Past performance is not a reliable indicator of future performance.
The Euro Corporate Bond Composite seeks current income and capital appreciation primarily through investment in corporate fixed income securities denominated in Euros. The strategy may invest in preferred stock and other transferable debt securities including those issued by the governments of countries participating in the Euro.
Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints.
- Focus primarily on corporate bonds denominated in euros.
- Integrate proprietary credit and capital markets research to identify market inefficiencies.
- Add value primarily through individual security selection, sector rotation and term-structure positioning.
- Credit research is the most important element of our corporate bond process and includes credit analysis and relative value assessment.
- Risk management is central to our process with diversification by issuer and industry the most important elements in our approach to risk management.
- Fully hedged back to euro
- Duration is maintained within a range of +/- 0.25 of a year from the benchmark
- Diversified sector exposure
- Maximum 3% overweight per issuer
- Maximum of 20% of the portfolio can be invested in non-investment grade issues
- Average tracking error expected to range between 100 and 150 bps per annum
|3 MonthsData as of 30-Sep-2021||Year to DateData as of 30-Sep-2021|
|Composite Gross %||0.18%||0.13%|
|Composite Net %||0.15%||0.04%|
|Excess Return (Gross) %||0.10%||0.44%|