Mercer Opportunistic Fixed Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Mercer Opportunistic Fixed Income Fund held 2,348 positions with $2.04B in net assets. Its ten largest holdings made up 11.6% of the fund. The MOFAX share class costs 1.01% a year. Over the 12 months to May 2026, MOFAX returned 8.1%, with dividends reinvested. In 2026 Q2 it added 594 new positions and exited 482.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
State Street Global Advisors | 3.44% | $70.31M | — |
UMBS, TBA 5.50% · due 2056-07-01 | 1.21% | $24.68M | — |
BNP Paribas SA | 1.15% | $23.40M | — |
UMBS, TBA 5.50% · due 2056-08-01 | 1.05% | $21.42M | — |
United States Treasury 4.63% · due 2035-02-15 | 0.89% | $18.15M | — |
United States Treasury 4.75% · due 2045-02-15 | 0.87% | $17.77M | — |
United States Treasury 6.25% · due 2030-05-15 | 0.86% | $17.50M | — |
UMBS, TBA 4.50% · due 2056-08-01 | 0.75% | $15.27M | — |
UMBS, TBA 6.00% · due 2056-08-01 | 0.74% | $15.11M | — |
United States Treasury 3.63% · due 2030-08-31 | 0.63% | $12.75M | — |
The 200 largest of 2,348 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 | 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.
By sector
- Other
- 30.3%
- Government
- 23.0%
- Securitized
- 18.9%
- International
- 13.6%
- 12 other sectors
- 14.2%
- Other
- 30.3%
- Government
- 23.0%
- Securitized
- 18.9%
- International
- 13.6%
- Cash
- 3.9%
- Information Technology
- 1.6%
- Financials
- 1.5%
- Consumer Discretionary
- 1.4%
- Health Care
- 1.1%
- Industrials
- 1.0%
- Materials
- 1.0%
- Communication Services
- 0.9%
- Utilities
- 0.6%
- Energy
- 0.5%
- Consumer Staples
- 0.5%
- Real Estate
- 0.3%
How it has done
MOFTX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.33%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.76% | +8.14% | +20.57% | — | -4.76% | |
| 0.51% | +8.50% | +23.90% | +12.89% | -4.75% |
These classes hold the same portfolio, so the 3.33pp spread over 3 years is the cost difference between them — roughly 1.11pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.51% – 1.01%· MOFAX 1.01%
- Portfolio turnover
- 77.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
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.
594 new· the largest 3
482 exited· the largest 5
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.
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