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Six Circles Global Bond Fund
mutual fund
CGLBX
Payout Change
Pending
Price as of:
$8.55
-0.02
-0.23%
primary theme
N/A
share class
CGLBX (Mutual Fund)
Six Circles Global Bond Fund
CGLBX (Mutual Fund)
Six Circles Global Bond Fund
Payout Change
Pending
Price as of:
$8.55
-0.02
-0.23%
primary theme
N/A
share class
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
3.9%
1 yr return
4.1%
3 Yr Avg Return
0.7%
5 Yr Avg Return
N/A
Net Assets
$13.1 B
Holdings in Top 10
7.6%
52 WEEK LOW AND HIGH
$8.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.36%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CGLBX - Profile
Distributions
- YTD Total Return 3.9%
- 3 Yr Annualized Total Return 0.7%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.86%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSix Circles Global Bond Fund
-
Fund Family NameSix Circles Funds
-
Inception DateMay 19, 2020
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerScott Radell
Fund Description
The Fund is designed to provide total return by actively investing mainly in a global portfolio of investment grade fixed income securities with varying maturities. The Fund’s portfolio will consist of a variety of strategies providing exposures mainly across government, corporate and securitized credit fixed income sectors.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings) in fixed income securities and other related instruments with similar economic characteristics. Generally, such bonds will have varying maturities. As part of this investment strategy, the Fund will invest in some or all of the following: debt securities of corporate issuers, obligations of governments, government agencies or instrumentalities, including U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (“STRIPS”)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, asset-backed, mortgage-related and mortgage-backed securities (“MBS”) (residential or commercial) (and which may include “to be announced” (“TBA”) transactions) and other debt securities. Mortgage-related and MBS may be structured as collateralized mortgage obligations (“CMOs”) (agency and non‑agency), stripped MBS (mortgage securities split into interest-only and
principal only securities), commercial mortgage-backed securities (“CMBS”), or mortgage pass-through securities (interests in securities representing pools of mortgages). These securities may be structured such that payments consist of interest-only, principal-only or principal and interest. The instruments in which the Fund invests may pay fixed, variable, or floating interest rates and may consist of zero‑coupon securities, convertible securities, inflation-linked securities (including Treasury Inflation Protected Securities), repurchase agreements, privately-issued (Rule 144A) securities, structured notes, collateralized loan obligations (“CLOs”), loan participations, loan assignments and other securities and instruments bearing fixed or variable interest rates. As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in developed and emerging markets. These securities may include debt securities issued by governments and their agencies, state and provincial governmental entities, supranational organizations, corporations, and banks. The Fund may also invest in foreign securities, including emerging market securities, that are U.S. dollar denominated or non‑U.S. dollar denominated, and the Fund may seek to hedge such securities’ currency exposure to the U.S. dollar. The Fund may also invest in other investment companies, such as open‑end, closed‑end and exchange-traded funds, and other pooled investment vehicles, which may include private funds.
For purposes of the 80% investment policy, the Fund will treat an investment in derivatives as an investment in the securities underlying such derivatives and will value such derivatives at market value. The Fund will provide shareholders with at least 60 days’ prior notice of any change to its 80% investment policy.
Under normal circumstances, the Fund will invest in a number of different countries around the world, with the portfolio as a whole economically tied to at least four countries, including the United States; however, the Fund may invest a substantial part of its assets in just one country and is not required to allocate its investments in any set percentages in any particular countries.
The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted maturity.
Most of the Fund’s investments will be investment grade at the time of investment, although up to 20% of the Fund’s total assets may be invested in below investment grade securities (commonly known as “high yield securities” or “junk bonds”). The Fund’s investment grade investments will at the time of investment: (i) carry a long-term rating of Baa3, BBB– or BBB– or higher by any of Moody’s Investors Service Inc. (“Moody’s”), Standard & Poor’s Corporation (“S&P”) and Fitch Ratings (“Fitch”), respectively, or the equivalent by another nationally
recognized statistical rating organization (“NRSRO”); (ii) carry a short-term rating of P‑2, A‑2 or F2 or higher by any of Moody’s, S&P and Fitch, respectively, or the equivalent by another NRSRO; or (iii) if such investments are unrated, be deemed by a Sub‑Adviser (as defined below) to be of comparable quality at the time of investment. Below investment grade securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.
The Fund has flexibility to invest in derivatives and may use such instruments to manage duration, credit quality, and currency risk and/or as substitutes for securities and other instruments in which the Fund can invest. A derivative is an instrument that has a value based on another instrument, exchange rate or index. The Fund may use futures, swaps, forward contracts, foreign exchange instruments (spot and forward), options (including options on swaps), and structured notes, as well as repurchase agreements and reverse repurchase agreements, in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes, as a substitute for securities and other instruments in which the Fund can invest or to increase income or gain to the Fund. The Fund may also use currency-related transactions involving currency derivatives as part of its investment strategy to hedge currency risk.
The Fund is classified as a “non‑diversified” fund under the Investment Company Act of 1940, as amended. A non‑diversified fund is permitted (but is not required) to invest a higher percentage of its assets in the securities of fewer issuers. Due to the nature of the investments in which the Fund is seeking to invest, at times a significant portion of the issuers of the investments in the Fund’s portfolio may be in the financials sector.
The Fund will likely engage in active and frequent trading. The frequency with which the Fund buys and sells securities will vary from year to year, depending on market conditions.
J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”) constructs the Fund’s portfolio by allocating the Fund’s assets among fixed income exposures and investment strategies managed by one or more sub‑advisers retained by the Adviser (each, a “Sub‑Adviser”). Additionally, the Sub‑Advisers may in turn allocate to one or more additional sub‑advisers (each, a “Sub‑Sub‑Adviser”) a portion of the assets allocated to them by the Adviser. Certain references herein to the Sub‑Adviser may also include a Sub‑Sub‑Adviser, as the context requires.
In allocating the assets of the Fund, the Adviser will generally make strategic and tactical allocation decisions by directing shifts in allocations among the various fixed income exposures and investment strategies managed by the Sub‑Advisers that target risk profiles and investment exposures across the global government, global corporate, and global securitized fixed income universe. The Adviser will periodically review and determine the allocations among the fixed income exposures and investment strategies and may make changes to these allocations when it believes it is beneficial to the Fund. The Adviser may, in its discretion, add to, delete from or modify the categories of fixed income exposures and investment strategies employed by the Fund, or add other fixed income exposures and investment strategies, including active strategies, managed by the Sub‑Advisers. In making allocations among such fixed income exposures and investment strategies and/or in changing the categories of fixed income exposures and investment strategies employed by the Fund, the Adviser expects to take into account the investment goals of the broader investment programs administered by the Adviser or its affiliates, for whose use the Fund is exclusively designed. As such, the Fund may perform differently from a similar fund that is managed without regard to such broader investment programs.
Each Sub‑Adviser may use both its own proprietary and external research and securities selection process to manage its allocated portion of the Fund’s assets. The Adviser is responsible for determining the amount of Fund assets allocated to each Sub‑Adviser. The Adviser is not required to allocate a minimum amount of Fund assets to any specific Sub-Adviser and may allocate, or re-allocate, zero Fund assets to a specific Sub-Adviser at any time. The Sub‑Advisers are responsible for determining the amount of Fund assets allocated to each Sub‑Sub‑Adviser. The Adviser engages the following Sub‑Advisers: BlackRock Investment Management, LLC (“BlackRock”), Pacific Investment Management Company LLC (“PIMCO”) and PGIM, Inc. (“PGIM”). BlackRock currently allocates assets to BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”), while PGIM currently allocates assets to PGIM Limited (“PGIML”). The Adviser may adjust allocations to the Sub‑Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the “Board”) with respect to the hiring, termination or replacement of a Sub‑Adviser. As such, the identity of the Fund’s Sub‑Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time. For example, due to market conditions, the Adviser may choose not to allocate Fund assets to a Sub‑Adviser or may
reduce the portion of the Fund allocated to a Sub‑Adviser to zero. Each Sub‑Adviser is responsible for deciding which securities to purchase and sell for its respective portion of the Fund and for placing orders for the Fund’s transactions. However, the Adviser reserves the right to instruct Sub‑Advisers as needed on certain Fund transactions and manage a portion of the Fund’s portfolio directly, including without limitation, for portfolio hedging, to temporarily adjust the Fund’s overall market exposure or to temporarily manage assets as a result of a Sub‑Adviser’s resignation or removal. Below is a summary of each current Sub‑Adviser’s investment approach.
BlackRock
With respect to its allocated portion of the Fund, BlackRock (together with BIL and BSL) will use an approach that seeks to achieve and/or enhance the performance of various segments of one or more public global bond indexes. These segments, which are selected by the Adviser to implement the Adviser’s on‑going strategic and tactical investment decisions for the Fund, represent different components of the fixed income universe, such as segments representing various geographies, industries, security types (e.g., government securities or asset-backed securities), credit ratings or maturities. BlackRock (together with BIL and BSL) will reallocate among segments as instructed by the Adviser.
PGIM
With respect to its allocated portion of the Fund, PGIM (together with PGIML) will actively manage two components of the Fund’s investment strategy. In the first component PGIM (together with PGIML) will invest primarily in government bonds, interest rate securities and derivatives. In the second component PGIM (together with PGIML) will invest primarily in corporate, credit intensive bonds and credit derivatives.
PIMCO
With respect to its allocated portion of the Fund, PIMCO will actively invest mainly in a portfolio of securitized debt, interest rate derivatives, and derivatives tied to securitized debt (including covered bonds, MBS, asset-backed securities, CMBS, and CLOs).
CGLBX - Performance
Return Ranking - Trailing
| Period | CGLBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.9% | -59.5% | 0.9% | 22.33% |
| 1 Yr | 4.1% | -15.5% | 19.7% | 16.83% |
| 3 Yr | 0.7%* | -4.3% | 4.2% | N/A |
| 5 Yr | N/A* | -2.5% | 4.1% | N/A |
| 10 Yr | N/A* | -3.0% | 2.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CGLBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.8% | -15.2% | 0.9% | 10.00% |
| 2022 | -18.0% | -10.9% | 12.2% | N/A |
| 2021 | -3.2% | -10.8% | 14.8% | N/A |
| 2020 | N/A | -15.3% | 0.6% | N/A |
| 2019 | N/A | -44.4% | 14.4% | N/A |
Total Return Ranking - Trailing
| Period | CGLBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.9% | -59.5% | 0.9% | 17.48% |
| 1 Yr | 4.1% | -16.6% | 30.5% | 14.22% |
| 3 Yr | 0.7%* | -5.2% | 10.9% | N/A |
| 5 Yr | N/A* | -2.8% | 7.4% | N/A |
| 10 Yr | N/A* | -3.0% | 3.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CGLBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.2% | -15.2% | 0.9% | 10.00% |
| 2022 | -9.1% | -10.9% | 12.2% | N/A |
| 2021 | -0.9% | -10.8% | 14.8% | N/A |
| 2020 | N/A | -15.3% | 3.8% | N/A |
| 2019 | N/A | -44.4% | 14.4% | N/A |
NAV & Total Return History
CGLBX - Holdings
Concentration Analysis
| CGLBX | Category Low | Category High | CGLBX % Rank | |
|---|---|---|---|---|
| Net Assets | 13.1 B | 74.5 K | 14.7 B | 12.25% |
| Number of Holdings | 6663 | 4 | 4562 | 0.47% |
| Net Assets in Top 10 | 996 M | -112 M | 3.66 B | 19.43% |
| Weighting of Top 10 | 7.58% | 4.7% | 100.0% | 94.71% |
Top 10 Holdings
- FNMA 30YR TBA 6% NOV 24 TO BE ANNOUNCED 6.00000000 1.20%
- FRANCE (GOVT OF) /EUR/ REGD SER OAT 4.50000000 0.85%
- UNITED STATES TREASURY BILL ZCP 0.00000000 0.84%
- FRANCE (GOVT OF) /EUR/ REGD SER OAT 1.25000000 0.81%
- FRANCE (GOVT OF) /EUR/ REGD SER OAT 1.75000000 0.67%
- CHINA GOVERNMENT BOND /CNY/ REGD SER INBK 2.44000000 0.67%
- FRANCE GOVT 4.75% 4/25/35 /EUR 4.75000000 0.66%
- UNITED STATES TREASURY NOTE 4.37500000 0.64%
- UNITED STATES TREASURY NOTE 4.00000000 0.62%
- FRANCE (GOVT OF) /EUR/ REGD SER OAT 3.25000000 0.62%
Asset Allocation
| Weighting | Return Low | Return High | CGLBX % Rank | |
|---|---|---|---|---|
| Bonds | 103.23% | 0.00% | 220.33% | 68.72% |
| Convertible Bonds | 1.16% | 0.00% | 11.19% | 57.35% |
| Cash | 0.85% | -130.07% | 95.62% | 11.37% |
| Stocks | 0.00% | 0.00% | 7.47% | 46.45% |
| Preferred Stocks | 0.00% | 0.00% | 2.87% | 27.01% |
| Other | -2.76% | -9.71% | 100.00% | 98.58% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CGLBX % Rank | |
|---|---|---|---|---|
| Government | 33.82% | 0.30% | 99.47% | 67.31% |
| Securitized | 12.97% | 0.00% | 52.02% | 16.83% |
| Corporate | 8.62% | 0.00% | 98.62% | 75.96% |
| Cash & Equivalents | 0.85% | 0.00% | 95.62% | 18.27% |
| Municipal | 0.02% | 0.00% | 7.95% | 36.06% |
| Derivative | -1.81% | 0.00% | 74.77% | 16.35% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CGLBX % Rank | |
|---|---|---|---|---|
| Non US | 77.10% | 0.00% | 112.80% | 68.72% |
| US | 26.13% | -5.52% | 107.53% | 43.13% |
CGLBX - Expenses
Operational Fees
| CGLBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.36% | 0.02% | 3.65% | 98.56% |
| Management Fee | 0.25% | 0.00% | 2.08% | 2.93% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.01% | 0.01% | 0.45% | N/A |
Sales Fees
| CGLBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.00% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| CGLBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CGLBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 6.00% | 354.00% | N/A |
CGLBX - Distributions
Dividend Yield Analysis
| CGLBX | Category Low | Category High | CGLBX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.19% | 0.00% | 17.40% | 8.06% |
Dividend Distribution Analysis
| CGLBX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| CGLBX | Category Low | Category High | CGLBX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.86% | -1.08% | 5.77% | 78.43% |
Capital Gain Distribution Analysis
| CGLBX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 27, 2024 | $0.023 | OrdinaryDividend |
| Oct 30, 2024 | $0.022 | OrdinaryDividend |
| Sep 27, 2024 | $0.023 | OrdinaryDividend |
| Aug 29, 2024 | $0.023 | OrdinaryDividend |
| Jul 30, 2024 | $0.022 | OrdinaryDividend |
| Apr 29, 2024 | $0.024 | OrdinaryDividend |
| Mar 27, 2024 | $0.024 | OrdinaryDividend |
| Feb 28, 2024 | $0.023 | OrdinaryDividend |
| Jan 30, 2024 | $0.023 | OrdinaryDividend |
| Dec 28, 2023 | $0.018 | OrdinaryDividend |
| Nov 29, 2023 | $0.024 | OrdinaryDividend |
| Oct 30, 2023 | $0.023 | OrdinaryDividend |
| Sep 28, 2023 | $0.023 | OrdinaryDividend |
| Aug 30, 2023 | $0.022 | OrdinaryDividend |
| Jul 28, 2023 | $0.023 | OrdinaryDividend |
| Jun 29, 2023 | $0.020 | OrdinaryDividend |
| May 30, 2023 | $0.021 | OrdinaryDividend |
| Apr 27, 2023 | $0.023 | OrdinaryDividend |
| Mar 30, 2023 | $0.022 | OrdinaryDividend |
| Feb 27, 2023 | $0.018 | OrdinaryDividend |
| Jan 30, 2023 | $0.020 | OrdinaryDividend |
| Dec 29, 2022 | $0.765 | OrdinaryDividend |
| Nov 29, 2022 | $0.018 | OrdinaryDividend |
| Oct 28, 2022 | $0.015 | OrdinaryDividend |
| Aug 30, 2022 | $0.013 | OrdinaryDividend |
| Jul 28, 2022 | $0.012 | OrdinaryDividend |
| Jun 29, 2022 | $0.012 | OrdinaryDividend |
| May 27, 2022 | $0.011 | OrdinaryDividend |
| Apr 28, 2022 | $0.010 | OrdinaryDividend |
| Mar 30, 2022 | $0.011 | OrdinaryDividend |
| Feb 25, 2022 | $0.010 | OrdinaryDividend |
| Jan 28, 2022 | $0.010 | OrdinaryDividend |
| Dec 29, 2021 | $0.143 | OrdinaryDividend |
| Dec 17, 2021 | $0.005 | CapitalGainShortTerm |
| Nov 24, 2021 | $0.010 | OrdinaryDividend |
| Sep 29, 2021 | $0.010 | OrdinaryDividend |
| Aug 30, 2021 | $0.010 | OrdinaryDividend |
| Jul 29, 2021 | $0.010 | OrdinaryDividend |
| Jun 29, 2021 | $0.010 | OrdinaryDividend |
| Apr 29, 2021 | $0.010 | OrdinaryDividend |
| Mar 30, 2021 | $0.010 | OrdinaryDividend |
| Feb 25, 2021 | $0.008 | OrdinaryDividend |
| Jan 28, 2021 | $0.009 | OrdinaryDividend |
| Oct 29, 2020 | $0.008 | OrdinaryDividend |
| Sep 29, 2020 | $0.007 | OrdinaryDividend |
| Aug 28, 2020 | $0.002 | OrdinaryDividend |
| Jul 30, 2020 | $0.008 | OrdinaryDividend |
| Jun 29, 2020 | $0.006 | OrdinaryDividend |
| May 28, 2020 | $0.001 | OrdinaryDividend |
CGLBX - Fund Manager Analysis
Managers
Scott Radell
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Scott Radell has been employed as managing director and portfolio manager with BlackRock Investment Management LLC and BlackRock Financial Advisers (formerly, Barclays Global Fund Advisors) and its predecessors since 2009. Mr. Radell served as a portfolio manager at Barclays Global Fund Advisors and its affiliates since 2004. Radell was a credit strategist from 2003 to 2004 before becoming a CoreAlpha Bond Portfolio Manager and prior to that he was employed by Morgan Stanley Asset Management as a credit analyst from 1996 to 2003.
Jeffrey Gaffney
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Mr. Gaffney is an Executive Director and the Head of Multi-Asset Portfolio Management–Americas for J.P. Morgan Private Bank, based in New York. He is responsible for constructing efficient multi-asset class portfolios for clients across the spectrum of investment objectives, risk tolerances, and liquidity constraints. Mr. Gaffney has been with J.P. Morgan since 2009, and has been a member of the Private Bank CIO Team since 2011. He chairs the WM U.S. Investment Committee and is a member of the Global Investment Committee. In addition, Mr. Gaffney serves as a portfolio manager for several J.P. Morgan asset allocation strategies. Mr. Gaffney holds a Bachelor of Science in Engineering degree from Princeton University in Operations Research and Financial Engineering. He also holds a Masters of Business Administration from Yale University with an emphasis in Finance.
Edward Farley
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Mr. Kellner, CFA, is a Managing Director and Head of Corporates at PGIM Fixed Income. He is exclusively focused on Investment Grade portfolio management and trading and has been instrumental as a Senior Portfolio Manager in growing the Firm’s corporate assets from $44 billion in 2000 to $367 billion in corporate assets under management as of December 31, 2020. Mr. Kellner has been managing corporate bonds for the Firm since 1989. In 1992, Mr. Kellner was named Managing Director and Head of the Firm’s proprietary Corporate Bond portfolios. In 1999, he became Head of Corporate Bond Strategies including all third-party management. He initially joined the Firm in 1986. After completing his MBA in Finance at The Wharton School of the University of Pennsylvania in 1987, Mr. Kellner rejoined the group as an analyst, then moved to the corporate bond team responsible for managing the Firm’s proprietary fixed income portfolios. In addition to his MBA, Mr. Kellner received a BCE in Civil Engineering from Villanova University. He holds the Chartered Financial Analyst (CFA) designation. Mr. Kellner has announced that he will be retiring from PGIM in April 2022.
Richard Madigan
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Madigan is a portfolio manager with Offitbank, his employer since 1998. Previously, he was vice president and principal of the emerging markets fixed income institutional sales group at JP Morgan Securities from 1996 to 1998. Prior to that, from 1994 to 1996, he was vice president and principal of the cross border finance group at Citicorp Securities. From 1990 to 1994, he was a corporate banker with Citibank. Mr. Madigan is the Chief Investment Officer for J.P. Morgan’s Private Bank, based in New York. In his role, he and his team (the “Private Bank CIO Team”) are responsible for the development of investment strategy, tactical and strategic asset allocation for $1 trillion in private bank and institutional client assets. Mr. Madigan is chair of the Private Bank’s Global Investment Committee. Previously, Mr. Madigan was the Chief Investment Officer for J.P. Morgan’s Global Access Portfolios, where he and his team managed in excess of $16 billion in client assets across 35 countries. Prior to his roles at J.P. Morgan, Mr. Madigan held the title of Managing Director, Head of Emerging Markets Investments and Senior Portfolio Manager at Offitbank, a New York-based wealth management boutique, where he managed peak assets in excess of $1 billion in both domestic and offshore portfolios, including the firm’s flagship emerging markets mutual fund. He was also a senior member of the firm’s investment committee. Before joining Offitbank, Mr. Madigan worked for J.P. Morgan’s Investment Banking division in New York in the emerging markets securities business. He previously spent six years with Citicorp first as a banker in Mexico, and then in the firm’s international corporate finance division in New York.
Daniel Hyman
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Mr. Hyman is a managing director and co-head of the agency mortgage portfolio management team in the Newport Beach office. He is the lead portfolio manager on PIMCO's Ginnie Mae and Mortgage Opportunities Strategies and serves as a member of PIMCO's Executive Committee. Prior to joining PIMCO in 2008, Mr. Hyman was a vice president at Credit Suisse where he traded agency pass-throughs. He holds an undergraduate degree from Lehigh University.
Matthew Angelucci
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Matthew Angelucci, CFA, is a Principal and portfolio manager for PGIM Fixed Income’s Global Team. Mr. Angelucci’s primary portfolio management responsibilities include country and sector allocation, duration management, and issue selection within government and sovereign securities and derivatives across global multi-sector portfolios and relative value hedge funds. Prior to assuming his current position, he was a financial analyst in the Portfolio Analysis Group of PGIM Fixed Income, responsible for performance attribution and providing daily risk analysis and analytic support to the Global Government portfolio management team. Mr. Angelucci joined the Firm in 2005. He received a BS in Corporate Finance and Accounting from Bentley University. Mr. Angelucci holds the Chartered Financial Analyst (CFA) designation.
Robert Tipp
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds for PGIM Fixed Income. In addition to comanaging the Global Aggregate Plus strategy, Mr. Tipp is responsible for global rates positioning for Core Plus, Absolute Return, and other portfolios. Mr. Tipp has worked at the Firm since 1991, where he has held a variety of senior investment manager and strategist roles. Prior to joining the Firm, he was a Director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Before that, Mr. Tipp was a Senior Staff Analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration and an MBA from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation. Named Morningstar’s 2017 Fixed Income Manager of The Year for PGIM Total Return Bond Fund.
Joel Silva
Start Date
Tenure
Tenure Rank
May 19, 2020
2.03
2.0%
Silva has been employed by BGFA and BGI as a Portfolio Manager since July 2007. Prior to becoming a Portfolio Manager, he was employed as a Managing Director for Stone & Youngberg LLC where he traded and underwrote municipal securities from 2002 to 2007.
Munish Gupta
Start Date
Tenure
Tenure Rank
Dec 04, 2020
1.49
1.5%
David Del Vecchio
Start Date
Tenure
Tenure Rank
May 01, 2021
1.08
1.1%
David Del Vecchio is a Managing Director and portfolio manager for PGIM Fixed Income’s U.S. Investment Grade Corporate Bond Team. Mr. Del Vecchio’s responsibilities include corporate strategies as well as corporate security selection in multi-sector strategies. Prior to his current role, Mr. Del Vecchio was a taxable money markets portfolio manager for the Money Markets Group, responsible for managing proprietary fixed income accounts, as well as the securities lending portfolios. Prior to joining the Money Markets Group in 2000, he was responsible for the lending/repurchase agreements of U.S. government, agency, and STRIP securities in PGIM Fixed Income’s Securities Lending Group. Mr. Del Vecchio joined the Firm in 1995. He received a BS in Business Administration with a specialization in Finance from The College of New Jersey, and an MBA in Finance from New York University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 28.31 | 6.8 | 3.67 |
