FUND BROCHURE. Global Bond Fund. A diversified approach to fixed income investing
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1 FUND BROCHURE Global Bond Fund A diversified approach to fixed income investing For Professional Investors only
2 A diversified approach to fixed income investing Russell s Global Bond Fund provides a well-diversified vehicle for an investor s core exposure to the global bond market. The Fund seeks to outperform its benchmark over a market cycle, within a well-defined risk management framework. The Fund takes measured duration, country, currency and sector positions, combining complementary strategies of the best bond managers in the world. Fund Overview PORTFOLIO manager Albert Jalso, CFA 11 years of experience Investment strategy Broad market, multimanager, long-only fixed income portfolio Benchmark Barclays Global Aggregate Index AUM Over 1,000m/ 1,200m (as at 31 December 2011) LAUNCH DATE 30 September 1994 Excess return and tracking error targets Excess return 1%, tracking error 1.75% Liquidity Daily UCITS IV Yes Introduction Russell s Global Bond Fund provides a one-stop shop for fixed income exposure, taking the difficulty out of complex sector and regional allocation decisions. Recognising that diversification is a key component of efficient investing, the Fund invests across the entire fixed income spectrum and incorporates multiple strategies, offering a solution that is more robust than investors could otherwise access from a single provider. Performance is driven by a blend of credit, country and currency exposure, while maintaining an intermediate level of duration (or interest rate sensitivity). In addition to traditional market sectors such as government and investment grade corporate bonds, Russell s Global Bond Fund also maintains exposure to specialised sectors like local currency emerging market debt, high yield corporate bonds and non-agency mortgage securities. Global fixed income investing requires skill and expertise. We believe that few investment managers are capable of successfully implementing the requisite complex strategies. With a physical presence around the world, Russell s internationally recognised manager research team continually visits, evaluates and ranks global fixed income managers, identifying those that have the discipline and ability to effectively implement macro, bottom-up credit strategies, as well as other relevant approaches. Our portfolio managers then leverage this best-in-class research to select managers with the strongest investment processes. Russell s portfolio construction and management system combines these managers in a complementary fashion, actively rotating across them to create a dynamic global fixed income fund that is not only diversified by security type but also by strategy and style. Fund benefits Actively managed, risk-controlled solution that enables investors to have a diversified exposure to the global bond market; Russell s expertise in manager research is recognised around the world; Portfolio construction emphasises risk monitoring and control, utilising bespoke guidelines, quantitative risk analytics, and both in-house and third party limit monitoring; Access to some of the best fixed income managers in the world; Wide array of complementary active strategies, to create a return stream with high alpha potential and a managed level of volatility; Russell s portfolio construction process tends to result in portfolios with a yield advantage relative to the benchmark; Transparency: Russell does not buy off-the-shelf products, but assigns segregated mandates to each manager. The mandates are highly customised, in order to take full advantage of each manager s particular strengths. Russell s portfolio management, research and strategy teams are integrated across the globe, facilitating innovation and allowing us to identify and leverage investment ideas from in-house and external sources than can be quickly and effectively implemented in client portfolios; Our multi-asset capability stems from a coordinated portfolio construction effort across asset classes, which further enhances idea generation, access to investment intelligence and heightens risk awareness.
3 Strategy and structure Russell s Global Bond Fund follows an active approach to global bond investing, focusing on uncorrelated, complementary fixed income strategies with a vigorous emphasis on diversification and risk control. The Fund invests at least 70% in investment grade bonds, and takes positions in securities issued by governments, supranationals, agencies and corporates. The Fund can also have limited positions in asset-backed securities, non-agency residential mortgage-backed securities, below-investment grade corporates and emerging market debt. The Fund has exposure to a variety of currencies and we offer hedged share classes for those investors who prefer not to take unhedged benchmark foreign currency risk. The Fund is currently managed by five investment managers. Manager process characteristics Process Return Drivers (%) Manager Role in Fund Fundamental Short Term Systematic Cyclical Top Down Duration / Yield Curve Country Currency Investment Grade Sectors High Yield Sectors PIMCO Macro Sector Rotation Loomis Sayles Bottom-up Credit & Macro Colchester Rates & Currency Value Strategic Brookfield Rates & Currency Tactical Securitised Specialist Source: Russell Investments, June 2012 For illustrative purposes only. Actual country positioning will vary. Technical Long term Judgemental Value Bottom Up Active management and portfolio construction We believe that an active investment strategy over- or underweighting benchmark holdings or taking positions outside of the benchmark is the optimal approach to add value for investors, particularly in fixed income. Active positions can be taken by modifying the levels of interest rate risk, currency risk and/or credit risk. Not employing active management and simply following a bond index can lead to several problems, including: Having the biggest exposures in those entities that issue the most debt which, therefore, may not have the best credit profile. Active investing allows for the opportunity to underweight large issuers. Maintaining exposure to bonds (via statistical sampling) as they are downgraded by ratings agencies. Active investing does not rely on sampling, and allows for credit evaluation and differentiation independent from the ratings agencies, which can lead to exiting positions well before they are downgraded (or entering them on anticipation of an upgrade). Limiting positions to only what is reflected in the index this reduces diversification potential. Active investing recognises the broad fixed income investment universe beyond indices, and thus allows for an expanded opportunity set to better manage risk and enhance returns. We follow a sophisticated approach to portfolio construction and implementation, and actively rotate across a select number of best-in-class specialists. We believe that sector rotation and security selection skills, diverse and complementary alpha sources and low return correlations are key elements for success. Asset allocation evolution 60% 40% 20% 0% -20% -40% -60% Govts and Cash Govt Sponsored Financial Corps Industrial Corps ABS Mortgage High Yield Emerging Markets Source: Russell Investments, June 2012 For illustrative purposes only. Actual country positioning will vary.
4 We believe that this Fund brings together a unique combination of skills and experience which are not available elsewhere through one product Track record The Global Bond Fund has outperformed its benchmark, the Barclays Global Aggregate Index (USD unhedged), on a one-, three- and five-year basis 1. In addition, over the same periods the Fund has outperformed the median manager within its Morningstar peer group (Morningstar Offshore & International Fixed Income Global USD Based Universe). Fund performance is achieved via sector rotation as well as manager rotation. Sector rotation includes over- and underweighting such benchmark sectors as governments, industrials, financials and mortgage-backed securities, as well as taking out-of-index positions in high yield corporates, structured securities and emerging market debt. Performance drivers also include increasing and decreasing the fund s duration (i.e. interest rate sensitivity) across multiple countries and its exposure to various currencies. Russell places a great deal of emphasis on risk management and the Fund s information ratio reflects this. When viewed on a three-year basis (as of 31 December 2011), the Fund s information ratio is greater than 1, which is better than most peers and reflects performance achieved within a prudent risk management framework. Some Russell Fund peers have exhibited relatively large swings in their information ratios, which can be difficult for clients especially sensitive to risk. While Russell cannot guarantee that the Fund will not experience a certain level of volatility, our track record shows that our Global Bond Fund had lower variance in its information ratio versus many peers across one-, three- and five-year periods. Country exposure Country Percent contribution to duration USA 25.21% Germany 17.15% UK 11.36% Japan 7.99% Mexico 5.87% Ireland 3.87% New Zealand 2.67% Australia 2.59% Canada 2.44% Brazil 2.20% Switzerland 1.73% Netherlands 1.63% Austria 1.59% Italy 1.55% Spain 1.50% Poland 1.42% France 1.41% Norway 1.20% South Korea 0.68% Other 5.94% % Source: Russell Investments, June 2012 For illustrative purposes only. Actual country positioning will vary. Russell Global Bond Fund vs Morningstar Performance (%) 20% 15% 10% 5.0% 0.0% -5.0% 3M to Mar 12 1Y to Mar 12 3Y to Mar 12 5Y to Mar 12 10Y to Mar 12 SI to Mar 12 Upper percentile Upper Quartile Median Lower Quartile th percentile RIC GBF A RIC GBF BM Source: data as at 31 March Confluence and Morningstar, Offshore & International universe. Past performance is not necessarily a guide to future performance. All figures are in USD. Performance figures quoted are net of institutional fees, on an offer to offer basis, assuming dividends reinvested. Please refer to Important Information at end of presentation. Benchmark prior to 10/2001 was SSB WGBI. Benchmark currently Barclays Global Aggregate Index. Inception : 30/09/1994 Active management in a risk-controlled framework Annualized excess return (benchmark relative) Tracking error vs annualized excess return (benchmark relative) 04/2009 to 03/ Tracking Error Universe: Fixed Income Global USD Based Universe RIC GBF A Acc Source: Confluence and Morningstar, Offshore & International universe. Past performance is not necessarily a guide to future performance. All figures are in USD, as of the end of March Performance figures quoted are net of institutional fees, on an offer to offer basis, assuming dividends reinvested. Please refer to important information at end of document. Benchmark Barclays Capital Global Aggregate Index. 9
5 Risk management Fund risk management is built upon three pillars: thorough manager research, tailored guidelines and risk analytics. Russell s manager research analysts meet and review investment managers on an on going basis, crucial when reliability, integrity and stability are at a premium. Our manager research analysts can identify potential issues in the underlying investment process or organisation before they become problems that can negatively impact portfolios. Our funds are built upon, and managed according to, bespoke guidelines written and managed by Russell. Each underlying investment manager has their own set of guidelines tailored to their specific capabilities and mandate. Russell maintains a suite of risk analysis software that allows the portfolio management team to monitor all the transactions and positions held by the underlying managers. We perform detailed analysis across various risk metrics from a high level sector basis down to granular, individual holdings. Russell s analytical tools enable us to decompose the Fund s exposure to multiple risk factors in order to understand and manage sources of volatility. Russell also employs a third party to independently monitor adherence to guidelines on a daily basis at both the manager and the Fund levels. Separately, every time a new manager is appointed to the Fund, a dedicated Money Manager Oversight (MMO) team carries out a comprehensive, on-site operational and compliance review. Russell requires managers to submit to regular MMO reviews for as long as they are employed in the Fund. The events that took place in the international financial markets over the last few years have led many investors to re-think their approach to fixed-income investing. Many national governments and financials traditionally considered as safe have suffered unprecedented levels of volatility. In such an environment, it is important to give very careful consideration to risk management and risk control. The multi-manager structure of the Fund allows Russell to construct a portfolio with a high degree of diversification and a careful control of risk. The Fund manages exposure across sectors, sub-sectors, quality ratings, countries, currencies and individual holdings. The combination of different and complementary strategies creates a return stream with high alpha potential and managed level of volatility. Awards Manager research has been the cornerstone of Russell s investment services since the 1960s. In 2011 our dedicated research analysts held almost 5,000 meetings with investment managers across a range of asset classes, averaging over 20 meetings per business day. Investment managers themselves, polled by FundFire in their 2011 and 2010 surveys, vote Russell s due diligence process the most rigorous in the business. Lipper fund awards* in 2012 Geography Years Austria 3 Austria 5 Austria 10 Germany 5 Germany 10 Europe 3 Europe 5 France 3 France 5 Spain 5 UK 3 *Awarded to Russell IC II Global Bond Euro Hedged B Acc The Lipper Fund Awards programme honours funds that have excelled in delivering consistently strong riskadjusted performance, relative to peers. In addition, the Lipper Fund Awards programme recognises fund families with high average scores for all funds within a particular asset class or overall. Lipper designates award-winning funds in most individual classifications for the three-, five-, and ten-year periods and fund families with high average scores for the three-year time period. Morningstar In addition, two share classes of our Global Bond Fund were awarded a 5th (highest) Morningstar rating in January In May 2012 Morningstar also ranked Russell 2nd best fund house for Fixed Income in Italy. With thousands of funds in existence, the star rating can serve as a way to narrow the universe down to a subset of funds with strong records of performance. Because the rating takes volatility into consideration, investors who focus on top-rated funds are not ignoring the painful drops that have occurred, and they are also sticking with funds that have been able to justify their total expense ratios over time. Moreover, because the rating emphasises long-term performance, it helps investors avoid funds with alluring short-term performance but poor long-term records.
6 For more information: Call: +44 (0) Visit: IMPORTANT INFORMATION This material is not intended for distribution to retail clients. This material does not constitute an offer or invitation to anyone in any jurisdiction to invest in any Russell product or use any Russell services where such offer or invitation is not lawful, or in which the person making such offer or invitation is not qualified to do so, nor has it been prepared in connection with any such offer or invitation. Unless otherwise specified, Russell Investments is the source of all data. All information contained in this material is current at the time of issue and, to the best of our knowledge, accurate. Any opinion expressed is that of Russell Investments, is not a statement of fact, is subject to change and, unless it relates to a specified investment, does not constitute the regulated activity of advising on investments for the purposes of the Financial Services and Markets Act Datasource Morningstar, Inc All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results Issued by Russell Investments Limited. Company No Registered in England and Wales with registered office at: Rex House, 10 Regent Street, London SW1Y 4PE. Telephone Authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. 093a/June 2012
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