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International Bond

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.

Strategy Inception Date
June 15, 1995
Composite Inception Date
December 31, 2007
Composite AUM
(as of 11/30/2018)
$4.90 BN
Composite Benchmark
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
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
ytd as of 2018-09-30
1 yr 3 yr 5 yr 10 yr since inception
International Bond (gross of fees)
-4.66% -3.21% 4.39% 2.66% 4.67% 4.07%
International Bond (net of fees)
-5.00% -3.67% 3.90% 2.17% 4.17% 3.57%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
-4.58% -3.36% 4.05% 0.53% 3.23% 3.04%
Cumulative
Annualized
ytd as of 2018-11-30
1 yr 3 yr 5 yr 10 yr since inception
International Bond (gross of fees)
-5.61% -5.04% 3.98% 2.33% 4.97% 3.91%
International Bond (net of fees)
-6.03% -5.50% 3.48% 1.84% 4.47% 3.41%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
-5.41% -4.66% 3.82% 0.40% 3.53% 2.91%

OFI Global's International 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 International Bond (gross of fees) International Bond (net of fees) 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
2008 0.27% -0.21% 4.86%
2009 14.15% 13.61% 10.26%
2010 8.90% 8.38% 8.03%
2011 0.70% 0.22% 4.06%
2012 11.88% 11.35% 9.08%
2013 -3.18% -3.65% -5.95%
2014 1.33% 0.84% -1.59%
2015 -2.74% -3.21% -7.04%
2016 7.25% 6.74% 6.00%
2017 12.05% 11.52% 11.83%

OFI Global's International 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 International Bond (gross of fees) International Bond (net of fees) 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
11/30/2008 0.00 0.00 0.00
12/31/2008 7.21 7.17 8.43
1/31/2009 3.53 3.45 3.73
2/28/2009 -0.52 -0.64 -0.11
3/31/2009 2.66 2.49 3.26
4/30/2009 5.32 5.11 5.99
5/31/2009 11.84 11.57 11.03
6/30/2009 12.31 12.00 11.63
7/31/2009 15.59 15.22 14.72
8/31/2009 17.91 17.49 16.90
9/30/2009 22.67 22.19 20.48
10/31/2009 23.19 22.66 20.86
11/30/2009 26.66 26.07 24.64
12/31/2009 22.38 21.75 19.55
1/31/2010 21.73 21.06 19.39
2/28/2010 22.78 22.05 20.00
3/31/2010 24.48 23.70 19.56
4/30/2010 25.26 24.42 19.31
5/31/2010 19.95 19.09 16.42
6/30/2010 21.83 20.92 18.22
7/31/2010 27.83 26.83 24.04
8/31/2010 29.37 28.30 26.20
9/30/2010 35.05 33.88 30.78
10/31/2010 37.82 36.57 33.19
11/30/2010 29.59 28.36 25.63
12/31/2010 33.27 31.96 29.14
1/31/2011 31.79 30.44 28.67
2/28/2011 32.91 31.50 29.59
3/31/2011 34.68 33.19 30.89
4/30/2011 40.37 38.77 35.97
5/31/2011 39.27 37.62 35.19
6/30/2011 40.23 38.52 35.82
7/31/2011 42.25 40.46 38.80
8/31/2011 41.93 40.09 40.67
9/30/2011 32.44 30.66 34.06
10/31/2011 36.33 34.45 37.12
11/30/2011 33.48 31.59 33.84
12/31/2011 34.20 32.25 34.38
1/31/2012 38.23 36.16 39.02
2/29/2012 39.22 37.09 40.15
3/31/2012 38.54 36.36 38.66
4/30/2012 40.16 37.90 40.56
5/31/2012 36.79 34.52 35.73
6/30/2012 39.56 37.20 39.09
7/31/2012 43.22 40.74 41.71
8/31/2012 44.28 41.72 42.79
9/30/2012 46.56 43.91 45.72
10/31/2012 47.39 44.67 45.61
11/30/2012 48.45 45.65 46.27
12/31/2012 50.15 47.25 46.57
1/31/2013 51.21 48.24 45.43
2/28/2013 50.41 47.40 43.80
3/31/2013 50.32 47.25 43.06
4/30/2013 53.25 50.06 46.19
5/31/2013 48.32 45.17 39.37
6/30/2013 42.33 39.25 36.00
7/31/2013 43.61 40.44 37.44
8/31/2013 40.66 37.51 34.74
9/30/2013 43.97 40.69 38.92
10/31/2013 46.40 43.01 41.65
11/30/2013 44.81 41.39 38.60
12/31/2013 45.37 41.89 37.86
1/31/2014 44.00 40.50 36.63
2/28/2014 46.41 42.79 40.37
3/31/2014 47.36 43.66 41.92
4/30/2014 48.82 45.02 43.59
5/31/2014 50.31 46.41 45.47
6/30/2014 51.28 47.31 46.86
7/31/2014 50.32 46.30 45.59
8/31/2014 51.07 46.98 46.22
9/30/2014 48.11 44.04 40.23
10/31/2014 48.86 44.71 40.84
11/30/2014 49.06 44.85 39.48
12/31/2014 47.30 43.08 35.66
1/31/2015 48.77 44.45 35.01
2/28/2015 49.23 44.84 34.05
3/31/2015 48.68 44.25 31.63
4/30/2015 48.95 44.45 34.46
5/31/2015 47.98 43.45 31.05
6/30/2015 46.25 41.72 30.18
7/31/2015 47.64 43.01 29.51
8/31/2015 45.86 41.23 27.63
9/30/2015 44.27 39.64 26.62
10/31/2015 45.33 40.60 29.11
11/30/2015 44.53 39.77 26.38
12/31/2015 43.26 38.49 26.11
1/31/2016 43.30 38.47 26.84
2/29/2016 43.03 38.15 30.40
3/31/2016 49.49 44.34 37.34
4/30/2016 52.78 47.46 40.21
5/31/2016 50.90 45.59 36.29
6/30/2016 54.49 48.99 42.65
7/31/2016 57.83 52.15 43.87
8/31/2016 59.61 53.81 43.66
9/30/2016 60.28 54.40 45.40
10/31/2016 58.41 52.53 41.33
11/30/2016 52.42 46.70 33.21
12/31/2016 53.64 47.82 33.67
1/31/2017 55.85 49.89 35.93
2/28/2017 58.16 52.04 37.44
3/31/2017 59.68 53.44 38.68
4/30/2017 61.75 55.38 40.70
5/31/2017 63.82 57.30 43.39
6/30/2017 65.09 58.45 43.47
7/31/2017 68.62 61.78 46.57
8/31/2017 70.22 63.25 48.79
9/30/2017 69.57 62.57 47.61
10/31/2017 68.93 61.88 45.92
11/30/2017 71.11 63.91 48.31
12/31/2017 72.15 64.84 49.49
1/31/2018 77.25 69.65 53.87
2/28/2018 75.33 67.75 52.28
3/31/2018 77.00 69.28 54.24
4/30/2018 73.39 65.76 50.55
5/31/2018 67.98 60.52 46.28
6/30/2018 64.87 57.49 44.35
7/31/2018 68.30 60.70 45.61
8/31/2018 61.89 54.51 41.89
9/30/2018 64.14 56.60 42.65
10/31/2018 61.05 53.59 40.17
11/30/2018 62.49 54.90 41.40

OFI Global's International 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 Countries

(78.4% of assets as of 11/30/2018)


Portfolio Holdings Breakdown

Developed Markets
Emerging Markets
Strategy
Credit Rating Allocation
Currency
Developed Markets International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Europe 29.7% 30.2% -0.6%
Asia Pacific 1.8% 16.9% -15.0%
Americas 0.7% 1.3% -0.6%
Supranational -0.5% - -
Emerging Markets International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Americas 26.5% 18.1% 8.4%
Asia Pacific 16.1% 12.2% 3.9%
Europe 9.4% 14.5% -5.1%
Africa 8.8% 5.5% 3.3%
Middle East 0.8% 1.2% -0.4%
Strategy International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Global Tactical Rates / FX: Global Tactical Rates 35.0% - -
Credit: Developed Markets 17.8% - -
Credit: Emerging Markets 17.1% - -
Global Core Rates / FX: Global Core Rates 23.4% - -
Credit Rating Allocation International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
AAA 2.1% 8.9% -6.8%
AA 3.0% 14.6% -11.6%
A 13.6% 33.3% -19.6%
BBB 27.4% 25.2% 2.2%
BB 22.2% 7.7% 14.5%
B 11.4% 5.5% 5.9%
CCC 1.6% 0.0% 1.6%
CC 0.3% - -
Unrated 9.7% 4.6% 5.1%
Other 1.9% - -
Currency International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Japanese Yen 14.6% 15.2% -0.6%
Norwegian Krone 9.2% 0.2% 9.1%
Euro 7.8% 25.2% -17.4%
Polish Zloty 7.4% 3.1% 4.2%
Swedish Krona 7.0% 0.2% 6.7%
Indonesian Rupiah 5.7% 2.8% 2.8%
British Pound 4.2% 4.2% 0.0%
Brazilian Real 4.2% 3.0% 1.2%
Mexican Peso 3.7% 3.5% 0.2%
Colombian Peso 2.9% 2.1% 0.7%
Canadian Dollar 2.9% 1.3% 1.6%
Russian Ruble 2.8% 2.1% 0.6%
South African Rand 2.6% 3.0% -0.5%
Chilean Peso 2.3% 0.9% 1.3%
Indian Rupee 2.1% - -
Australian Dollar 1.9% 1.4% 0.6%
Argentine Peso 1.4% 0.2% 1.2%
Egyptian Pound 0.4% - -
Korean Won 0.2% - -
Peso Uruguayo 0.1% 0.1% 0.0%
Analytics
(As of 11/30/2018)

Performance Statistics
3Y
5Y
Alpha
0.81
1.81
Beta
0.76
0.67
Information Ratio
0.05
0.53
R-Squared
79.72
74.34
Sharpe Ratio
0.47
0.34
Standard Deviation
6.46
5.40
Sortino Ratio
0.69
0.48
Tracking Error
3.49
3.61
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Yield to Maturity
5.26%
-
Yield to Worst
5.25%
3.70%
Average Effective Maturity
7.92 yrs
-
Current Duration
3.50 yrs
-
Average Coupon
5.85%
-
Turnover Ratio
115%
-
Team

    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 International Bond product are 0.50% on the first $100 million under management, 0.45% on the next $100 million, and 0.40% 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 custom 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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