Global Macro Absolute Return Advantage Portfolio
Actively managed bond fund
As of its 2026 Q2 report, Global Macro Absolute Return Advantage Portfolio held 855 positions with $7.21B in net assets. Its ten largest holdings made up 25.2% of the fund. Over the 12 months to May 2026, it returned 19.0%, with dividends reinvested. In 2026 Q3 it added 303 new positions and exited 262.
Global Macro Absolute Return Advantage Portfolio is actively managed bond fund.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
MVRXXMorgan Stanley & Co. LLC | 10.13% | $730.58M | — |
Argentina Bonar Bonds 0.75% floating · due 2030-07-09 | 2.01% | $144.82M | — |
POLAND GOVERNMENT BOND 2.00% · due 2036-08-25 | 1.92% | $138.61M | — |
NOTA DO TESOURO NACIONAL 6.00% · due 2035-05-15 | 1.86% | $134.37M | — |
EGYPT GOVERNMENT BOND 19.98% · due 2030-05-20 | 1.79% | $129.24M | — |
Barclays Capital Securities Ltd. | 1.74% | $125.35M | — |
UZBEKISTAN (REPUBLIC OF) 1.00% floating · due 2029-04-13 | 1.66% | $119.80M | — |
INDIA GOVERNMENT BOND 7.24% · due 2055-08-18 | 1.45% | $104.17M | — |
New Zealand Government Bonds 4.25% · due 2036-05-15 | 1.34% | $96.57M | — |
The Federal Republic of Nigeria | 1.31% | $94.64M | — |
The 200 largest of 855 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
How it has done
C000091471 share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.83%. Past returns are a record, not a forecast.
Jun 2026 and Jul 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.
Fees & fund details
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
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.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
303 new· the largest 7
262 exited· the largest 5
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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