For Financial Professionals in the US

JGBAX Global Bond Fund

A dynamic global bond fund that seeks superior risk-adjusted returns relative to the benchmark over a market cycle

NAV
$7.36
As of 09/25/2023

1-Day Change
-$0.06 (-0.80%)
 As of 09/25/2023

YTD Return at NAV
-4.05%
As of 09/25/2023

Overview

ABOUT THIS FUND

This dynamic, global multi-sector fixed income fund seeks risk-adjusted returns and capital preservation.

WHY INVEST IN THIS FUND

Risk Management: Our risk process is focused on understanding portfolio behaviors and adjusting the risk exposure over a market cycle, seeking to deliver superior risk-adjusted returns relative to the benchmark.

Cross asset collaboration: We draw on the input and experience of specialists across different asset classes. Incorporating these insights results in a deeper understanding of the current investment regime, helping us to identify the major turning points and specific opportunities.

Scenario-driven research: Investment decisions are made through a probabilistic lens, not a central forecast. Our assessment is informed by considering the distribution of potential outcomes and in turn a focus on relative attractiveness of fixed income sectors.

PORTFOLIO MANAGEMENT

Helen Anthony, CFA

Helen Anthony, CFA

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

John Pattullo

John Pattullo

Co-Head of Global Bonds | Portfolio Manager

Industry since 1993. Joined Firm in 1997.

Jenna Barnard, CFA

Jenna Barnard, CFA

Co-Head of Global Bonds | Portfolio Manager

Industry since 2001. Joined Firm in 2002.

Performance

RETURNS (%) (As of 08/31/2023)
Class A Shares @NAV Class A Shares @MOP Bloomberg Global Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/28/2010)
Class A Shares @NAV -1.73 -0.79 -1.84 -7.67 -1.96 -0.18 0.56
Class A Shares @MOP -6.40 -5.50 -6.50 -9.16 -2.91 -0.66 0.17
Bloomberg Global Aggregate Bond Index -0.69 0.74 -0.09 -6.12 -1.21 0.06 0.60
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 06/30/2023)
Class A Shares @NAV Class A Shares @MOP Bloomberg Global Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/28/2010)
Class A Shares @NAV -2.57 0.36 -2.93 -6.29 -1.90 -0.04 0.66
Class A Shares @MOP -7.20 -4.41 -7.54 -7.80 -2.85 -0.52 0.27
Bloomberg Global Aggregate Bond Index -1.53 1.43 -1.32 -4.97 -1.09 0.20 0.66
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Global Bond Fund - Class A Shares Bloomberg Global Aggregate Bond Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Global Bond Fund - Class A Shares -18.76 -5.67 12.87 5.68 -2.67 7.29 -0.05 -4.44 5.45 -2.20
Bloomberg Global Aggregate Bond Index -16.25 -4.71 9.20 6.84 -1.20 7.39 2.09 -3.15 0.59 -2.60
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

MORNINGSTAR PERCENTILE

(As Of 06/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 92 89 63 53 45
Global Bond | Rank/Count 172/192 177/192 118/179 98/166 79/158
(As Of 08/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 99 91 68 58 51
Global Bond | Rank / Count 184/189 170/189 130/185 102/163 82/152
GROWTH OF A HYPOTHETICAL INVESTMENT
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 08/31/2023 Class I Shares)

RISK / REWARD
VS. Bloomberg Global Aggregate Bond TR Index		 3YR 5YR
Information Ratio -0.87 -0.29
Alpha -0.25 -0.15
Tracking Error 1.61 1.75
Beta 1.14 1.11
R-squared (%) 98.10 95.81
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Global Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 108.68 107.81
Down Capture Ratio 112.87 110.34
STANDARD DEVIATION 3YR 5YR
Global Bond Fund 8.88 7.73
Bloomberg Global Aggregate Bond TR Index 7.75 6.83
SHARPE RATIO 3YR 5YR
Global Bond Fund -1.01 -0.43
Bloomberg Global Aggregate Bond TR Index -0.99 -0.41
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS A SHARES
Management Fees 0.60%
12b-1 Fees 0.25%
Other Expenses 0.44%
Total Gross Expenses 1.29%
Waivers -0.33%
Total Net Expenses 0.96%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Bloomberg Barclays Global Aggregate Bond Index.

Top Holdings (As of 08/31/2023)
% of Fund
Japan Government Ten Year Bond, 0.10%, 06/20/29 3.77
China Government Bond, 2.68%, 05/21/30 3.50
Kingdom of Belgium Government Bond, 1.00%, 06/22/26 3.10
Province of British Columbia Canada, 2.85%, 06/18/25 2.98
China Government Bond, 2.56%, 10/21/23 2.92
Japan Government Ten Year Bond, 0.20%, 09/20/32 2.88
Japan Government Ten Year Bond, 0.40%, 06/20/25 2.68
United Kingdom Gilt, 1.62%, 10/22/28 2.59
China Government Bond, 3.29%, 05/23/29 2.50
Total 26.92
View full holdings
Portfolio Characteristics (As of 08/31/2023)
  FUND INDEX
Number of Holdings
Debt Issues		 225 29378
Portfolio Turnover Rate
(1-year trailing)		 45.42% -
Weighted Average Maturity
(years)		 8.65 10.28
Effective Duration
(years)		 8.11 6.61
Yield to Worst
 3.64% 3.91%

Yield to Worst is a portfolio level calculation that excludes cash and cash related costs.
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Treasuries include U.S. Treasuries and non-U.S. Government securities.
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Tightening the screw: Restrictive policy is taking effect
Sep 21, 2023
Timely & Topical

Tightening the screw: Restrictive policy is taking effect

How restrictive policy is taking effect and why it should lead to a pullback in yields from current highs.

9 min read

Global Perspectives: Dissecting the cycle
Aug 7, 2023
Features & Outlooks

Global Perspectives: Dissecting the cycle

Why we believe the market is too pessimistic on inflation improvement but too optimistic on the growth environment.

40 min read

Global Perspectives: It is all falling into place for bonds in 2023
Dec 29, 2022
Features & Outlooks

Global Perspectives: It is all falling into place for bonds in 2023

Evidence of a collapse in inflation and impending economic downturn have potentially built conditions for strong returns from bonds in 2023.

27 min read