FIXED INCOME

Global Aggregate

This strategy invests in treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. The strategy is typically benchmarked to the Bloomberg Global Aggregate Bond Index and can be managed on a currency hedged or unhedged basis.

OVERVIEW

Why Mondrian for Fixed Income?

Some of the longest track records in the industry – also, some of the strongest

* 2023 PRI Assessment Scores: Policy, Governance & Strategy: 4 Stars; Direct-Listed equity-Active fundamental: 5 Stars; Direct-Fixed income–SSA: 5 Stars; Direct-Fixed income–Corporate: 5 Stars; Confidence Building Measures: 4 Stars.  Please refer to www.unpri.org for the PRI assessment methodology. Mondrian’s full Assessment Report and Transparency Report may be requested via the PRI Data Portal. PRI = Principles for Responsible Investments.

Performance

As of March 31, 2024

Annualized

Global Aggregate Fixed Income Composite (USD)

Inception Date: November 1, 2003.
Source: Bloomberg
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Calendar Year

Global Aggregate Fixed Income Composite (USD)

Inception Date: November 1, 2003.
Source: Bloomberg
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Portfolio

As of March 31, 2024

Characteristics

Characteristic Mondrian Bloomberg Global Aggregate Bond Index
Yield to Maturity (%) 4.3 3.7
Modified Duration (years) 7.2 6.7
Average Maturity (years) 9.3 8.5
Average Credit Rating AA- AA-
Number of Issues 127 29,765
Information Ratio (3 years) -0.21

Source: Mondrian Investment Partners/Bloomberg

Top Active Bond Positions

Source: Mondrian Investment Partners/Bloomberg

1Allocation in representative account. Absent client restrictions, allocations are consistent across all client portfolios with the same mandate type. Bond exposures are calculated in duration weighted terms. Where bond exposure is shown, this represents the portfolio’s exposure to bonds issued by each country. Where currency exposure is shown, this represents the portfolio’s exposure to bonds, cash and forward.
2Active weight exposure (Mondrian weight minus index weight).

Top Active Currency Positions

Source: Mondrian Investment Partners/Bloomberg

1Allocation in representative account. Absent client restrictions, allocations are consistent across all client portfolios with the same mandate type. Bond exposures are calculated in duration weighted terms. Where bond exposure is shown, this represents the portfolio’s exposure to bonds issued by each country. Where currency exposure is shown, this represents the portfolio’s exposure to bonds, cash and forward.
2Active weight exposure (Mondrian weight minus index weight).

Sector Allocation

Source: Mondrian Investment Partners/Bloomberg

1Allocation in representative account. Absent client restrictions, allocations are consistent across all client portfolios with the same mandate type. Bond exposures are calculated in duration weighted terms. Where bond exposure is shown, this represents the portfolio’s exposure to bonds issued by each country. Where currency exposure is shown, this represents the portfolio’s exposure to bonds, cash and forward.
2Active weight exposure (Mondrian weight minus index weight).

News & Insights

fixed income

Video: Mondrian Fixed Income Investment Philosophy

Senior Portfolio Manager, Matt Day, discusses Mondrian’s fixed income investment philosophy, including its history, and how not all real yield measures are the same.
View article Video: Mondrian Fixed Income Investment Philosophy
investment solutions

US Dollar Beginning to Fall Sharply

Only the second time the USD has been over 2 standard deviations overvalued, If history is any guide, the dollar could have much further to fall, boosting the return on unhedged global bonds vs US domestic bonds.
View article US Dollar Beginning to Fall Sharply
investment advice

Fixed Income Investment Outlook – Q2 2022

Against the US dollar, the Japanese yen is at a 24-year low. Over the same period, the domestic purchasing power of the dollar has almost halved, whilst that of the yen has barely moved.
View article Fixed Income Investment Outlook – Q2 2022

Literature

This marketing material is designed for professional investors only. An investment involves the risk of loss. Past performance is not indicative of future results. The investment return and value of investments will fluctuate.

This introductory material is for informational purposes only and is not an offer or solicitation with respect to any securities. Any offer of securities can only be made by written offering materials, which are available solely upon request, on an exclusively private basis and only to qualified financially sophisticated investors residing in jurisdictions consistent with Mondrian’s regulatory authorisations. The information set forth herein is a summary only and does not set forth all of the risks associated with the investment strategy described herein. The products and services described in this website are not available to investors in all jurisdictions. Information from this website must not be used in a way that would be contrary to local law or legislation.

Investments in bonds are affected by interest rates, inflation and credit ratings.

Performance results marked “Gross” do not reflect deduction of investment advisory fees but are net of transaction costs and withholding tax. Investment returns will be reduced accordingly. Performance returns marked “Net” reflect deduction of investment advisory fees and are calculated by deducting a quarterly indicative fee from the quarterly composite return.

Views expressed were current as of the date indicated, are subject to change, and may not reflect current views. Views should not be considered a recommendation to buy, hold or sell any security and should not be relied on as research or investment advice.
These materials may include forward-looking statements. All statements other than statements of historical facts are forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” “expect”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those reflected in such forward-looking statements.
Calculations for P/E, P/B, dividend yield, sector country allocations, market caps, yield to maturity, modified duration, average maturity, average quality and country allocations are based on generally accepted industry standards. All characteristics are based on a representative account and derived by first calculating the characteristics for each security, and then calculating the weighted average of these values. The details of exact calculations can be provided upon request. All characteristic data provided is produced using Mondrian’s accounting system data.
There can be no assurance that the investment objectives of the strategy will be achieved.

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North American Investors

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United States

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