Calvert Global High Yield Bond Fund

Share Class :
 
ISIN: LU2714435794
Marketing Communication
Calvert Global High Yield Bond Fund
Marketing Communication
ISIN: LU2714435794
Share Class :

Calvert Global High Yield Bond Fund

SHARE CLASS :
ISIN: LU2714435794
 

Marketing Communication

 
Product Team Image
Investment Objective
To generate current income and total return while promoting environmental and social characteristics.
Investment Approach
The Fund follows the manager's established, well-defined investment process to identify opportunities that aim to generate current income and total return from global bond issuers while promoting ESG characteristics. The Fund combines fundamental bottom-up credit research with top-down risk factor analysis to build a global portfolio free from regional biases. To identify issuers which exhibit sound management of ESG risks, the Fund utilizes a quantitative and qualitative ESG research process that applies the Calvert Principles for Responsible Investment (the “Calvert Principles”). In doing so, the Fund promotes environmental sustainability and resource efficiency, equitable societies and respect for human rights, in addition to accountable governance and transparent operations.

The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.

 
 
Pricing & Performance

Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The sources for all performance and Index data is Morgan Stanley Investment Management. Please click here for additional performance disclosures and important information, which should be reviewed carefully.

 

As of 30-Sep-2024

As of 11-Oct-2024

As of 30-Sep-2024

As of 11-Oct-2024


     
 
 
 
Risk and Reward Profile As of 19-Feb-2024
 
 
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • The value of bonds is likely to decrease if interest rates rise and vice versa.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.
  • Investment in Fixed Income Securities via the China Interbank Bond Market may also entail additional risks, such as counterparty and liquidity risk.
  • Investing in emerging markets brings increased risk through less developed political, legal and operational systems.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • The value of bonds is likely to decrease if interest rates rise and vice versa.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.
  • Investment in Fixed Income Securities via the China Interbank Bond Market may also entail additional risks, such as counterparty and liquidity risk.
  • Investing in emerging markets brings increased risk through less developed political, legal and operational systems.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
 
 
 
 
Composition 4 As of 31-Aug-2024
  Fund
BBB 3.78
BB 42.30
B 39.53
CCC or Lower 11.22
Not Rated 0.33
Cash & equivalents 2.84
  Fund
US Dollar 62.85
Euro 29.18
British Pound 5.12
Cash 2.84
  Fund
Healthcare 11.03
Services 8.66
Telecommunications 7.29
Super Retail 6.71
Technology 6.05
Capital Goods 4.23
Diversified Financial Services 4.12
Containers 3.98
Homebuilders & Real Estate 3.88
Automotive & Auto Parts 3.85
Other 37.34
Cash 2.84
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Geography4 As of 31-Aug-2024
  Fund
U.S. 63.60
United Kingdom 7.98
Italy 6.46
Germany 4.66
France 3.47
Canada 3.05
Netherlands 2.80
Luxembourg 1.46
Spain 1.09
Other 2.60
Cash 2.84
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Holdings As of 31-Aug-2024
Fund
Tui AG, 5.875000%, 2029-03-15 1.06
Wepa Hygieneprodukte Gmbh, 5.625000%, 2031-01-15 1.04
James Hardie International Finance Ltd, 3.625000%, 2026-10-01 1.02
Panther Escrow Issuer Llc, 7.125000%, 2031-06-01 0.91
Elan Finance, 4.900000%, 2030-06-15 0.89
Medline Borrower Lp, 5.250000%, 2029-10-01 0.88
Athenahealth Group Inc, 6.500000%, 2030-02-15 0.83
Ford Motor Credit Company Llc, 3.625000%, 2031-06-17 0.82
Virgin Media Finance plc, 5.000000%, 2030-07-15 0.80
BAA Sh plc, 6.625000%, 2031-03-01 0.77
Total 9.02

These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned.



Portfolio Characteristics
Fund
Duration (years) 2.73
Average yield to maturity (%) 6.91
Number of holdings 277
 
 
 

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Information in relation to sustainability aspects of the Fund and the summary of investor rights is available at the aforementioned website.

If the management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

Please visit our Glossary page for fund related terms and definitions.

Performance data quoted is based on average annualized returns and net of fees.

The source for all performance and index data is Morgan Stanley Investment Management Limited.

Performance data for funds with less than one year's track record is not shown. Performance is calculated net of fees. YTD performance data is not annualised. Performance of other share classes, when offered, may differ. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing.

The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund.

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© 2024 Morningstar. 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. Past performance is no guarantee of future results.

The ICE® BofA® Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market below investment grade corporate bonds. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability.

3 Entry Charge is a maximum possible figure. In some cases you might pay less, you can find this out from your financial adviser. Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges. The Minimum Initial Investment/Minimum Subsequent Investment amounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount). For more information please see the Charges and Expenses section of the prospectus.

4 May not sum to 100% due to rounding. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page. Quality distribution data for securities is sourced from Fitch, Moody's and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the 'highest' rating is applied. The rating of credit default swaps is based on the 'highest' rating of the underlying reference bond. 'Cash' includes investments in short term instruments, including investments in Morgan Stanley liquidity funds. Cash & Equivalents are defined as the value of assets that can be converted into cash immediately. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments.  Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values.

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 
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This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.

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