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Global Dynamic Bond Fund

MDBIX

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As of 3/31/17 As of 3/31/2017
1 month
(%)
YTD
(%)
since inception
(%)
Quarterly
(%)
1 YEAR
(%)
3 YEARS
(%)
5 YEARS
(%)
SINCE INCEPTION
(%)
at NAV 0.14 2.05 3.10 2.05 4.23 3.20 3.25 3.10
at Max Load 0.14 2.05 3.10 2.05 4.23 3.20 3.25 3.10
Custom Benchmark 0.12 1.65 4.28 1.65 4.29 4.62 4.36 4.28

Past performance does not guarantee future results. The performance data quoted represent past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor's share may be worth more or less than original cost upon redemption. For periods more than one year, performance is annualized. For performance data as of the most recent month-end, please call (888) 335-3417.

The Fund performance may not be indicative of the Fund's long-term potential. The Fund's returns will fluctuate over long- and short-term periods. "NAV" is the Fund's Net Asset Value per share and has not been adjusted to reflect any applicable sales charge. Maximum sales charge (load) as a percentage of the offering price (applies to Class A shares only): 4.50%. Maximum deferred sales charge (load) for redemptions within one year of purchase (applies to Class C shares and may apply to certain redemptions of Class A shares): 1.00%.

Mirae Asset Global Investments has contractually agreed at least through August 31, 2017 to limit the fund's expense ratio as described in the prospectus, at which time this arrangement may be terminated, extended or modified.

The strategy behind the Fund

Global Dynamic Bond Fund seeks to capture opportunities and manage risks by dynamically investing in securities in both emerging and developed markets.

What makes this Fund unique?

  • Insight—Our origins and presence in the emerging markets give us a unique perspective that helps us identify opportunities others may overlook
  • Diligence—Our macroeconomic research provides us with deep understanding of economic and geopolitical conditions that can affect fixed income markets
  • Exposure—We maintain exposure to emerging market currencies in order to capitalize on their return potential
  • Conviction—We build a portfolio that is benchmark agnostic
  • Opportunity—We invest across fixed income sectors globally 

Want to know more?

As of 12/31/16

Portfolio Composition

Country Allocation
Fund
(%)
United States 33.1
China 10.4
Russian Federation 10.2
India 7.0
Brazil 6.3
Kazakhstan 5.1
Thailand 4.4
Hungary 3.7
Chile 3.5
Mexico 3.0
Other
(Includes Cash)
13.6
Credit Quality
Credit Quality
(%)
Aaa 28.6
Aa ---
A 17.9
Baa 25.6
Ba 25.1
B ---
Not Rated 2.8

* Not rated includes unrated debt and non-debt securities.

Currency Allocation
Fund
(%)
U.S. Dollar 97.5
Russian Ruble 1.3
Brazilian Real 1.0
Mexican Peso 0.3
South African Rand 0.0
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Asset Allocation
Fund
(%)
EM Sovereign and related debt (hard currency) 52.8
US Treasuries 26.3
Investment Grade EM Corporates 11.3
Investment Grade DM Corporates 2.9
EM Sovereign and related debt (local currency) 2.4
DM Sovereign and related debt 0.0
High Yield Corporates 0.0
Other 4.2

Important Information

©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category 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 managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The rating for each security held by the Fund is generally determined based on the ratings given by the nationally recognized statistical rating organizations Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings Ltd. If all three organizations have rated the security, the median rating is used. If only two organizations have rated the security, the lower rating is used. If a single organization has rated the security, that rating is used. Securities that have not been rated by any of the organizations, if any, are shown as "Not Rated." The ratings represent the opinions of the rating organizations (S&P, Moody's and Fitch) as to the quality of the securities they rate. The ratings range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. The ratings provided relate to the underlying securities within the fund and not the fund itself.

The portfolio holdings and allocations will change and the information provided should not be considered as a recommendation to purchase or sell a particular security. There is no assurance that the securities mentioned remain in the Fund's portfolio or that securities sold have not been repurchased. Totals may not add up to 100% due to rounding.

The Custom Benchmark is an equally-weighted blend of (1) 50% Barclays US Emerging Markets Bond Index and (2) 50% Barclays Global Treasury Majors Index (USD Hedged). The Barclays US Emerging Markets Bond Index includes fixed- and floating-rate USD-denominated debt from emerging markets in the following regions: Americas, Europe, Middle East, Africa, and Asia. For the index, an emerging market is defined as a any country that has a long term foreign currency debt sovereign rating of Baa1/BBB+/BBB+ or below, using the middle rating of Moody's, S&P, and Fitch. The Barclays Global Treasury Majors Index (USD Hedged) tracks fixed-rate local currency government debt of major developed market countries.

An investor cannot invest directly in an index.

For shares of those Funds that have been in existence for less than one year, cumulative performance is utilized.

The Morningstar World Bond classification consists of funds tracked by Morningstar Inc. that invest at least 40% of bonds in foreign markets.

Effective duration is a measure of a bond fund's price sensitivity to changes in interest rates. It takes into account mortgage prepayments, puts, adjustable coupons and other embedded options.

Average maturity is a measure of the length of time the average security in a bond fund will mature or be redeemed by its issuer.

External debt refers to bonds that are issued by countries in a currency other than their own. Local debt refers to bonds that are issued in the local currency of the issuer.

Risk Factors

Fixed Income Securities - (bonds) tend to experience smaller fluctuations in value than equity securities. However, investors in any bond fund should anticipate fluctuations in price, especially for longer term issues and in environments of rising interest rates.

Asset Allocation - The Fund's ability to achieve its investment objective will depend, in part, on the Investment Manager's ability to select the best allocation of assets across the various developed and emerging markets. There is a risk that the Investment Manager's evaluations and assumptions may be incorrect in view of actual market condition.

Credit - The issuer of a fixed income security, or the counterparty to a contract, such as swaps or other derivatives, may become unable or unwilling to meet its financial obligations. Various market participants, such as rating agencies or pricing services, also may affect the security by downgrading the credit of the issuer of the security, which may decrease the value.

Derivative — The Fund may utilize derivatives for hedging purposes, to enhance returns or to obtain exposure to various market sectors. The risks of derivatives include liquidity, interest rate, market, credit and management risks. The instrument may be also mispriced or improperly valued, and the Fund could lose more than the principal amount invested. Unpredictable or rapid changes in the currency markets could also negatively affect the value of currency derivatives, such as currency forward/futures contracts. Derivatives also may give rise to increased leverage, and the Fund may become more volatile to market changes. The extent and impact of potential new regulation regarding the derivatives markets is not yet known and may not be known for some time. Such regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.

Emerging Market Investing — may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

 

As of 3/31/17

FUND FACTS

  • TickerMDBIX
  • CUSIP 60462F614
  • Inception Date02/29/2012
  • Number of Holdings46
  • Fund Assets (mm)$15.4 M
  • Net Expense Ratio*0.91%
  • Gross Expense Ratio*2.11%
  • Asset ClassBond
As of 3/31/17

Morningstar Rating1

Category: World Bond

Overall4 stars out of 312 funds.
3 year4 stars out of 312 funds.
5 year4 stars out of 247 funds.