The Global Fixed Income Fund returned
Peripheral European bond markets traded higher, underpinned by the more positive sentiment stemming from ECB policy actions. Despite a deteriorating growth outlook, the euro rallied over the quarter. The U.S. dollar lost ground against most other currencies, with the yen a notable exception, amidst renewed balance sheet expansion by the U.S. Federal Reserve. Toward the end of the quarter there were tentative signs of improvement among global economic indicators.
If you are an income-oriented investor who is looking for additional diversification and want to take advantage of the interest rate opportunities in the global marketplace, you may find this Fund suitable. It is designed for investors who are comfortable with the additional risks associated with global fixed-income investing.
- Invest in a broad range of investment-grade international bonds with an average maturity, under normal circumstances, between three and 11 years.
- Base investments on the investment management team's outlook for the relative economic growth, expected inflation and other economic and political prospects of each country or region.
- Buy and sell securities using a relative value approach that employs models that analyze and compare expected returns and assumed risks.