Looking for Opportunity Beyond the Benchmark

Investors face a challenging environment in fixed-income. Low, range-bound, interest rates remain an issue and the Barclays Agg no longer represents the true universe of opportunity. Investors need the insight of an active fixed-income manager to help them look beyond the benchmark.

Performance Mosaic (As of 12.31.2016)

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Diversification Benefit of Core Bond Holdings

Fixed-income sectors are not perfectly correlated, offering potential diversification benefits to a blended portfolio of various credit securities.

Five Year Correlation Matrix (As of 12.31.2016)

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Bloomberg Barclays U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment-grade debt. Bloomberg Barclays Municipal Bond Index is a rules-based, market-valueweighted index engineered for the long-term tax-exempt bond market. Bloomberg Barclays Capital U.S. Treasuries Index includes public obligations of the U.S. Treasury with a remaining maturity of one year or more. Bloomberg Barclays Capital CMBS (Investment Grade) Index measures the performance of investmentgrade commercial mortgage-backed securities. Bloomberg Barclays U.S. Corporate Investment Grade Index covers the U.S. corporate investment-grade fixed-income bond market. The BofA Merrill Lynch AA-BBB U.S. Fixed Rate Asset Backed Index tracks the performance of U.S. dollar denominated investment grade asset backed securities publicly issued in the U.S. domestic market. Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. It represents tradable, senior-secured, U.S. dollar-denominated non-investment-grade loans. Bloomberg Barclays U.S. Mortgage Backed Securities Index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of GNMA, FNMA, and FHLMC.

 

Correlation is a measurement between -1 and 1, which indicates the linear relationship between two variables. If there is no relationship between two variables, the correlation coefficient is 0. If there is a perfect relationship, the correlation is 1. And if there is a perfect inverse relationship, the correlation is -1. Diversification does not ensure a profit, nor eliminate the risk of experiencing investment losses.


Source: FactSet, Barclays. Performance displayed represents past performance, which is no guarantee of future results. Performance will vary over different market cycles. Index information is provided for illustrative purposes only and is not meant to represent the performance of a fund. Referenced indices are unmanaged and not available for direct investment. Index returns do not reflect any management fees, transaction costs or expenses.

The information provided here is intended to be general in nature and should not be construed as investment advice nor a recommendation of any specific security. There can be no assurance that any investment product will achieve its investment objective(s). Investing involves risk, including the entire loss of principal invested. Investing involves market risk. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

 


Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objective, risks charges, expenses and the other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.

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