Asset Allocation

As of December 31, 2025.
Type % Net
Cash 13.78%
Stock 0.13%
Bond 84.66%
Convertible 1.24%
Preferred 0.00%
Other 0.19%
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Bond Sector Exposure

As of December 31, 2025
Type % Net
Government 33.14%
Corporate 49.50%
Securitized 0.00%
Municipal 0.91%
Other 16.44%
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Region Exposure

% Developed Markets: 59.35%    % Emerging Markets: 39.01%    % Unidentified Markets: 1.65%

Americas 51.72%
32.84%
Canada 11.15%
United States 21.69%
18.88%
Argentina 2.60%
Brazil 1.80%
Chile 0.92%
Colombia 3.37%
Mexico 3.87%
Peru 1.04%
Venezuela 0.51%
As of December 31, 2025. Region breakdown data is calculated by using the long position holdings of the portfolio.
Greater Europe 33.54%
United Kingdom 5.82%
14.05%
Austria 0.27%
Belgium 0.34%
Finland 0.09%
France 2.33%
Germany 2.56%
Greece 0.09%
Italy 0.77%
Netherlands 2.50%
Norway 0.23%
Spain 1.60%
Sweden 0.27%
Switzerland 0.14%
6.04%
Czech Republic 0.53%
Poland 0.68%
Russia 0.00%
Turkey 3.18%
7.63%
Egypt 1.14%
Israel 0.34%
Nigeria 0.46%
South Africa 1.98%
United Arab Emirates 0.67%
Greater Asia 13.09%
Japan 1.28%
0.55%
Australia 0.55%
3.70%
Hong Kong 2.10%
Singapore 0.32%
South Korea 0.60%
Taiwan 0.69%
7.56%
China 2.07%
India 0.35%
Indonesia 0.95%
Kazakhstan 0.34%
Malaysia 0.75%
Pakistan 0.69%
Philippines 0.27%
Thailand 0.92%
Unidentified Region 1.65%

Bond Credit Quality Exposure

AAA 1.31%
AA 1.72%
A 4.97%
BBB 15.85%
BB 30.28%
B 22.99%
Below B 5.89%
    CCC 5.40%
    CC 0.00%
    C 0.11%
    DDD 0.00%
    DD 0.00%
    D 0.38%
Not Rated 0.40%
Not Available 16.58%
Short Term 0.00%
As of December 31, 2025
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Bond Maturity Exposure

Short Term
2.27%
Less than 1 Year
2.27%
Intermediate
65.61%
1 to 3 Years
6.77%
3 to 5 Years
21.14%
5 to 10 Years
37.70%
Long Term
23.14%
10 to 20 Years
12.13%
20 to 30 Years
8.11%
Over 30 Years
2.91%
Other
8.98%
As of December 31, 2025
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