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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 172.33 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m EUR) 187
  • Number of shares in Share Class 1,084,612

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: 06.20.2018)
1 month YTD 1 yr 3 yrs 5 yrs
-0.77 -4.57 -2.78 2.47 3.62
-0.53 -4.27 -2.69 2.13 3.45
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: 05.31.2018)
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Sectoral allocation

(Updated: 05.31.2018)
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The largest investments in the portfolio

(Updated: 05.31.2018)
Name Sector Weight
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 2.60%
3.95% Shenzhen International Holdings PerpNC/2022 1.63%
4.125% Proven Honour Capital Ltd 05/2026 1.56%
5.99% 1MDB Energy Ltd 05/2022 1.40%
4% Tengizchevroil Finance Co International 08/2026 1.38%
5.5% Industrial Senior Trust 11/2022 1.35%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.27%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.26%
4% Oversea-Chinese Banking 10/2024 C19 1.16%
5.375% Natura Cosmeticos SA 02/2023 1.10%
4.25 % Parkway Pantai PerpNC07/2022 1.09%
4.875% Royal Capital BV PerpNC 05/2024 1.09%
5.875% Mersin 2020 1.08%
4.75% BRF SA 05/2024 1.08%
4.125% Banco General SA 08/2027 1.07%
6.25% FirstRand Bank Ltd 04/2028 1.07%
5.125% Sberbank of Russia Via SB Capital S 10/2022 1.06%
6.8750% Israel Electric 06/2023 1.05%
5.75% National Bank of Kuwait Perp/NC 2021 1.05%
4.56% Empresa Electrica Guacolda SA 04/2025 1.05%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 1.02%
6.125% Lukoil International Finance BV 11/2020 1.02%
4% Franshion Brilliant Ltd PerpNC/2023 0.97%
6.067% Nakilat Inc 12/2033 0.97%
8.125% Banco Regional SAECA 01/2019 0.97%
7.5% Standard Chartered Plc PerpNC 04/2022 0.94%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.94%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 0.94%
4.5% Sasol Financing International Ltd 11/2022 0.93%
5.375% VM Holding SA 05/2027 0.92%
6% BGEO Group JSC 07/2023 0.92%
4.125% Sigma Alimentos SA de CV 05/2026 0.91%
5.125% Akbank Turk AS 03/2025 0.91%
5.75% Suzano Austria GmbH 07/2026 0.89%
5.5% Mexico Generadora 12/2032 0.89%
4.25% Batelco International Finance No 1 L 05/2020 0.88%
5.299% Petrobras Global Finance BV 01/2025 0.87%
4% CK Hutchison Capital Sec. PerpNC 12/2022 0.87%
6.375% JSC Georgia Capital 03/2024 0.87%
3.75% United Overseas Bank Ltd 9/2024 c19 0.86%
6.75% Telecel del Paraguay 2017/2022 0.86%
5.25% KOC Holding AS 03/2023 0.85%
8.125% Global Liman Isletmeleri 11/2021 0.85%
4.6% LSD Bonds 2017 Ltd 09/2022 0.83%
10.875% Provincia de Buenos Aires 01/2021 0.81%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.76%
4.5% Emirates Airlines 2028 0.76%
6.125% Stillwater Mining Co 06/2022 0.76%
7.25% Votorantim Cimentos SA 04/2041 0.75%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.75%
6.15% Perusahaan Listrik Negara PT 05/2048 0.75%
2.88% United Overseas Bank 03/2027 C22 0.74%
7.75% United Bank for Africa PLC 06/2022 0.74%
4.125% African Export-Import Bank 06/2024 0.74%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 0.73%
8.75% DNO ASA 05/2023 0.73%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.73%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.72%
6.25% Barclays Africa Group Ltd 04/2028 0.72%
4% Adani Transmission Ltd 08/2026 0.72%
6.375 MAF Perp NC2024 0.71%
4.875% Gruma 12/2024 0.71%
3.875% JD.com Inc 04/2026 0.69%
4.875% SUAM Finance BV 04/2024 0.69%
5% ICD Sukuk Co Ltd 02/2027 0.68%
6.375% Indo Energy Finance II BV 01/2023 0.68%
Qatar Reinsurance Co Ltd 0.66%
6.875% Abengoa Transmision Sur SA 04/2043 0.66%
8.25% Inversiones Atlantida SA 07/2022 0.63%
5.838% Ras Laffan LNG 3 2027 0.63%
7.1250% Cementos Progreso SA 11/2023 0.63%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.63%
4.7% Polyus Finance PLC 01/2024 0.61%
6.875% First Quantum Minerals 2026 0.59%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.59%
5.375% Eastern and Southern African Trade 03/2022 0.58%
9.875% Ukraine Railways 2021 0.57%
6.125% Sberbank of Russia 02/2022 0.57%
9.25% Access Bank PLC 06/2021 0.57%
7% Cosan Luxembourg SA 01/2027 0.56%
6.75% Banco Macro SA 11/2026 0.56%
9% Golden Energy & Resources Ltd 02/2023 0.56%
4.95% Autoridad del Canal de Panama 07/2035 0.56%
9.25% Seplat 2023 0.55%
9.375% NagaCorp Ltd 05/2021 0.55%
7.75% AES Argentina Generacion SA 02/2024 0.55%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.54%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.54%
4.75% Lukoil 2026 0.54%
FRN Huaneng Hong Kong PerpNC 09/2022 0.54%
6.375% China Overseas 10/2043 0.54%
5.5% Global Prime Capital Pte Ltd 10/2023 0.54%
4.375% BPRL International Singapore Pte Lt 01/2027 0.53%
2.95% BDO Unibank Inc 03/2023 0.52%
9.5% Ihs Netherlands Holdco BV 10/2021 0.51%
6.875% Marfrig Holding Europe BV 06/2019 0.50%
5.625% Oztel Holdings SPC Ltd 10/2023 0.50%
4.375% SURA Asset Management SA 04/2027 0.50%
5.875% Mexichem SAB de CV 09/2044 0.50%
6% Ruwais Power Co PJSC 08/2036 0.50%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.48%
5.375% Turkiye Is Bankasi 10/2021 0.47%
5.5% Fibria Overseas Finance Ltd 01/2027 0.46%
6% Guaranty Trust Bank 2018 0.46%
8.5% Metinvest BV 04/2026 0.45%
8.75% Petrobras Global Finance BV 05/2026 0.45%
4.866% Standard Chartered PLC 03/2033 0.45%
8.5% YPF SA 07/2025 0.45%
4.625% ICD Funding Ltd 05/2024 0.44%
4.875% Greenko Dutch BV 07/2022 0.44%
4.625% Minejesa Capital BV 08/2030 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.39%
5% Turkiye Is Bankasi 06/2021 0.39%
6.125% Itau PerpNC 12/2022 0.39%
6.125% Vedanta Resources PLC 08/2024 0.39%
7.375% Petrobras 01/2027 0.38%
4.5% FPC First Pacific 04/2023 0.38%
6% Turkiye Is Bankasi 10/2022 0.38%
7.75% Standard Chartered Plc Perp c04/2023 0.38%
5.125% Millicom International Cellular SA 01/2028 0.38%
7.1% GCL New Energy Holdings Ltd 01/2021 0.37%
7.75% MHP SA 05/2024 0.37%
6.25% Zenith Bank 04/2019 0.37%
6.75% Transportadora de Gas del Sur SA 05/2025 0.35%
2.75% Beijing Gas Singapore Capital Corp 05/2022 0.35%
5.875% Indika Energy Capital III Pte Ltd 11/2024 0.34%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.32%
6.95% MHP Lux SA 04/2026 0.31%
7.75% Metinvest BV 04/2023 0.29%
8% Marfrig Holdings Europe BV 06/2023 0.28%
6.267% Nakilat Inc 12/2033 0.27%
6.625% Oztel Holdings SPC Ltd 04/2028 0.27%
5.125% Itau Unibanco Holding SA/Cayman Isl 05/2023 0.27%
6.75% Mexichem SAB de CV 09/2042 0.26%
7.25% JBS Investments GmbH 04/2024 0.25%
7.375% Zenith Bank PLC 05/2022 0.25%
4.95% ENA Norte Trust 04/2023 0.24%
3.875% Well Hope Development PerpNC 10/2022 0.23%
4.563% Lukoil International Finance BV 04/2023 0.23%
5.625% Minejesa Capital BV 08/2037 0.23%
8.375% Helios Towers Finance B 07/2019 0.23%
5.25% Greenko Dutch BV 07/2024 0.22%
7.75% JBS Investments GmbH 10/2020 0.19%
8.75% DNO 2020 0.19%
4.1% Teva Pharmaceutical Finance Netherlan 10/2046 0.18%
7% Marfrig Holdings Europe BV 03/2024 0.18%
6.5% Itau Perp NC2023 0.13%
11% Davomas 12/2014 0.00%
Expand

Risk 5 Years

(Updated: 05.31.2018)
Risk Fund Benchmark
Standard Deviation (%) 4.72 4.15
Sharpe Ratio 0.67
Information Ratio 0.16
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: 06.20.2018