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Templeton Global Bond’s Flexibility Sets it Apart

This strategy’s freewheeling style makes it a better fit in the nontraditional bond Morningstar Category.

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On Sept. 30, 2019, we moved Templeton Global Bond (TGBAX), Templeton Global Total Return (TTRZX), and Templeton International Bond (FIBZX) to the nontraditional bond Morningstar Category. These benchmark-agnostic strategies employ bolder tactical calls on duration, currency, and emerging-markets exposures than most funds in the world bond category, which makes them a better fit for the nontraditional bond peer group.

The strategies had resided in the world bond category for more than a decade given their focus on non-U.S. sovereign bonds and small inclusion of non-U.S. corporates in the case of Templeton Global Total Return. Morningstar’s world bond category is home to predominantly investment-grade portfolios that invest 40% or more of their assets in bonds issued outside the United States, the most conservative of which focus on high-quality, developed-markets debt. Many of these are run in a nearly 100% unhedged fashion versus a global bond index such as the Bloomberg Barclays Global Aggregate Index, giving investors exposure to the underlying currencies.

Karin Anderson has a position in the following securities mentioned above: TGBAX. Find out about Morningstar’s editorial policies.

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