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Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance, L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment-grade debt from local currency markets. This multi-currency benchmark includes treasury, government-related, corporate, and securitised fixed-rate bonds from both developed and emerging markets issuers. The Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers. The U.S. Corporate Index is a component of the U.S. Credit and U.S. Aggregate Indices, and provided the necessary inclusion rules are met, U.S. Corporate Index securities also contribute to the multi-currency Global Aggregate Index.
1 Alpha is a measure of performance and indicates whether an investment has outperformed the market return or other benchmark over some period. Positive alpha means that the investment’s return was above that of the benchmark.
2 Tracking error is a measure of risk. It is defined as the standard deviation of the portfolio’s excess return versus the benchmark and is expressed as a percentage. Standard deviation helps to measure the level of risk or volatility associated with an investment. Higher standard deviation represents higher volatility.
3 Duration is a measure of a bond’s (or a bond portfolio’s) price sensitivity to changes in interest rates.
4 The Dodge & Cox Global Bond Fund's benchmark is the Bloomberg Global Aggregate Bond Index, which is a widely recognised, unmanaged index of multi-currency, investment-grade fixed income securities.
5 Unless otherwise specified, all weightings and characteristics are as of 30 April 2023.
6 Yield to worst is a measure of the lowest possible yield that can be received on a bond that fully operates within the terms of its contract without defaulting.
7 The Bloomberg U.S. Aggregate Bond Index is a widely recognised, unmanaged index of U.S. dollar-denominated investment-grade fixed income securities.
8 The Bloomberg Sterling Aggregate Bond Index measures the investment-grade, sterling-denominated, fixed-rate bond market, including treasuries, government-related, corporate and securitised issues.
9 Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2023, JPMorgan Chase & Co. All rights reserved.
10 The JPMorgan GBI Global Country Index—Japan tracks the performance of the liquid and investable local Japanese government bond market that is accessible by the international institutional investor base.
11 The euro component of the Bloomberg Global Agg.
12 The Sharpe ratio is a risk-adjusted measure that calculates excess performance with respect to the risk-free rate per unit of volatility. In general, a higher Sharpe ratio indicates good investment performance, given the risk.
13 The Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market.
14 OAS (option-adjusted spread) is the option-adjusted yield differential between stated index and comparable U.S. Treasuries. OAS does not translate into a return. One basis point is equal to 1/100th of 1%.
15 Real rates are constructed by taking the 10-year bond yield from Bloomberg and subtracting expected inflation over the next 10 years. Expected inflation figures are from the IMF’s World Economic Outlook. We use their annual figures for 2023 through 2028, then assume that inflation stabilises at 2028 levels for subsequent years.
16 The G10 currencies include the Australian dollar (AUD), British pound (GBP), Canadian dollar (CAD), euro (EUR), Japanese yen (JPY), New Zealand dollar (NZD), Norwegian krone (NOK), Swedish krona (SEK), Swiss franc (CHF), and U.S. dollar (USD).
17 Annualised returns reflect the growth rate that, when compounded annually, yields the cumulative total return over the period depicted in Figure 9.
18 Year-ends between 1990 and 2021 are used as portfolio formation dates; thus, returns are calculated for portfolios for years 1991 through 2022. Exchange rates are sourced from Haver Analytics, end-of-period values, all versus U.S. dollar. Interest rates are sourced from Haver Analytics. PPP Fair Values are sourced from OECD. The real exchange rates are calculated as Q=(fair value PPP FX rate/spot FX rate), with both FX rates expressed in units per dollar, expressed as a percent of average Q over prior observations since 1980, except for EUR, where data start in 1995. A synthetic Euro exchange rate from Haver Analytics is used for calculating the Euro real exchange rate prior to 1999. Portfolios are formed at the end of each year using 31 December closing spot FX rates to sort currencies by valuation; also, we assume that the OECD PPP fair value for a year is known at the end of that year. Each portfolio holds 3 of the 9 non-USD G10 currencies, versus the U.S. dollar. Portfolios are formed using DEM instead of EUR up through year-end 1998; during the year 1999, the holding period return is the return on DEM assuming conversion to Euros at the FX rate set at accession. The graph plots the cumulative return, assuming annual reinvestment of profits, on the three sets of currencies.