Nationwide Strategic Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Nationwide Strategic Income Fund held 727 positions with $2.08B in net assets. Its ten largest holdings made up 19.0% of the fund. The NWXEX share class costs 0.9% a year. Over the 12 months to May 2026, NWXEX returned 6.9%, with dividends reinvested. In 2026 Q3 it added 104 new positions and exited 91.
The Nationwide Strategic Income Fund seeks to provide a high level of current income.
The fund is managed by a subadviser that allocates flexibly across debt securities of any credit quality, maturity, or geography, including high-yield bonds, emerging market debt (capped at 65% of assets), and corporate loans, with the goal of capturing value through fundamental analysis of yield and credit spreads as well as technical factors like price momentum and market sentiment. The subadviser may use derivatives including futures, forward currency contracts, and credit default swaps to increase returns, hedge currency exposure, or manage portfolio duration. Because the fund may invest substantially in lower-rated securities and those at high risk of default, credit losses could materially reduce returns.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FNMA or FHLMC 2.50% · due 2056-06-25 | 4.75% | $98.76M | — |
U.S. Treasury Bills | 2.88% | $59.98M | — |
FNMA or FHLMC 3.50% · due 2056-05-25 | 2.59% | $53.79M | — |
FNMA or FHLMC 5.50% · due 2056-05-25 | 2.08% | $43.21M | — |
NOMURA SECURITIES INTERNATIONAL INC | 1.47% | $30.60M | — |
SANTANDER US CAPITAL MARKETS LLC | 1.44% | $30.00M | — |
U.S. Treasury Bills | 0.96% | $19.96M | — |
Morgan Stanley 4.55% floating · due 2030-04-10 | 0.96% | $19.94M | — |
Total Play Telecomunicaciones SA de CV 11.13% · due 2032-12-31 | 0.94% | $19.52M | — |
Federative Republic of Brazil 6.25% · due 2036-05-22 | 0.90% | $18.79M | — |
The 200 largest of 727 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 | 66.35% |
| Securitized | 33.05% |
| Cash & short-term | 6.91% |
| Loans | 1.58% |
| 2 smaller | 1.21% |
These positions come to 109.11% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 30.6%
- International
- 23.5%
- Other
- 17.1%
- Financials
- 10.0%
- 12 other sectors
- 18.8%
- Securitized
- 30.6%
- International
- 23.5%
- Other
- 17.1%
- Financials
- 10.0%
- Government
- 8.3%
- Cash
- 2.9%
- Utilities
- 2.7%
- Information Technology
- 1.6%
- Energy
- 0.9%
- Industrials
- 0.6%
- Consumer Staples
- 0.6%
- Communication Services
- 0.6%
- Health Care
- 0.2%
- Materials
- 0.2%
- Consumer Discretionary
- 0.1%
- Real Estate
- 0.1%
How it has done
NWXEX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.37%. 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.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.90% | +6.88% | +26.98% | +28.55% | -0.33% | |
| — | — | — | — | — | |
| 0.49% | +7.37% | +28.81% | +31.12% | -0.30% | |
| 0.61% | +7.22% | +28.32% | +30.44% | -0.31% |
Fees & fund details
Nationwide Strategic Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.49% – 0.90%· NWXEX 0.90%
- Portfolio turnover
- 290.32% a year · as of 2026 Q1
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.
104 new· the largest 8
91 exited· the largest 4
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 | 56.7% |
| Floating rate | 43.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 6.5% |
| 3-5y | 14.9% |
| 5-10y | 36.1% |
| 10y+ | 40.6% |
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 | 51% |
| Interest rates | 49% |
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 | +3.58 yr |
| High yield | +0.93 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 | 0.06 yr | 1% |
| 1 yr | 0.26 yr | 6% |
| 5 yr | 1.27 yr | 29% |
| 10 yr | 2.12 yr | 49% |
| 30 yr | 0.66 yr | 15% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 5% |
| 5 yr | 1.34 yr | 30% |
| 10 yr | 2.23 yr | 49% |
| 30 yr | 0.68 yr | 15% |
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 | +0.06 | +0.01 | +0.00 | $2.2k | $575 |
| 1 yr | +0.26 | +0.12 | +0.13 | $24.7k | $26.3k |
| 5 yr | +1.27 | +0.84 | +0.51 | $174.0k | $105.5k |
| 10 yr | +2.12 | +1.94 | +0.28 | $404.2k | $58.8k |
| 30 yr | +0.66 | +0.67 | +0.01 | $140.4k | $1.8k |
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 4.37 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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