Fund Evaluator:
Symmetry Panoramic Global Fixed Inc I (SPGBX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
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Fund Details
Symmetry Panoramic Global Fixed Inc I Overview
Symmetry Panoramic Global Fixed Inc I (SPGBX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. Symmetry Partners launched the fund in 2018.
The investment seeks income and capital appreciation through systematic exposure to global fixed income securities. Under normal circumstances, the fund will invest, directly or indirectly, at least 80% of its net assets in fixed income securities. It generally will invest in obligations of U.S. and Non-U.S. entities, including government and government agency obligations, bank obligations, corporate bonds, asset-backed securities, mortgage-related and mortgage-backed securities, commercial paper, repurchase agreements, and other debt obligations and cash and cash equivalents.
About Symmetry Panoramic Global Fixed Inc I (SPGBX)
There are 5 members of the management team with an average tenure of 1.95 years: Alexander Olson (2025), John McDermott (2018), David Connelly (2026), Mark Willauer (2025), Santosh Prasad (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Global Aggregate TR USD index with a weighting of 100%. Symmetry Panoramic Global Fixed Inc I has 616 securities in its portfolio. The top 10 holdings constitute 14.3% 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.
Symmetry Panoramic Global Fixed Inc I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Symmetry Panoramic Global Fixed Inc I has 63.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. 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 99.4% (35.7% domestic bond, 63.7% foreign bond and 0.0% convertible bond). Symmetry Panoramic Global Fixed Inc I has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $271 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
SPGBX 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 Symmetry Panoramic Global Fixed Inc I expense ratio is average compared to funds in the Global Bond-USD Hedged category. Symmetry Panoramic Global Fixed Inc I has an expense ratio of 0.58%, which is 20% lower than its category average, making the fund expense ratio grade a B. 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. Symmetry Panoramic Global Fixed Inc I has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, Symmetry Panoramic Global Fixed Inc I returned -1.1%, which earned it a grade of C, as the Global Bond-USD Hedged category had an average return of -1.1%. 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.
Symmetry Panoramic Global Fixed Inc I has a trailing yield of 3.73%, which is below the 3.99% category average. The fund normally distributes its income monthly.
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.
Symmetry Panoramic Global Fixed Inc I Grades
Year to date, the fund has returned 0.1%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.3% over the past year (grade of C), 3.7% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F).
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SPGBX 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 |
|
| SPGBX Return (NAV) | -1.1% | 0.0% | 2.3% | 3.7% | -0.4% | na |
| SPGBX Grade | C | D | C | F | F | na |
| +/- Category | -0.0% | -0.2% | -0.0% | -0.7% | -0.7% | na |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| SPGBX Tax Cost Ratio | na | na | 1.5% | 1.5% | 1.2% | na |
SPGBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPGBX Return (NAV) | 0.1% | 4.4% | 2.6% | 6.8% | -12.9% | -2.2% | 5.4% | 7.5% | na | na | na |
| SPGBX Grade | C | D | D | D | D | D | D | D | na | na | na |
| +/- Category | -0.0% | -0.7% | -0.7% | -1.2% | -0.9% | -0.5% | -1.3% | -1.1% | na | na | na |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (44% Rank) |
| Beta: | 0.76 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $271 Mil |
| Fund Total Assets: | $ 271 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.7 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): McDermott John (2018), Willauer Mark (2025), Prasad Santosh (2025), Olson Alexander (2025), Connelly David (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 616 |
| % in Top 10 Holdings: | 14.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 63.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 35.7% |
| Foreign Bond: | 63.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Symmetry Partners |
| Phone Number: | 844-796-3863 |
| Website: |
| Status: | Open |
| Inception Date: | November 12, 2018 |
| Min. Initial Purchase: | $1,000 |
| 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 (%): | 0.58% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Symmetry Panoramic Global Fixed Inc I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
