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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 01/31/2019)
$358.20 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 01/31/2019
as of 12/31/2018

Cumulative
Annualized
1 mo 3 mo 1 yr 3 yr 5 yr since inception
Emerging Markets Local Bond (gross of fees)
1.11% 2.16% -5.98% 7.52% 1.24% 1.24%
Emerging Markets Local Bond (net of fees)
1.06% 2.01% -6.55% 6.88% 0.63% 0.63%
J.P. Morgan GBI-EM Global Diversified Index
1.31% 2.11% -6.21% 5.91% -0.96% -0.96%
Cumulative
Annualized
1 mo 3 mo 1 yr 3 yr 5 yr since inception
Emerging Markets Local Bond (gross of fees)
5.49% 9.98% -4.96% 9.21% 3.44% 2.29%
Emerging Markets Local Bond (net of fees)
5.44% 9.82% -5.53% 8.57% 2.83% 1.67%
J.P. Morgan GBI-EM Global Diversified Index
5.46% 9.83% -5.33% 7.68% 1.05% 0.10%

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%
2018 -5.98% -6.55% -6.21%

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
1/31/2014 0.00 0.00 0.00
2/28/2014 3.14 3.09 3.92
3/31/2014 5.71 5.61 6.84
4/30/2014 7.12 6.97 7.80
5/31/2014 9.64 9.43 10.04
6/30/2014 10.84 10.57 11.14
7/31/2014 9.42 9.10 9.96
8/31/2014 9.89 9.51 10.49
9/30/2014 4.39 3.98 4.85
10/31/2014 6.89 6.41 6.49
11/30/2014 6.50 5.98 5.09
12/31/2014 1.22 0.67 -1.14
1/31/2015 3.55 2.93 -0.81
2/28/2015 1.74 1.08 -2.14
3/31/2015 -1.54 -2.23 -5.05
4/30/2015 0.29 -0.46 -2.28
5/31/2015 -1.54 -2.33 -4.80
6/30/2015 -3.00 -3.82 -5.96
7/31/2015 -3.73 -4.59 -8.37
8/31/2015 -6.28 -7.17 -13.30
9/30/2015 -9.62 -10.53 -15.88
10/31/2015 -6.75 -7.73 -12.07
11/30/2015 -7.82 -8.84 -13.97
12/31/2015 -9.67 -10.71 -15.89
1/31/2016 -9.07 -10.16 -15.59
2/29/2016 -8.32 -9.47 -14.38
3/31/2016 -0.03 -1.32 -6.62
4/30/2016 3.56 2.17 -4.22
5/31/2016 -1.40 -2.78 -9.43
6/30/2016 3.81 2.31 -4.09
7/31/2016 4.96 3.39 -3.52
8/31/2016 5.23 3.61 -3.48
9/30/2016 7.40 5.69 -1.53
10/31/2016 7.07 5.31 -2.36
11/30/2016 0.25 -1.45 -9.22
12/31/2016 2.55 0.77 -7.52
1/31/2017 5.56 3.67 -5.44
2/28/2017 7.88 5.90 -3.74
3/31/2017 10.84 8.75 -1.51
4/30/2017 12.01 9.85 -0.36
5/31/2017 13.20 10.96 1.59
6/30/2017 14.05 11.73 2.06
7/31/2017 16.53 14.11 4.17
8/31/2017 18.46 15.94 6.04
9/30/2017 18.21 15.64 5.68
10/31/2017 15.44 12.87 2.70
11/30/2017 17.18 14.52 4.43
12/31/2017 19.43 16.66 6.54
1/31/2018 24.63 21.68 11.32
2/28/2018 23.60 20.61 10.15
3/31/2018 25.31 22.23 11.28
4/30/2018 21.63 18.57 7.99
5/31/2018 15.24 12.29 2.61
6/30/2018 11.24 8.33 -0.32
7/31/2018 14.06 11.02 1.57
8/31/2018 7.87 4.94 -4.61
9/30/2018 9.92 6.88 -2.14
10/31/2018 7.71 4.68 -4.06
11/30/2018 11.06 7.88 -1.36
12/31/2018 12.29 9.02 -0.07
1/31/2019 18.45 14.95 5.38

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 01/31/2019)


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
Colombia 10.7% 7.2% 3.6%
South Africa 10.5% 8.7% 1.9%
Indonesia 9.9% 9.5% 0.5%
Brazil 7.8% 10.0% -2.2%
Mexico 6.4% 10.0% -3.6%
India 5.9% - -
Thailand 5.4% 8.3% -2.9%
Poland 5.4% 9.2% -3.7%
Chile 4.5% 3.2% 1.3%
Hungary 4.2% 4.7% -0.5%
Malaysia 4.2% 5.8% -1.7%
Russia 4.0% 7.3% -3.2%
Turkey 3.8% 4.9% -1.2%
Peru 3.1% 3.2% -0.2%
Argentina 2.7% 0.6% 2.1%
Egypt 2.7% - -
Spain 1.0% - -
Uruguay 0.6% 0.2% 0.3%
China 0.5% - -
Developed Markets Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Europe 1.0% - -
Emerging Markets Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Americas 35.9% 34.5% 1.3%
Asia Pacific 25.9% 23.9% 2.0%
Europe 17.4% 32.9% -15.5%
Africa 13.2% 8.7% 4.6%
Credit Rating Allocation Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
A 22.5% 32.8% -10.3%
BBB 40.7% 38.6% 2.1%
BB 11.9% 13.9% -2.1%
B 1.3% 0.6% 0.7%
Unrated 18.1% 10.0% 8.1%
Other -1.0% - -
Currency Emerging Markets Local Bond J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Brazilian Real 12.3% 10.0% 2.3%
Indonesian Rupiah 11.2% 9.5% 1.7%
Polish Zloty 9.8% 9.2% 0.6%
South African Rand 9.3% 8.7% 0.6%
Mexican Peso 9.3% 10.0% -0.7%
Colombian Peso 8.1% 7.2% 1.0%
Thai Baht 8.0% 8.3% -0.4%
Russian Ruble 5.8% 7.3% -1.4%
Malaysian Ringgit 5.0% 5.8% -0.8%
Hungarian Forint 4.2% 4.7% -0.5%
Chilean Peso 3.6% 3.2% 0.3%
Turkish New Lira 3.3% 4.9% -1.6%
Peruvian New Sol 2.9% 3.2% -0.4%
Argentine Peso 2.7% 0.6% 2.1%
Egyptian Pound 2.7% - -
Romanian New Leu 1.8% 2.8% -0.9%
Czech Koruna 1.4% 4.1% -2.7%
Philippine Peso 1.2% 0.3% 0.9%
New Israeli Sheqel 0.9% - -
Indian Rupee 0.6% - -
Analytics
(As of 01/31/2019)

Performance Statistics
3Y
5Y
Alpha
1.63
2.35
Beta
0.97
0.92
Information Ratio
0.99
0.99
R-Squared
98.24
95.36
Sharpe Ratio
0.73
0.31
Standard Deviation
11.30
10.42
Sortino Ratio
1.14
0.45
Tracking Error
1.56
2.42
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Yield to Maturity
6.43%
-
Yield to Worst
6.42%
5.72%
Average Effective Maturity
7.89 yrs
-
Current Duration
5.10 yrs
-
Average Coupon
6.57%
-
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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