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Real Return Fund - A (RRNAX)

Real Return Fund - A (RRNAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Donald Clemmenson
Donald Clemmenson| Managing Director Biography

Donald A. Clemmenson is a portfolio manager in the U.S. Fixed Income Group. An employee since 1984, he currently trades governments, futures and agencies and is responsible for the duration decision on short-term accounts. Donald previously headed the trading desk and traded mortgages, corporates, preferred stock, non-dollar, foreign exchange, high yield, emerging markets and money markets. Prior to that, he was involved with the Short-Term Group managing the Prime Money Market Fund. He is still an active member of the Short-Term Investment Strategy Team.

Education
  • B.S., Finance, St. John's University
Experience
  • Industry Experience, 30 Years
  • Firm Experience, 30 Years
  • Fund Experience, 6 Years
Other funds managed by Donald Clemmenson:
Jan Ho
Jan Ho| Executive Director Biography

Jan Ho, executive director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Jan is a portfolio manager on the U.S. Macro Driven Fixed Income Portfolio Management team and is a member of the team which manages our core and core plus portfolios. In addition, he is a member of the Real Return Bond investment team. An employee of the firm since 2000, Jan was previously a member of the Fixed Income Technology team for three years, serving as the planner and programmer for the fixed income portfolio management and trading systems. Prior to this, he worked at TIAA-CREF to develop retirement annuity systems. Jan obtained a B.S. in electrical engineering from Cooper Union College and an M.S. in computer science from NYU-Poly.

Education
  • B.S. in electrical engineerin,Coper Union College
  • M.S. in computer science, NYU-Poly
Experience
  • Industry Experience, 17 Years
  • Firm Experience, 14 Years
  • Fund Experience, 1 Year
Other funds managed by Jan Ho:

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund primarily invests in inflation-linked securities and inflation and non-inflation lined derivatives. Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specific rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. The Fund may be subject to the risk that its inflation-linked derivative contracts will be with a limited number of counterparties. This may result in certain concentration risk including counterparty liquidity, deflation and pricing risk.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The Fund may invest up to 30% of the Fund's total assets in foreign securities.

The Fund is designed to maximize inflation-protected return, which means maximizing the "real return." Real return is the total of a security less the actual rate of inflation.

The Fund may engage in short sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector-swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

The Fund anticipates a very high degree of portfolio turnover. This will likely result in additional tax consequences.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The Fund has the ability to invest 10% of its total assets in high yield securities.