Fund Evaluator:
Six Circles Global Bond (CGLBX)
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Best Performing in Global Bond Over the Last Year
| 6.8% | Invesco International Bond Y (OIBYX) |
| 5.5% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 3.7% | Invesco Global Strategic Income Y (OSIYX) |
| 2.7% | Amana Participation Investor (AMAPX) |
| 2.6% | DoubleLine Global Bond N (DLGBX) |
Fund Details
Six Circles Global Bond Overview
Six Circles Global Bond (CGLBX) is an actively managed Taxable Bond Global Bond fund. Six Circles launched the fund in 2020.
The investment seeks to provide total return. Under normal circumstances, the fund will invest at least 80% of its net assets (plus borrowings) in fixed income securities and other related instruments with similar economic characteristics. It may also invest in other investment companies, such as open-end, closed-end and exchange-traded funds, and other pooled investment vehicles, which may include private funds. The fund is non-diversified.
About Six Circles Global Bond (CGLBX)
There are 16 members of the management team with an average tenure of 4.11 years: James Mauro (2026), Scott Radell (2020), Daniel Hyman (2020), David Del Vecchio (2021), Jeffrey Gaffney (2020), Munish Gupta (2020), Vish Acharya (2023), Edward Farley (2020), Jonathan Graves (2026), Matthew Angelucci (2020), Jesse Rosenblum (2026), Jeffrey Eshleman (2024), Marcus Tom (2026), Robert Tipp (2020), Richard Madigan (2020), Michael Gray (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100% and Bloomberg Global Aggregate TR USD index with a weighting of 100%. Six Circles Global Bond has 7200 securities in its portfolio. The top 10 holdings constitute 8.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Six Circles Global Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Six Circles Global Bond has 70.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 104.4% (34.2% domestic bond, 70.2% foreign bond and 0.0% convertible bond). Six Circles Global Bond has -1.0% of the portfolio in cash.
Assets Under Management
The fund has $18 billion in total assets, which is above the $422 million average for the Global Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CGLBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Six Circles Global Bond expense ratio is low compared to funds in the Global Bond category. Six Circles Global Bond has an expense ratio of 0.13%, which is 86% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Six Circles Global Bond has a portfolio turnover rate of 158%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.
Recently, in the month of July 2026, Six Circles Global Bond returned -1.0%, which earned it a grade of F, as the Global Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Six Circles Global Bond has a trailing yield of 4.49%, which is above the 4.17% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Six Circles Global Bond Grades
Year to date, the fund has returned 0.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 1.7% over the past year (grade of D), 4.3% over the past three years (grade of B) and 1.1% per year over the past five years (grade of B).
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CGLBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CGLBX Return (NAV) | -1.0% | 0.1% | 1.7% | 4.3% | 1.1% | na |
| CGLBX Grade | F | B | D | B | B | na |
| +/- Category | -0.7% | 0.3% | -1.2% | 0.4% | 1.8% | na |
| Global Bond Avg | -0.3% | -0.2% | 2.9% | 3.8% | -0.7% | 0.9% |
| CGLBX Tax Cost Ratio | na | na | 1.8% | 1.4% | 1.8% | na |
CGLBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CGLBX Return (NAV) | 0.1% | 3.9% | 4.0% | 8.2% | -9.0% | -0.8% | na | na | na | na | na |
| CGLBX Grade | B | F | A | B | A | A | na | na | na | na | na |
| +/- Category | 0.3% | -5.6% | 4.9% | 1.6% | 4.9% | 3.6% | na | na | na | na | na |
| Global Bond Avg | -0.2% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 0.63 - Low |
| Category Risk Grade: | A (11% Rank) |
| Beta: | 0.71 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $18406 Mil |
| Fund Total Assets: | $18,407 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 159% |
Management Team
| Number of Managers: 16 | |||
| Longest Tenure: 6.2 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Radell Scott (2020), Hyman Daniel (2020), Gaffney Jeffrey (2020), Farley Edward (2020), Angelucci Matthew (2020), Tipp Robert (2020), Madigan Richard (2020), Gray Michael (2020), Gupta Munish (2020), Del Vecchio David (2021), Acharya Vish (2023), Eshleman Jeffrey (2024), Rosenblum Jesse (2026), Graves Jonathan (2026), Tom Marcus (2026), Mauro James (2026) | |||
Portfolio Composition (as of 12/31/25)
| # of Holdings: | 7200 |
| % in Top 10 Holdings: | 8.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 70.2% |
Portfolio Allocation |
|
| Domestic Stock: | -0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 34.2% |
| Foreign Bond: | 70.2% |
| Convertible Bond: | 0.0% |
| Other: | -3.3% |
| Cash: | -1.0% |
Purchase Information
| Fund Family: | Six Circles |
| Phone Number: | 212-464-2070 |
| Website: |
| Status: | Open |
| Inception Date: | May 19, 2020 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.13% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Six Circles Global Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
