Fund Evaluator:

BNY Mellon Global Real Return - Y Overview

BNY Mellon Global Real Return - Y (DRRYX) is an actively managed Allocation Tactical Allocation fund. BNY Mellon launched the fund in 2013.

The investment seeks total return. The fund uses an actively-managed multi-asset strategy to seek to produce absolute or real returns with less volatility than major equity markets over a complete market cycle, typically a period of five years. Rather than managing to track a benchmark index, it seeks to provide returns that are largely independent of market moves. The fund allocates its investments among global equities, bonds and cash, and, generally to a lesser extent, other asset classes, including real estate, commodities, currencies and alternative or non-traditional asset classes and strategies, primarily those accessed through derivative instruments.

About BNY Mellon Global Real Return - Y (DRRYX)

There are 3 members of the management team with an average tenure of 4.26 years: Ella Gude (2025), Aron Pataki (2015), Nick Pope (2025). 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 MSCI World NR USD index with a weighting of 100%. BNY Mellon Global Real Return - Y has 231 securities in its portfolio. The top 10 holdings constitute 69.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

BNY Mellon Global Real Return - Y is part of the Allocation global asset class and is within the Allocation fund group. BNY Mellon Global Real Return - Y has 53.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 27.7%. There is 16.0% allocated to foreign stock, and 0.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 30.8% (-6.4% domestic bond, 37.2% foreign bond and 0.0% convertible bond). BNY Mellon Global Real Return - Y has 3.5% of the portfolio in cash.

Assets Under Management

The fund has $239 million in total assets, which is above the $220 million average for the Tactical Allocation 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.

DRRYX 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 BNY Mellon Global Real Return - Y expense ratio is high compared to funds in the Tactical Allocation category. BNY Mellon Global Real Return - Y has an expense ratio of 0.87%, which is 50% 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. BNY Mellon Global Real Return - Y has a portfolio turnover rate of 119%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 197% for the Tactical Allocation category.

Recently, in the month of June 2026, BNY Mellon Global Real Return - Y returned -0.8%, which earned it a grade of D, as the Tactical Allocation category had an average return of -0.4%. 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.

BNY Mellon Global Real Return - Y has a trailing yield of 3.78%, which is above the 2.84% category average. The fund normally distributes its income annually 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.

BNY Mellon Global Real Return - Y Grades

Year to date, the fund has returned 5.8%, 3.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 14.3% over the past year (grade of D), 10.3% over the past three years (grade of D) and 4.5% per year over the past five years (grade of D) and 4.8% per year over the past 10 years (grade of D).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about BNY Mellon Global Real Return - Y, including its riskiness, submit your email to unlock the rest of the article.