The September 2021 Morningstar Fund Investor newsletter indicates that Templeton Global Bond (TPINX) was downgraded from Silver to Neutral.
"This fund has stuck to Its guns, and that means it has
been wrong for a long time. Manager Michael
Hasenstab has been bullish on emerging markets and
bearish on U.S. bonds. The fund kept duration near
zero while maintaining outsize bets on Ukraine and
other emerging markets. We stayed positive on the
fund given Hasenstab’s past record, but eventually we
have to conclude that he’s not as good as we thought."
TPINX was one of the premier funds in the World Bond category years ago.
Templeton Global Bond was different from most World Bond funds due to substantial emerging markets exposure and its currency bets. As of 01/31/26, the fund generated top 1% / top 2% category returns for the respective 10 Yr and 15 Yr trailing periods.
Michael Hasenstab (M* 2010 Fixed-Income Manager of the Year) started co-managing TPINX on 12/31/2001.
Several fund managers have come and gone since then.
Templeton Global Bond was moved to the Nontraditional Bond category in 2019.
I remember purchasing Templeton Global Income (GIM - CEF version of TPINX) in late 2013.
GIM was trading with an attractive discount and it had a lower expense ratio than TPINX.
Unfortunately, the discount widened and Mr. Hasenstab lost his mojo.
I sold the CEF approximately five years later booking a small profit.