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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 03/31/2019)
$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
Cumulative Returns
Calendar Year Returns
as of 03/31/2019
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 2019-03-31
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%

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.


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
3/31/2009 0.00 0.00 0.00
4/30/2009 2.59 2.55 2.64
5/31/2009 8.94 8.86 7.52
6/30/2009 9.40 9.27 8.10
7/31/2009 12.59 12.42 11.09
8/31/2009 14.86 14.63 13.21
9/30/2009 19.50 19.22 16.67
10/31/2009 20.00 19.67 17.04
11/30/2009 23.38 23.00 20.70
12/31/2009 19.21 18.79 15.77
1/31/2010 18.58 18.11 15.61
2/28/2010 19.60 19.08 16.21
3/31/2010 21.26 20.69 15.78
4/30/2010 22.01 21.39 15.54
5/31/2010 16.84 16.19 12.74
6/30/2010 18.67 17.97 14.48
7/31/2010 24.52 23.74 20.12
8/31/2010 26.02 25.18 22.21
9/30/2010 31.55 30.62 26.65
10/31/2010 34.25 33.25 28.98
11/30/2010 26.23 25.24 21.66
12/31/2010 29.82 28.75 25.06
1/31/2011 28.38 27.26 24.60
2/28/2011 29.47 28.30 25.50
3/31/2011 31.19 29.95 26.76
4/30/2011 36.74 35.40 31.68
5/31/2011 35.66 34.27 30.92
6/30/2011 36.60 35.14 31.53
7/31/2011 38.56 37.04 34.41
8/31/2011 38.26 36.68 36.23
9/30/2011 29.01 27.48 29.82
10/31/2011 32.80 31.18 32.79
11/30/2011 30.03 28.38 29.61
12/31/2011 30.73 29.03 30.13
1/31/2012 34.65 32.85 34.63
2/29/2012 35.62 33.75 35.72
3/31/2012 34.95 33.04 34.28
4/30/2012 36.53 34.54 36.12
5/31/2012 33.24 31.25 31.44
6/30/2012 35.95 33.86 34.69
7/31/2012 39.51 37.31 37.23
8/31/2012 40.54 38.27 38.27
9/30/2012 42.76 40.40 41.12
10/31/2012 43.58 41.15 41.01
11/30/2012 44.61 42.11 41.64
12/31/2012 46.26 43.67 41.94
1/31/2013 47.30 44.63 40.83
2/28/2013 46.52 43.81 39.25
3/31/2013 46.43 43.66 38.53
4/30/2013 49.28 46.41 41.57
5/31/2013 44.48 41.64 34.96
6/30/2013 38.64 35.86 31.70
7/31/2013 39.89 37.03 33.09
8/31/2013 37.02 34.16 30.48
9/30/2013 40.24 37.26 34.53
10/31/2013 42.61 39.53 37.18
11/30/2013 41.06 37.95 34.22
12/31/2013 41.61 38.43 33.50
1/31/2014 40.28 37.08 32.31
2/28/2014 42.62 39.31 35.93
3/31/2014 43.54 40.16 37.43
4/30/2014 44.97 41.49 39.05
5/31/2014 46.42 42.85 40.87
6/30/2014 47.37 43.72 42.22
7/31/2014 46.42 42.74 40.99
8/31/2014 47.16 43.40 41.60
9/30/2014 44.27 40.53 35.80
10/31/2014 45.01 41.19 36.38
11/30/2014 45.20 41.32 35.08
12/31/2014 43.48 39.60 31.38
1/31/2015 44.92 40.94 30.74
2/28/2015 45.37 41.32 29.81
3/31/2015 44.83 40.74 27.47
4/30/2015 45.09 40.93 30.21
5/31/2015 44.15 39.96 26.91
6/30/2015 42.46 38.27 26.07
7/31/2015 43.81 39.53 25.42
8/31/2015 42.09 37.80 23.59
9/30/2015 40.54 36.24 22.62
10/31/2015 41.57 37.18 25.03
11/30/2015 40.79 36.37 22.38
12/31/2015 39.55 35.11 22.12
1/31/2016 39.59 35.10 22.83
2/29/2016 39.32 34.79 26.28
3/31/2016 45.62 40.83 33.00
4/30/2016 48.83 43.87 35.78
5/31/2016 46.99 42.04 31.99
6/30/2016 50.49 45.37 38.14
7/31/2016 53.74 48.45 39.32
8/31/2016 55.48 50.07 39.12
9/30/2016 56.13 50.64 40.80
10/31/2016 54.31 48.82 36.86
11/30/2016 48.47 43.13 29.00
12/31/2016 49.66 44.22 29.45
1/31/2017 51.82 46.24 31.63
2/28/2017 54.06 48.34 33.10
3/31/2017 55.54 49.71 34.29
4/30/2017 57.57 51.59 36.26
5/31/2017 59.58 53.47 38.86
6/30/2017 60.81 54.59 38.93
7/31/2017 64.25 57.84 41.94
8/31/2017 65.81 59.28 44.09
9/30/2017 65.18 58.61 42.95
10/31/2017 64.56 57.94 41.30
11/30/2017 66.68 59.92 43.62
12/31/2017 67.69 60.83 44.76
1/31/2018 72.66 65.52 49.01
2/28/2018 70.79 63.67 47.47
3/31/2018 72.42 65.16 49.37
4/30/2018 68.90 61.72 45.79
5/31/2018 63.63 56.61 41.66
6/30/2018 60.60 53.65 39.79
7/31/2018 63.94 56.79 41.01
8/31/2018 57.70 50.75 37.40
9/30/2018 59.89 52.79 38.14
10/31/2018 56.88 49.85 35.74
11/30/2018 58.28 51.13 36.93
12/31/2018 59.42 52.15 39.58
1/31/2019 66.51 58.86 44.46
2/28/2019 66.26 58.56 43.33
3/31/2019 65.36 57.64 43.80

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

(70.3% of assets as of 03/31/2019)


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 17.9% 30.1% -12.2%
Americas 1.9% 1.3% 0.6%
Asia Pacific 1.6% 17.0% -15.4%
Emerging Markets International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Americas 23.3% 18.2% 5.1%
Asia Pacific 16.7% 12.4% 4.3%
Europe 12.1% 13.5% -1.4%
Africa 8.0% 5.5% 2.5%
Middle East 1.2% 1.9% -0.7%
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 38.7% - -
Credit: Emerging Markets 15.2% - -
Credit: Developed Markets 13.0% - -
Global Core Rates / FX: Global Core Rates 15.2% - -
Credit Rating Allocation International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Treasury 2.5% - -
AAA 1.4% 8.7% -7.3%
AA 4.0% 15.2% -11.1%
A 13.2% 32.6% -19.4%
BBB 23.8% 24.5% -0.7%
BB 20.6% 7.4% 13.3%
B 8.8% 5.7% 3.1%
CCC 1.4% 0.0% 1.4%
CC 0.3% - -
Unrated 11.7% 5.8% 5.9%
Other -5.6% - -
Currency International Bond 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Japanese Yen 13.8% 15.3% -1.6%
Norwegian Krone 6.5% 0.2% 6.3%
South African Rand 5.5% 2.9% 2.6%
Swedish Krona 5.4% 0.2% 5.1%
Indonesian Rupiah 5.1% 3.0% 2.1%
Euro 5.1% 25.0% -19.9%
British Pound 4.9% 4.4% 0.4%
Russian Ruble 4.0% 2.2% 1.8%
Polish Zloty 3.8% 3.1% 0.7%
Brazilian Real 3.6% 3.0% 0.6%
Canadian Dollar 3.4% 1.3% 2.1%
Chilean Peso 3.2% 1.0% 2.2%
Indian Rupee 3.2% - -
Colombian Peso 3.0% 2.2% 0.8%
Mexican Peso 2.7% 3.5% -0.8%
Argentine Peso 2.1% 0.1% 1.9%
Australian Dollar 1.8% 1.4% 0.4%
Korean Won 1.5% - -
Egyptian Pound 0.6% - -
Chinese Renminbi 0.5% - -
Analytics
(As of 03/31/2019)

Performance Statistics
3Y
5Y
Alpha
1.90
1.95
Beta
0.81
0.69
Information Ratio
0.55
0.54
R-Squared
81.73
73.89
Sharpe Ratio
0.49
0.39
Standard Deviation
6.42
5.68
Sortino Ratio
0.71
0.58
Tracking Error
3.10
3.65
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Yield to Maturity
4.64%
-
Yield to Worst
4.63%
3.24%
Average Effective Maturity
6.50 yrs
-
Current Duration
3.09 yrs
-
Average Coupon
5.52%
-
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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