Mercer Opportunistic Fixed Income Fund
Mercer Funds · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Mercer Opportunistic 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
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.
The fund invests in a broad range of fixed income securities globally across all quality levels, geographies, issuer types, and currencies, including government bonds, corporate debt, emerging market issues, high-yield bonds, bank loans, and asset-backed securities, and may use derivatives for hedging, risk management, or return enhancement. Because the fund's selection depends on manager discretion across an unrestricted opportunity set, performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| MOFAX | 1.43% | 1.01% |
| MOFTX | 1.18% | 0.76% |
| MOFYX | 1.08% | 0.66% |
| MOFIX | 0.93% | 0.51% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 77.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 61.64% |
| Securitized | 20.25% |
| Loans | 18.28% |
| Cash & short-term | 5.20% |
| 2 smaller | 1.39% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 30.4% |
| Government | 23.0% |
| Securitized | 18.9% |
| International | 13.6% |
| 12 smaller | 14.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: UMBS, TBA ×5, BNP Paribas SA, United States Treasury ×2
Largest exited: UMBS, TBA ×4, Deutsche Bank Securities, Inc., BofA Securities, Inc., Invesco Senior Loan ETF, United States Treasury
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 |
|---|---|---|---|---|---|
| +8.58% | — | — | 3.37% | — | |
| +8.67% | +21.73% | +13.10% | 3.34% | -4.75% |
These classes hold the same portfolio, so the 0.09pp spread over 1 year is the cost difference between them — roughly 0.09pp 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 | 67.3% |
| Floating rate | 26.7% |
| Zero-coupon or unclassified | 6.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.3% |
| 1-3y | 11.1% |
| 3-5y | 22.6% |
| 5-10y | 37.2% |
| 10y+ | 27.8% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 50% |
| Interest rates | 50% |
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.
| High yield | +2.63 yr |
| Investment grade | +0.77 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.45 yr | 13% |
| 5 yr | 1.34 yr | 39% |
| 10 yr | 1.23 yr | 36% |
| 30 yr | 0.34 yr | 10% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.56 yr | 17% |
| 5 yr | 1.78 yr | 53% |
| 10 yr | 0.82 yr | 24% |
| 30 yr | 0.21 yr | 6% |
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 | +0.03 | +0.00 | +0.02 | $653 | $3.5k |
| 1 yr | +0.45 | +0.09 | +0.48 | $17.6k | $97.2k |
| 5 yr | +1.34 | +0.27 | +1.51 | $55.2k | $308.8k |
| 10 yr | +1.23 | +0.31 | +0.50 | $64.2k | $102.2k |
| 30 yr | +0.34 | +0.09 | +0.12 | $18.5k | $25.0k |
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 3.39 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 |
|---|---|---|---|---|
| — | State Street Global Advisors | 3.44% | $70.31M | — |
| — | UMBS, TBA5.50% · due 2056-07-01 | 1.21% | $24.68M | — |
| — | BNP Paribas SA | 1.15% | $23.40M | — |
| — | UMBS, TBA5.50% · due 2056-08-01 | 1.05% | $21.42M | — |
| — | United States Treasury4.63% · due 2035-02-15 | 0.89% | $18.15M | — |
| — | United States Treasury4.75% · due 2045-02-15 | 0.87% | $17.77M | — |
| — | United States Treasury6.25% · due 2030-05-15 | 0.86% | $17.50M | — |
| — | UMBS, TBA4.50% · due 2056-08-01 | 0.75% | $15.27M | — |
| — | UMBS, TBA6.00% · due 2056-08-01 | 0.74% | $15.11M | — |
| — | United States Treasury3.63% · due 2030-08-31 | 0.63% | $12.75M | — |
Top 10 positions are 11.58% of net assets, top 25 17.09%, across 1.4K issuers.
See more of this fund's book
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