Global Macro Absolute Return Advantage Portfolio
Global Macro Absolute Return Advantage Portfolio
Fund classification
Classified from what the fund holds · as of 2026 Q2
Global Macro Absolute Return Advantage Portfolio is an actively managed bond fund.
- Asset class
- Bonds
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified · Master-feeder
Fund profile
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 40.02% |
| Cash & short-term | 29.86% |
| Stocks | 12.19% |
| Loans | 3.71% |
| 2 smaller | 2.43% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: Argentina Bonar Bonds, UZBEKISTAN (REPUBLIC OF), Nomura International PLC, JPMorgan Securities PLC ×2, UZBEKISTAN INTL BOND, Barclays Capital Securities Ltd., ZAMBIA GOVERNMENT BOND
Largest exited: MEX BONOS DESARR FIX RT, REPUBLIC OF CONGO, EGYPT TREASURY BILL, Barclays Capital Securities Ltd., REPUBLIC OF ANGOLA, The Federal Republic of Nigeria ×2, REPUBLIC OF SOUTH AFRICA
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 78.3% |
| Floating rate | 11.4% |
| Zero-coupon or unclassified | 10.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.8% |
| 1-3y | 16.0% |
| 3-5y | 21.0% |
| 5-10y | 33.2% |
| 10y+ | 19.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund carries a net credit hedge: it would gain roughly 3.0% if credit spreads widened 100bp, where a comparable bond fund would lose.
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 | 0.08 yr | 3% |
| 1 yr | 0.90 yr | 28% |
| 5 yr | 1.11 yr | 34% |
| 10 yr | 0.93 yr | 29% |
| 30 yr | 0.21 yr | 6% |
| 3 mo | 0.03 yr | 20% |
| 1 yr | 0.11 yr | 80% |
5 yr and 10 yr and 30 yr are NEGATIVE (-1.83 yr, -0.84 yr, -0.35 yr) — a deliberate hedge at that point on the curve, so they are 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 | +0.08 | +0.00 | +0.03 | $901 | $18.8k |
| 1 yr | +0.90 | -0.05 | +0.16 | -$34.1k | $115.1k |
| 5 yr | +1.11 | -1.06 | -0.77 | -$763.8k | -$554.6k |
| 10 yr | +0.93 | -1.01 | +0.18 | -$729.5k | $127.5k |
| 30 yr | +0.21 | -0.36 | +0.00 | -$256.9k | $2.9k |
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 3.23 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 |
|---|---|---|---|---|
| MVRXX | Morgan Stanley & Co. LLCMVRXX | 10.13% | $730.58M | — |
| — | Argentina Bonar Bonds0.75% floating · due 2030-07-09 | 2.01% | $144.82M | — |
| — | POLAND GOVERNMENT BOND2.00% · due 2036-08-25 | 1.92% | $138.61M | — |
| — | NOTA DO TESOURO NACIONAL6.00% · due 2035-05-15 | 1.86% | $134.37M | — |
| — | EGYPT GOVERNMENT BOND19.98% · due 2030-05-20 | 1.79% | $129.24M | — |
| — | Barclays Capital Securities Ltd. | 1.74% | $125.35M | — |
| — | UZBEKISTAN (REPUBLIC OF)12.25% · due 2029-04-13 | 1.66% | $119.80M | — |
| — | INDIA GOVERNMENT BOND7.24% · due 2055-08-18 | 1.45% | $104.17M | — |
| — | New Zealand Government Bonds4.25% · due 2036-05-15 | 1.34% | $96.57M | — |
| — | The Federal Republic of Nigeria | 1.31% | $94.64M | — |
Top 10 positions are 25.22% of net assets, top 25 41.59%, across 316 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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