December, 2021
Over the fourth quarter, the fund returned -0.83%, slightly underperforming its benchmark.
• Duration and yield-curve positioning detracted from relative performance, particularly an overweight duration stance on New Zealand bonds,
although this was partially offset by overweight positions in Indian, Chinese and Thai bonds.
• Positioning in corporate bonds and non-government sectors subtracted relative value over the quarter, as spreads weakened into quarter-end.
• Currency positioning contributed modestly to relative results, led by an overweight exposure to the Thai baht and an underweight allocation to the New Zealand dollar.
November, 2021
Over the second quarter, the fund returned -0.17%, slightly underperforming its benchmark. Duration and yield-curve positioning detracted from relative performance, particularly an overweight duration stance on New Zealand bonds, although this was partially offset by an overweight position in Chinese bonds. Positioning in corporate bonds and non-government sectors subtracted relative value over the quarter, as spreads as spreads weakened into the end of September. Currency positioning was flat over the quarter. Regarding duration, we remain overweight in the Australian curve; this is a focus position as we move into the last quarter of 2021.
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