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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

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

2 Inside Fixed Income Conference November 2015 Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660, For Institutional Investor Use Only

3 Agenda 1. Why go international? 2. Benchmark selection in a broad universe 3. Currency hedging 4. Additional information pg 3

4 1. Why go international? pg 4

5 USD billions Expand your opportunity set globally 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Global bond market EM: $14tn 12/31/1989 3/31/2015 U.S. 60.7% 38.0% Dev. Ex U.S. 38.2% 46.8% EM 1.1% 15.2% Developed ex U.S.: $44tn U.S.: $35tn '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 As of 31 March 2015 SOURCE: BIS Estimated $94 trillion global debt market. Capital_Securities_Review_14 pg 5

6 Diversify to other economies and currencies ANNUAL RETURNS FOR KEY INDICES ( ) RANKED IN ORDER OF PERFORMANCE (%) United States Japan Canada External EM Eurozone Australia Local EM United Kingdom As of 31 December 2014 SOURCE: Bloomberg United States represented by Barclays U.S. Agg Index USD Unhedged, eurozone represented by Barclays Euro Agg Index USD Unhedged, Japan represented by Barclays Japanese Agg Index USD Unhedged, Australia represented by Barclays Australian Agg Index USD Unhedged, Canada represented by Barclays Canadian 300 Index USD Unhedged, Local EM represented by JPMorgan GBI-EM Global Diversified Index USD Unhedged, External EM represented by JPMorgan EMBIG Diversified Index USD Unhedged, United Kingdom represented by Barclays Sterling Agg Index USD Unhedged Past performance is not a guarantee or a reliable indicator of future results. Refer to Appendix for additional index and risk information. intl_review_03 pg 6

7 Percent But yields are mostly lower, so why go international? Year government bond yields Yield As of 30 September 2015 SOURCE: Bloomberg pg 7

8 Ways to generate returns in global bonds 1. Accrue yield 2. Price response to changes in yields 3. Currency appreciation or depreciation pg 8

9 Rate (%) Rate expectations reflect economic divergence Federal Reserve Bank of England European Central Bank Bank of Japan 90-day MM futures imp. yields As of 30 September 2015 SOURCE: Bloomberg Refer to Appendix for additional forecast information. Capital_Securities_Review_14 pg 9

10 Interest rates (%) Global bonds (U.S. dollar-hedged) can buffer portfolios in a U.S. rising rate environment Interest Rates vs. Growth of $100 invested in Index on 12/31/1992 Rising Rate Period 10y UST (LHS) BC Glbl Agg USD H (RHS) -2.5% 1.6% 1.0% -1.6% -0.3% -0.1% 5.1% -2.0% 1.4% Interest Rates vs *Total return over shaded period in box Value of $100 invested at start ($) As of 30 September 2015 Hypothetical example for illustrative purposes only. SOURCE: Bloomberg, PIMCO. * Each rising rate period represents an increase in the US 10-Y yield of greater than 100bps. Refer to Appendix for additional index, hypothetical example and risk information. intl_review_06 pg 10

11 2. Benchmark selection in a broad universe pg 11

12 Trillions ($) Starting decisions for a global bond benchmark Benchmark considerations 1. Define universe 2. Currency 3. Sectors included Global or ex-u.s.? Emerging markets included? Hedged or unhedged? Sovereigns-only or Aggregate? Regional weights EM - CEEMEA EM - Latin America EM - Asia U.K. OIC Japan Eurozone Weighting scheme 10 U.S. Market cap, GDP 0 Global Fixed Income As of 30 September 2015 SOURCE: BIS, Barclays Estimated $94 trillion global debt market. pg 12

13 Market Value (USD Billions) A common starting point 50,000 Composition of Barclays Global Aggregate Bond Index Treasuries (LHS) Securitized (LHS) Duration (RHS) Agencies (LHS) Corporates (LHS) ,000 40, Duration has extended 35,000 30,000 25,000 20,000 15,000 10, Duration (yrs; 12 month moving average) Monetary policy has pushed yields lower Share of lowyielding Treasuries is high 5, As of 30 September 2015 SOURCE: Barclays Refer to the Appendix for additional risk and index information.!mk_enhanced_fixed_income_diversification_body pg 13

14 GDP-weighting vs. market cap-weighting Debt-weighted approach BANK Income-weighted approach BANK Lend in proportion to household s debt Lend in proportion to household s income Which makes more sense? Sample for illustrative purposes only SOURCE: PIMCO global_advantage_review_40 pg 14

15 Two indices with different exposures BARCLAYS GLOBAL AGGREGATE Regional breakout Sector breakout EM - ASIA 3% Dollar Block United 4% Kingdom 6% Japan 16% EM - CEEMEA 2% Eurozone 24% Corporates 18% Europe non-emu EM - Latin 2% America 1% Government 51% Gov't related 13% United States 42% Securitized 9% EM External 3% EM Local 3% Covered 3% PIMCO GLOBAL ADVANTAGE Dollar Block 4% Japan 9% EM - Latin America 11% United Kingdom 4% EM - CEEMEA 14% EM Currencies 13% EM External 15% Corporates 16% Europe non-emu 2% EM - ASIA 15% EM Local 12% Covered 9% ILBs 8% Securitized 7% Government 18% United States 22% Eurozone 19% Gov't related 2% As of 30 September 2015; SOURCE: Barclays, PIMCO Refer to the Appendix for additional risk and index information. pg 15

16 Considerations for active management THEMES Secular outlook Cyclical outlook MARKET VIEWS Interest rates Yield curve shape Credit trends Country outlook Volatility PORTFOLIO TARGETS Country selection Duration Yield curve position Currency Sector exposure Quality bias INSTRUMENT SELECTION Credit selection Bond selection Instrument selection Currency selection Refer to Appendix for additional investment strategy information. phil_02f_ap pg 16

17 3. Currency hedging pg 17

18 Reasons to hedge vs. remain unhedged Hedge Remain unhedged View on dollar neutral/positive negative volatility lower higher cost of hedging low high Refer to Appendix for additional investment strategy and risk information. Global_tab_2 pg 18

19 Bars - Annual returns Lines - 3y trailing annualized standard deviation Hedging has mixed results through time, but materially less volatility 10% 3 Year Trailing Return and Volatility Barclays Global Aggregate Unhedged Barclays Global Aggregate Hedged 8% 6% 4% 2% 0% -2% -4% As of 30 September 2015 SOURCE: Bloomberg, PIMCO Uses monthly returns for volatility calculations pg 19

20 Hedging yield gain or loss from a U.S. perspective 1.50% 1.00% 0.50% 0.00% -0.50% -1.00% -1.50% -2.00% -2.50% EUR JPY GBP CAD AUD CHF total 0.51% 0.39% -0.23% -0.26% -1.98% 1.17% The cost of currency hedging could be negative; i.e., you could get paid for hedging As of 15 October 2015 SOURCE: Bloomberg pg 20

21 Yield (%) The cost of hedging is often higher in EM month local currency cash rate As of 30 September 2015 SOURCE: Bloomberg * Using SELIC rate for Brazil and 1-month deposit rate for Argentina global_advantage_review_22 pg 21

22 Summary 1. Why look at global bonds? Expanded opportunity set Diversification of economies Buffer from rising rates in the U.S. 2. Considerations for index selection Define your universe (include EM, US, Sectors?) Hedged vs. Unhedged Weighting Scheme (Market Cap, GDP.) 3. Currency hedging considerations Anticipated direction of the dollar Volatility of currency exposure Cost of hedging pg 22

23 4. Additional information pg 23

24 Interest rate differentials significantly drive hedging costs Local yield HEDGING COST = 1.75% 2.60% (10-year Australian sovereign) (-) Pay Local short-term rate 2.00% (3-month Australian cash rate) (+) Receive Domestic short-term rate 0.25% (3-month U.S. cash rate) Hedged yield (=) 0.85% (Hedged yield for U.S. investor) Hedged yield = local yield hedging costs As of 30 September 2015 SOURCE: Bloomberg Sample for illustrative purposes only Refer to Appendix for additional investment strategy and risk information. global_advantage_review_22 pg 24

25 Yield (%) Curve steepeness (3m-5Y, %) When purchasing bonds, curve steepness is critical United States Canada Eurozone Australia Canada United States M 5Y 10Y Eurozone Australia USD 5Y hedged yield (%) 5Y Local Yield 5Y Yield hedged into USD Curve steepness (3m-5Y) United States Canada Eurozone Australia As of 30 September 2015 SOURCE: Bloomberg Yields represented by local currency swap rates. * 5 Year local yield refers to benchmark government bond yield. 5y yield hedged into USD = 5 Year local yield (differential in 3M deposit rates). pg 25

26 Bonds Currency Economic impact on currency vs. bonds differ Why buy a foreign currency bond and hedge out the currency risk? Currency risk can dominate the portfolio if left unhedged Growth strong Growth weak An economic factor that is positive for bond prices (e.g. an interest rate cut) may be negative for the exchange rate Appreciates Depreciates Prices fall Prices rise pg 26

27 Appendix Past performance is not a guarantee or a reliable indicator of future results. CORRELATION The correlation of various indexes or securities against one another or against inflation is based upon data over a certain time period. These correlations may vary substantially in the future or over different time periods that can result in greater volatility. FORECAST Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. There is no guarantee that results will be achieved. HYPOTHETICAL EXAMPLE Hypothetical and simulated examples have many inherent limitations and are generally prepared with the benefit of hindsight. There are frequently sharp differences between simulated results and the actual results. There are numerous factors related to the markets in general or the implementation of any specific investment strategy, which cannot be fully accounted for in the preparation of simulated results and all of which can adversely affect actual results. No guarantee is being made that the stated results will be achieved. INVESTMENT STRATEGY There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. OUTLOOK Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice. RISK Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Build America Bonds issued by state and local governments are taxable issues. Sovereign securities are generally backed by the issuing government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.!mk_dada_global_funds_std_appendix pg 27

28 Appendix This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark or registered trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. THE NEW NEUTRAL and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Pacific Investment Management Company LLC in the United States and throughout the world PIMCO INDEX DESCRIPTIONS The BofA Merrill Lynch Global Corporate Index tracks the performance of investment grade corporate debt publicly issued in the major domestic and eurobond markets. Qualifying securities and their respective country of risk (foreign currency long term sovereign debt ratings) must have an investment grade rating based on an average of Moody s, S&P and Fitch. Taxable and tax-exempt US municipal, US DRD-eligible, euro legacy currency and defaulted securities are excluded from the Index. Index constituents are capitalization-weighted based on their current amount outstanding. The BofA Merrill Lynch Global Broad Market Index is an unmanaged index that tracks the performance of investment grade public debt issued in the major domestic and eurobonds market. The Barclays Build America Bond Index is an unmanaged index that tracks the market for taxable municipal securities with respect to which the issuer has made an irrevocable election to designate the bonds as "Qualified Bonds" under the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid ("direct pay Build America Bonds"). The Barclays Euro-Aggregate Index in an unmanaged index that tracks fixed-rate, investment-grade euro-denominated securities. Inclusion is based on the currency of the issue, and not the domicile of the issuer. The principal sectors in the index are Treasury, Corporate, Government-Related and Securitized. Securities in the index are part of the Pan-European Aggregate and the Global Aggregate Indices. The Euro-Aggregate Index was launched on 1 July The Barclays Global Aggregate Government Guaranteed Index is a sub-index of the Barclays Global Aggregate Index, which provides a broad-based measure of the global investment-grade fixed income markets. Barclays Government Bond Index is an unmanaged index consists of securities issued by the U.S. Government with a maturity of one year or more. 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. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Barclays U.S. Treasury Index is a measure of the public obligations of the U.S. Treasury. JPMorgan GBI Global (Unhedged) is an unmanaged market index representative of the total return performance in U.S. dollars on an unhedged basis of major world bond markets.!mk_dada_global_funds_std_appendix pg 28

29 Appendix The Consumer Price Index (CPI) is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. The JPMorgan Emerging Markets Bond Index Global is an unmanaged index which tracks the total return of U.S.-dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady Bonds, loans, Eurobonds, and local market instruments. JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Diversified is a uniquely-weighted version of the CEMBI index. It limits weights of those index countries with larger corporate debt stocks by only including a specified portion of these countries eligible current face amounts of debt outstanding. The CEMBI Diversified results in well-distributed, more balanced weightings for countries included in the index. The countries covered in the CEMBI Diversified are identical to those in the CEMBI, which is a global, liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities. JPMorgan Emerging Local Markets Index Plus (Unhedged) tracks total returns for local currency-denominated money market instruments in 23 emerging markets countries with at least U.S. $10 billion of external trade. JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) is a comprehensive global local emerging markets index, and consists of regularly traded, liquid fixedrate, domestic currency government bonds to which international investors can gain exposure. The JPMorgan GBI Global Hedged in USD is an unmanaged index market representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets. JPMorgan GBI Global (Unhedged) is an unmanaged market index representative of the total return performance in U.S. dollars on an unhedged basis of major world bond markets. The JPMorgan GBI Global Ex-U.S. Index (US $ Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of non-u.s. bond markets. The JPMorgan GBI Global ex-us FX NY Index Unhedged in USD is an unmanaged index representative of the total return performance in U.S. dollars on an unhedged basis of major non-u.s. bond markets. The PIMCO Global Advantage Bond Index (GLADI) is a diversified global index that covers a wide spectrum of global fixed income opportunities and sectors, from developed to emerging markets, nominal to real assets, and cash to derivative instruments. Unlike traditional indices, which are frequently comprised of bonds weighted according to their market capitalization, GLADI uses GDPweighting which puts an emphasis on faster-growing areas of the world and thus makes the index forward-looking in nature. It is not possible to invest directly in an unmanaged index. CMR pg 29

30 Fixed Income ETFs 301 International Fixed Income ETFs Q&A

31 Thank You

PROTECTING YOUR PORTFOLIO WITH BONDS

PROTECTING YOUR PORTFOLIO WITH BONDS Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during

More information

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

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

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

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

PIMCO Europe Ltd. February 2015. For professional use only

PIMCO Europe Ltd. February 2015. For professional use only PIMCO Europe Ltd. February 2015 For professional use only Important information For professional use only The services and products described in this communication are only available to professional clients

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

VIP Benchmark Glossary

VIP Benchmark Glossary VIP Benchmark Glossary Benchmark descriptions in this document are effective as of December 12, 2014. A benchmark is an industry-standard method to measure the overall performance of specific types of

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

CAPITAL MARKETS REVIEW Q4 2011

CAPITAL MARKETS REVIEW Q4 2011 CAPITAL MARKETS REVIEW Q4 2011 Reviewing the quarter ended September 30, 2011 J. Matthew Hager // David S. Dennerll, CFP // Benjamin R. Stacy 255 East Fifth St. Suite 2210 // Cincinnati, OH 45202 513-287-6778

More information

PIMCO Funds. Disclosure Related to PIMCO Emerging Markets Bond Fund and PIMCO Global Advantage Strategy Bond Fund (the Funds )

PIMCO Funds. Disclosure Related to PIMCO Emerging Markets Bond Fund and PIMCO Global Advantage Strategy Bond Fund (the Funds ) PIMCO Funds Supplement Dated April 11, 2014 to the PIMCO International Bond Funds Institutional Class, Class P, Administrative Class, Class D, Class A, Class B, Class C and Class R Prospectus dated July

More information

Fixed Income in a Rising Rate Environment

Fixed Income in a Rising Rate Environment Fixed Income in a Rising Rate Environment Market Commentary May 2016 SINCE THE FIRST FEDERAL FUNDS RATE INCREASE IN DECEMBER 2015, interest rates have generally declined. This counterintuitive result underscores

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

Capital Markets Review Q3 2010

Capital Markets Review Q3 2010 Capital Markets Review Q3 2010 Reviewing the quarter ended June 30, 2010 Ross Marino, CFP, ChFC 210-4 Avondale Ave. Wilmington, NC 28403 www.rossmarino.com Material prepared by Raymond James for use by

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

Impact of QE on Fixed Income

Impact of QE on Fixed Income Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based

More information

Moving Forward With the Normalization of Yields

Moving Forward With the Normalization of Yields Moving Forward With the Normalization of Yields April 8, 2014 by Scott Mather, Michael Story of PIMCO One response to yield normalization is to consider retaining core bonds and diversifying the specific

More information

Guggenheim Investments. European High-Yield and Bank Loan Market Overview

Guggenheim Investments. European High-Yield and Bank Loan Market Overview Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August

More information

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access

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 March 215 Update Originally published May 213 The

More information

Session 18, Tools for Evaluating Insurance Portfolio Investment Performance. Moderator: Peter C. Miller, FSA. Presenter: David L.

Session 18, Tools for Evaluating Insurance Portfolio Investment Performance. Moderator: Peter C. Miller, FSA. Presenter: David L. Session 18, Tools for Evaluating Insurance Portfolio Investment Performance Moderator: Peter C. Miller, FSA Presenter: David L. Braun, FSA Society of Actuaries 2015 Investment Symposium Tools for Evaluating

More information

Staying alive: Bond strategies for a normalising world

Staying alive: Bond strategies for a normalising world Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should

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

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

Global high yield: We believe it s still offering value December 2013

Global high yield: We believe it s still offering value December 2013 Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed

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

Sources of return for hedged global bond funds

Sources of return for hedged global bond funds Research commentary Sources of return for hedged global bond funds August 2012 Author Roger McIntosh Executive summary. The recent results in key bond market indices demonstrate the importance of a strategic,

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

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK

FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK 1 FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK By Michael McMurray, CFA Senior Consultant As all investors are aware, fixed income yields and overall returns generally have been

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

THE FIXED INCOME DILEMMA: Rethinking Fixed Income with a Global Perspective AN NEI REPORT UPDATED AS AT JUNE 30, 2015

THE FIXED INCOME DILEMMA: Rethinking Fixed Income with a Global Perspective AN NEI REPORT UPDATED AS AT JUNE 30, 2015 THE FIXED INCOME DILEMMA: Rethinking Fixed Income with a Global Perspective AN NEI REPORT UPDATED AS AT JUNE 30, 2015 THE FIXED INCOME DILEMMA: Rethinking Fixed Income with a Global Perspective UPDATE:

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

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

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

Investing in a Rising Rate Environment

Investing in a Rising Rate Environment Investing in a Rising Rate Environment How Rising Interest Rates Affect Bond Portfolios By Baird s Private Wealth Management Research Summary With historically low interest rates and the unprecedented

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

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

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

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

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

Emerging Markets Local Currency Debt and Foreign Investors

Emerging Markets Local Currency Debt and Foreign Investors Emerging Markets Local Currency Debt and Foreign Investors Recent Developments Daniela Klingebiel Pension & Endowments Departments Nov. 20, 2014 Outline Structural trends in emerging markets (EM) external

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

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

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

De-Risking Solutions: Low and Managed Volatility

De-Risking Solutions: Low and Managed Volatility De-Risking Solutions: Low and Managed Volatility NCPERS May 17, 2016 Richard Yasenchak, CFA Senior Vice President, Client Portfolio Manager, INTECH FOR INSTITUTIONAL INVESTOR USE C-0416-1610 12-30-16 AGENDA

More information

HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH

HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH HIGH QUALITY PREMIER September 30, 2015 (3Q) FACT SHEET OUR PHILOSOPHY We believe that securities with stable and predictable cash flows, and low credit and event risk produce consistent returns while

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

Taxable Fixed Income Outlook: Waiting for Those Rising Rates

Taxable Fixed Income Outlook: Waiting for Those Rising Rates Taxable Fixed Income Outlook: Waiting for Those Rising Rates Market Commentary Fourth quarter 2014 MOST INVESTORS UNDERSTAND THAT INTEREST RATES ARE UNPREDICTABLE. But we suspect few believed rates could

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

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

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

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

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

Rethinking Fixed Income:

Rethinking Fixed Income: Rethinking Fixed Income: The Importance of Income and Flexibility January 2011 Executive Summary Over the past 30 years, fixed-income investors have benefited from one of the largest secular trends in

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

BMO Corporate Bond ETFs

BMO Corporate Bond ETFs For professional investors only Exchange Traded Funds PAGE 1 BMO Corporate Bond ETFs Diversified, global bond exposure ember 20 Contact us Client Services +44 (0) 20 70 4444 client.service@bmogam.com bmogam.com/etfs

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

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

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

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

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

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

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

The Credit Analysis Process: From In-Depth Company Research to Selecting the Right Instrument

The Credit Analysis Process: From In-Depth Company Research to Selecting the Right Instrument Featured Solution May 2015 Your Global Investment Authority The Credit Analysis Process: From In-Depth Company Research to Selecting the Right Instrument In today s low yield environment, an active 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

Today s bond market is riskier and more volatile than in several generations. As

Today s bond market is riskier and more volatile than in several generations. As Fixed Income Approach 2014 Volume 1 Executive Summary Today s bond market is riskier and more volatile than in several generations. As interest rates rise so does the anxiety of fixed income investors

More information

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5.

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5. Stable Value Option The Stable Value Option seeks to provide a low-risk stable investment, offering competitive yields and limited volatility, with guarantee of principal and accumulated interest. Until

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

High Yield Fixed Income Credit Outlook

High Yield Fixed Income Credit Outlook High Yield Fixed Income Credit Outlook Brendan White, CFA Portfolio Manager, Touchstone High Yield Fund Fort Washington Investment Advisors, Inc. September 28, 2011 The opinions expressed are current as

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

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

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

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP)

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Strategy descriptions are effective December 12, 2014, unless otherwise noted. U.S. Large Companies Fund The fund invests

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

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

Domestic vs. Global Fixed Income

Domestic vs. Global Fixed Income Domestic vs. Global Fixed Income New Zealand Fixed Income Research 1, 24 February 2012 Investors face an asset allocation choice between holding domestic or global fixed income. Each can play a similar

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

Vanguard research July 2014

Vanguard research July 2014 The Understanding buck stops here: the hedge return : Vanguard The impact money of currency market hedging funds in foreign bonds Vanguard research July 214 Charles Thomas, CFA; Paul M. Bosse, CFA Hedging

More information

to Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group

to Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group A Defined Approach to Wealth Management Giving UWI access to the combined resources of one of the world s largest financial services firms. The Caribbean Group The information in this presentation is intended

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

Investment Implications for UK DC Schemes in Light of Tax and Regulatory Changes

Investment Implications for UK DC Schemes in Light of Tax and Regulatory Changes Investment Implications for UK DC Schemes in Light of Tax and Regulatory Changes November 19, 2014 by William Allport of PIMCO With greater flexibility and choices available to DC savers in the latter

More information

Objective: Avoiding Market Declines*

Objective: Avoiding Market Declines* INVESTOR PRESENTATION DYNAMIC FIXED INCOME PORTFOLIOS Objective: Avoiding Market Declines* Toews 1750 Zion Road, Suite 201 Northfield, NJ 08225 TL (877) 863-9726 www.toewscorp.com *There can be no assurance

More information

BOND FUNDS L SHARES. October 1, 2004

BOND FUNDS L SHARES. October 1, 2004 BOND FUNDS A SHARES L SHARES October 1, 2004 CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND FLORIDA TAX-EXEMPT BOND FUND GEORGIA TAX-EXEMPT BOND FUND HIGH INCOME FUND INVESTMENT

More information

Exchange-traded Funds

Exchange-traded Funds Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The

More information

Everything You Need to Know About Bonds

Everything You Need to Know About Bonds Everything You Need to Know About Bonds Your Global Investment Authority What is a bond? The bond market is by far the largest securities market in the world, providing investors with virtually limitless

More information

Why high-yield municipal bonds may be attractive in today s market environment

Why high-yield municipal bonds may be attractive in today s market environment Spread Why high-yield municipal bonds may be attractive in today s market environment February 2014 High-yield municipal bonds may be attractive given their: Historically wide spreads Attractive prices

More information

Fixed Income in a Rising Rate Environment

Fixed Income in a Rising Rate Environment Fixed Income in a Rising Rate Environment With interest rates at historically low levels, fixed income investors have become increasingly concerned about rising rates and how their portfolios might be

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

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014 Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 December 2014 This statement provides you with key information about

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

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

Finding Income in a Low Rate World

Finding Income in a Low Rate World Finding in a Low Rate World Executive Summary Historically low interest rates have left investors starved for income. Investors who want higher income may be willing to diversify but aren t sure how to

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

Opportunities in Emerging Markets Corporate Debt

Opportunities in Emerging Markets Corporate Debt INVESTMENT MANAGEMENT JUNE 2015 Investment View Opportunities in Emerging Markets Corporate Debt Warren Mar, Portfolio Manager for the Emerging Markets Corporate Debt Strategy, discusses the characteristics

More information

Reframing Expectations

Reframing Expectations Reframing Expectations Recognizing the Challenges and Opportunities in Fixed Income By Baird s Asset Manager Research HIGHLIGHTS: Even if facing headwinds, bonds still serve important roles in a portfolio,

More information

April 2016. Investment case: municipal bonds

April 2016. Investment case: municipal bonds April 2016 Investment case: municipal bonds 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

More information