
1.90% -1.20% -7.97% -7.01% 6.74% 0.85%
Emerging Markets Local Bond (net of fees)
1.85% -1.34% -8.39% -7.57% 6.11% 0.24%
J.P. Morgan GBI-EM Global Diversified Index
2.59% -1.83% -8.15% -7.40% 5.17% -1.44%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-11-30
1 yr 3 yr since inception
Emerging Markets Local Bond (gross of fees)
3.11% 2.96% -7.02% -5.23% 6.41% 1.03%
Emerging Markets Local Bond (net of fees)
3.06% 2.80% -7.53% -5.80% 5.77% 0.43%
J.P. Morgan GBI-EM Global Diversified Index
2.81% 3.41% -7.42% -5.55% 4.66% -1.24%

OFI Global's Emerging Markets Local Bond Composite includes every fully representative portfolio managed in the strategy. Certain securities may constitute a significant portion of the portfolio resulting in security and sector weightings that may differ from those of the benchmark index.


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%
2017 16.46% 15.77% 15.21%

OFI Global's Emerging Markets Local Bond Composite includes every fully representative portfolio managed in the strategy. Certain securities may constitute a significant portion of the portfolio resulting in security and sector weightings that may differ from those of the benchmark index.


Date Emerging Markets Local Bond (gross of fees) Emerging Markets Local Bond (net of fees) J.P. Morgan GBI-EM Global Diversified Index
11/30/2015 0.00 0.00 0.00
12/31/2015 -2.00 -2.05 -2.23
1/31/2016 -1.35 -1.45 -1.89
2/29/2016 -0.54 -0.69 -0.47
3/31/2016 8.46 8.24 8.54
4/30/2016 12.35 12.08 11.33
5/31/2016 6.97 6.65 5.28
6/30/2016 12.62 12.23 11.48
7/31/2016 13.87 13.42 12.15
8/31/2016 14.16 13.66 12.19
9/30/2016 16.51 15.94 14.46
10/31/2016 16.15 15.52 13.50
11/30/2016 8.75 8.11 5.52
12/31/2016 11.26 10.54 7.49
1/31/2017 14.52 13.72 9.91
2/28/2017 17.03 16.17 11.89
3/31/2017 20.24 19.29 14.48
4/30/2017 21.52 20.50 15.82
5/31/2017 22.80 21.72 18.09
6/30/2017 23.72 22.57 18.63
7/31/2017 26.42 25.18 21.09
8/31/2017 28.51 27.18 23.26
9/30/2017 28.24 26.85 22.84
10/31/2017 25.24 23.82 19.38
11/30/2017 27.13 25.63 21.39
12/31/2017 29.57 27.98 23.84
1/31/2018 35.21 33.48 29.39
2/28/2018 34.08 32.30 28.04
3/31/2018 35.95 34.08 29.35
4/30/2018 31.95 30.07 25.52
5/31/2018 25.02 23.17 19.28
6/30/2018 20.68 18.84 15.87
7/31/2018 23.74 21.79 18.06
8/31/2018 17.02 15.11 10.88
9/30/2018 19.24 17.24 13.75
10/31/2018 16.85 14.83 11.52
11/30/2018 20.48 18.34 14.65

OFI Global's Emerging Markets Local Bond Composite includes every fully representative portfolio managed in the strategy. Certain securities may constitute a significant portion of the portfolio resulting in security and sector weightings that may differ from those of the benchmark index.

Portfolio

Top Strategies

(100.0% of assets as of 11/30/2018)


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
South Africa 12.4% 8.8% 3.6%
Colombia 10.9% 7.1% 3.8%
Indonesia 10.9% 9.4% 1.5%
India 8.7% - -
Mexico 8.0% 9.9% -1.9%
Brazil 7.6% 10.0% -2.4%
Thailand 5.9% 8.3% -2.4%
Hungary 4.6% 4.7% -0.1%
Russia 4.6% 7.2% -2.5%
Malaysia 4.5% 5.6% -1.2%
Turkey 4.0% 5.3% -1.3%
Poland 3.8% 9.1% -5.3%
Peru 3.5% 3.0% 0.5%
Chile 3.4% 3.1% 0.3%
Egypt 2.9% - -
Argentina 2.1% 0.6% 1.5%
Nigeria 1.3% - -
Uruguay 0.7% 0.2% 0.4%
Supranational (non-iso) 0.5% - -
China 0.5% - -
Developed Markets Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Supranational 0.5% - -
Emerging Markets Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Americas 36.2% 34.1% 2.1%
Asia Pacific 30.6% 23.7% 6.9%
Europe 17.0% 33.5% -16.4%
Africa 16.6% 8.8% 7.8%
Credit Rating Allocation Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
AAA 0.5% - -
A 22.1% 32.7% -10.6%
BBB 45.7% 39.3% 6.4%
BB 10.9% 14.4% -3.5%
B 1.5% 0.6% 0.9%
Unrated 20.2% 9.1% 11.2%
Currency Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Indonesian Rupiah 10.7% 9.4% 1.3%
Brazilian Real 10.6% 10.0% 0.6%
Polish Zloty 10.0% 9.1% 0.9%
South African Rand 9.0% 8.8% 0.3%
Mexican Peso 9.0% 9.9% -0.9%
Colombian Peso 8.5% 7.1% 1.4%
Thai Baht 8.0% 8.3% -0.3%
Russian Ruble 5.8% 7.2% -1.3%
Malaysian Ringgit 5.2% 5.6% -0.4%
Hungarian Forint 4.3% 4.7% -0.4%
Chilean Peso 3.7% 3.1% 0.5%
Peruvian New Sol 3.0% 3.0% 0.0%
Egyptian Pound 2.9% - -
Argentine Peso 2.1% 0.6% 1.5%
Romanian New Leu 2.0% 3.2% -1.2%
Turkish New Lira 1.8% 5.3% -3.6%
Czech Koruna 1.5% 4.0% -2.5%
Philippine Peso 1.3% 0.3% 1.0%
Nigerian Naira 1.3% - -
New Israeli Sheqel 1.0% - -
Analytics
(As of 11/30/2018)

Performance Statistics
3Y
Alpha
1.77
Beta
0.97
Information Ratio
1.13
R-Squared
98.18
Sharpe Ratio
0.52
Standard Deviation
11.05
Sortino Ratio
0.79
Tracking Error
1.55
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Yield to Maturity
7.14%
-
Yield to Worst
7.14%
6.20%
Average Effective Maturity
8.80 yrs
-
Current Duration
5.50 yrs
-
Average Coupon
7.10%
-
Turnover Ratio
48%
-

    The Composite gross-of-fee returns reflect the reinvestment of income and the impact of transaction costs, but do not include the deduction of investment advisory fees, distribution expenses or any other account expenses, such as custodial fees. Composite net-of-fee returns are calculated by deducting a model investment advisory fee (using the maximum investment advisory fee as determined by the product's fee schedule) from the Composite gross-of-fee returns. Annual fees for the Emerging Markets Local Bond product are 0.55% on the first $100 million under management, 0.50% on the next $100 million, and 0.45% on any additional amount. Actual fees may vary depending on, among other things, the vehicle type, applicable fee schedule and portfolio size. While actual portfolios incur transaction expenses, pay investment advisory fees, and may incur other account expenses, the benchmark index is shown without the impact of such charges.

  1. 1. Holdings are subject to change and are dollar-weighted based on assets.
  2. 2. The mention of specific companies does not constitute a recommendation on behalf of OFI Global.
  3. 3. The holdings information shown above is derived from a representative account deemed to appropriately represent this management style. The specific securities identified are not representative of all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that an investment in the securities identified was or will be profitable. Actual holdings will vary for each client and there is no guarantee that a particular client's account will hold any or all of the securities listed.
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