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BI SICAV - Emerging Markets Corporate Debt I

The sub-fund invests at least two thirds of its assets in corporate debt of emerging markets debt issuers in Latin America, Central- or Eastern Europe, Africa, the Middle East and Asia exclusive Japan. The sub-fund can also invest in securities issued by sovereign issuers or the local authorities as well as financial and corporate issuers that have the majority of their activities in an emerging market country. The bonds of this sub-fund are required to have a credit rating of minimum CC. However, 20 percent of the sub-fund assets can be invested in bonds without any credit rating and 5 percent can be invested in downgraded bonds with a credit rating below CC. Financial derivative instruments may be used for hedging purposes and as part of the investment strategy.

Portfolio Managers:
Chresten Hagelund, Senior Portfolio Manager (left)
Søren Bertelsen, Chief Portfolio Manager (right)

 

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Basic Information

  • ISIN LU0253262702
  • Fund BI SICAV
  • Inception Date 09.29.2006
  • Investment Manager BI Asset Management Fondsmæglerselskab A/S
  • Investment Universe Fixed Income
  • Exchange Status Quoted
  • Latest Share Class NAV 176.42 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m EUR) 209
  • Number of shares in Share Class 1,187,769

Risk and reward profile

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2017 2016 2015 2014 2013
Fund 6.27 8.63 1.26 5.22 -1.54
Benchmark 5.96 7.96 0.79 4.72 -0.84
Dividend
Return Period (%)
(Updated: 04.23.2018)
1 month YTD 1 yr 3 yrs 5 yrs
-0.38 -2.30 0.20 3.15 3.12
-0.39 -2.27 0.20 2.75 2.84
All returns 1-10 years are annualized. Return is calculated in EUR.

Benchmark

JP Morgan CEMBI Broad Diversified hedged to EUR. Before 31/12/2008 50% Merrill Lynch Global Emerging Markets Sovereign Plus and 50% Merrill Lynch Global Emerging Markets Corporate Plus. The index is EUR/USD hedged and is reweighted ultimo each year

Country allocation

(Updated: 03.31.2018)
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Sectoral allocation

(Updated: 03.31.2018)
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The largest investments in the portfolio

(Updated: 03.31.2018)
Name Sector Weight
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 1.99%
3.95% Shenzhen International Holdings PerpNC/2022 1.45%
4.125% Proven Honour Capital Ltd 05/2026 1.37%
4.56% Empresa Electrica Guacolda SA 04/2025 1.29%
4.7% Polyus Finance PLC 01/2024 1.26%
5.99% 1MDB Energy Ltd 05/2022 1.25%
4% Tengizchevroil Finance Co International 08/2026 1.19%
4% Oversea-Chinese Banking 10/2024 1.17%
5.5% Industrial Senior Trust 11/2022 1.13%
3.75% Champion 01/2023 1.12%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.09%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.05%
6.067% Nakilat Inc 12/2033 1.05%
4% Novolipetsk Steel via Steel Funding DAC 09/2024 0.98%
4.75% BRF SA 05/2024 0.98%
4.875% Royal Capital BV PerpNC 05/2024 0.97%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.97%
5.375% Natura Cosmeticos SA 02/2023 0.95%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 0.95%
6.375% JSC Georgia Capital 03/2024 0.94%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.94%
4.25 % Parkway Pantai PerpNC07/2022 0.94%
5.75% National Bank of Kuwait Perp/NC 2021 0.93%
4.125% Banco General SA 08/2027 0.92%
7.25% Votorantim Cimentos SA 04/2041 0.92%
6.125% Lukoil International Finance BV 11/2020 0.90%
6.8750% Israel Electric 06/2023 0.90%
7.5% Standard Chartered Plc PerpNC 04/2022 0.85%
4% Franshion Brilliant Ltd PerpNC/2023 0.85%
5.375% VM Holding SA 05/2027 0.85%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.84%
4.125% African Export-Import Bank 06/2024 0.84%
8.125% Banco Regional SAECA 01/2019 0.83%
4.5% Sasol Financing International Ltd 11/2022 0.83%
4.125% Sigma Alimentos SA de CV 05/2026 0.82%
8.75% DNO 2020 0.81%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 0.80%
6% BGEO Group JSC 07/2023 0.79%
5.5% Mexico Generadora 12/2032 0.79%
5.75% Suzano Austria GmbH 07/2026 0.78%
5.3% Petrobras Global Finance BV 01/2025 0.77%
4.25% Batelco International Finance No 1 L 05/2020 0.77%
4% CK Hutchison Capital Sec. PerpNC 12/2022 0.77%
8.125% Global Liman Isletmeleri 11/2021 0.75%
3.75% United Overseas Bank Ltd 9/2024 c19 0.74%
5.25% KOC Holding AS 03/2023 0.74%
6.25% Zenith Bank 04/2019 0.73%
6.75% Telecel del Paraguay 2017/2022 0.73%
4.6% LSD Bonds 2017 Ltd 09/2022 0.72%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.71%
10.875% Provincia de Buenos Aires 01/2021 0.71%
7% Cosan Luxembourg SA 01/2027 0.71%
6% Arcor SAIC 07/2023 0.69%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.68%
6.85% DP World Ltd 07/2037 0.67%
6.125% Stillwater Mining Co 06/2022 0.67%
5.125% Akbank Turk AS 03/2025 0.66%
4.5% Emirates Airlines 2028 0.65%
6.125% Vedanta Resources PLC 08/2024 0.65%
2.75% Hengjian International Investment Lt 07/2020 0.65%
5.373% MTN Mauritius Investment Ltd 02/2022 0.63%
4.5% FPC First Pacific 04/2023 0.63%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.63%
7.75% United Bank for Africa PLC 06/2022 0.63%
2.88% United Overseas Bank Ltd 03/2027 0.63%
4% Adani Transmission Ltd 08/2026 0.62%
4.875% Gruma 12/2024 0.62%
6.375 MAF Perp NC2024 0.62%
4.875% SUAM Finance BV 04/2024 0.61%
3.875% JD.com Inc 04/2026 0.60%
5% ICD Sukuk Co Ltd 02/2027 0.59%
Qatar Reinsurance Co Ltd 0.58%
6.875% Abengoa Transmision Sur SA 04/2043 0.58%
4.875% SM Investments Corp 06/2024 0.57%
5.838% Ras Laffan LNG 3 2027 0.56%
7.1250% Cementos Progreso SA 11/2023 0.55%
9.375% Oschadbank Via SSB #1 PLC 03/2023 0.53%
8.25% Inversiones Atlantida SA 07/2022 0.53%
2.75% NBK 05/2022 0.52%
6.75% Banco Macro SA 11/2026 0.52%
5.875% Mersin 2020 0.51%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.51%
3.1250% ADCB Finance Cayman Ltd 05/2023 0.50%
4.95% Autoridad del Canal de Panama 07/2035 0.50%
4.95% ENA Norte Trust 04/2023 0.50%
6.125% Sberbank of Russia 02/2022 0.50%
6.375% China Overseas 10/2043 0.49%
2.75% Beijing Gas Singapore Capital Corp 05/2022 0.49%
5.375% Eastern and Southern African Trade 03/2022 0.49%
6.875% Comcel Trust 02/2024 0.49%
9.875% Ukraine Railways 2021 0.49%
7.75% AES Argentina Generacion SA 02/2024 0.49%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.49%
6% Guaranty Trust Bank 2018 0.48%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.48%
9.25% Access Bank PLC 06/2021 0.48%
FRN Huaneng Hong Kong PerpNC 09/2022 0.48%
9% Golden Energy & Resources Ltd 02/2023 0.47%
5.875% Mexichem SAB de CV 09/2044 0.46%
9.25% Seplat 2023 0.46%
4.375% BPRL International Singapore Pte Lt 01/2027 0.46%
9.5% Ihs Netherlands Holdco BV 10/2021 0.46%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.45%
2.95% BDO Unibank Inc 03/2023 0.45%
4.375% SURA Asset Management SA 04/2027 0.45%
6% Ruwais Power Co PJSC 08/2036 0.44%
4.8750% Banco Nacional de Costa Rica 11/2018 0.43%
3.875% China Construction Bank Corp 2020/2025 0.43%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.43%
5.375% Turkiye Is Bankasi 10/2021 0.43%
6.875% Marfrig Holding Europe BV 06/2019 0.42%
8.75% Petrobras Global Finance BV 05/2026 0.42%
8.5% YPF SA 07/2025 0.41%
6.875% First Quantum Minerals 2026 0.41%
5.5% Fibria Overseas Finance Ltd 01/2027 0.40%
4.625% ICD Funding Ltd 05/2024 0.39%
4.866% Standard Chartered PLC 03/2033 0.39%
5.25% Ultrapar International SA 10/2026 0.39%
6.375% Indo Energy Finance II BV 01/2023 0.39%
5.15% National Savings Bank 09/2019 0.39%
4.875% Greenko Dutch BV 07/2022 0.38%
4.625% Minejesa Capital BV 08/2030 0.37%
4.75% Lukoil 2026 0.36%
5% Turkiye Is Bankasi 06/2021 0.35%
6.125% Itau PerpNC 12/2022 0.35%
6% Turkiye Is Bankasi 10/2022 0.35%
6.75% Digicel Ltd 03/2023 0.35%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.35%
3.95% Poly Real Estate Finance Ltd 02/2023 0.34%
7.75% Standard Chartered Plc Perp c04/2023 0.34%
7.375% Petrobras 01/2027 0.34%
7.75% MHP SA 05/2024 0.33%
5.125% Millicom International Cellular SA 01/2028 0.33%
7.1% GCL New Energy Holdings Ltd 01/2021 0.32%
5.875% Indika Energy Capital III Pte Ltd 11/2024 0.30%
4.755% MTN Mauritius Investment Ltd 11/2024 0.30%
5.125% TC Ziraat Bankasi AS 09/2023 0.30%
8.75% Genneia SA 01/2022 0.29%
6.25% Banco Nacional de Costa Rica 11/2023 0.29%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.28%
6.375% Vedanta Resources PLC 07/2022 0.28%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.27%
6.95% MHP Lux SA 04/2026 0.27%
6.75% Mexichem SAB de CV 09/2042 0.24%
6.15% Teva Pharmaceutical Finance Co LLC 02/2036 0.24%
5.125% Itau Unibanco Holding SA/Cayman Isl 05/2023 0.24%
8% Marfrig Holdings Europe BV 06/2023 0.24%
4.625% ICTSI Treasury BV 01/2023 0.24%
6.267% Nakilat Inc 12/2033 0.23%
4.75% MAF Global Securities Ltd 05/2024 0.22%
7.375% Zenith Bank PLC 05/2022 0.22%
7.25% JBS Investments GmbH 04/2024 0.22%
5.625% Minejesa Capital BV 08/2037 0.21%
4.5% Emirates Airline 02/2025 0.21%
3.875% Well Hope Development PerpNC 10/2022 0.20%
4.25% SM Investments Corp 10/2019 0.20%
4.563% Lukoil International Finance BV 04/2023 0.20%
4.75% Garanti Bankasi AS 10/2019 0.20%
5.25% Greenko Dutch BV 07/2024 0.19%
8.375% Helios Towers Finance B 07/2019 0.19%
3.125% JD.com Inc 04/2021 0.19%
4.875% Ferreycorp 04/2020 0.18%
7.75% JBS Investments GmbH 10/2020 0.16%
4.1% Teva Pharmaceutical Finance Netherlan 10/2046 0.16%
7% Marfrig Holdings Europe BV 03/2024 0.15%
7% Suzano 2047 0.13%
8.25% MHP SA 04/2020 0.13%
4.75% Coca-Cola Icecek AS 10/2018 0.12%
6.5% Itau Perp NC2023 0.11%
8.375% Petrobras Global Finance BV 05/2021 0.08%
6.125% Petrobras 01/2022 0.08%
6% Digicel 2016/2021 0.07%
11% Davomas 12/2014 0.00%
Expand

Risk 5 Years

(Updated: 03.31.2018)
Risk Fund Benchmark
Standard Deviation (%) 4.76 4.22
Sharpe Ratio 0.73
Information Ratio 0.22
Tracking Error (%) 1.07

Risk

Standard Deviation measures the variation of returns over a period of time. If the returns in average are close to the expected return, the Standard Deviation is low. If the returns in average are far from the mean, it is high. Typically bond funds have a lower Standard Deviation than equity funds.

Sharpe Ratio expresses how much a return on investment has generated compared to the historical risk. The figure is being used as a comparative figure to rank different risk-adjusted returns on investment. The higher the Sharpe Ratio, the better risk-adjusted returns on investment.

Information Ratio expresses how much outperformance a fund has generated in relation to the risk that has been relative to the benchmark. Information Ratio indicates the quality of the risk-adjusted to outperformance of a fund. The higher the Information Ratio, the better risk-adjusted performance on investment.

Tracking Error expresses the variation in the difference between the returns of the fund and the corresponding benchmark. Tracking Error is an expression of the Standard Deviation of the excess return. A low Tracking Error is equal to low volatility of the monthly performance, and a high Tracking Error is equal to high fluctuations.

Please note that there are no risk key figures for funds that are less than three years old.


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Last updated: 04.24.2018