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PineBridge USD Investment Grade Credit Fund
- ISINIE00BD82R525
- BloombergPBIUIGA
- Daily NAVNaNas of
- Class CurrencyUSD
- AUM (millions)210.2as of 31 Jul 2024
- Asset ClassFixed Income
- Class Inception Date11 Aug 20
All investments involve risk. The value of your investment and the income from it will fluctuate and a loss of capital may occur.
Overview
Investment Objective
The Sub-Fund's overall investment objective is to aim to maximise total return and provide capital preservation through investment in the US Investment Grade credit universe.
Reasons to Invest
Access to compelling investment opportunities in the largest, most liquid credit market in the world
Focused investment process built on fundamentals, valuations, technical framework allows us to identify compelling opportunities
Interconnected investment insights, tied through global industry knowledge and on-the-ground presence
| Asset Class | Fixed Income |
| Benchmark | Bloomberg US Credit Index Total Return |
| ISIN | IE00BD82R525 |
| Bloomberg | PBIUIGA |
| Fund Umbrella | PineBridge Global Funds |
| Fund Structure | UCITS |
| Domicile | Ireland |
| Investment Manager | PineBridge Investments Ireland Limited 16 Sir John Rogerson’s Quay Dublin 2 Ireland |
| SFDR Categorization* | Article 8 |
| Base Currency | USD |
| Fund Inception Date | 17 Oct 2016 |
| Unit Class Inception Date | 11 Aug 2020 |
| Paying Agent | State Street Bank International GmbH, Munich, Zurich Branch |
| Min Investment | USD 1,000 |
| Income Treatment | No Distribution: Dividends Reinvested |
| Geographical Registrations |  |
*EU Sustainable Finance Disclosure Regulation. For more information, please visit https://www.pinebridge.com/esg.
Key Risks
Potential Investors should consider the following key risks before investing in the Sub-Fund:
Fixed Income Default Risk: The failure of an issuer or a counterparty to meet its payment obligations of a financial asset in the Sub-Fund will have a negative impact on the Sub-Fund.
Derivative Risk: A Sub-Fund may use derivative instruments for both efficient portfolio management and for investment purposes. Derivative transactions may be subject to significant volatility which may result in a loss greater than the principal amount invested.
Counterparty Risk: A Sub-Fund may have credit exposure (by virtue of position in swaps, repurchase agreements, FDI etc.) to its trading parties and may bear the risk of default of the counterparties.
Operational Risk: A Sub-Fund may risk loss resulting from process failures, inadequate procedures or controls.
Liquidity Risk: The risk that the Sub-Fund may invest some of their assets in illiquid securities and other illiquid financial instruments, in respect of which they may not always be possible to execute a buy or sell order at the desired price or to liquidate the open position.
Interest Rate Risk: Fixed income securities are typically interest rate sensitive, therefore changes in interest rates can result in positive or negative fluctuations in the value of the assets held by the Sub-Fund.
ESG Risk: Risks associated with the environmental, social and governance variables, which could potentially affect the financial situation or operating performance of the Fund. These include sustainability risk, ESG Categorisation Risk and ESG Data Risk.
Price of Securities Risk: All types of investments and all markets and therefore the Fund and the Underlying Fund are at risk of market volatility based on prevailing economic conditions.
Concentration Risk: The Sub-Fund may invest in a limited number of securities compared to more diversified Sub-Funds or it may focus its investments and hold relatively large positions in, among other things, particular industries, countries, sectors, currencies or issuers. This may increase the volatility of the value of the Sub-Fund or for the Sub-Fund to bear losses and may also limit the liquidity of certain securities within the Sub-Fund.
Sovereign Debt Risk: The Sub-Funds’ investments in securities issued or guaranteed by governments may be exposed to political, social and economic risks.
Subordination Risk: Holders of subordinated securities are paid after senior security holders and have less of a claim on issuer assets. Therefore the risk of loss is greater than in the case of securities which are more senior in the capital structure.
Fixed Income Credit Rating Risk: Fixed income securities, may be subject to credit rating downgrade risk. Where a Sub-Fund invests in investment grade securities which are downgraded to a below investment grade rating after acquisition, the value of the Sub-Fund may be adversely affected.
The risk factors described above should not be considered an exhaustive list of risks, which potential investors should consider before investing in the Sub-Fund. For more details on the fund's potential risks please read the Prospectus and Key Investor Information Document at pinebridge.com/funds
Total Returns (%)
The Fund performance is calculated net of fees on NAV to NAV in USD with dividends reinvested. Returns over one year are annualized. Performance is representative of A class in USD. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than the base currency of the fund. Past performance is not indicative of future results.
Portfolio Composition
| Number of Securities | 556 |
| Morningstar Rating | ★★ |
Risk Characteristics
As of 31 Jul 2024| 3 Years | |
| Information Ratio | -1.4 |
| Tracking Error (%) | 0.9 |
| 3 Years | |
| Standard Deviation | 8.84 |
| Beta | 1.0 |
| R Squared (%) | 98.9 |
Portfolio Characteristics
As of 31 Jul 2024| Average Coupon (%) | 4.2 |
| Average Yield to Maturity (%) | 5.3 |
| Average Duration Years | 7.1 |
| Average Credit Rating | A3/Baa1 |
Sector Breakdown (%)
As of 31 Jul 2024| Fund | Benchmark | |
| Financial Institutions | 30.3 | 28.8 |
| Consumer Non-Cyclical | 15.2 | 13.3 |
| Capital Goods | 8.5 | 4.7 |
| Utility | 8.0 | 8.1 |
| Communications | 7.3 | 7.1 |
| Energy | 6.6 | 6.1 |
| Government | 5.9 | 13.2 |
| Technology | 5.6 | 7.9 |
| Other | 12.5 | 10.8 |
| Cash | 0.1 | 0.0 |
Top Ten Holdings (%)
As of 31 Jul 2024| Fund | |
| 1.8% SONOCO PRODUCTS 2025-02-01 | 0.7 |
| 3.846% BANK OF AMER CRP 2037-03-08 | 0.6 |
| 2.456% BANK OF AMER CRP 2025-10-22 | 0.6 |
| 0.95% GEORGIA-PACIFIC 2026-05-15 | 0.6 |
| 5.778% MIZUHO FINANCIAL 2029-07-06 | 0.6 |
| 2.525% JPMORGAN CHASE 2041-11-19 | 0.5 |
| 3.591% MORGAN STANLEY 2028-07-22 | 0.5 |
| 6% CITIGROUP INC 2033-10-31 | 0.5 |
| 1.04% IND BK OF KOREA 2025-06-22 | 0.5 |
| 3.25% ZIONS BANCORP 2029-10-29 | 0.5 |
Credit Rating (%)
As of 31 Jul 2024| Fund | Benchmark | |
| Aaa | 2.1 | 6.9 |
| Aa | 8.3 | 8.8 |
| A | 33.9 | 41.3 |
| Baa | 54.9 | 43.1 |
| Ba | 0.6 | 0.0 |
| NR | 0.1 | 0.0 |
Geographical Breakdown (%)
As of 31 Jul 2024| Fund | Benchmark | |
| United States | 81.2 | 75.7 |
| United Kingdom | 3.4 | 3.5 |
| Japan | 1.8 | 2.2 |
| Canada | 1.7 | 4.0 |
| Supranationals | 1.5 | 4.5 |
| Germany | 1.4 | 1.3 |
| France | 1.2 | 0.2 |
| Switzerland | 0.9 | 0.3 |
| Other | 6.7 | 8.3 |
| Cash | 0.1 | 0.0 |
Fees and Expenses
| Entry/Exit Fee | 5% / 3% |
| Investment Management Fee | 0.65 % |
| Ongoing Charge | 1.30% |
| Total Expense Ratio | 1.33% |
| Service Fee | 0.5% |
Fund Documents
Disclaimer
This is a marketing communication. This is not a contractually binding document. Please refer to the Prospectus of the UCITS and to the KIID and do not base any final investment decision on this communication alone.
This marketing document relates to PineBridge Global Funds (the “Fund”) and its Sub-Fund PineBridge USD Investment Grade Credit Fund (the “Sub-Fund”). The Fund is an open-ended umbrella unit trust with segregated liability between sub-funds established and authorised in Ireland as an undertaking for collective investment in transferable securities (UCITS) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) as amended and authorised by the Central Bank of Ireland.
This document is issued by PineBridge Investments Ireland Limited, the Manager and Global Distributor of the Fund, a limited liability company incorporated in Ireland having as sole business the management of collective investment vehicles. This document is for information purposes only and does not constitute any legal, tax and financial advice or recommendation to buy or sell any unit classes of the fund or any investment instruments. Tax Treatment depends on the individual circumstances of each client and may be subject to change in the future. We recommend the investor to liaise with his/her tax or legal counsel to receive further information about the tax treatment applicable to his/her personal situation. PineBridge Investments LLC (regulated by the Securities & Exchange Commission), PineBridge Investments Europe Limited (regulated by the Financial Conduct Authority) are investment managers of the sub-fund.
There can be no assurance the Sub-Fund investment objective will be achieved or that there will be a return on capital.
Past performance is not indicative of future returns. No benchmark is directly comparable to the investment objectives, strategy or universe of a Sub-Fund. The performance of a benchmark shall not be indicative of the past or future performance of any Sub-Fund.
Source of characteristics: Bloomberg Port +/ source of statistics: State Street as of the date of this document. For illustrative purposes only. Holdings/allocations are subject to change. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or securities. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document.
Copyright © 2024 Morningstar. All rights reserved. Source of rating: Morningstar. Reference class: A, Morningstar category: EAA Fund USD Corporate Bond. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past ratings do not prejudge the future performance of the unit class.
The Sub-Fund has been given its SFDR Categorisation based on Sustainable Finance Disclosure Regulation 2019/2088 and current law and regulation. Changes in law and regulation, the interpretation of law and regulation, new regulatory technical standards coming into effect and/or changes in regulatory guidance may result in a change of categorisation of the Sub-Fund.
Switzerland - The Prospectus, the Key Investor Information Document (KIID), the Trust Deed as well as the annual and semi-annual reports of the Fund may be obtained free of charge on the homepage of the management company or from the Swiss Representative. The Representative and Paying Agent of the Fund for Switzerland is State Street Bank International GmbH Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich. PineBridge Investments Switzerland GmbH is affiliated with the Swiss Chambers’ Arbitration Institution (SCAI), 4, boulevard du Théâtre, P.O. Box 5039, 1211 Geneva 11, Switzerland, Tel: +41 (0)22 819 91 57.