Fund Evaluator:
UBS Sustainable Development Bank Bond P2 (UDBTX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
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Fund Details
UBS Sustainable Development Bank Bond P2 Overview
UBS Sustainable Development Bank Bond P2 (UDBTX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. UBS Asset Management launched the fund in 2020.
The investment seeks current income. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bonds issued by development banks. It invests in multilateral development bank bonds but may also invest in regional or national development bank obligations. The fund's investment in obligations issued by the International Bank for Reconstruction and Development and the Inter-American Development Bank may be significant, but the fund normally will not invest more than 25% of its net assets in either issuer. It is non-diversified.
About UBS Sustainable Development Bank Bond P2 (UDBTX)
There are 2 members of the management team with an average tenure of 3.05 years: Marco Bontognali (2022), Joël Sidler (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Treasury Bills TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. UBS Sustainable Development Bank Bond P2 has 80 securities in its portfolio. The top 10 holdings constitute 31.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
UBS Sustainable Development Bank Bond P2 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. UBS Sustainable Development Bank Bond P2 has 99.5% 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 99.5% (0.0% domestic bond, 99.5% foreign bond and 0.0% convertible bond). UBS Sustainable Development Bank Bond P2 has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $65 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.
UDBTX 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 UBS Sustainable Development Bank Bond P2 expense ratio is low compared to funds in the Global Bond-USD Hedged category. UBS Sustainable Development Bank Bond P2 has an expense ratio of 0.15%, which is 80% 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. UBS Sustainable Development Bank Bond P2 has a portfolio turnover rate of 49%, 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 August 2026, UBS Sustainable Development Bank Bond P2 returned 0.1%, which earned it a grade of B, as the Global Bond-USD Hedged category had an average return of 0.0%. 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.
UBS Sustainable Development Bank Bond P2 has a trailing yield of 3.88%, which is below the 3.94% 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.
UBS Sustainable Development Bank Bond P2 Grades
Year to date, the fund has returned -0.3%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 1.0% over the past year (grade of D), 3.9% over the past three years (grade of D) and 0.1% per year over the past five years (grade of D).
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UDBTX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UDBTX Return (NAV) | 0.1% | -0.5% | 1.0% | 3.9% | 0.1% | na |
| UDBTX Grade | B | B | D | D | D | na |
| +/- Category | 0.1% | 0.0% | -0.7% | -0.6% | -0.3% | na |
| Global Bond-USD Hedged Avg | 0.0% | -0.5% | 1.7% | 4.5% | 0.4% | 1.8% |
| UDBTX Tax Cost Ratio | na | na | 1.5% | 1.3% | 1.1% | na |
UDBTX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UDBTX Return (NAV) | -0.3% | 7.3% | 1.7% | 4.7% | -10.3% | -2.4% | 6.8% | 6.8% | na | na | na |
| UDBTX Grade | D | A | F | F | B | D | C | F | na | na | na |
| +/- Category | -0.4% | 2.1% | -1.6% | -3.2% | 1.7% | -0.6% | 0.1% | -1.8% | na | na | na |
| Global Bond-USD Hedged Avg | 0.2% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (40% Rank) |
| Beta: | 0.74 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $78 Mil |
| Fund Total Assets: | $ 65 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.2 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Bontognali Marco (2022), Sidler Joël (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 80 |
| % in Top 10 Holdings: | 31.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 99.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 99.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | UBS Asset Management |
| Phone Number: | 800-647-1568 |
| Website: | www.ubs.com |
| Status: | Open |
| Inception Date: | October 30, 2020 |
| Min. Initial Purchase: | $25,000,000 |
| 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 (%): | 0.15% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | UBS Sustainable Development Bank Bond P |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
