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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
During the third quarter of 2026, the BNY Mellon Core Plus Fund's Class I shares returned -4.00% net of fees, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which delivered -3.51%. Year-to-date, Class I shares returned -2.92% net of fees versus -2.91% for the benchmark. Relative underperformance was driven primarily by duration and yield curve positioning, specifically an average overweight to U.S. duration as government yields rose sharply. In response, management reduced U.S. duration to mostly neutral by quarter-end while moderating overall corporate credit risk through credit derivatives. The macroeconomic environment was characterized by heightened geopolitical tensions in the Middle East and a hawkish pivot from the Federal Reserve, which raised the federal funds rate by 25 basis points to 3.75%-4.00%. While headline inflation decelerated, persistent pressures and firmer growth estimates spurred a sharp global rates sell-off, pushing U.S. Treasury yields higher by up to 86 basis points. Management projects three additional rate hikes this cycle, though risks are viewed as skewed toward fewer hikes, with the 10-year yield anticipated to settle near 4.55% over the coming year. Portfolio activity centered on rebalancing corporate and structured credit exposure. Management maintained overweight allocations to investment grade and high yield credit, selectively expanding exposure to communications, technology, financials, and consumer sectors while trimming utilities. Structured credit allocations in asset-backed securities, collateralized loan obligations, and collateralized mortgage obligations contributed positively to relative performance, while agency mortgage-backed securities detracted.
Capitalize on compelling all-in fixed income yields through bottom-up security selection across investment grade, high yield, and structured credit while actively calibrating cross-market duration.
Management anticipates the Federal Reserve will deliver up to three additional interest rate hikes this cycle, with risks skewed toward fewer increases. U.S. Treasury 10-year yields are projected to decline toward 4.55% over the coming year while short-term rates remain above 4.25%.
Neutral / Balanced
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