BNY Mellon Global Fixed Income Fund
BNY Mellon Investment Funds I · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
BNY Mellon Global Fixed Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The fund seeks to maximize total return while realizing a market level of income consistent with preserving principal and liquidity.
The fund is managed by a sub-adviser that seeks undervalued fixed-income securities across at least three countries, typically eight or more, using fundamental economic research and quantitative analysis to allocate among government bonds, corporate debt, mortgage-related securities, and floating rate loans, with up to 25% in emerging markets and up to 25% in below-investment-grade securities rated no lower than B. The sub-adviser focuses on securities with potential for credit upgrades or unique structural features and may use derivatives to manage interest rate, currency, and duration risks. Because security selection depends on the sub-adviser's assessment of relative value and fundamental outlook, fund performance will diverge from any benchmark.
| Share class | Expense ratio | As of |
|---|---|---|
| SDGIX | 0.54% | 2025 Q2 |
| DHGAX | 0.86% | 2026 Q2 |
| DHGCX | 1.55% | 2026 Q2 |
| DSDYX | 0.49% | 2025 Q2 |
Portfolio turnover 85.94% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 66.28% |
| Securitized | 29.56% |
| Cash & short-term | 1.85% |
| Derivatives | 0.28% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×2, FEDERAL HOME LOAN MORTGAGE CORP ×4, BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL, FEDERAL NATIONAL MORTGAGE ASSOCIATION
Largest exited: United States Treasury Notes ×6, China (People's Republic Of), Federal National Mortgage Association
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +2.05% | +13.99% | — | 3.31% | -3.21% | |
| +1.71% | +12.96% | — | 3.30% | -3.32% | |
| +1.00% | +10.44% | — | 3.28% | -3.75% | |
| +2.12% | +14.23% | — | 3.30% | -3.14% |
These classes hold the same portfolio, so the 3.80pp spread over 3 years is the cost difference between them — roughly 1.27pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 98.8% |
| Floating rate | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 5.4% |
| 3-5y | 2.1% |
| 5-10y | 30.6% |
| 10y+ | 61.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 56% |
| Credit spreads | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.24 yr |
| High yield | +0.26 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.44 yr | 8% |
| 5 yr | 1.61 yr | 28% |
| 10 yr | 2.29 yr | 40% |
| 30 yr | 1.36 yr | 24% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.38 yr | 8% |
| 5 yr | 3.08 yr | 67% |
| 10 yr | 1.14 yr | 25% |
30 yr is NEGATIVE (-0.10 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $3.6k | $0 |
| 1 yr | +0.44 | +0.37 | +0.01 | $167.8k | $4.2k |
| 5 yr | +1.61 | +2.94 | +0.14 | $1.34m | $61.9k |
| 10 yr | +2.29 | +1.04 | +0.10 | $475.3k | $45.9k |
| 30 yr | +1.36 | -0.12 | +0.01 | -$52.8k | $5.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.72 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.75% · due 2056-02-15 | 3.85% | $175.96M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.00% · due 2035-11-15 | 3.67% | $168.05M | — |
| — | UNITED KINGDOM - THE LORD COMMISSIONERS OF HER MAJESTY'S TREASURY DEBT MANAGEMENT OFFICE4.38% · due 2054-07-31 | 2.73% | $124.63M | — |
| — | SOUTH KOREA, REPUBLIC OF - MINISTRY OF ECONOMY AND FINANCE2.63% · due 2035-06-10 | 2.68% | $122.39M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.63% · due 2046-02-15 | 2.42% | $110.80M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT5.00% · due 2056-05-15 | 2.29% | $104.81M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.63% · due 2035-02-15 | 1.86% | $85.27M | — |
| — | MINISTERO DELL'ECONOMIA E DELLE FINANZE - DIPARTIMENTO DEL TESORO4.30% · due 2054-10-01 | 1.72% | $78.59M | — |
| — | JAPAN, GOVERNMENT OF - MINISTRY OF FINANCE2.20% · due 2054-06-20 | 1.71% | $78.26M | — |
| — | CHINA, PEOPLE'S REPUBLIC OF - MINISTRY OF FINANCE1.61% · due 2035-02-15 | 1.69% | $77.27M | — |
Top 10 positions are 24.62% of net assets, top 25 39.41%, across 186 issuers.
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