Fixed Income

MKWIX

Strategic Global Bond Fund

Overview

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Performance

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of Jul 08, 2020 $38.1 M
Size of Fund (Millions) as of Jul 08, 2020 $560.8 M
Share Class launch date Nov 13, 2015
Asset Class Fixed Income
Morningstar Category World Bond
Lipper Classification Global Income Funds
Benchmark Index Bloomberg Barclays Global Aggregate Bond Index
CUSIP 09252X608
Number of Holdings as of Jun 30, 2020 1,612
Max Offer Price as of Jul 08, 2020 $6.29
Open to New Investors Yes
Turnover Percent in the Annual Report 373%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of May 31, 2020 78.57
Beta (3y) as of May 31, 2020 1.06
Average Coupon as of Jun 30, 2020 0.00%
Nominal WAL as of Jun 30, 2020 0.00 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 5.75%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2018 -3.11%
Fund Standard Deviation (3y) as of May 31, 2020 4.67

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for Strategic Global Bond Fund, Class K, as of Jun 30, 2020 rated against 187 World Bond Funds based on risk adjusted total return.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Jul 02, 2020) ‡

Holdings

Holdings

as of Jun 30, 2020
Name Weight (%)
UMBS 30YR TBA(REG A) 6.90
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.29 05/23/2029 3.56
JAPAN (GOVERNMENT OF) 30YR #64 0.4 09/20/2049 2.94
GNMA2 30YR TBA(REG C) 1.93
ISHARES IBOXX $ HIGH YIELD CORP BO 1.30
Name Weight (%)
ITALY (REPUBLIC OF) 0.95 03/01/2023 1.10
TREASURY (CPI) NOTE 0.5 04/15/2024 1.00
INDONESIA (REPUBLIC OF) 8.375 04/15/2039 0.94
SPAIN (KINGDOM OF) 0.5 04/30/2030 0.92
RUSSIAN FEDERATION 8.5 09/17/2031 0.86

Exposure Breakdowns

Exposure Breakdowns

as of Jun 30, 2020

% of Market Value

Type Fund
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Rick Rieder
Chief Investment Officer of Global Fixed Income and Head of the Global Allocation Team

    

Amer Bisat
Emerging Markets Portfolio Manager

   

Russell Brownback
Russell Brownback
Bob Miller
Head of U.S. Multi-Sector Fixed Income

  

Trevor Slaven
Trevor Slaven
Portfolio Manager

Literature

Literature

 

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