Asset Allocation

As of December 31, 2025.
Type % Net
Cash 14.49%
Stock 0.92%
Bond 80.54%
Convertible 0.29%
Preferred 2.05%
Other 1.71%
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Bond Sector Exposure

As of December 31, 2025
Type % Net
Government 37.14%
Corporate 38.55%
Securitized 13.02%
Municipal 5.04%
Other 6.26%
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Region Exposure

% Developed Markets: 68.87%    % Emerging Markets: 14.32%    % Unidentified Markets: 16.81%

Americas 69.83%
63.22%
Canada 0.94%
United States 62.29%
6.61%
Argentina 0.68%
Brazil 0.68%
Chile 0.49%
Colombia 0.75%
Mexico 1.15%
Peru 0.50%
As of December 31, 2025. Region breakdown data is calculated by using the long position holdings of the portfolio.
Greater Europe 8.23%
United Kingdom 0.96%
1.62%
Austria 0.04%
Denmark 0.02%
Finland 0.00%
France 0.15%
Germany 0.06%
Greece 0.00%
Ireland 0.13%
Italy 0.03%
Netherlands 0.46%
Norway 0.01%
Spain 0.04%
Switzerland 0.01%
2.88%
Czech Republic 0.30%
Poland 0.53%
Turkey 1.00%
2.77%
Egypt 0.16%
Israel 0.14%
Nigeria 0.14%
Qatar 0.13%
Saudi Arabia 0.37%
South Africa 0.59%
United Arab Emirates 0.36%
Greater Asia 5.13%
Japan 0.20%
0.20%
Australia 0.20%
0.69%
Hong Kong 0.40%
Singapore 0.13%
4.04%
China 0.77%
India 0.73%
Indonesia 0.90%
Kazakhstan 0.07%
Malaysia 0.62%
Pakistan 0.04%
Philippines 0.22%
Thailand 0.45%
Unidentified Region 16.81%

Bond Credit Quality Exposure

AAA 1.76%
AA 27.59%
A 2.90%
BBB 7.10%
BB 19.60%
B 14.32%
Below B 3.00%
    CCC 2.94%
    CC 0.01%
    C 0.01%
    DDD 0.00%
    DD 0.00%
    D 0.05%
Not Rated 0.18%
Not Available 23.54%
Short Term 0.00%
As of December 31, 2025
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Bond Maturity Exposure

Short Term
4.68%
Less than 1 Year
4.68%
Intermediate
72.04%
1 to 3 Years
20.80%
3 to 5 Years
28.80%
5 to 10 Years
22.44%
Long Term
23.15%
10 to 20 Years
6.66%
20 to 30 Years
15.86%
Over 30 Years
0.63%
Other
0.13%
As of December 31, 2025
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