Broaden the borders of your bond portfolio.

The Global Bond Opportunities Fund provides flexible, high-conviction exposure across more than 15 fixed income sectors and 50 countries.

Key Points

Key points

  • An unconstrained mandate expands investment horizons beyond traditional fixed income sectors.
  • Seeks to deliver total returns by investing flexibly across the entire global fixed income spectrum.
  • Portfolio managers Bob Michele, Nick Gartside and Iain Stealey dynamically adjust asset allocation and duration as market conditions evolve.
  • Since inception the Fund has provided top-decile performance and risk adjusted returns—plus a compelling yield.1

1 Source: Morningstar as of 12/31/15. Select Shares. Returns ranked for the following time periods: 63/367 funds for the one-year period, 24/323 funds for the three-year period. Five-and 10-year periods n/a. Sharpe Ratio measures a manager’s excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation; the Fund (Select Shares) was ranked as follows: 65/376 funds for one year, 31/351 for three years and 16/344 since inception. Five- and 10-years n/a. Inception date 10/1/02. Ratings reflect risk-adjusted performance. Different share classes may have different rankings. Yield refers to SEC yield.

Look beyond the benchmark

Without a benchmark as a starting point, the global team of over 200 fixed income experts selects its flexible “best ideas” strategy to generate attractive total returns.

Free from rigid regional or sector allocations, the Fund can adopt a conservative allocation in uncertain periods, moving tactically into higher risk opportunities as conditions warrant. The Fund can also adapt its sensitivity to interest rates (duration) depending on the economic backdrop.


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Fees and Investment Minimums

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Fund Managers

For more information about this fund, please see the commentary posted below. 
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1Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The Barclays Multiverse Index provides a broad-based measure of the international fixed-income bond market. The Barclays Multiverse Index represents the union of the Barclays Global Aggregate Index and the Barclays Global High Yield Index and captures investment grade and high yield securities in all eligible currencies. The Barclays Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four different local currency markets. The Barclays Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Global Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

©2016, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.

©2016, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

Under normal circumstances, the Fund will invest at least 80% of its Assets in bonds.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The risks associated with foreign securities are magnified in countries in "emerging markets." These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries.

Under normal circumstances, the Fund will invest at least 40% of its total assets in countries other than the United States.

The Fund may invest in futures contracts, options, swaps, forwards and other derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund's original investment.

Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.