POPULAR BOND INDEXES MAY CONTAIN SIGNIFICANT EXPOSURE TO NON-U.S. ISSUERS. Non-U.S. Exposure in the Most Popular Corporate Bond Indexes

Save this PDF as:

Size: px
Start display at page:

Download "POPULAR BOND INDEXES MAY CONTAIN SIGNIFICANT EXPOSURE TO NON-U.S. ISSUERS. Non-U.S. Exposure in the Most Popular Corporate Bond Indexes"

Transcription

1 WisdomTree ETFs STRATEGIC CORPORATE BOND FUND CRDT In the current market environment, investors have increasingly targeted corporate bonds 1 as one approach to enhance income in their portfolios. Through popular passively managed corporate bond exchange-traded funds (ETFs), they have gained access to the debt of not only U.S. corporations, but also, to the surprise of some investors, to the debt of non-u.s. companies. POPULAR BOND INDEXES MAY CONTAIN SIGNIFICANT EXPOSURE TO NON-U.S. ISSUERS Non-U.S. Exposure in the Most Popular Corporate Bond Indexes 50% 40% 40% % of Non-U.S. Issuers 30% 20% Dollar figures represent ETF assets tied to each index as of 9/30/15. 21% 20% 18% 19% 18% 33% 10% 0% $22.13 B $12.69 B $8.96 B $10.56 B $10.96 B $3.32 B $6.14 B Markit iboxx USD Liquid Investment Grade Index Markit iboxx USD Liquid High Yield Index Barclays High Yield Very Liquid Index Barclays U.S. 1-5 Year Corporate Index Barclays U.S. 1-3 Year Credit Bond Index Barclays U.S. High Yield 350mn Cash Pay 0-5 Year 2% Capped Index Barclays U.S. Intermediate Credit Bond Index Source: Markit, Barclays, As of 9/30/15. You cannot invest directly in an index. Subject to change. With a wide array of opportunities and potential pitfalls, we believe investors should think strategically about their corporate bond allocations and take advantage of the steady hand that an experienced portfolio manager can provide in navigating the credit 2 markets. The WisdomTree Strategic Corporate Bond Fund (CRDT) seeks to offer a differentiated corporate bond exposure that: + Focuses Fundamentally 3 to identify opportunities and avoid deteriorating credits + Extends Globally to take advantage of the full range of corporate credit opportunities + Allocates Strategically up and down the credit spectrum and across sectors 1 Corporate bond: A debt security issued by a corporation. 2 Credit: A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future. 3 Fundamental value: The value of a firm that is related to its actual operations and production as opposed to changes in share price.

2 CRDT offers a strategic approach to investing in corporate bonds powered by the expertise of Western Asset Management Company (Western Asset), one of the world s leading 4 institutional fixed income managers. As a fully transparent, actively managed 5 ETF, CRDT provides full access to Western s favorite ideas in corporate credit as a core holding with daily liquidity 6. Consider that: + Many investors around the world use corporate bonds as a core position to help generate income, reduce risk and broaden portfolio exposures. 7 + Fundamental analysis can not only be helpful in finding select opportunities, but also in avoiding deteriorating credits. + There is a much wider opportunity set in corporate bonds when investors do not restrict themselves to U.S. issuers a global universe now features 3,391 issuers and $12.7 trillion in overall debt. 8 + Historically, incorporating non-u.s. corporate debt has provided less correlated 9 returns versus positions in a U.S.-only corporate bond portfolio Frequent rotation in performance leadership among corporate sectors can offer opportunities for nimble managers to add value. + Active management can offer the potential to exploit certain market inefficiencies through disciplined credit research and active risk oversight to help manage portfolios through credit cycles. + As an ETF, CRDT offers daily liquidity and transparency. 11 FOCUS FUNDAMENTALLY: SOMETIMES IT IS NOT JUST WHAT YOU OWN, BUT WHAT YOU DON T OWN By definition, market capitalization-based 12 indexes take an agnostic view of issuer fundamentals. Normally, as a company issues more debt, it rises in prominence in the index. Additionally, adverse credit events seldom happen overnight. Through a combination of fundamental analysis and the ability to deviate from a mechanical investment process, active management may be able to help add value by avoiding deteriorating credits. In the past 10 years, avoiding the worst performing issuers (bottom 10%) in the Barclays U.S. Credit Index would have increased average annual performance by 1.1% per year. In a low-yield environment, potentially avoiding these underperforming issuers could have a significant impact on total returns. 4 Source: Morningstar, 9/30/15. 5 Active management: Investment manager with a mandate that does not include tracking the returns of an index. 6 Liquidity: The degree to which an asset or security can be bought or sold in the market without affecting the asset s price. 7 Source: Western Asset Management, 9/30/15. 8 Source: Barclays Global Credit Index, 9/30/15. 9 Correlation: Statistical measure of how two sets of returns move in relation to each other. 10 Source: Barclays, WisdomTree, 9/30/ Daily fund holdings are available at 12 Market capitalization weighting: Market cap = share price x number of shares outstanding. Firms with the highest values receive the highest weights.

3 EXTEND GLOBALLY: GLOBAL CORPORATE BONDS MAY HELP REDUCE PORTFOLIO RISK Global economic growth continues to expand the opportunity set for investors. Historically, investing in corporate bonds globally has reduced portfolio risk compared to investments in U.S. credit markets alone. The global corporate composite shown below provides attractive risk-adjusted returns 13 when compared to popular U.S. corporate bond indexes. AVERAGE ANNUAL RISK-RETURN FOR CORPORATE BOND INDEXES [ October 1, 2005 September 30, 2015 ] Average Annual Return (%) 10% 9% 8% 7% 6% (75% IG/ 25% HY) Composite Unhedged (75% IG/ 25% HY) Barclays Global Credit Index (Hedged) Barclays U.S. Corporate High Yield Index Barclays U.S. Corporate Index Barclays U.S. Aggregate Index 5% 4% 0% 2% 4% 6% 8% 10% 12% Annualized Standard Deviation (%) OCTOBER 1, SEPTEMBER 30, 2015: ANNUALIZED SUMMARY STATISTICS v Return (%) Std Dev (%) Downside Risk (%) Sharpe Ratio 5.66% 5.69% 4.39% Composite Unhedged 5.25% 7.75% 5.91% Barclays Global Credit Index (Hedged) 5.14% 4.53% 3.48% Barclays U.S. Corporate High Yield Index 7.25% 10.49% 8.05% Barclays U.S. Corporate Index 5.39% 5.98% 4.45% Barclays U.S. Aggregate Index 4.64% 3.23% 2.25% Source: Barclays Capital. Past performance is not indicative of future results. You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Standard deviation: A measure of how widely an investment or investment strategy s returns move compared to its average returns for an observed period. A higher value implies more risk, in that there is more of a chance the actual return observed is farther away from the average return. Downside risk: Standard deviation of negative returns. Sharpe ratio: Measure of risk-adjusted return. Higher values indicate greater return per unit of risk. 13 Risk-adjusted returns: Returns measured in relation to their own variability. High returns with a high level of risk indicate a lower probability that actual returns were close to average returns. High returns with a low level of risk would be more desirable, as they indicate a higher probability that actual returns were close to average returns.

4 ALLOCATE STRATEGICALLY Historically, investors have seen considerable rotation among the performance of corporate bond sectors, regions, industries and credit ratings. In our view, this rotation presents opportunities to add value through strategically tilting a portfolio to issuers that appear attractively priced from a risk-return perspective. PERFORMANCE ROTATION ACROSS CORPORATE BOND SECTORS % Corporate 70.9% High Yield 16.4% High Yield 8.5% Sovereign 25.0% High Yield 7.4% 7.5% -4.9% 58.2% 15.1% 8.2% 18.5% Sovereign 7.0% High Yield 7.3% Corporate -10.9% Sovereign 37.5% Corporate 12.5% Corporate 5.0% 15.8% 2.2% 5.9% -11.0% 28.2% Sovereign 12.0% Sovereign 4.4% 15.2% Corporate 1.2% Corporate 5.5% Sovereign -16.8% Corporate 26.7% 9.6% 3.0% Corporate 13.6% -1.3% Corporate 3.6% Corporate -26.2% 15.2% 9.0% 2.5% Corporate 11.5% Corporate -1.5% 2.7% High Yield -29.9% High Yield 4.4% Corporate 5.9% Corporate -1.2% High Yield 9.8% -6.6% Sovereign 2.5% Values represent calendar-year returns. Past performance is not indicative of future results. You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Investment, U.S. Investment and U.S. High Yield represented by the Barclays Global Aggregate Corporate ex-u.s. Total Return Index Hedged USD, the Barclays U.S. Aggregate Corporate Total Return USD and the Barclays U.S. Corporate High Yield Total Return Index, respectively. Corporates and Sovereigns are represented by the JPMorgan CEMBI Broad and JPMorgan EMBI Global Composite Indexes, respectively. High Yield are represented by the Merrill Lynch ex-u.s. Issuers High Yield Constrained Index. Sources: Zephyr, Barclays, JPMorgan, BofA Merrill Lynch, as of 12/31/14.

5 THE ACTIVE MANAGER DIFFERENCE The market for global corporate debt is continuing to evolve. The diverse universe presents different risks and unique opportunities. We believe that successfully navigating the swiftly changing landscape and economic cycles requires the flexibility, discipline and focus of a dedicated manager. That s why WisdomTree chose to partner with Western Asset. THE WISDOMTREE STRATEGIC CORPORATE BOND FUND (CRDT) WisdomTree brings you a strategic approach to corporate bonds and a leading institutional fixed income manager in an ETF. CRDT seeks to provide a high level of total return through investments in corporate bonds from around the world. CRDT AT THE CORE OF YOUR PORTFOLIO Potential ETF Advantages Access to a leading global fixed income manager Access to a dynamic market No investment minimums No redemption fees A low fee of only 0.45%* Intraday liquidity Full transparency of holdings Potential Advantages of Active Management Opportunity to capitalize on a rapidly evolving global fixed income market Potential ability to exploit certain market inefficiencies Flexibility to potentially avoid deteriorating credits and impaired industries *Ordinary brokerage commissions apply. WisdomTree WisdomTree sponsors distinct ETFs that span asset classes and countries around the world. WisdomTree pioneered the concept of fundamentally weighted 14 ETFs and active ETFs and is an industry leader in both categories (as measured by assets under management). Western Asset Management Company ( Western Asset ) Western Asset has more than 20 years of experience in managing corporate debt portfolios and currently oversees more than $134 billion in corporate debt. 15 Western Asset s core strength is in corporate credit research; the company has more than 37 dedicated credit analysts averaging more than 19 years of experience in market centers around the world. A DISCIPLINED INVESTMENT PROCESS Western believes that integrating fundamental credit research with relative value analysis has the potential to lead to outperformance compared to index-based strategies. Although Western Asset s process begins with a top-down assessment of the global economy by examining country and sector specific risks, bottom-up company and industry analysis is what truly drives the Fund s investment selection methodology. The portfolio management team at Western Asset: + Focuses on identifying the sectors and companies that offer relative value in the context of the risk they entail + Uses disciplined credit research and a global footprint to identify opportunities when risk is potentially mispriced + Adheres to a strict sell discipline once targets are reached and avoids participation when risks no longer justify holding a security 14 Fundamental weighting: A type of equity index in which components are chosen based on fundamental criteria as opposed to market capitalization. Fundamentally weighted indexes may be based on fundamental metrics such as revenue, dividend rates, earnings or book value. 15 Source: Western Asset Management, 9/30/15.

6 Top-Down Broad Market Strategy Committee Macro themes Global Credit Committee (GCC) Credit risk profile Sector allocation Industry allocation Risk Management Independent risk monitoring CRDT Portfolio & Quantitative Analysis Efficient strategy implementation Bottom-Up Source: Western Asset Management. Disciplined Fundamental Research Relative value focus Emphasis on management Team-based contribution ASSET ALLOCATION While the Fund will adhere to a broadly defined set of investment parameters, Western Asset has the flexibility to take advantage of perceived market opportunities and to adopt a more defensive position when valuations become less attractive or risks intensify. 45% 15% 85% 40% 10% 67.5% 25% 50% 5% 10% 0% High Yield Debt 0% Emerging Market Debt 0% U.S. Issuer Debt Source: WisdomTree. Subject to change. Asset allocation cannot assure a profit nor protect against a loss.

7 WisdomTree Strategic Corporate Bond Fund Quick Facts Ticker: CRDT Exchange: NASDAQ Expense Ratio: 0.50%, contractually waived to 0.45% through December 31, Sub-advisor: Western Asset Management Company Structure: Open-end ETF. Registered under the Investment Company Act of Objective: The Fund seeks to provide a high level of total return consisting of both income and capital appreciation. Primary Exposure: of corporate and quasi-sovereign issuers throughout the world, including the United States. Currency Exposure: The Fund will look to hedge non-u.s. currency exposure back to U.S. dollars. Country Diversification: The Fund may invest up to 25% of its assets in corporations domiciled in a single country, with the exception of the United States, where it may invest up to 85%. Development Concentration: At least 85% developed market. Credit Quality: The Fund will invest at least 55% of its net assets in securities deemed to be of investment-grade quality. Liquidity: The Fund will have at least 95% of its investments in debt securities with at least $200 million in par amount outstanding. Interest Rate Risk: Moderate; duration between 2 and 10 years. At WisdomTree, we do things differently. We build our ETFs with proprietary methodologies, smart structures and/ or uncommon access to provide investors with the potential for income, performance, diversification and more. For more information or to invest in CRDT, contact your WisdomTree representative or call WISE (9473).

8 Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. To obtain a prospectus containing this and other important information, call WISE (9473) or visit wisdomtree.com. Read the prospectus carefully before you invest. Asset allocation does not ensure a profit or protect against loss. There are risks associated with investing, including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging, offshore or frontier markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments. Derivative investments can be volatile, and these investments may be less liquid than other securities and more sensitive to the effects of varied economic conditions. Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. In addition, when interest rates fall, income may decline. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer s ability to make such payments will cause the price of that bond to decline. Unlike typical exchange-traded funds, there is no index that the Fund attempts to track or replicate. Thus, the ability of the Fund to achieve its objective will depend on the effectiveness of the portfolio manager. Please read the Fund s prospectus for specific details regarding the Fund s risk profile. Past performance is not indicative of future results. Forecasts and estimates have certain inherent limitations and may not actually come to pass. The sources, opinions and forecasts expressed by the investment strategists are as of 5/16/14; are subject to change; and should not to be considered or interpreted as a recommendation to participate in any particular trading strategy or deemed to be an offer or sale of any investment product, and they should not be relied on as such. The user of this information assumes the entire risk of any use made of the information provided herein. Unless expressly stated otherwise, the opinions, interpretations or findings expressed herein do not necessarily represent the views of WisdomTree or any of its affiliates. Markit iboxx USD Liquid Index: Designed to represent the corporate investment-grade, USD-denominated bond market using the most liquid issues available. Markit iboxx USD Liquid High Yield Index: Comprises the most liquid USD-denominated, sub-investment-grade issues of the bond market. Barclays High Yield Very Liquid Index: Publicly issued U.S. dollar denominated, non-investment-grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year. Barclays U.S. 1-5 Year Corporate Index: Includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility and financial companies, with maturities between one and five years. Barclays U.S. 1-3 Year Credit Bond Index: Measures the performance of investment-grade corporate debt and sovereign, supranational, local authority and non-u.s. agency bonds that are U.S. dollar-denominated and have a remaining maturity of greater than or equal to one year and less than three years. Barclays U.S. High Yield 350mn Cash Pay 0-5 Year 2% Capped Index: Includes short-term, publicly issued, U.S. dollar-denominated, high-yield corporate bonds that have $350 million or more of issuance. Barclays U.S. Intermediate Credit Bond Index: Comprises U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds with remaining maturities between one and 10 years. Barclays U.S. Credit Index: A subindex of the Barclays U.S. Government/Credit Index. The index includes both corporate and noncorporate sectors. Global Corporate : Consists of a blend of 75% Barclays Global Aggregate Corporate Index Hedged USD and 25% Barclays Global High Yield Index Hedged USD. U.S. Corporate Composite: Consists of a blend of 75% Barclays U.S. Corporate Index and 25% Barclays U.S. Corporate High Yield Index. Composite Unhedged: Consists of a blend of 75% Barclays Global Aggregate Corporate Index Unhedged and 25% Barclays Global High Yield Index Unhedged. Barclays Global Credit Index (Hedged): Contains investment-grade and high-yield credit securities from the Multiverse Index hedged in U.S. dollars. Barclays Global Credit Index (Unhedged): Contains investment-grade and high-yield credit securities from the Multiverse Index. Barclays Multiverse Index: The merger of two index groups, the Global Aggregate Index and the Global High Yield Index. Barclays U.S. Corporate High Yield Index: Covers the universe of fixed-rate, non-investment-grade corporate debt. Barclays U.S. Corporate Index: Represents publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. To qualify, bonds must be SEC-registered. Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment-grade, fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. S&P 500 Index: Market capitalization-weighted benchmark of 500 stocks selected by the Standard & Poor s Index Committee designed to represent the performance of the leading industries in the United States economy. Barclays Global Aggregate Corporate ex-u.s. Total Return Index Hedged USD: A broad-based measure of the global investment-grade, fixed-rate, fixed income corporate markets outside the United States hedged in U.S. dollars. Barclays U.S. Aggregate Corporate Total Return USD: A broad-based measure of the global investment-grade, fixed-rate, fixed income corporate markets outside the United States. JPMorgan Corporate Emerging Market Bond Index Broad (CEMBI Broad): A market capitalization-weighted index consisting of U.S. dollar-denominated emerging market corporate bonds. JPMorgan Emerging Market Bond Index Global (EMBI Global): Tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, including Brady bonds, loans and eurobonds. Merrill Lynch ex-u.s. Issuers High Yield Constrained Index: Contains all securities outside of the U.S. in the BofA Merrill Lynch U.S. High Yield Index and caps issuer exposure at 2%. Foreside Fund Services, LLC is not affiliated the other entities mentioned. WisdomTree Funds are distributed by Foreside Fund Services, LLC, in the U.S. only. WTGM-0901

INTRODUCING THE WISDOMTREE WESTERN ASSET UNCONSTRAINED BOND FUND The First Truly Unconstrained Fixed Income ETF

INTRODUCING THE WISDOMTREE WESTERN ASSET UNCONSTRAINED BOND FUND The First Truly Unconstrained Fixed Income ETF WisdomTree Western Asset ETFs UNCONSTRAINED BOND FUND UBND For decades, declining interest rates have provided a tailwind for traditional fixed income strategies. Today, with yields near historic lows

More information

High-Yield Spread U.S. 10-Year Treasury Yield Investment Grade Spread

High-Yield Spread U.S. 10-Year Treasury Yield Investment Grade Spread WisdomTree ETFs BOFA MERRILL LYNCH HIGH YIELD BOND ZERO DURATION FUND HYZD The U.S. high-yield bond market has been one of the best-performing subsets of the fixed income investable universe over the past

More information

Fixed Income ETFs 301 International Fixed Income ETFs. Presenter: RONIT WALNY SVP and Global Product Manager with PIMCO

Fixed Income ETFs 301 International Fixed Income ETFs. Presenter: RONIT WALNY SVP and Global Product Manager with PIMCO Fixed Income ETFs 301 International Fixed Income ETFs Presenter: RONIT WALNY SVP and Global Product Manager with PIMCO Inside Fixed Income Conference November 2015 Pacific Investment Management Company

More information

In Search of Yield. Actively Managed High Yield Bond Funds May Offer Long-Term Value

In Search of Yield. Actively Managed High Yield Bond Funds May Offer Long-Term Value In Search of Yield Actively Managed High Yield Bond Funds May Offer Long-Term Value In Search of Yield The Case for Actively Managed High Yield Bond Funds CONTENTS 2 Losing Ground to Inflation: The Impact

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

Hillswick Asset Management, LLC Core Fixed Income Composite

Hillswick Asset Management, LLC Core Fixed Income Composite Year End (Millions) USD (Millions) Assets Number of Accounts Hillswick Asset Management, LLC Core Fixed Income Gross Aggregate Gov't/Credit Dispersion Barclays Capital Aggregate Gov't/Credit 2014 1,372

More information

Insurance Dedicated Funds: Variable Insurance Trusts

Insurance Dedicated Funds: Variable Insurance Trusts At a Glance September 2015 Insurance Dedicated Funds: Variable Insurance Trusts Our goal at GSAM is to meet the financial goals of investors worldwide, now and in the future, with innovative investment

More information

Traditionally, venturing outside the United States has involved two investments:

Traditionally, venturing outside the United States has involved two investments: WisdomTree ETFs INTERNATIONAL HEDGED EQUITY FUND HDWM Approximately 50% of the world s equity opportunity set is outside of the United States, 1 and the majority of that is in developed international stocks,

More information

Taxable Fixed Income. Invesco Floating Rate Fund (AFRAX)

Taxable Fixed Income. Invesco Floating Rate Fund (AFRAX) Taxable Fixed Income Invesco Floating Rate Fund (AFRAX) Senior Secured Loans A unique asset class Floating rate funds, also called senior loan funds, invest in senior secured loans. The loans have very

More information

High-yield bonds have become a global opportunity

High-yield bonds have become a global opportunity By: Yoshie Phillips, CFA, Senior Research Analyst APRIL 2013 High-yield bonds have become a global opportunity Investors seeking income or attractive total return investments often look into high-yield

More information

The timeless (and timely) case for high-yield bonds

The timeless (and timely) case for high-yield bonds INCOME EATON VANCE Looking beyond traditional sources of yield MARCH 2016 TIMELY THINKING The timeless (and timely) case for high-yield bonds SUMMARY High-yield bonds occupy a special capital market niche:

More information

Our verdict is in: Offshore high yield exchange-traded funds don t deliver

Our verdict is in: Offshore high yield exchange-traded funds don t deliver For investment professionals only - not for use by retail investors Our verdict is in: Offshore high yield exchange-traded funds don t deliver November 2014 The explosive growth witnessed by ETFs in the

More information

Opportunities in credit higher quality high-yield bonds

Opportunities in credit higher quality high-yield bonds Highlights > > Default rates below the long-term average > > Valuations wide of historical average in BB and B rated credit > > Despite sluggish economy, high yield can still perform well > > High yield

More information

Bond Fund of the TIAA-CREF Life Funds

Bond Fund of the TIAA-CREF Life Funds Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

30% 5% of fixed income mutual funds paid capital gains in 2015

30% 5% of fixed income mutual funds paid capital gains in 2015 FIXED INCOME ETFs: NEW ASSET CLASS, SAME BENEFITS Exchange Traded Funds ( ETFs ) first appealed to equity investors, providing efficient access to the world s stock markets and they have revolutionized

More information

Fixed-income opportunity: Short duration high yield

Fixed-income opportunity: Short duration high yield March 2014 Insights from: An income solution for a low or rising interest-rate environment Generating income is a key objective for many investors, and one that is increasingly difficult to achieve in

More information

An Attractive Income Option for a Strategic Allocation

An Attractive Income Option for a Strategic Allocation An Attractive Income Option for a Strategic Allocation Voya Senior Loans Suite A strategic allocation provides potential for high and relatively steady income through most credit and rate cycles Improves

More information

Diversify portfolios with U.S. and international bonds

Diversify portfolios with U.S. and international bonds Diversify portfolios with U.S. and international bonds Investing broadly across asset classes such as stocks, bonds and cash can help reduce volatility and risk within a portfolio. Canadian investors have

More information

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE PowerShares Senior Loan Portfolio PowerShares Senior Loan Portfolio is the first senior loan exchange-traded fund (ETF) and seeks investment results

More information

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing A Challenging Environment for Investors MOVING BEYOND TRADITIONAL FIXED-INCOME INVESTING ALONE For many advisors and

More information

A strategic, multisector approach to fixed-income investing

A strategic, multisector approach to fixed-income investing Alternative Solutions Forward Credit Analysis Long/Short Fund A strategic, multisector approach to fixed-income investing Is it time to adapt your fixed-income approach? Today s fixed-income investors

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR HSBC World Selection Funds April 30, 2016 Monthly Factsheets Class A and C Shares Aggressive Strategy Fund Balanced Strategy Fund Moderate Strategy Fund Conservative Strategy Fund Income Strategy Fund

More information

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX BRANDES Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX Prospectus January 30, 2015 The U.S. Securities and Exchange

More information

Fixed Income: The Hidden Risk of Indexing

Fixed Income: The Hidden Risk of Indexing MANNING & NAPIER ADVISORS, INC. Fixed Income: The Hidden Risk of Indexing Unless otherwise noted, all figures are based in USD. Fixed income markets in the U.S. are vast. At roughly twice the size of domestic

More information

The timeless (and timely) case for high-yield bonds

The timeless (and timely) case for high-yield bonds EATON VANCE TOPIC PAPER MAY 2016 The timeless (and timely) case for high-yield bonds Michael Weilheimer, CFA Director High-Yield Investments Steve Concannon Portfolio Manager High-Yield Investments Jeff

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

Global High Yield. Diversification in the asset class. June 2016

Global High Yield. Diversification in the asset class. June 2016 Global High Yield Diversification in the asset class June 2016 Authored by: Mary Bowers, CFA, Portfolio Manager, Global High Yield Julian Moore, Product Specialist, Global Credit Global High Yield Executive

More information

Investment Case: Fallen Angel High-Yield Corporate Bonds

Investment Case: Fallen Angel High-Yield Corporate Bonds Investment Case: Fallen Angel High-Yield Corporate Bonds 1 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer

More information

MainStay VP Janus Balanced Portfolio

MainStay VP Janus Balanced Portfolio Summary Prospectus May 1, 2015 MainStay VP Janus Balanced Portfolio To Statutory Prospectus To Statement of Additional Information Before you invest, you may want to review the Portfolio's Prospectus,

More information

High-Yield Municipal Bonds

High-Yield Municipal Bonds High-Yield Municipal Bonds 1 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation will be made only

More information

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events RETHINK YOUR BONDS Building Better Bond Portfolios Interest rates may inch up this year, but expect them to be low for some time to come. You can continue to achieve your fixed income goals in this environment

More information

Completing Emerging Market Equity Allocations with Small Caps

Completing Emerging Market Equity Allocations with Small Caps WisdomTree ETFs EMERGING MARKETS SMALLCAP DIVIDEND FUND DGS Completing Emerging Market Equity Allocations with Small Caps The world economy is increasingly powered by the evolution of the emerging market

More information

Holding the middle ground with convertible securities

Holding the middle ground with convertible securities January 2015» White paper Holding the middle ground with convertible securities Eric N. Harthun, CFA Portfolio Manager Robert L. Salvin Portfolio Manager Key takeaways Convertible securities are an often-overlooked

More information

The Globalization of the High Yield Market:

The Globalization of the High Yield Market: The Globalization of the High Yield Market: Why Diversification Is An Increasingly Important Consideration In High Yield Investing The High Yield Team May 2013 The Globalization of the High Yield Market:

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge

More information

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-12-1 As of 12/31/2015 Navigator Fixed Income Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise. But income

More information

PIMCO Foreign Bond Fund (U.S. Dollar- Hedged)

PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) Your Global Investment Authority PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) SUMMARY PROSPECTUS July 31, 2015 (as supplemented December 1, 2015) Share Class: Inst P Admin D A C R Ticker: PFORX PFBPX

More information

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive?

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive? FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS Bank loans present a compelling income opportunity and a portfolio diversifier that provides protection against traditional

More information

Bond Market Perspectives

Bond Market Perspectives LPL FINANCIAL RESEARCH Bond Market Perspectives August 6, 2013 It s a Grind Anthony Valeri, CFA Market Strategist LPL Financial Highlights Bond market performance is still attempting to stabilize. This

More information

Leader Short-Term Bond Fund. Leader Total Return Fund

Leader Short-Term Bond Fund. Leader Total Return Fund Leader Short-Term Bond Fund Institutional Shares: Investor Shares: Class A Shares: Class C Shares: LCCIX LCCMX LCAMX LCMCX Leader Total Return Fund Institutional Shares: Investor Shares: Class A Shares:

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

Traditionally, venturing outside the United States has required two investments: + The equities, frequently the primary interest.

Traditionally, venturing outside the United States has required two investments: + The equities, frequently the primary interest. DDWM/DDLS A NEW CHAPTER: DYNAMIC CURRENCY-HEDGED EQUITIES Approximately 50% of the world s equity opportunity set is outside of the United States, 1 and the majority of that is in developed international

More information

WST ASSET MANAGER U.S. EQUITY FUND

WST ASSET MANAGER U.S. EQUITY FUND Prospectus December 18, 2015 WST ASSET MANAGER U.S. EQUITY FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WST ASSET MANAGER U.S. BOND FUND Investor Shares (Ticker

More information

The Bright Start College Savings Program Direct-Sold Plan. Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012

The Bright Start College Savings Program Direct-Sold Plan. Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012 The Bright Start College Savings Program Direct-Sold Plan Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012 This supplement amends the Program Disclosure Statement

More information

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which

More information

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP Supplement to the Currently Effective Prospectus and Summary Prospectus * * * The following replaces in their entirety the

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS With about $713 billion in assets, the bank loan market is roughly half the size of the high yield market. However, demand

More information

Variable Annuities Funds Prospectus

Variable Annuities Funds Prospectus Variable Annuities Funds Prospectus May 1, 2015 This book is not complete or valid unless accompanied by a current NYLIAC variable annuity product prospectus. Variable Annuities Funds Prospectus Package

More information

Janus Investment Fund

Janus Investment Fund October 26, 2012 Class A Shares Ticker Class C Shares Ticker Class S Shares Ticker Class I Shares Ticker Class N Shares Ticker Class R Shares Ticker Class T Shares Ticker Fixed Income Janus Flexible Bond

More information

OAKTREE HIGH YIELD BOND FUND

OAKTREE HIGH YIELD BOND FUND OAKTREE HIGH YIELD BOND FUND Institutional Class OHYIX Advisor Class OHYDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks.

More information

Why Consider Bank Loan Investing?

Why Consider Bank Loan Investing? Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative

More information

Federated Managed Volatility Fund II

Federated Managed Volatility Fund II Summary Prospectus April 30, 2015 Federated Managed Volatility Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which contains more information

More information

High Yield Bonds: Income Potential in a World Starved for Yield

High Yield Bonds: Income Potential in a World Starved for Yield High Yield Bonds: Income Potential in a World Starved for Yield Q&A with the Portfolio Managers Class A: CPHYX Class C: CCHIX Class I: PHYTX Class P: PYHPX Mark Denkinger and Darrin Smith, Principal High

More information

Bond Market Perspectives

Bond Market Perspectives LPL FINANCIAL RESEARCH Bond Market Perspectives October 1, 2013 Many Happy Returns Anthony Valeri, CFA Market Strategist LPL Financial Highlights September bond market performance saw gains across all

More information

Nuveen Tactical Market Opportunities Fund

Nuveen Tactical Market Opportunities Fund Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund

More information

Investor Blind Spots in Short-Duration Bond Funds

Investor Blind Spots in Short-Duration Bond Funds leadership series INVESTMENT INSIGHTS October 213 Investor Blind Spots in Short-Duration Bond Funds Extraordinary central bank intervention that followed the financial crisis produced a prolonged environment

More information

Are Unconstrained Bond Funds a Substitute for Core Bonds?

Are Unconstrained Bond Funds a Substitute for Core Bonds? TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem

More information

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-08-1 As of 8/31/2015 Navigator Fixed Income Total Return Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise.

More information

Bridge Builder Core Plus Bond Fund

Bridge Builder Core Plus Bond Fund Bridge Builder Core Plus Bond Fund Summary Prospectus Ticker: BBCPX October 28, 2015 Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and

More information

DFA INVESTMENT DIMENSIONS GROUP INC.

DFA INVESTMENT DIMENSIONS GROUP INC. PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk BlackRock Diversified Income Portfolio A portfolio from Fidelity Investments designed to seek income while managing risk Fidelity Investments has formed a strategic alliance with BlackRock Investment Management,

More information

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Developed Market (DM) Valuations Remain Attractive Developed Market (ex US) valuations remain attractive relative to history

More information

An actively managed approach for today s fixed-income markets

An actively managed approach for today s fixed-income markets Q3 2015 Putnam multi-sector fixed-income funds An actively managed approach for today s fixed-income markets D. William Kohli Michael V. Salm Paul D. Scanlon, CFA Putnam s three Co-Heads of Fixed each

More information

Impact of rising interest rates on preferred securities

Impact of rising interest rates on preferred securities Impact of rising interest rates on preferred securities This report looks at the risks preferred investors may face in a rising-interest-rate environment. We are currently in a period of historically low

More information

The Case for a Custom Fixed Income Benchmark. ssga.com/definedcontribution REFINING THE AGG

The Case for a Custom Fixed Income Benchmark. ssga.com/definedcontribution REFINING THE AGG The Case for a Custom Fixed Income Benchmark ssga.com/definedcontribution REFINING THE AGG For decades, the Barclays US Aggregate Index (the Agg ) has been a popular benchmark for core bond investment

More information

Seix Total Return Bond Fund

Seix Total Return Bond Fund Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the

More information

Federated Quality Bond Fund II

Federated Quality Bond Fund II Summary Prospectus April 30, 2015 Share Class Primary Federated Quality Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which contains

More information

Global Bond Fund FAQ April 2016

Global Bond Fund FAQ April 2016 April 2016 333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 (213) 633-8200 1. What is the investment objective of the DoubleLine s Global Bond Fund? The DoubleLine Global Bond Fund seeks to generate

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

Why Anfield s Universal Fixed Income Fund?

Why Anfield s Universal Fixed Income Fund? Why Anfield s Universal Fixed Income Fund? Disclosure Investors should carefully consider the investment objectives, risks, charges and expenses of the Anfield Universal Fixed Income Fund. This and other

More information

Is it time to hire a professional to manage your bonds?

Is it time to hire a professional to manage your bonds? Is it time to hire a professional to manage your bonds? Today s bond markets are more complex Finding the right bonds can be difficult. The bond markets are large and complex, and it takes a lot of homework

More information

New York's 529 Advisor-Guided College Savings Program

New York's 529 Advisor-Guided College Savings Program New York's 529 Advisor-Guided College Savings Program yr AVERAGE TOTAL Expense ratio AGE-BASED PORTFOLIOS JPMorgan 529 Aggressive Age-Based Portfolio (Age 0-5) 2,3,4,5,6,7,8,9,37 Class A - 5/4/202, 5705,

More information

The U.S. dollar continues to be a primary beneficiary during times of market stress. In our view:

The U.S. dollar continues to be a primary beneficiary during times of market stress. In our view: WisdomTree ETFs BLOOMBERG U.S. DOLLAR BULLISH FUND USDU Over the past few years, investors have become increasingly sophisticated. Not only do they understand the benefits of expanding their holdings beyond

More information

Unconstrained fixed income may offer a compelling solution for today s bond market challenges

Unconstrained fixed income may offer a compelling solution for today s bond market challenges INVESTMENT OPPORTUNITIES The market direction and your portfolio Unconstrained fixed income may offer a compelling solution for today s bond market challenges Why now? n Elevated risks and prolonged dismal

More information

An Overview of the US Closed-End Fund Market. By Paul Mazzilli

An Overview of the US Closed-End Fund Market. By Paul Mazzilli An Overview of the US Closed-End Fund Market By Paul Mazzilli Introduction Closed-end funds (CEFs) are professionally managed investment companies that offer investors various unique benefits. They offer

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

Lord Abbett High Yield Fund

Lord Abbett High Yield Fund SUMMARY PROSPECTUS Lord Abbett High Yield Fund APRIL 1, 2015 CLASS/TICKER CLASS A... LHYAX CLASS I... LAHYX CLASS R4... TBD CLASS B... LHYBX CLASS P... LHYPX CLASS R5... TBD CLASS C... LHYCX CLASS R2...

More information

ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds

ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds CONTENTS I. ASSET CLASS BACKGROUND What Are Crossover Bonds? II. CHARACTERISTICS OF CROSSOVER BONDS What Are the

More information

TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund. TDAM U.S. Large Cap Core Equity Fund

TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund. TDAM U.S. Large Cap Core Equity Fund TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund TDAM U.S. Large Cap Core Equity Fund TDAM Global Equity Shareholder Yield Fund TDAM Global All Cap Fund TDAM U.S. Small-Mid Cap

More information

John Hancock Bond Trust. John Hancock Focused High Yield Fund (the fund )

John Hancock Bond Trust. John Hancock Focused High Yield Fund (the fund ) John Hancock Bond Trust John Hancock Focused High Yield Fund (the fund ) Supplement dated June 24, 2016 to the current Summary Prospectus, as may be supplemented The following information supplements and

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

Active Multi-Sector Fixed Income Investing in an Uncertain Yield Environment

Active Multi-Sector Fixed Income Investing in an Uncertain Yield Environment leadership series market perspectives Active Multi-Sector Fixed Income Investing in an Uncertain Yield Environment November 2013 As bond yields hover around historical lows, institutional investors are

More information

UNDERSTANDING CLOSED-END FUNDS

UNDERSTANDING CLOSED-END FUNDS Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors

More information

Bond Snapshot with Kathy Jones The Year of the Taper

Bond Snapshot with Kathy Jones The Year of the Taper Bond Snapshot with Kathy Jones The Year of the Taper Kathy Jones, Vice President Fixed Income Strategist Schwab Center for Financial Research February 2014 Overview of Topics Tapering Implications Where

More information

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which

More information

9/30/81: 15.84% Real yield average: 2.46% Real 10-year Treasury yield 12/31/15: 0.25% -5% 58 63 68 73 78 83 88 93 98 03 08 13

9/30/81: 15.84% Real yield average: 2.46% Real 10-year Treasury yield 12/31/15: 0.25% -5% 58 63 68 73 78 83 88 93 98 03 08 13 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS Building better fixed income portfolios 1Q 2016 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Get

More information

Questions and Answers About Senior Secured Loans

Questions and Answers About Senior Secured Loans Revised August 2013 Senior Secured Loans Questions and Answers About Senior Secured Loans Joe Lemanowicz Managing Director and Head of U.S. Senior Secured Loan Team Pramerica Fixed Income U.S. senior secured

More information

High-Yield Bond Funds in a Diversified Portfolio

High-Yield Bond Funds in a Diversified Portfolio leadership series MARCH 2016 High-Yield Bond Funds in a Diversified Portfolio AUTHOR KEY TAKEAWAYS The addition of high-yield bonds as a long-term investment in a diversified portfolio can potentially

More information

HYS. PIMCO 0 5 Year High Yield Corporate Bond Index ETF (HYS) Aims to Achieve Higher Income, Lower Sensitivity to Treasury Rates.

HYS. PIMCO 0 5 Year High Yield Corporate Bond Index ETF (HYS) Aims to Achieve Higher Income, Lower Sensitivity to Treasury Rates. Your Global Investment Authority Q&A April 2014 HYS PIMCO ETFs PIMCO 0 5 Year High Yield Corporate Bond Index ETF (HYS) Aims to Achieve Higher Income, Lower Sensitivity to Treasury Rates Vineer Bhansali

More information

An Alternative to Fixed Rate Bonds

An Alternative to Fixed Rate Bonds An Alternative to Fixed Rate Bonds Voya Senior Loans Suite offered by Aston Hill Financial Seeks to pay high income in various rate environments One of the world s largest dedicated senior loan teams Five

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information