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 05/31/2019)
$4.80 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
Calendar Year Returns
as of 05/31/2019
as of 03/31/2019

Cumulative
Annualized
ytd as of 2019-03-31
1 yr 3 yr 5 yr 10 yr since inception
International Bond (gross of fees)
3.73% -4.09% 4.33% 2.87% 5.16% 4.20%
International Bond (net of fees)
3.61% -4.55% 3.83% 2.38% 4.66% 3.70%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
3.02% -3.73% 2.64% 0.91% 3.70% 3.27%
Cumulative
Annualized
ytd as of 2019-05-31
1 yr 3 yr 5 yr 10 yr since inception
International Bond (gross of fees)
4.04% 1.36% 4.11% 2.53% 4.29% 4.16%
International Bond (net of fees)
3.83% 0.88% 3.61% 2.04% 3.80% 3.66%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
3.56% 2.04% 3.08% 0.52% 3.00% 3.27%

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%
2018 -4.94% -5.39% -3.58%

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

(75.1% of assets as of 05/31/2019)


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 11.1% 29.9% -18.8%
Americas 2.6% 1.3% 1.3%
Asia Pacific 0.6% 17.3% -16.6%
Emerging Markets International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Americas 24.0% 17.8% 6.2%
Asia Pacific 20.1% 12.3% 7.7%
Europe 12.9% 13.5% -0.6%
Africa 8.6% 5.5% 3.1%
Middle East 1.2% 2.5% -1.3%
Multi -0.6% - -
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 42.5% - -
Credit: Emerging Markets 14.8% - -
Credit: Developed Markets 11.9% - -
Global Core Rates / FX: Global Core Rates 11.3% - -
Credit Rating Allocation International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Treasury 2.7% - -
AAA 0.6% 8.6% -8.0%
AA 4.1% 15.0% -10.9%
A 14.3% 32.9% -18.6%
BBB 25.0% 24.0% 1.1%
BB 20.1% 7.3% 12.9%
B 8.5% 5.4% 3.1%
CCC 1.3% 0.0% 1.2%
CC 0.3% - -
Unrated 13.3% 6.6% 6.7%
Other -9.9% - -
Currency International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Japanese Yen 9.2% 15.7% -6.4%
Euro 7.3% 24.9% -17.7%
Norwegian Krone 6.7% 0.2% 6.5%
Brazilian Real 6.1% 3.0% 3.1%
South African Rand 5.0% 2.9% 2.1%
Colombian Peso 4.6% 2.1% 2.5%
Polish Zloty 4.6% 3.1% 1.5%
British Pound 4.6% 4.2% 0.4%
Indonesian Rupiah 4.3% 3.0% 1.3%
Swedish Krona 4.0% 0.2% 3.7%
Mexican Peso 4.0% 3.5% 0.5%
Chilean Peso 4.0% 1.0% 3.0%
Russian Ruble 3.6% 2.4% 1.2%
Canadian Dollar 3.2% 1.3% 2.0%
Indian Rupee 2.6% - -
Korean Won 2.4% - -
Argentine Peso 1.7% 0.1% 1.6%
Malaysian Ringgit 1.3% 2.1% -0.9%
Australian Dollar 1.1% 1.3% -0.2%
Egyptian Pound 0.7% - -
Analytics
(As of 05/31/2019)

Performance Statistics
3Y
5Y
Alpha
1.30
1.86
Beta
0.81
0.69
Information Ratio
0.34
0.55
R-Squared
80.83
73.20
Sharpe Ratio
0.45
0.32
Standard Deviation
6.27
5.66
Sortino Ratio
0.64
0.47
Tracking Error
3.05
3.67
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Yield to Maturity
5.35%
-
Yield to Worst
5.34%
3.19%
Average Effective Maturity
7.38 yrs
-
Current Duration
3.39 yrs
-
Average Coupon
5.74%
-
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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