Core Viewpoint - The Morgan International Bond Fund aims to achieve an annualized return that exceeds its benchmark index by investing primarily in investment-grade bonds from developed and emerging markets, while also allowing for a small allocation to high-yield bonds and utilizing liquidity credit default swap indices for beta management [1][5]. Fund Overview - The fund was established on January 23, 2019, and has a fund size of 33.793 billion yuan as of June 30, 2025 [1]. - The fund is managed by experienced fund managers Arjun Vij and Jason Pang, supported by a robust research team [4]. Investment Strategy - The investment approach combines top-down and bottom-up methodologies, leveraging the expertise of various research teams to identify global bond investment opportunities [1][5]. - The fund's asset allocation strategy has proven effective across different market environments, contributing to capital appreciation [1][5]. Historical Performance - The fund has demonstrated stable performance due to diversified sources of returns, with industry and issuer selection being the primary contributors to excess returns [7]. - In 2021, the fund's excess returns were driven by a low duration allocation and an overweight in investment-grade and high-yield corporate bonds [7]. - The fund maintained a low duration in 2022, which helped mitigate losses in a rising U.S. Treasury yield environment, although it faced challenges in early 2023 due to a flattening yield curve [7]. Fee Structure - The fund's annualized comprehensive fee rate, excluding transaction costs, is 0.89%, slightly above the median of 0.87% for similar funds [1][11].