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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 166.67 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 114
  • Number of shares in Share Class 681,542

Risk and reward profile

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Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2019 2018 2017 2016 2015
Fund 10.31 -4.21 6.27 8.63 1.26
Benchmark 9.81 -4.40 5.96 7.96 0.79
Dividend
Return Period (%)
(Updated: 03.26.2020)
1 month YTD 1 yr 3 yrs 5 yrs
-14.22 -12.65 -7.46 -1.42 1.09
-12.75 -11.06 -6.40 -1.12 1.06
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified hedged to EUR

Country allocation

(Updated: 02.29.2020)
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Sectoral allocation

(Updated: 02.29.2020)
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The largest investments in the portfolio

(Updated: 02.29.2020)
Name Sector Weight
5.99% 1malaysia Development Bhd 05/2022 1.34%
3.95% Shenzhen International Holdings Lt 12/2049 1.16%
3.7% Corporacion Nacional Del Cobre De 01/2050 1.15%
6.375% Israel Chemicals LTD 05/2038 1.08%
4.625% Minejesa Capital BV 08/2030 1.08%
5.375% Vm Holding SA 05/2027 1.06%
4.95% Qatar Reinsurance Company LTD 12/2049 1.02%
5.75% Nbk Tier 1 Financing LTD 12/2049 1.02%
3.174% Riyad Sukuk LTD 02/2030 1.01%
5.5% Industrial Senior Trust 11/2022 1.01%
4% Tengizchevroil Finance Co Internat 08/2026 1.00%
4.125% Banco General SA 08/2027 0.99%
4% Franshion Brilliant LTD 12/2049 0.99%
6.067% Nakilat INC 12/2033 0.99%
5.95% Jsw Steel LTD 04/2024 0.99%
4.125% Sigma Alimentos SA De Cv 05/2026 0.97%
5.35% Bharti Airtel International Nether 05/2024 0.95%
5.15% Gaz Capital SA 02/2026 0.94%
5.95% Alfa Bond Issuance PLC 04/2030 0.94%
4.875% Samvardhana Motherson Automotive S 12/2021 0.93%
6% Ruwais Power Company Pjsc 08/2036 0.91%
4.875% Royal Capital BV 12/2049 0.91%
7.5% Standard Chartered PLC 12/2049 0.91%
4.6% Abu Dhabi Crude Oil Pipeline Llc 11/2047 0.90%
5% Icd Sukuk Co LTD 02/2027 0.90%
7.25% Votorantim Cimentos SA 04/2041 0.87%
6.25% Adani Green Energy Up LTD 12/2024 0.87%
5.375% Gmr Hyderabad International Airpor 04/2024 0.85%
4.25% Parkway Pantai LTD 12/2049 0.85%
4.2% Alibaba Group Holding LTD 12/2047 0.83%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.82%
7.25% Lmirt Capital Pte LTD 06/2024 0.82%
6% Gpn Capital SA 11/2023 0.79%
6.625% Millicom International Cellular S. 10/2026 0.79%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.76%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.76%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
4.7% Banque Ouest Africaine De Developp 10/2031 0.75%
7.125% Kosmos Energy LTD 04/2026 0.75%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.75%
4% Adani Transmission LTD 08/2026 0.75%
3.875% Jd.com INC 04/2026 0.74%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.71%
4.95% Autoridad Del Canal De Panama 07/2035 0.71%
4.875% Gruma Sab De Cv 12/2024 0.71%
4% Indorama Ventures Global Services 09/2024 0.66%
6.95% Turkiye Sise Ve Cam Fabrikalari AS 03/2026 0.66%
11.95% Kaisa Group Holdings LTD 10/2022 0.65%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.65%
4.2% Aev International Pte. Ltd. 01/2030 0.65%
5.95% Global Prime Capital Pte LTD 01/2025 0.64%
6.875% Turk Telekomunikasyon AS 02/2025 0.64%
6.375% China Overseas Finance (cayman)iii 10/2043 0.64%
9.375% Nagacorp LTD 05/2021 0.63%
5.5% Tabreed Sukuk Spc LTD 10/2025 0.63%
3.6% Dbs Group Holdings LTD 12/2049 0.61%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.60%
5.875% Mexichem Sab De Cv 09/2044 0.60%
4.25% Batelco International Finance No 1 05/2020 0.60%
5.75% Logan Property Holdings Co LTD 01/2025 0.59%
4.875% Enel Chile SA 06/2028 0.58%
8.25% Inversiones Atlantida SA 07/2022 0.58%
5.625% Melco Resorts Finance LTD 07/2027 0.57%
6.9% Petrobras Global Finance BV 03/2049 0.57%
7.125% Ihs Netherlands Holdco BV 03/2025 0.57%
4.75% Lukoil International Finance BV 11/2026 0.57%
7.375% Petrobras Global Finance BV 01/2027 0.57%
5.9% Manappuram Finance LTD 01/2023 0.56%
4.6% Lsd Bonds (2017) Limited 09/2022 0.55%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.55%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.55%
5.75% Tbc Banki Ss 06/2024 0.54%
5.75% Uzpromstroybank Akb 12/2024 0.54%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.54%
6.125% Sb Capital SA 02/2022 0.54%
8.75% Dno Asa 05/2023 0.53%
5.875% Usiminas International Sarl 07/2026 0.53%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.53%
6.125% Muthoot Finance LTD 10/2022 0.53%
6.75% Greenland Global Investment LTD 09/2023 0.52%
9.125% Walnut Bidco PLC 08/2024 0.52%
5.3% Raizen Fuels Finance SA 01/2027 0.52%
3.939% Esic Sukuk LTD 07/2024 0.51%
4.875% Finansbank AS 05/2022 0.51%
3.05% Phosagro Bond Funding Dac 01/2025 0.51%
5.6% Future Retail LTD 01/2025 0.51%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.50%
6% Bank Of Georgia Jsc 07/2023 0.50%
3.25% Gaz Finance PLC 02/2030 0.50%
4.866% Standard Chartered PLC 03/2033 0.48%
8.5% Metinvest BV 04/2026 0.48%
6.25% Greenko Mauritius LTD 02/2023 0.48%
3.68% Prosus NV 01/2030 0.48%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.47%
4.5% Fpc Treasury LTD 04/2023 0.47%
4.875% Suam Finance BV 04/2024 0.46%
6% Teva Pharmaceutical Finance Nether 04/2024 0.46%
7.95% Aes Andres BV 05/2026 0.46%
4.563% Lukoil Oao 04/2023 0.45%
6.5% Sasol Financing Usa Llc 09/2028 0.45%
5.65% Azure Power Solar Energy Pvt LTD 12/2024 0.45%
6.875% First Quantum Minerals LTD 03/2026 0.45%
6.5% Koc Holding AS 03/2025 0.45%
6.5% Minerva Luxembourg SA 09/2026 0.45%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.44%
5.125% Sb Capital SA 10/2022 0.43%
4.25% Tower Bersama Infrastructure Tbk P 01/2025 0.43%
2.88% United Overseas Bank LTD 03/2027 0.43%
7.75% United Bank For Africa PLC 06/2022 0.43%
5.375% Natura Cosmeticos SA 02/2023 0.42%
4.875% Greenko Dutch BV 07/2022 0.42%
4.4% Muthoot Finance LTD 09/2023 0.42%
4.875% Eastern And Southern African Trade 05/2024 0.41%
8.5% Ypf SA 07/2025 0.40%
6.125% Sakartvelos Kapitali Ss 03/2024 0.39%
4.875% Brf SA 09/2030 0.39%
4.25% Gerdau Holdings INC 01/2030 0.39%
4.25% Sociedad Quimica Y Minera De Chile 01/2050 0.38%
5.375% Eastern And Southern African Trade 03/2022 0.38%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.37%
6.75% Banco Mercantil Del Norte SA 12/2049 0.36%
5.125% Millicom International Cellular S. 01/2028 0.35%
6.75% Times China Holdings LTD 07/2023 0.35%
5.375% Turkiye Is Bankasi AS 10/2021 0.35%
6.375% Fermaca Enterprises S De Rl De Cv 03/2038 0.34%
6.95% Mhp Lux SA 04/2026 0.34%
8.625% Ades International Holding PLC 04/2024 0.34%
6.8% Yanlord Land (hk) Co LTD 02/2024 0.34%
7.75% Mhp SA 05/2024 0.33%
8% Ihs Netherlands Holdco BV 09/2027 0.33%
4.5% Zahidi Limited 03/2028 0.32%
7.25% First Quantum Minerals LTD 04/2023 0.31%
4% Grupo Bimbo Sab De Cv 09/2049 0.31%
5.125% Akbank Tas 03/2025 0.31%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.31%
4.875% Infraestructura Energetica Nova SA 01/2048 0.30%
8.375% Dno Asa 05/2024 0.30%
6% Yuzhou Properties Co LTD 01/2022 0.30%
4.5% Minera Mexico SA De Cv 01/2050 0.30%
9.5% Ecobank Transnational INC 04/2024 0.29%
6.75% Mexichem Sab De Cv 09/2042 0.29%
5.25% Koc Holding AS 03/2023 0.28%
8% Sovcom Capital D.a.c Tier 2 + Lpn 04/2030 0.28%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 0.28%
5.875% Yanlord Land (hk) Co LTD 01/2022 0.26%
8.7% Zhenro Properties Group LTD 08/2022 0.26%
6.875% Logan Property Holdings Co LTD 04/2021 0.26%
7.85% Times China Holdings LTD 06/2021 0.26%
7.875% Sunac China Holdings LTD 02/2022 0.26%
6.875% Cifi Holdings Group Co LTD 04/2021 0.26%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.26%
6.267% Nakilat INC 12/2033 0.25%
9.25% Seplat Petroleum Development Compa 04/2023 0.25%
8.75% Ypf SA 04/2024 0.24%
3.875% Well Hope Development Limited 12/2049 0.24%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.23%
12.5% Zhenro Properties Group LTD 01/2021 0.23%
4.875% Empresa Nacional De Telecomunicaci 10/2024 0.23%
7% Jbs Investments Ii Gmbh 01/2026 0.23%
4.875% Cencosud SA 01/2023 0.23%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.22%
4.875% Melco Resorts Finance LTD 06/2025 0.22%
6.375% Shimao Property Holdings LTD 10/2021 0.22%
2.75% Citic Securities Finance Mtn Co Lt 10/2022 0.22%
8.75% Petrobras Global Finance BV 05/2026 0.22%
8.3% Yuzhou Properties Company LTD 05/2025 0.22%
6.45% Cifi Holdings Group Co LTD 11/2024 0.22%
5.55% Greenko Solar Mauritius LTD 01/2025 0.22%
5.375% Melco Resorts Finance LTD 12/2029 0.22%
7.875% Zhenro Properties Group LTD 04/2024 0.21%
6.5% Sunac China Holdings LTD 01/2025 0.21%
5.25% Greenko Dutch BV 07/2024 0.21%
8.75% Genneia SA 01/2022 0.21%
11.125% Sakartvelos Banki Ss 12/2049 0.19%
8.5% Ypf SA 06/2029 0.18%
7.75% Metinvest BV 04/2023 0.18%
7% Marb Bondco PLC 03/2024 0.18%
11% Scenery Journey Limited 11/2020 0.18%
7.288% Gaz Capital SA 08/2037 0.18%
4.625% Icd Funding LTD 05/2024 0.18%
4.15% Industrias Penoles Sab De Cv 09/2029 0.18%
8.75% China Evergrande Group 06/2025 0.18%
9.15% Zhenro Properties Group LTD 05/2023 0.18%
8.125% Theta Capital Pte LTD 01/2025 0.17%
5.375% Thaioil Treasury Center Co LTD 11/2048 0.17%
7.75% Aes Argentina Generacion SA 02/2024 0.17%
7.375% Pampa Energia SA 07/2023 0.17%
7.5% Logan Property Holdings Co LTD 08/2021 0.17%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.16%
6.5% First Quantum Minerals LTD 03/2024 0.16%
11.25% Kaisa Group Holdings LTD 04/2022 0.14%
7.1% Gcl New Energy Holdings LTD 01/2021 0.14%
7.75% Standard Chartered PLC 12/2049 0.14%
9.625% Ssb No 1 PLC 03/2025 0.14%
8.5% Kaisa Group Holdings LTD 06/2022 0.13%
8.5% Ypf SA 03/2021 0.13%
7.625% Cifi Holdings Group Co LTD 03/2021 0.13%
8.875% Car INC 05/2022 0.11%
9.125% Pampa Energia SA 04/2029 0.11%
10.775% Tbc Bank Jsc 12/2049 0.10%
10.95% Times China Holdings LTD 11/2020 0.09%
5.95% Greenko Solar Mauritius LTD 07/2026 0.09%
8.75% Logan Property Holdings Co LTD 12/2020 0.09%
7.5% Sunac China Holdings LTD 02/2024 0.09%
7% Ypf SA 12/2047 0.09%
9.375% Ssb No 1 PLC 03/2023 0.08%
6.75% Kaisa Group Holdings LTD 02/2021 0.08%
6.75% Theta Capital Pte LTD 10/2026 0.08%
7% Theta Capital Pte LTD 04/2022 0.04%
11% Davomas International Finance Comp 12/2100 0.00%
Expand

Risk 5 Years

(Updated: 02.29.2020)
Risk Fund Benchmark
Standard Deviation (%) 4.01 3.56
Sharpe Ratio 1.10
Information Ratio 0.35
Tracking Error (%) 1.03

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: 03.26.2020