Six Circles Global Bond Fund
Actively managed global bond fund
As of its 2026 Q2 report, Six Circles Global Bond Fund held 7,362 positions with $18.44B in net assets. Its ten largest holdings made up 8.4% of the fund. The fund costs 0.13% a year. Over the 12 months to May 2026, it returned 3.0%, with dividends reinvested. In 2026 Q2 it added 762 new positions and exited 523.
The Fund seeks to provide total return.
The fund is actively managed by J.P. Morgan Private Investments Inc., which allocates assets among sub-advisers (BlackRock, PIMCO, and PGIM) who make day-to-day security selections across global government, corporate, and securitized fixed income sectors; most investments are investment grade at purchase, though up to 20% may be below investment grade. As a non-diversified fund, it may concentrate assets in fewer issuers and is not required to maintain set allocations by country or sector. The sub-advisers employ different approaches: BlackRock tracks segments of global bond indexes as directed by the adviser, PGIM actively manages government and corporate credit components, and PIMCO focuses on securitized debt and related derivatives.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FNMA 30YR TBA 6% SEP 26 6.00% · due 2056-09-01 | 1.20% | $221.73M | — |
CHINA GOVE 1.91% 07/15/29/CNY 1.91% · due 2029-07-15 | 0.82% | $151.41M | — |
US TREAS NTS 4.625% 02/15/35 4.63% · due 2035-02-15 | 0.81% | $149.06M | — |
US TREAS NTS 4.25% 05/15/35 4.25% · due 2035-05-15 | 0.80% | $147.99M | — |
WI TREASURY SE 4.375% 05/15/34 4.38% · due 2034-05-15 | 0.80% | $147.27M | — |
US TREAS NTS 4.25% 11/15/34 4.25% · due 2034-11-15 | 0.80% | $147.14M | — |
US TREAS NTS 4.25% 08/15/35 4.25% · due 2035-08-15 | 0.79% | $145.73M | — |
US TREAS NTS 4% 11/15/35 4.00% · due 2035-11-15 | 0.79% | $144.98M | — |
US TREAS NTS 4.125% 02/15/36 4.13% · due 2036-02-15 | 0.78% | $144.02M | — |
US TREAS NTS 3.875% 08/15/34 3.88% · due 2034-08-15 | 0.78% | $143.00M | — |
The 200 largest of 7,362 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 | 86.21% |
| Securitized | 15.05% |
| Derivatives | 1.38% |
| Cash & short-term | 0.02% |
Derivatives are shown at market value, not notional exposure.
How it has done
C000218339 share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.79%. 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.
Fees & fund details
Six Circles Global Bond Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.13%
- Portfolio turnover
- 158.83% a year · as of 2026 Q2
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.
762 new· the largest 8
523 exited· the largest 8
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 | 95.2% |
| Floating rate | 4.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.7% |
| 1-3y | 16.4% |
| 3-5y | 16.8% |
| 5-10y | 34.1% |
| 10y+ | 31.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
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.
| Interest rates | 70% |
| Credit spreads | 30% |
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 | +2.76 yr |
| High yield | +0.00 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 | 0% |
| 1 yr | 0.43 yr | 7% |
| 5 yr | 1.89 yr | 29% |
| 10 yr | 2.70 yr | 42% |
| 30 yr | 1.37 yr | 21% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.19 yr | 7% |
| 5 yr | 0.95 yr | 34% |
| 10 yr | 1.16 yr | 42% |
| 30 yr | 0.45 yr | 16% |
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 | +0.00 | $3.8k | $182 |
| 1 yr | +0.43 | +0.19 | +0.00 | $358.8k | $156 |
| 5 yr | +1.89 | +0.95 | +0.00 | $1.76m | $234 |
| 10 yr | +2.70 | +1.16 | +0.00 | $2.14m | $0 |
| 30 yr | +1.37 | +0.45 | +0.00 | $834.7k | $0 |
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 6.42 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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