Multi Sector Income

Overview

The Strategy typically invests in a strategic mix of global fixed income sectors to seek high income and total return.

Strategy Inception Date
October 16, 1989
Composite Inception Date
December 31, 2007
Composite AUM
(as of 07/31/2019)
$5.00 BN
Composite Benchmark
Bloomberg Barclays US Aggregate Bond Index
Available Vehicles
Separate Account
Commingled Vehicle
Subadvised Account
Performance
Average Annual Returns
Calendar Year Returns
as of 07/31/2019
as of 06/30/2019

Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Multi Sector Income (gross of fees)
9.00% 7.71% 4.81% 3.29% 6.77% 4.98%
Multi Sector Income (net of fees)
8.74% 7.19% 4.31% 2.80% 6.26% 4.48%
Bloomberg Barclays US Aggregate Bond Index
6.11% 7.87% 2.28% 1.80% 4.50% 4.32%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr 3 yr 5 yr 10 yr since inception
Multi Sector Income (gross of fees)
9.77% 6.80% 4.54% 3.49% 6.36% 5.01%
Multi Sector Income (net of fees)
9.47% 6.30% 4.04% 3.00% 5.85% 4.51%
Bloomberg Barclays US Aggregate Bond Index
6.35% 8.08% 1.97% 2.04% 4.19% 4.31%

Year Multi Sector Income (gross of fees) Multi Sector Income (net of fees) Bloomberg Barclays US Aggregate Bond Index
2008 -15.28% -15.69% -3.55%
2009 22.10% 21.53% 19.00%
2010 16.63% 16.08% 8.50%
2011 1.92% 1.43% 6.63%
2012 14.54% 13.99% 6.38%
2013 0.59% 0.11% -0.04%
2014 3.63% 3.14% 1.36%
2015 -1.25% -1.72% -3.46%
2016 7.30% 6.79% 7.07%
2017 7.14% 6.63% 3.54%
2018 -3.75% -4.22% 0.01%
Portfolio

Top Asset Allocations

(100.0% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Credit Rating Allocation
Currency
Country Multi Sector Income Bloomberg Barclays US Aggregate Bond Index Overweight / Underweight
United States 41.9% 91.9% -50.1%
United Kingdom 4.4% 1.2% 3.2%
Greece 4.0% - -
India 3.8% - -
Indonesia 2.8% 0.0% 2.8%
Italy 2.3% 0.0% 2.2%
Brazil 2.1% 0.1% 2.0%
South Africa 2.1% 0.0% 2.1%
Argentina 2.1% - -
Egypt 2.0% - -
Mexico 2.0% 0.5% 1.5%
Spain 1.7% 0.1% 1.6%
France 1.5% 0.2% 1.4%
China 1.4% 0.2% 1.2%
Switzerland 1.2% 0.1% 1.0%
Canada 0.8% 1.1% -0.4%
Netherlands 0.8% 0.4% 0.4%
Peru 0.7% 0.1% 0.6%
Sri Lanka 0.7% - -
Turkey 0.7% - -
Developed Markets Multi Sector Income Bloomberg Barclays US Aggregate Bond Index Overweight / Underweight
Americas 42.8% 93.1% -50.3%
Europe 13.4% 2.9% 10.5%
Asia Pacific 0.6% 0.9% -0.3%
Supranational 0.6% 1.4% -0.8%
Middle East 0.1% 0.0% 0.0%
Emerging Markets Multi Sector Income Bloomberg Barclays US Aggregate Bond Index Overweight / Underweight
Asia Pacific 9.9% 0.5% 9.4%
Americas 8.7% 1.1% 7.6%
Europe 5.7% 0.1% 5.6%
Africa 4.9% 0.0% 4.9%
Middle East 0.8% - -
Multi -0.2% - -
Credit Rating Allocation Multi Sector Income Bloomberg Barclays US Aggregate Bond Index Overweight / Underweight
Treasury 5.9% 39.4% -33.5%
Agency 13.7% 28.5% -14.8%
AAA 2.2% 4.5% -2.3%
AA 3.4% 4.9% -1.6%
A 4.8% 12.6% -7.8%
BBB 18.0% 9.7% 8.3%
BB 22.3% - -
B 9.3% - -
CCC 1.6% - -
CC 0.1% - -
D 0.2% - -
Unrated 10.3% 0.3% 10.0%
Other -4.7% - -
Currency Multi Sector Income Bloomberg Barclays US Aggregate Bond Index Overweight / Underweight
Brazilian Real 3.7% - -
Indonesian Rupiah 3.0% - -
Russian Ruble 2.7% - -
Mexican Peso 2.6% - -
Chilean Peso 2.6% - -
South African Rand 2.1% - -
Argentine Peso 1.8% - -
Korean Won 1.8% - -
Swedish Krona 1.2% - -
Colombian Peso 1.2% - -
British Pound 1.2% - -
Egyptian Pound 1.2% - -
Indian Rupee 1.2% - -
Chinese Renminbi 1.2% - -
Thai Baht 0.6% - -
Canadian Dollar 0.4% - -
Malaysian Ringgit 0.1% - -
Dominican Peso 0.1% - -
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Alpha
2.83
1.99
Beta
0.39
0.51
Information Ratio
0.60
0.37
R-Squared
11.04
26.17
Sharpe Ratio
0.76
0.66
Standard Deviation
3.96
3.93
Sortino Ratio
1.46
1.16
Tracking Error
4.25
3.89
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Turnover Ratio
67%
-
Team
  1. 1. Holdings are subject to change and are dollar-weighted based on assets.
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