Allspring Diversified Income Builder Fund Q1 2025 Commentary

Summary

• Our flexible global income fund outperformed its custom benchmark in Q1 2025, driven by strong equity selection and tactical asset allocation.
• We maintained a diversified portfolio with a 31% equity allocation, underweight fixed income, and added value through CoCo bonds and equity call writing.
• Despite market volatility, our risk-budgeting approach delivered a better-than-benchmark dividend yield and solid relative returns across asset classes.
• With a net expense ratio of 0.63% and a 5-star Morningstar rating, the fund remains a compelling choice for sustainable income and risk-adjusted performance.

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FUND STRATEGY

● The fund is a flexible global income fund designed to uncover sustainable income opportunities among equity, fixed income, and hybrid asset classes.

● The portfolio is constructed within a risk-budgeting framework to