The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 10, 2026
Saturna Global Sustainable Bond Fund (SEBFX) declined 2.19% net of fees in the third quarter of 2026, outperforming the Bloomberg Global Aggregate Index's decline of 2.46% by 27 basis points. Year to date, the fund returned -0.53% net of fees compared to -2.67% for its benchmark, generating 214 basis points of relative outperformance. Relative outperformance was primarily driven by maintaining a short effective duration of 4.34 years versus 6.01 years for the benchmark, shielding capital as yields rose globally, alongside an elevated portfolio yield to worst of 6.34% versus 4.42% for the index. Currency performance detracted during the quarter due to zero exposure to appreciating Japanese yen and Chinese yuan and an overweight to the Mexican peso, though an underweight to the euro partially mitigated these losses. The global fixed income landscape was defined by aggressive interest rate repricing as an energy-driven inflation surge pushed major central banks back toward monetary tightening. Oil moved above $100 per barrel following Middle East conflicts involving Iran, lifting US headline CPI to 3.4% year-over-year in August and driving central bank rate hikes across the Federal Reserve, European Central Bank, and Bank of Japan. Bonds with longer maturities suffered severe declines, with 10-year US Treasury yields surpassing 5.3% and 30-year yields climbing over 5.6%. Portfolio activity and performance diverged across maturity profiles and credit segments. Strongest contributors were short-dated, high-coupon supranational notes denominated in the Colombian peso, which gained over 3% against the dollar in the quarter. Conversely, long-duration assets detracted significantly, led by a 2051 Indonesian sovereign sukuk, long-dated US TIPS, Treasury principal strips, and corporate debt issued by Nokia and Telecom Italia. Looking forward, management is targeting intermediate maturities in the five-to-ten-year range while selectively holding long-end assets to lock in elevated book yields.
Capital preservation and excess yield generation in global fixed income are achieved by maintaining disciplined duration management, harvesting high coupon income from sustainability-focused issuers, and taking measured sovereign and supranational local-currency positions.
Management sees value developing in intermediate high-quality bonds in the five-to-ten-year range where the fund is most underweight, while taking a measured approach to redeploying capital from maturing emerging market notes.
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