Address And Details

605 3rd Ave, 2nd Fl , New York, NY 10158-0180
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Fund seeks high total return consisting of income and capital appreciation. To pursue its goal, the Fund normally invests at least 80% of its net assets in debt and other instruments of issuers that are tied economically to emerging market countries and other investments that provide investment exposure to such debt instruments. These include debt instruments of issuers that are based in emerging markets or that receive the majority of revenue from emerging markets, in debt or derivative instruments where the underlying risk or ultimate risk is on such an emerging market issuer, or in debt or derivative instruments where the currency of risk is an emerging market currency. In determining where an issuer of a security is based, the Portfolio Managers may consider such factors as where the company is legally organized, maintains its principal corporate offices and/or conducts its principal operations. The Fund considers emerging market countries to be countries included in the JPMorgan Emerging Markets Bond Index - Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index - Diversified, the JPMorgan Emerging Local Markets Index or the JPMorgan Government Bond Index - Emerging Markets Global Diversified, as well as those countries which are not defined as a High Income Organization for Economic Cooperation and Development (OECD) member country by the World Bank. The Fund may invest in sovereign, quasi-sovereign (i.e., securities of issuers that are directly or indirectly wholly-owned by the government or that are explicitly guaranteed by the government) and corporate issuers. These investments may be of any maturity, duration and credit rating (including, without limit, investments in below investment grade securities commonly known as junk bonds ) and may be denominated in any currency including the local currency of the issuer. The Fund may invest in or continue to hold securities that the Portfolio Managers believe have ratings or other factors that imply an imminent risk of default or that are in default or have defaulted with respect to the payment of interest or repayment of principal, depending on the Portfolio Managers evaluation of the investment opportunity. The Fund is non-diversified and thus may invest a greater percentage of its assets in a single issuer than a diversified fund. The Fund also may invest a large percentage of its net assets in issuers in a single country or geographic region. The Portfolio Managers implement a systematic and disciplined framework for analyzing sovereign and corporate debt securities denominated in either local currency or globally traded currencies of industrialized countries. The investment decisions made by the Portfolio Managers rely on fundamental analysis and total return expectations in an effort to identify undervalued and overvalued securities and exploit investment opportunities. The Portfolio Managers seek to anticipate yield, spread and currency movements in response to changes in: Economic conditions; Region, country and sector fundamentals; Environmental, Social and Governance (ESG) factors; and Issuer specific financial performance and other issuer specific factors. The Portfolio Managers seek to identify investment opportunities in emerging market countries by comparing their analysis of each country s macroeconomic data and qualitative fundamentals (such as political stability and other ESG factors) against market expectations for that country measured by credit spreads, local interest rate levels and exchange rate valuations. The Portfolio Managers invest in individual issuers based on their relative financial performance and other issuer-specific factors as well as the Portfolio Managers evaluation of inefficiencies in the markets where the issuer is located that the Portfolio Managers believe result in low and attractive valuations. In an effort to manage risk, the Portfolio Managers periodically review the allocation of the Fund s investments among the different asset classes, countries or regions. They may determine to reallocate the Fund s investments based on a top-down analysis of the global market environment, the economic environment of emerging markets, and their evaluation of the attractiveness of an asset class. This evaluation concerns both the emerging markets debt asset class as a whole, as well as the relative attractiveness of the sub-asset classes of emerging markets sovereign credit, corporate credit, currency exchange and local rates. The Portfolio Managers also monitor the Fund s performance relative to the indices listed above and the total exposure to individual countries, issuers, and currencies. The Fund may invest in debt instruments of all types. These may include, without limitation, bonds, debentures, notes, convertible securities, loans and related assignments and participations, restricted securities, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in other investment companies, including exchange-traded funds ( ETFs ), if the investment companies invest principally in the types of investments in which the Fund may invest directly. The Fund may utilize derivatives of all types, without limitation, including futures and forward contracts (including contracts related to currencies), swap agreements (including total return, interest rate, and credit default swaps), options, and other related or synthetic instruments with respect to individual bonds and other instruments, indices and baskets of securities, interest rates and currencies, and structured notes as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, as well as to increase the Fund s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Portfolio Managers may choose not to hedge the Fund's positions. The Fund may also invest directly in foreign currencies for hedging or other investment purposes. In an effort to achieve its goal, the Fund may engage in active and frequent trading. The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt and other instruments of issuers that are tied economically to emerging market countries and other investments that provide investment exposure to such debt instruments. The Fund will not alter this policy without providing shareholders at least 60 days notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

Net Asset Value

as of 5:53 PM ET 09/17/2021


  • 1 Week
  • -0.71%
  • 1 Month
  • +0.24%
  • 3 Months
  • -1.29%
  • 1 Yr Return
  • -0.71%
  • 5 Yr Return
  • -5.18%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Stocks 100.00%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
Other 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 700.00 K

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -2.72 -4.53 n/a
Beta 0.44 0.41 n/a
R Squared 0.48 0.33 n/a
Std Deviation 11.91 10.59 n/a
Sharpe Ratio 0.42 0.21 n/a

Purchase Information

as of 5:51 PM ET 09/16/2021
Minimum Initial $1000
Minimum Additional $100
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +3.63%
  • +10.09%
+3.63% +10.09%
3 Year
  • +5.51%
  • +3.60%
+5.51% +3.60%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +2.04%
  • +2.14%
+2.04% +2.14%

Top 10 Holdings

Symbol Company Name % Of Assets

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