Asset Class
EM Sovereign Bonds
Benchmark
EM Sovereign Inv Grade
Inception
Guinness Global Investors
Investment Objective: The Wealthy Nations Sovereign IG Bond Fund invests in sovereign and quasi-sovereign US dollar denominated bonds of nations with strong external balance sheets — wealthy nations identified through the NFA (Net Foreign Assets) framework. The fund seeks to generate attractive absolute returns by exploiting the systematic mispricing of wealthy-nation bonds relative to debtor-nation benchmarks, targeting long-duration high-quality EM issuers that are overlooked by conventional index-based approaches.
NFA Framework
Long Duration
Sovereign & Quasi-Sovereign
IG Focus
GCC Overweight
LatAm Value
Yield to Worst
6.31%
Weighted average portfolio
Modified Duration
10.86 yrs
Effective portfolio duration
Average Rating
A3 / Baa1
WARF: 259
No. of Holdings
26
Bonds across 9 countries
Fund AUM
$9.89M
Model portfolio value
% Investment Grade
92.0%
8.0% sub-IG (Ba1)
Country Allocation (% NAV)
Source: Orca / Guinness Global Investors. As at 31 March 2026. Cash figure provisional.
Regional Allocation (% NAV)
Source: Orca / Guinness Global Investors. As at 31 March 2026. Cash figure provisional.
Issuer Type (% NAV)
Source: Orca / GA10 analytics engine. As at 31 March 2026. Computed from full holdings. Cash figure provisional.
NFA★ Distribution (% NAV)
Source: Orca / GA10 analytics engine. NFA★ = Net Foreign Assets star rating (1–7, proprietary). As at 31 March 2026. Cash figure provisional.
Top 10 Holdings
| Issuer |
Country |
Yield |
Dur |
Weight |
| KazMunayGas 6.375% 2048 | Kazakhstan | 6.31% | 11.6 | 6.81% |
| CFE 6.264% 2052 | Mexico | 7.15% | 11.9 | 5.95% |
| Colombia 3.875% 2061 | Colombia | 7.18% | 14.0 | 8.28% |
| Qatar Energy 3.125% 2041 | Qatar | 5.69% | 11.2 | 7.56% |
| Saudi Arabia 4.5% 2060 | Saudi Arabia | 6.00% | 14.8 | 4.47% |
| Ecopetrol 5.875% 2045 | Colombia | 8.60% | 9.8 | 4.66% |
| Israel 3.8% 2060 | Israel | 6.21% | 15.1 | 4.10% |
| Pemex 6.95% 2060 | Mexico | 8.65% | 11.0 | 4.19% |
| ADCOP 4.6% 2047 | UAE | 5.47% | 12.9 | 3.65% |
| Galaxy Pipeline 3.25% 2040 | UAE | 5.43% | 10.9 | 3.57% |
Source: Orca. Prices as at 31 March 2026. Yield = YTW. Duration = OAD years.
Rating Distribution (Moody's)
Source: Orca / GA10 analytics engine. As at 31 March 2026. Parent-letter buckets. Cash figure provisional.
Portfolio Characteristics
| Yield to Worst | 6.31% | No. of Positions | 26 |
| Modified Duration | 10.86 yrs | Ave. Rating | A3/Baa1 |
| WARF Score | 259 | % Investment Grade | 92.0% |
| Ave. Maturity | ~21 yrs | Ave. Spread | 190 bp |
Source: Orca / GA10 analytics engine. As at 31 March 2026.
Monthly Performance (% Net of Fees, USD)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
YTD |
| 2026 |
— |
— |
— |
Data to be populated from Waystone NAV |
— |
| 2025 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Note: Performance data to be populated from Waystone official NAV calculations. Past performance is not a guide to future returns.
Full Portfolio Holdings
| Issuer |
Country |
Issuer Type |
Coupon |
Maturity |
Rating |
NFA★ |
YTW |
OAD |
OAS (bp) |
Weight |
| Colombia 3.875% 2061 | Colombia | Sovereign | 3.875% | Feb-61 | Baa2 | ★★★ | 7.18% | 14.0 | 245 | 8.28% |
| Qatar Energy 3.125% 2041 | Qatar | Quasi-Sov | 3.125% | Jul-41 | Aa2 | ★★★★★★★ | 5.69% | 11.2 | 98 | 7.56% |
| KazMunayGas 6.375% 2048 | Kazakhstan | Quasi-Sov | 6.375% | Oct-48 | Baa2 | ★★★ | 6.31% | 11.6 | 160 | 6.81% |
| CFE 6.264% 2052 | Mexico | Quasi-Sov | 6.264% | Feb-52 | Baa2 | ★★★ | 7.15% | 11.9 | 242 | 5.95% |
| Ecopetrol 5.875% 2045 | Colombia | Quasi-Sov | 5.875% | May-45 | Ba1 | ★★★ | 8.60% | 9.8 | 389 | 4.66% |
| Saudi Arabia 4.5% 2060 | Saudi Arabia | Sovereign | 4.500% | Apr-60 | Aa3 | ★★★★★★★ | 6.00% | 14.8 | 127 | 4.47% |
| Israel 3.8% 2060 | Israel | Sovereign | 3.800% | May-60 | A2 | ★★★★★ | 6.21% | 15.1 | 148 | 4.10% |
| Pemex 6.95% 2060 | Mexico | Quasi-Sov | 6.950% | Jan-60 | Baa2 | ★★★ | 8.65% | 11.0 | 392 | 4.19% |
| ADCOP 4.6% 2047 | UAE | Quasi-Sov | 4.600% | Nov-47 | Aa2 | ★★★★★★★ | 5.47% | 12.9 | 76 | 3.65% |
| Galaxy Pipeline 3.25% 2040 | UAE | Quasi-Sov | 3.250% | Sep-40 | Aa2 | ★★★★★★★ | 5.43% | 10.9 | 127 | 3.57% |
| Saudi Aramco 4.25% 2039 | Saudi Arabia | Quasi-Sov | 4.250% | Apr-39 | A1 | ★★★★★★★ | 5.60% | 9.4 | 144 | 3.62% |
| Saudi Arabia 4.5% 2046 | Saudi Arabia | Sovereign | 4.500% | Oct-46 | Aa3 | ★★★★★★★ | 6.00% | 12.2 | 129 | 3.42% |
| Ecopetrol 5.875% 2051 | Colombia | Quasi-Sov | 5.875% | Nov-51 | Ba1 | ★★★ | 8.65% | 10.6 | 392 | 3.37% |
| Mubadala 5.5% 2033 | UAE | Quasi-Sov | 5.500% | Apr-33 | Aa2 | ★★★★★★★ | 5.03% | 5.7 | 110 | 3.19% |
| Pemex 7.69% 2050 | Mexico | Quasi-Sov | 7.690% | Jan-50 | Baa2 | ★★★ | 8.73% | 10.0 | 402 | 3.23% |
| South Korea 1.75% 2031 | South Korea | Sovereign | 1.750% | Oct-31 | Aa2 | ★★★★★ | 4.06% | 5.1 | 32 | 3.17% |
| CFE 6.45% 2035 | Mexico | Quasi-Sov | 6.450% | Jan-35 | Baa2 | ★★★ | 6.32% | 6.6 | 216 | 3.10% |
| United Arab Emirates 4.951% 2052 | UAE | Sovereign | 4.951% | Jul-52 | Aa3 | ★★★★★★★ | 5.64% | 13.8 | 91 | 2.79% |
| Kazakhstan 6.5% 2045 | Kazakhstan | Sovereign | 6.500% | Jul-45 | Baa2 | ★★★ | 5.74% | 11.1 | 103 | 2.79% |
| GACI 5.125% 2053 | Saudi Arabia | Quasi-Sov | 5.125% | Feb-53 | A1 | ★★★★★★★ | 6.22% | 13.4 | 149 | 2.63% |
| Greensaif Pipelines 6.129% 2038 | Saudi Arabia | Quasi-Sov | 6.129% | Feb-38 | A1 | ★★★★★★★ | 5.80% | 8.3 | 164 | 2.62% |
| GACI 5.25% 2034 | Saudi Arabia | Quasi-Sov | 5.250% | Jan-34 | A1 | ★★★★★★★ | 5.20% | 6.3 | 127 | 2.56% |
| Pemex 5.95% 2031 | Mexico | Quasi-Sov | 5.950% | Jan-31 | Baa2 | ★★★ | 6.55% | 4.1 | 281 | 2.50% |
| Codelco 4.375% 2049 | Chile | Quasi-Sov | 4.375% | Feb-49 | Baa1 | ★★★★ | 6.21% | 12.9 | 150 | 3.97% |
| ENAP 4.5% 2047 | Chile | Quasi-Sov | 4.500% | Sep-47 | Baa3 | ★★★★ | 6.01% | 12.7 | 130 | 2.08% |
| Mexico 5.75% 2110 | Mexico | Sovereign | 5.750% | Oct-10 | Baa2 | ★★★ | 6.93% | 14.0 | 220 | 1.74% |
| Portfolio Total / Weighted Average |
— |
6.31% |
10.86 |
— |
100.0% |
Source: Orca / GA10 analytics engine. Prices as at 31 March 2026. NFA★ = Net Foreign Assets star rating (1–7, proprietary). YTW = Yield to Worst. OAD = Option-Adjusted Duration (years). OAS = Option-Adjusted Spread (basis points).
Important Information: This factsheet is issued by Guinness Global Investors and is for information purposes only. It does not constitute investment advice or a solicitation to buy or sell any investment. Past performance is not a reliable indicator of future results. The value of investments and any income from them can fall as well as rise, and investors may not get back the amount originally invested. The fund invests in emerging market bonds which may be subject to greater political risk, illiquidity, currency risk, and volatility than developed market securities. The fund is concentrated in a small number of countries which may increase risk. Investment decisions should be based on the fund's full prospectus and KIID, available from Guinness Global Investors. Guinness Global Investors is authorised and regulated by the Financial Conduct Authority.