March 2015


Global bond fund March performance
The best performing global bond fund for the month of March was the BT Institutional Enhanced Global Fixed Interest fund with a return of 1.90%. This brings the 12 month returns for the fund to 13.33%. This means the fund is also one of the top performers in its category for the last 12 months, but some way behind the top performer which was the Legg Mason Brandywine Global Fixed Income A fund with a 12 month performance of 17.54%. The BT Institutional Enhanced Global Fixed Interest fund is an actively managed portfolio of international fixed interest and currency investments that aims to provide a return before fees that exceeds the JP Morgan GBI Traded Index, hedged to AUD, over the medium term. The fund does not generally invest directly in traditional international fixed interest securities. The Fund gains benchmark returns through an index swap and excess returns through a variety of credit and duration strategies. The fund outperformed its benchmark over the month of March. The physical allocation to domestic credit returned above index, adding marginally to returns. The PAFI overlay however added the bulk of the outperformance, with positions in duration, cross-market, FX, relative value and yield curve adding to performance as rates and the US$ rallied over the month.

Global bond funds

GLOBAL BOND FUNDS1m (%) 3m (%) 1y (%) 3y (%) 5y (%)
Aberdeen Global Government Bond160.942.6110.656.867.23
Advance Int Fix Intr Multi-Blend 40.472.598.036.556.9
AMP Capital FD Intl Bond A
AMP Capital International Bond 40.241.939.046.997.41
ANZ OA IP-CFS Global Credit Income EF 17-0.010.972.025.125.04
Bentham W/S Global Income 10.191.624.1810.69.89
Bentham W/S High Yield 210.373.39510.3912.2
BlackRock Monthly Income C
BlackRock WS International Bond 70.712.499.997.958.22
BT Global Fixed Interest WS 161.883.4113.147.737.7
BT Institutional Enhanced Gbl Fixed Int 161.93.4513.337.888.62
CFS Wholesale Global Bond 150.672.238.896.626.83
CFS Wholesale Global Corporate Bond 40.652.829.279.2810.5
DDH Global Fixed Interest Alpha 17-0.050.81-3.793.311.78
Dimensional Five-Year Diversified F/I0.751.946.175.166.72
Dimensional Global Bond Trust 40.76310.687.380
Dimensional Two-Year Diversified F/I0.370.933.123.444.29
Fidelity Global Strategic Bond 40.333.048.0900
Franklin Templeton Global Aggregate Bd W 40.974.3613.8500
Franklin Templeton Multisector Bond I 11-0.861.153.268.329.91
GAM Absolute Return Bond (AU) 12-0.750.2-1.942.84n/a
Ibbotson Dynamic Defensive Trust 190.221.717.295.96.8
Legg Mason Brandywine Glbl Opp Fix Inc A 150.133.8915.7112.30
Legg Mason Brandywine Global Fixed Inc A 150.424.4117.5411.6711.87
Legg Mason WA Glb Multi Str Bd A0.543.888.647.138.14
Macquarie Global Bond 13**1.273.2212.387.38.04
Macquarie Global Income Opportunities Fd
Mercer Global Credit Fund 20.532.739.348.749.83
Mercer Global Sovereign Bond Fund 161.083.7213.248.418.75
Nikko AM International Bond 160.912.5810.267.747.58
Omega Global Corporate Bond 170.622.157.726.797.62
Omega Global Government Bond 160.92.348.75.096.9
PIMCO EQT Wholesale Global Bond B 90.743.2111.718.679.48
PIMCO EQT Wholesale Global Credit B 200.583.089.837.728.68
PIMCO EQT Whlsl Diversified Fxd Interest B 10.722.9811.257.928.69
PIMCO EQT Whlsl Unconstrained Bond B 17-0.50.7111.718.679.48
Putnam Worldwide Income Fund 17-0.421.142.395.294.98
SSgA Global Broad Invest Grade Fixed Inc 140.732.439.396.757.81
SSgA Global Fixed Income 150.910.428.352.675.08
T.Rowe Price Dynamic Global Bond Fund-0.571.463.41n/an/a
Templeton Global Bond Plus W 16-0.560.93.886.137.44
UBS Global Credit Fund 40.372.699.558.428.9
UBS International Bond 70.822.639.997.17.6
Vanguard International Crdt Secs Idx Hdg 80.542.749.227.458.45
Vanguard International Fxd Intr Idx Hdg 10 1.062.7910.687.347.96


150% BB AusBond Composite Bond Index /50% BB AusBond Bank Bill Index
260% Barclays Global Aggregate - Corporate Index in $A (Hedged) and 40% Barclays Capital Global Aggregate ex Government ex Treasuries Index ($AUD hedged)
3BarCap Gl Aggregate TR ($AUD hedged)
4Barclays Capital Global Aggregate Bond Index ($AUD Hedged)
5Barclays Capital World Government Inflation-Linked Bond Index ($AUD hedged)
6Barclays Glb Agg Corp ($AUD hedged)
7Barclays Global Aggregate 500 Index ($AUD hedged)
8Barclays Global Aggregate Government-Related and Corporate ($AUD hedged)
9Barclays Global Aggregate Index ($AUD hedged)
10Barclays Global Treasury Index ($AUD hedged)
11Barclays Multiverse Index is the primary benchmark
12Cash Index: AFMA 3-month bank bill swap rate BBSW (Hurdle)
13Citigroup (Customised Benchmark) M1 Global ex-Australia hedged to Australian dollars Index
14Citigroup World Broad Investment Grade ex-Australia Index ($AUD hedged)
15Citigroup World Government Bond Index ex Australia ($AUD hedged)
16JP Morgan Global Government Bond Index ($AUD hedged)
17BB AusBond Australia Bank Bill Index
18Credit Suisse Leverage Loan Index ($AUD hedged)
19Consumer Price Index increases by at least 0.5%
20BB AusBond Composite Bond Index
21Merrill Lynch High Yield Cash Pay Constrained ($AUD hedged)

*End of March 2015. Returns in AUD after fees.
Underlined Funds can be applied for and redeemed via the ASX mFund platform