The manager uses a very active, somewhat non-traditional approach to building this portfolio. Instead of mirroring an index, they use a relative value approach looking for undervalued currencies, government bonds, and interest rates in countries that are healthy or on their way back. It has done a great job in protecting capital, but has been a touch more volatile than other global bond offerings. Another drawback is cost, with an MER of 2.19%, it’s a little pricey. Still, given the process, protection and diversification benefits, this is a good fund to hold in period of volatility.