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Global Debt Opportunities

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This strategy invests in treasury, government-related, and corporate bonds from both developed and emerging markets issuers. The strategy is typically benchmarked to a customized blend between the FTSE World Government Bond Index or JPMorgan Global Government Bond Index and the JPMorgan Global Bond Index – Emerging Markets Global Diversified.

Click here to learn about Mondrian’s Global Fixed Income investment team.

Why Mondrian for Fixed Income?

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

  • Financially robust, employee-owned firm – longterm 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

* 2021 PRI Assessment Scores: Investment & Stewardship Policy: 3 Stars; Direct-Listed equity-Active fundamental–incorporation: 4 Stars; Direct-Listed equity-Active fundamental–voting: 3 Stars; Direct-Fixed income–SSA: 5 Stars; Direct-Fixed income–Corporate: 5 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 December 31, 2022

Global Debt Opportunities Composite (USD)

Inception date: September 1, 2007.
Source: Mondrian Investment Partners/FTSE/JPMorgan
*Blended Index: From inception to March 31, 2011, the Portfolio’s investment performance was measured against a blend of the FTSE World Government Bond Index unhedged in U.S. dollars terms (80%) and the JPMorgan GBI-EM Broad Diversified Index (20%). Beginning April 1, 2011 the Portfolio’s investment performance has been measured against JPMorgan Global Government Bond Index unhedged in U.S. dollars terms (80%) and the JPMorgan GBI-EM Broad Diversified Index (20%). From July 1, 2016 to December 31, 2016 the Portfolio’s investment performance was measured against a blend of the JP Morgan Global Government Bond Index unhedged in U.S. dollars terms (80%) and the JP Morgan GBI-EM Global Diversified Index (20%). Effective January 1, 2017, the Portfolio’s investment performance shall be measured against a blend of the FTSE World Government Bond Index (80%) and the JP Morgan GBI-EM Global Diversified Index (20%). FTSE WGBI is formerly Citigroup WGBI.
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. 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. 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.

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 authorizations. 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.  

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.
 
FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
 
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan’s prior written approval. Copyright, J.P. Morgan Chase & Co. All rights reserved.
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As of December 31, 2022

Characteristic
Mondrian
Blended Index*
Yield to Maturity (%)
4.4
4.2
Modified Duration (years)
7.1
6.9
Average Maturity (years)
9.2
9.2
Average Credit Rating
A+
AA-
Number of Issues
96
1,503
Information Ratio
0.55
-
*Blended Index: From inception to March 31, 2011, the Portfolio’s investment performance was measured against a blend of the FTSE World Government Bond Index unhedged in U.S. dollars terms (80%) and the JPMorgan GBI-EM Broad Diversified Index (20%). Beginning April 1, 2011 the Portfolio’s investment performance has been measured against JPMorgan Global Government Bond Index unhedged in U.S. dollars terms (80%) and the JPMorgan GBI-EM Broad Diversified Index (20%). From July 1, 2016 to December 31, 2016 the Portfolio’s investment performance was measured against a blend of the JP Morgan Global Government Bond Index unhedged in U.S. dollars terms (80%) and the JP Morgan GBI-EM Global Diversified Index (20%). Effective January 1, 2017, the Portfolio’s investment performance shall be measured against a blend of the FTSE World Government Bond Index (80%) and the JP Morgan GBI-EM Global Diversified Index (20%). FTSE WGBI is formerly Citigroup WGBI.

News and Insights

us dollar could have a lot further to fall

US Dollar Poised to Fall Sharply

•
September 15, 2022

Reading Time: 2 minutes One thing that prior episodes of dollar overvaluation have in common is that they did not last. In each case, the US dollar, as measured by its trade-weighted exchange rate against a basket of its peers, saw a massive depreciation over a multi-year period.

Fixed Income Investment Outlook – Q2 2022

•
July 14, 2022

Reading Time: 2 minutes 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.

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