Multi-Asset / Allocation
Global Balanced Strategy (CGGBAL)
A balanced approach to global growth-and-income investing. This globally diversified balanced strategy has the ability to invest between 45% and 75% in equities, with an emphasis on well-established companies. The diversified and predominantly high-quality bond portfolio has potential to provide income and reduced volatility.
Overview
Key information
Investment Objectives
This strategy seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.
Types of Investment
The strategy normally maintains at least 45% of the value of its assets in common stocks and other equity investments. Although the strategy's equity investments focus on medium to larger capitalization companies, the strategy's investments are not limited to a particular capitalization size. Normally the strategy will invest at least 25% of the value of its assets in bonds and other debt securities (including money market instruments). These will consist of investment-grade securities (rated Baa3 of better or BBB- or better by Nationally Recognized Statistical Rating Organizations or unrated, but determined to be of equivalent quality), including government/agency, corporate, mortgage- and asset-backed securities and money market instruments.
Distinguishing Characteristics
As a balanced strategy with global scope, the strategy seeks to invest in equity and debt securities around the world that offer the potential for growth and/or provide dividend income, while also constructing the portfolio seeking a measure of principal protection and limiting volatility. The strategy will allocate its assets among various countries, including the United States (but in no fewer than three countries). Most of the fixed income exposure is hedged back to U.S. dollars.
Holdings Outside the U.S.
The strategy normally invests a significant portion of its assets outside the United States, including in emerging market countries. If market conditions are not deemed favorable, the strategy may invest less of its assets in issuers outside of the U.S.
Portfolio Restrictions
Most of the strategy's fixed-income securities are investment-grade (rated BBB-/Baa3 or better, or unrated but determined to be of equivalent quality by the strategy's investment adviser). However, the strategy may invest to a limited in lower quality, higher yielding debt securities (rated BB+/Ba1 or below, or unrated but determined to be of equivalent quality), including securities convertible into common stocks.
Portfolio Managers7
Portfolio managers' years of experience are as of the previous calendar year end.
Alfonso Barroso
Principal Investment Officer
32 years of investment industry experience
31 years with Capital Group
Philip Chitty
31 years of investment industry experience
22 years with Capital Group
Andrew Cormack
21 years of investment industry experience
7 years with Capital Group
Brad Freer
35 years of investment industry experience
32 years with Capital Group
Returns
Investment results1, 2, 3, 4, 5, 6
Total returns for periods ended — (%)
No data available
Success metrics4, 6
As of 6/30/26 (updated quarterly)
0
Gross success rate (%)tooltip: The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
100
0
Net success rate (%)tooltip: The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
100
| Average rolling return (gross/net %)tooltip: Average rolling return provides the average return for the portfolio across all periods within the specified timeframe. | 7.96/7.49 |
|---|---|
| Average rolling Index return (gross/net %)tooltip: Average rolling index return provides the average return for the index across all periods within the specified timeframe. | 6.95/6.95 |
| Average outpaced rolling return (gross/net %)tooltip: Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe. | 2.02/2.02 |
| Average lagging rolling return (gross/net %)tooltip: Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe. | -0.95/-1.09 |
| Average excess rolling return (gross/net %)tooltip: Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe. | 1.01/0.55 |
Index data refers to the Global Balanced Historical Benchmarks Indextooltip: The Global Balanced Historical Benchmark returns reflect the results of the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index through 12/31/2024 and the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate (USD-Hedged) Index thereafter. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg Global Aggregate Index (USD-Hedged) represents the global investment-grade fixed income markets with returns hedged to USD. This assumes the blend is rebalanced monthly. This index is unmanaged, and results include reinvested dividends and/or distributions but do not reflect the effect of commissions, expenses or U.S. federal income taxes..
Risk measures4, 9
As of — (updated monthly)
| Standard deviationtooltip: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility. | |
| CGGBAL (gross/net %) | —/— |
| —tooltip: definition not found. | — |
| Sharpe ratiotooltip: Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance. | |
| CGGBAL (gross/net %) | —/— |
| —tooltip: definition not found. | — |
| R-squared (gross/net)tooltip: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | —/— |
| Alpha (gross/net)tooltip: Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta. | —/— |
| Beta (gross/net)tooltip: Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | —/— |
| Information ratio (gross/net)tooltip: The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error. | —/— |
| Downside capture ratio (gross/net)tooltip: Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index. | —/— |
| Upside capture ratio (gross/net)tooltip: Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up. | —/— |
| Tracking error (gross/net %)tooltip: The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark. | —/— |
| S&P 500 correlation (gross/net)tooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | —/— |
| MSCI ACWI correlation (gross/net)tooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | —/— |
Data calculated against the —tooltip: definition not found.unless noted otherwise.
Portfolio Composition
Asset mix
As of 7/31/26 (updated monthly)
U.S. Equities | 35.8% |
|---|---|
Non-U.S. Equities | 26.1% |
U.S Bonds | 18.3% |
Non-U.S. Bonds | 13.9% |
Cash, Equivalents & Other8 | 5.9% |
U.S. Equities | 35.8% |
|---|---|
Non-U.S. Equities | 26.1% |
U.S Bonds | 18.3% |
Non-U.S. Bonds | 13.9% |
Cash, Equivalents & Other8 | 5.9% |
Key statistics
As of 8/31/26 (updated monthly)
CGGBAL | INDEX | |
|---|---|---|
Yield to worsttooltip: Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs. (gross/net %)10 | 5.4/5.0 | 4.1 |
Yield to maturitytooltip: A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity. (gross/net %)10 | 5.5/5.1 | 4.1 |
Average coupontooltip: The average coupon is the weighted average coupon rate of all the bond holdings. (gross/net %)10 | 3.8/3.4 | 3.1 |
Effective durationtooltip: Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change. (years) | 6.2 | 6.0 |
Spread durationtooltip: A measure of fixed income securities' sensitivity to spread movement. (years) | 2.6 | 3.2 |
Option adjusted spreadtooltip: Option-adjusted spread is a yield-spread calculation used to value securities with embedded options. (bps) | 36.9 | 30 |
Duration times spreadtooltip: A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure. (bps) | 190 | 192 |
Index data refers to the Global Balanced Fixed Income Historical Benchmarks Indextooltip: The Global Balanced Fixed Income Historical Benchmark returns reflect the results of the Bloomberg Global Aggregate Index through 12/31/2024 and the Bloomberg Global Aggregate (USD-Hedged) Index thereafter. The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg Global Aggregate Index (USD-Hedged) represents the global investment-grade fixed income markets with returns hedged to USD. This index is unmanaged, and results include reinvested dividends and/or distributions but do not reflect the effect of commissions, expenses or U.S. federal income taxes..
Top fixed income issuers
As of 7/31/26 (updated monthly)
CGGBAL
| CGGBAL | |
|---|---|
| U.S. Treasury | 10.6% |
| Japan, Government of | 1.7% |
| UMBS | 1.1% |
| Fannie Mae | 0.8% |
| Republic of Italy | 0.7% |
| Federal Home Loan Mortgage | 0.7% |
| Peru, Republic of | 0.6% |
| UK Government | 0.6% |
| France, Republic of | 0.6% |
| Brazil, Federal Government of | 0.5% |
Top equity holdings
As of 8/31/26 (updated monthly)
CGGBAL
Index
| CGGBAL | Index | |
|---|---|---|
| Taiwan Semiconductor Manufacturing | 3.3% | 1.8% |
| Broadcom | 2.9% | 1.6% |
| Alphabet | 2.5% | 3.4% |
| NVIDIA | 2.5% | 4.9% |
| Microsoft | 2.2% | 3.4% |
| Canadian Natural Resources | 1.5% | 0.1% |
| Rtx Corp | 1.4% | 0.3% |
| Philip Morris International | 1.1% | 0.3% |
| Union Pacific | 1.1% | 0.2% |
| Dominion Energy | 1.1% | 0.1% |
Index data refers to the MSCI All Country World Index (ACWI)tooltip: MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Portfolio exposures
As of 8/31/26 (updated monthly)
| Sectors and top holdings | CGGBAL (%) | INDEX (%) | |
|---|---|---|---|
| Energy | 3.0 | 4.0 | |
| Materials | 5.5 | 3.8 | |
| Industrials | 8.5 | 10.6 | |
| Consumer discretionary | 3.6 | 8.7 | |
| Consumer staples | 3.2 | 4.7 | |
| Health care | 5.7 | 8.5 | |
| Financials | 8.3 | 16.9 | |
| Information technology | 15.3 | 31.2 | |
| Communication services | 4.4 | 7.7 | |
| Utilities | 4.8 | 2.3 |
Index data refers to the MSCI All Country World Index (ACWI)tooltip: MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
The New Geography of Investing®12
As of 5/31/26 (updated monthly)
| Region | CGGBAL (%) | Index (%) |
|---|---|---|
| United States | 57.7 | 63.6 |
| Canada | 4.9 | 3.0 |
| Europe & Middle East | 19.9 | 14.1 |
| Japan | 4.0 | 5.1 |
| Asia-Pacific ex. Japan | 0.6 | 2.3 |
| China | 0.6 | 2.4 |
| Emerging markets ex. China | 12.2 | 9.4 |
| Region | CGGBAL (%) | Index (%) |
|---|---|---|
| United States | 44.3 | 45.5 |
| Canada | 3.8 | 2.6 |
| Europe & Middle East | 15.9 | 14.6 |
| Japan | 4.0 | 4.2 |
| Asia-Pacific ex. Japan | 2.7 | 3.3 |
| China | 7.7 | 10.4 |
| Emerging markets ex. China | 16.7 | 14.8 |
| Other | 4.8 | 4.6 |
| Region | CGGBAL (%) | Index (%) |
|---|---|---|
| United States | 36.2 | 63.6 |
| Canada | 3.1 | 3.0 |
| Europe & Middle East | 12.5 | 14.1 |
| Japan | 2.5 | 5.1 |
| Asia-Pacific ex. Japan | 0.4 | 2.3 |
| China | 0.4 | 2.4 |
| Emerging markets ex. China | 7.7 | 9.4 |
| Fixed Income | 31.6 | — |
| Cash & equivalents8 | 5.0 | — |
| Other and convertibles | 0.6 | — |
| Region | CGGBAL (%) | Index (%) |
|---|---|---|
| United States | 57.7 | 63.6 |
| Canada | 4.9 | 3.0 |
| Europe & Middle East | 19.9 | 14.1 |
| Japan | 4.0 | 5.1 |
| Asia-Pacific ex. Japan | 0.6 | 2.3 |
| China | 0.6 | 2.4 |
| Emerging markets ex. China | 12.2 | 9.4 |
| Region | CGGBAL (%) | Index (%) |
|---|---|---|
| United States | 44.3 | 45.5 |
| Canada | 3.8 | 2.6 |
| Europe & Middle East | 15.9 | 14.6 |
| Japan | 4.0 | 4.2 |
| Asia-Pacific ex. Japan | 2.7 | 3.3 |
| China | 7.7 | 10.4 |
| Emerging markets ex. China | 16.7 | 14.8 |
| Other | 4.8 | 4.6 |
| Region | CGGBAL (%) | Index (%) |
|---|---|---|
| United States | 36.2 | 63.6 |
| Canada | 3.1 | 3.0 |
| Europe & Middle East | 12.5 | 14.1 |
| Japan | 2.5 | 5.1 |
| Asia-Pacific ex. Japan | 0.4 | 2.3 |
| China | 0.4 | 2.4 |
| Emerging markets ex. China | 7.7 | 9.4 |
| Fixed Income | 31.6 | — |
| Cash & equivalents8 | 5.0 | — |
| Other and convertibles | 0.6 | — |
Index data refers to the MSCI All Country World Index (ACWI)tooltip: MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
For institutional investors and registered investment advisors only. Not for use with the public.
Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely.
Prices and returns will vary, so investors may lose money.
View strategy returns.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Important information about objectives, risks, charges and expenses for collective investment trusts is contained in the Characteristics Statement and/or other fund disclosure document(s), which can be obtained from the fund's trustee and/or the participants' plan provider or employer.
Data based on the representative account of the Capital Group Global Balanced Composite, unless otherwise noted.
Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness.
Unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by any of the rating agencies referenced above; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
The return of principal for bond portfolios and portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.
There have been periods when the results lagged the index(es) and/or average(s).
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. Please visit the data provider's website for more information.
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All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Portfolios are managed, so holdings will change.
Holdings mentioned and their results are not representative of other holdings in the portfolio or the portfolio's results.
Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding and/or cash flows.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
1.
YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
2.
When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
3.
Gross composite results do not reflect the deduction of fees and expenses; results would have been lower if they were subject to fees and expenses.
4.
Data reflect the Capital Group Global Balanced Composite.
5.
Composite returns are net of withholding taxes on dividends, interest and capital gains. Actual withholding tax rates vary according to the country of denomination and tax status of each portfolio.
6.
Composite net results are calculated by deducting from the gross results a model fee equal to the highest management fees for applicable composite members. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size.
7.
Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end.
8.
Includes cash, short-term securities, other assets less liabilities, and certain accruals. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
9.
Risk measures net of fees are based on net results which are calculated using a model fee equal to the highest management fee for applicable composite members deducted from the gross results, which do not reflect the deduction of fees and expenses.
10.
Based on the representative account for the applicable composite. Refer to composite results disclosures for descriptions of fees used to calculate yield measures shown. Defaults by fixed income issuers would result in different, lower realized yields. Past results are not predictive of results in future periods.
11.
Includes cash, short-term securities, other assets less liabilities, and certain accruals. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
12.
Figures include convertible securities. The equity breakdown by revenue reflects the portfolio's publicly traded equity holdings and excludes cash (and fixed income securities, if applicable). Underlying revenue data were compiled by MSCI and account for disparities in the way companies report their revenues across geographic segments. MSCI breaks out each company's reported revenues into country-by-country estimates. MSCI provides revenue data figures based on a proprietary, standardized model. Revenue exposure at the portfolio and index level was calculated by using FactSet, which takes these company revenue exposures and multiplies by the company's weighting in the portfolio and index. In this breakdown, Israel has been included in Europe.
Use of this website is intended for U.S. residents only.
Collective Investment Trusts (CITs) are available for investment only to certain qualified retirement plans. Capital Group CITs are maintained by Capital Bank and Trust Company (“trustee”), which has retained an affiliate to serve as investment adviser to the trustee.
Advisory services offered through Capital Research and Management Company (CRMC) and its RIA affiliates.
MSCI All Country World Index (ACWI)
MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Global Balanced Historical Benchmark
The Global Balanced Historical Benchmark returns reflect the results of the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index through 12/31/2024 and the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate (USD-Hedged) Index thereafter. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg Global Aggregate Index (USD-Hedged) represents the global investment-grade fixed income markets with returns hedged to USD. This assumes the blend is rebalanced monthly. This index is unmanaged, and results include reinvested dividends and/or distributions but do not reflect the effect of commissions, expenses or U.S. federal income taxes.
The Global Balanced Historical Benchmark returns reflect the results of the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index through 12/31/2024 and the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate (USD-Hedged) Index thereafter. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg Global Aggregate Index (USD-Hedged) represents the global investment-grade fixed income markets with returns hedged to USD. This assumes the blend is rebalanced monthly. This index is unmanaged, and results include reinvested dividends and/or distributions but do not reflect the effect of commissions, expenses or U.S. federal income taxes.
Global Balanced Fixed Income Historical Benchmark
The Global Balanced Fixed Income Historical Benchmark returns reflect the results of the Bloomberg Global Aggregate Index through 12/31/2024 and the Bloomberg Global Aggregate (USD-Hedged) Index thereafter. The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg Global Aggregate Index (USD-Hedged) represents the global investment-grade fixed income markets with returns hedged to USD. This index is unmanaged, and results include reinvested dividends and/or distributions but do not reflect the effect of commissions, expenses or U.S. federal income taxes.
The Global Balanced Fixed Income Historical Benchmark returns reflect the results of the Bloomberg Global Aggregate Index through 12/31/2024 and the Bloomberg Global Aggregate (USD-Hedged) Index thereafter. The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg Global Aggregate Index (USD-Hedged) represents the global investment-grade fixed income markets with returns hedged to USD. This index is unmanaged, and results include reinvested dividends and/or distributions but do not reflect the effect of commissions, expenses or U.S. federal income taxes.
Alpha
Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
Average coupon
The average coupon is the weighted average coupon rate of all the bond holdings.
The average coupon is the weighted average coupon rate of all the bond holdings.
Beta
Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Effective duration
Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Bond Statistic Net Coupon
The average coupon is the weighted average coupon rate of all the bond holdings.
The average coupon is the weighted average coupon rate of all the bond holdings.
Bond Statistic Net Yield to Maturity
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
Bond Statistic Net Yield to Worst
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Option adjusted spread
Option-adjusted spread is a yield-spread calculation used to value securities with embedded options.
Option-adjusted spread is a yield-spread calculation used to value securities with embedded options.
Yield to maturity
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
Yield to worst
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Credit Default Swap Index
The credit default swap index (CDX) is a benchmark financial instrument made up of credit default swaps (CDS) that have been issued by North American or emerging markets companies. Credit default swaps act like insurance policies offering a buyer protection in case of the borrower's default.
The credit default swap index (CDX) is a benchmark financial instrument made up of credit default swaps (CDS) that have been issued by North American or emerging markets companies. Credit default swaps act like insurance policies offering a buyer protection in case of the borrower's default.
Currency Weighting Short Breakdown
The exposure to a specific currency before taking into consideration any forward currency contracts that may increase or decrease that currency's exposure.
The exposure to a specific currency before taking into consideration any forward currency contracts that may increase or decrease that currency's exposure.
Downside capture ratio
Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index.
Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index.
Duration times spread
A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure.
A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure.
Portfolio turnover
Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.
Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.
Index Correlation
Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another.
Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another.
Information ratio
The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error.
The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error.
Average excess rolling return
Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe.
Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe.
Average rolling index return
Average rolling index return provides the average return for the index across all periods within the specified timeframe.
Average rolling index return provides the average return for the index across all periods within the specified timeframe.
Average lagging rolling return
Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe.
Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe.
Average outpaced rolling return
Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe.
Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe.
Average rolling return
Average rolling return provides the average return for the portfolio across all periods within the specified timeframe.
Average rolling return provides the average return for the portfolio across all periods within the specified timeframe.
Success Rate
The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
R-squared
R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Standard deviation
Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.
Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.
Spread duration
A measure of fixed income securities' sensitivity to spread movement.
A measure of fixed income securities' sensitivity to spread movement.
Sharpe ratio
Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance.
Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance.
Tracking error
The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark.
The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark.
Total Return Swap
A total return swap (TRS) is a contract between a total return payer and total return receiver. The payer usually pays the total return of agreed security to the receiver and receives a fixed/floating rate payment in exchange. The agreed (or referenced) security can be a bond, index, equity, loan, or commodity.
A total return swap (TRS) is a contract between a total return payer and total return receiver. The payer usually pays the total return of agreed security to the receiver and receives a fixed/floating rate payment in exchange. The agreed (or referenced) security can be a bond, index, equity, loan, or commodity.
Upside capture ratio
Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up.
Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up.