For Individual Investors in the US

HFADX Developed World Bond Fund

Investing across a wide range of fixed income securities, the Fund seeks income and total return while actively managing duration and credit exposure

NAV
$8.57
As of 06/24/2022

1-Day Change
$0.00 (0.00%)
As of 06/24/2022

YTD Return
-12.54%
As of 06/24/2022

Morningstar Rating

As of 05/31/2022

Morningstar Analyst Rating
Morningstar Analyst Rating				Silver
As of 05/31/2022

Overview

Quarterly Update

Watch the investment team recap this quarter.

Note: Filmed in April 2022

ABOUT THIS FUND

A world bond fund focusing on developed markets that seeks total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions between countries, fixed income asset classes, sectors and credit ratings.

WHY INVEST IN THIS FUND

Active Asset Allocation Approach
We believe asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle.

Designed for Attractive Total Return
The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, we favor sensible income from large, non-cyclical businesses that are likely to continue paying their coupons in the years to come.

Aims to Exploit Opportunities
We believe divergent central bank policy has created an opportunity for us to exploit market inefficiencies. The portfolio seeks to take advantage of these opportunities across developed markets and to avoid currency bets.

PORTFOLIO MANAGEMENT

Jenna Barnard, CFA

Co-Head of Strategic Fixed Income | Portfolio Manager

Industry since 2001. Joined Firm in 2002.

John Pattullo

Co-Head of Strategic Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 1997.

Performance

RETURNS (%) (As of 03/31/2022)
Developed World Bond Fund - Class D Shares Bloomberg Global Aggregate Credit Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/30/2003)
Developed World Bond Fund - Class D Shares -5.74 -5.74 -3.89 2.57 3.22 4.37 4.69
Bloomberg Global Aggregate Credit Index (USD Hedged) -6.94 -6.94 -4.90 2.12 2.86 3.50 4.16
RETURNS (%) (As of 05/31/2022)
Developed World Bond Fund - Class D Shares Bloomberg Global Aggregate Credit Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/30/2003)
Developed World Bond Fund - Class D Shares -7.15 -9.78 -8.72 0.56 1.95 3.85 4.40
Bloomberg Global Aggregate Credit Index (USD Hedged) -6.11 -10.53 -9.53 0.22 1.71 2.95 3.90
Calendar Year Returns (%)
Developed World Bond Fund - Class D Shares Bloomberg Global Aggregate Credit Index (USD Hedged)
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Developed World Bond Fund - Class D Shares -0.74 9.45 9.58 0.55 5.90 5.92 1.74 5.61 3.86 13.75
Bloomberg Global Aggregate Credit Index (USD Hedged) -0.95 7.78 11.85 -0.47 5.36 5.69 -0.13 7.49 -0.43 10.35
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 05/31/2022 Class I Shares)

RISK / REWARD
VS. Bloomberg Global Aggregate Credit Index Net (USD Hedged)
3YR 5YR
Information Ratio 0.31 0.19
Alpha 0.50 0.52
Tracking Error 1.81 1.59
Beta 0.88 0.87
R-squared (%) 92.27 91.11
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Global Aggregate Credit Index Net (USD Hedged)
3YR 5YR
Up Capture Ratio 89.45 88.04
Down Capture Ratio 83.82 79.61
STANDARD DEVIATION 3YR 5YR
Developed World Bond Fund 5.93 4.86
Bloomberg Global Aggregate Credit Index Net (USD Hedged) 6.45 5.30
SHARPE RATIO 3YR 5YR
Developed World Bond Fund -0.08 0.20
Bloomberg Global Aggregate Credit Index Net (USD Hedged) -0.16 0.12
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2021)
CLASS D SHARES
Management Fees 0.51%
Other Expenses 0.19%
Total Gross Expenses 0.70%
Waivers -0.01%
Total Net Expenses 0.69%

Portfolio

Index represents the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged).

Top Holdings (As of 05/31/2022)
% of Fund
Bundesobligation, 0.00%, 10/09/26 3.55
United States Treasury Note/Bond, 2.50%, 03/31/27 3.22
Australia Government Bond, 0.25%, 11/21/24 2.96
Canadian Government Bond, 1.50%, 06/01/31 2.96
United Kingdom Gilt, 1.25%, 07/22/27 2.58
French Republic Government Bond OAT, 0.00%, 05/25/32 2.29
Sweden Government Bond, 1.00%, 11/12/26 2.28
Swiss Confederation Government Bond, 0.50%, 05/27/30 2.02
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 02/15/32 2.02
United States Treasury Note/Bond, 2.75%, 04/30/27 1.95
Total 25.83
View Full Holdings
Portfolio Characteristics (As of 05/31/2022)
 
Number of Holdings
Debt Issues
233
Portfolio Turnover Rate
(1-year trailing)
66.81%
Weighted Average Maturity
(years)
7.09
Effective Duration
(years)
7.84
Sector Allocation % OF FUND % OF FUND (As of 05/31/2022)
Regional Allocation % OF FUND % OF FUND (As of May 31, 2022)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 05/31/2022)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of May 31, 2022)

Documents