FIXED INCOME
U.S. Core Fixed Income
This strategy invests in treasury, government-related, corporate and securitized fixed-rate bonds. The strategy is typically benchmarked to the Bloomberg US Aggregate Bond Index and can be managed on a currency hedged or unhedged basis.
OVERVIEW
Why Mondrian for Fixed Income?
- Financially robust, employee-owned firm – long-term continuity and stability
- Stable, well-resourced team with expert knowledge of the asset class
- Disciplined process that has been shown to work over a long period
- Not reliant on “star managers” with potentially unrepeatable calls
- Nimble – manageable AUM and focused team means we can continue to rapidly exploit opportunities
- Comprehensive ESG integration and engagement – sovereign and corporate investment process awarded 5 Stars in the most recent PRI assessment*
- Competitive management fees
* 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 June 30, 2024
Annualized
U.S. Core Fixed Income Composite (USD)
Inception Date: January 1, 2009.
Source: Mondrian Investment Partners/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
U.S. Core Fixed Income Composite (USD)
Inception Date: January 1, 2009.
Source: Mondrian Investment Partners/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.
Source: Mondrian Investment Partners/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 June 30, 2024
Characteristics
Characteristic
Mondrian
Bloomberg US Aggregate Index
Yield to Maturity (%)
4.9
5.0
Modified Duration (years)
6.7
6.1
Average Maturity (years)
8.8
8.4
Average Credit Rating
AA
AA
Number of Issues
177
13,617
Information Ratio (3 years)
-0.41
Sector Allocation
News & Insights
Video: PRY Dispersion Supports High Active Bond Positioning – April 2024
Senior Portfolio Manager, Matt Day, discusses Mondrian’s real yield approach to identify dislocations in bond markets and the current opportunity for active bond positioning.
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.
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.
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.
