The Global Corporate Bond (GCB) segment delivered a distinct performance profile over the period, shaped by a combination of macro influences, fund‑specific positioning, and the evolving risk appetite across markets. Manager outcomes varied meaningfully, as differences in exposure, yield strategies, and defensive allocations created a wide dispersion of performance within the category.
Income generation continues to be a central anchor for this segment, with the group averaging a yield of 3.82%. This steady income base supported total‑return outcomes for many funds, particularly those positioned toward high‑quality assets or segments with consistent payout histories. Funds with higher yield profiles often benefitted from strong underlying cashflows, while lower‑yielding peers tended to emphasise capital‑growth opportunities or more conservative portfolio structures.
Short‑term performance trends, reflected in the 1‑Year CAGR average of 6.08%, were influenced by sector rotation, changes in rate expectations, and broader macro shifts. Managers with tactical agility and selective exposure management captured near‑term opportunities more effectively. The longer‑term perspective, demonstrated by the 5‑Year CAGR average of 1.99%, shows the cumulative advantage of disciplined portfolio construction, robust risk controls, and alignment with structural market trends.
Risk behaviour remained a defining characteristic in the period. The average max drawdown of -16.15% highlights how market volatility affected certain strategies more than others. Funds with diversified exposures, downside protection, and well‑managed factor risks preserved capital more effectively during stress periods. In contrast, strategies with concentrated or higher‑beta exposures displayed deeper drawdowns, underscoring the importance of risk‑adjusted allocation frameworks.
Across the Global Corporate Bond (GCB) universe, the overall narrative points to an environment where manager skill, structural yield support, and effective risk oversight played decisive roles in shaping outcomes. The segment continues to offer a balanced mix of stability and return potential, but dispersion across managers highlights the need for selective allocation. As markets remain sensitive to global policy direction and credit conditions, well‑positioned funds within Global Corporate Bond (GCB) may continue to benefit from favourable yield spreads and measured risk exposure.
Looking ahead, the category is expected to maintain its relevance for investors seeking dependable income and resilient long‑term return profiles. The interplay between yield opportunities, macro cycles, and portfolio construction discipline will remain the key differentiator among managers.
| APIR Code | Fund Name | AUM ($m) | Mgnt Fee | 1-Yr CAGR% | 3-Yr CAGR% | 5-Yr CAGR% | Volatility | Max Drawdown 5y | Sharpe (5y) | Launch Date | Yield | Fund Type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ETL0132AU | Aberdeen Standard Global Corporate Bond A AUD Acc | 238.8 | 0.50 | 3.72 | 6.17 | -0.06 | 6.75 | -19.94 | -0.54 | 24/02/2015 | 0.00 | Offshore Regulated |
| MAQ0782AU | Antipodes Asia Income | 72.8 | 1.13 | 7.86 | 9.36 | 1.19 | 10.3 | -33.43 | -0.23 | 31/08/2011 | 5.91 | Offshore Regulated |
| ANZ0826AU | ANZ OneAnswer Investment Portfolio First Sentier Global Credit Income EF/Sel | 0.6 | 1.14 | 3.87 | 5.30 | 2.7 | 2.09 | -5.50 | -0.43 | 19/09/2005 | 0.99 | Other Offshore Funds |
| HOW4476AU | Ares Global Credit Income | 651.4 | 0.75 | 6.62 | 8.29 | 5.16 | 2.96 | -5.78 | 0.53 | 01/05/2020 | 6.31 | Offshore Regulated |
| FSF1769AU | CFS Loomis Sayles Global Credit | 0.48 | 3.81 | 6.10 | 0.00 | Offshore Regulated | ||||||
| PER8112AU | CT Global Corporate Bond | 59.7 | 3.99 | 08/12/2023 | 3.77 | Other Offshore Funds | ||||||
| Fidelity Fdlty EUR Crp Bnd Rsrch Enhncd PAB UCITS ETF Hedged Acc | 657.7 | 0.25 | 10.52 | 18/10/2023 | Exchange Traded Funds | |||||||
| Fidelity Fdlty USD Crp Bnd Rsrch Enhncd PAB UCITS ETF Hedged Acc | 1220.3 | 0.25 | 8.35 | 18/10/2023 | Exchange Traded Funds | |||||||
| Global X Global X USD High Yield Bond ETF (Currency Hedged) | 22.9 | 0.30 | 5.92 | 8.91 | 01/07/2022 | 4.83 | Exchange Traded Funds | |||||
| Global X USD Corporate Bond ETF Currency Hedged AUD | 3.4 | 0.30 | -1.73 | 03/04/2023 | Exchange Traded Funds | |||||||
| CHN2049AU | KKR Global Credit Opportunities (AUD) A | 478.1 | 0.82 | 6.39 | 05/12/2022 | 6.67 | Offshore Regulated | |||||
| MIN0032AU | Mercer Global Credit | 1111.1 | 0.55 | 3.85 | 5.66 | -0.32 | 6.47 | -19.12 | -0.61 | 31/01/2010 | 1.55 | Offshore Regulated |
| ETL9987AU | Neuberger Berman Global High Yield Fund | 367.0 | 0.85 | 12.59 | 9.41 | 3.66 | 8.27 | -17.03 | 0.01 | 26/09/2018 | 6.10 | Offshore FCA |
| MMF0890AU | OnePath OneAnswer Janus Henderson Diversified Credit EF/Sel | 1.6 | 1.14 | 3.87 | 5.30 | 2.7 | 2.09 | -5.50 | -0.43 | 19/09/2005 | 0.99 | Other Offshore Funds |
| ETL0114AU | PIMCO Global Credit Institutional | 1109.0 | 0.56 | 4.67 | 5.51 | 0.29 | 5.65 | -16.96 | -0.59 | 04/12/2001 | 4.15 | Offshore Regulated |
| OMF4269AU | Realm Global High Income Ordinary Dis AUD | 678.0 | 0.72 | 9.63 | 16/11/2023 | 4.99 | Offshore Regulated | |||||
| ETL0793AU | T. Rowe Price Global High Income I AUD | 106.0 | 0.62 | 8.56 | 11.04 | 4.05 | 6.86 | -20.15 | 0.07 | 04/05/2020 | 5.38 | Offshore Regulated |
| TCP1854AU | TCP TCP Asia-Pacific II A | 54.0 | 0.45 | 8.79 | 8.52 | 31/01/2022 | 6.81 | Offshore Regulated | ||||
| UBS0487AU | UBS JBWere International Credit Dis AUD | 67.2 | Other Offshore Funds | |||||||||
| VAN3932AU | Vanguard Active Global Credit Bond | 20.4 | 0.40 | 4.29 | 6.39 | 0.51 | 6.48 | -18.07 | -0.48 | 18/09/2019 | 2.69 | Offshore Regulated |
Please note: Historic yield figures will only be provided for funds with at least 12 months