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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 178.16 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m EUR) 207
  • Number of shares in Share Class 1,162,701

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: 02.19.2018)
1 month YTD 1 yr 3 yrs 5 yrs
-1.30 -1.34 2.62 4.47 3.55
-1.19 -1.21 2.66 3.96 3.35
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: 01.31.2018)
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Sectoral allocation

(Updated: 01.31.2018)
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The largest investments in the portfolio

(Updated: 01.31.2018)
Name Sector Weight
3.95% Shenzhen International Holdings PerpNC/2022 1.46%
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 1.36%
4.56% Empresa Electrica Guacolda SA 04/2025 1.31%
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 1.25%
4.125% Proven Honour Capital Ltd 05/2026 1.20%
4% Oversea-Chinese Banking 10/2024 1.16%
5.5% Industrial Senior Trust 11/2022 1.14%
3.75% Champion 01/2023 1.10%
4% Novolipetsk Steel via Steel Funding DAC 09/2024 1.01%
4.125% Banco General SA 08/2027 0.98%
4.875% Royal Capital BV PerpNC 05/2024 0.97%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.96%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 0.96%
4.25 % Parkway Pantai PerpNC07/2022 0.96%
5.375% Natura Cosmeticos SA 02/2023 0.94%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.94%
6.8750% Israel Electric 06/2023 0.92%
7.75% United Bank for Africa PLC 06/2022 0.91%
7.25% Votorantim Cimentos SA 04/2041 0.91%
6.125% Lukoil International Finance BV 11/2020 0.89%
4% Franshion Brilliant Ltd PerpNC/2023 0.86%
5.375% VM Holding SA 05/2027 0.86%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.86%
4.125% African Export-Import Bank 06/2024 0.85%
4.125% Sigma Alimentos SA de CV 05/2026 0.83%
2.75% NBK 05/2022 0.83%
4.5% Sasol Financing International Ltd 11/2022 0.82%
8.125% Banco Regional SAECA 01/2019 0.82%
6% BGEO Group JSC 07/2023 0.80%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 0.79%
5.5% Mexico Generadora 12/2032 0.79%
8.75% DNO 2020 0.79%
5.5% Myriad International Holdings BV 07/2025 0.79%
5.25% KOC Holding AS 03/2023 0.78%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 0.78%
5.3% Petrobras Global Finance BV 01/2025 0.77%
4% CK Hutchison Capital Sec. PerpNC 12/2022 0.77%
4.25% Batelco International Finance No 1 L 05/2020 0.77%
4.75% TC Ziraat Bankasi AS 04/2021 0.77%
4.75% BRF SA 05/2024 0.75%
3.75% United Overseas Bank Ltd 9/2024 c19 0.74%
4.6% LSD Bonds 2017 Ltd 09/2022 0.74%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.73%
6.75% Telecel del Paraguay 2017/2022 0.72%
6.25% Zenith Bank 04/2019 0.72%
7% Cosan Luxembourg SA 01/2027 0.70%
10.875% Provincia de Buenos Aires 01/2021 0.70%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.69%
4.875% Samvardhana Motherson Automotive Sy 12/2021 0.69%
6% Arcor SAIC 07/2023 0.69%
6.125% Vedanta Resources PLC 08/2024 0.68%
6.125% Stillwater Mining Co 06/2022 0.67%
4% Adani Transmission Ltd 08/2026 0.65%
5.373% MTN Mauritius Investment Ltd 02/2022 0.65%
2.75% Hengjian International Investment Lt 07/2020 0.64%
2.88% United Overseas Bank Ltd 03/2027 0.64%
7.125 % MAF PerpNC 10/2018 0.64%
4.5% FPC First Pacific 04/2023 0.63%
7.5% Standard Chartered Plc PerpNC 04/2022 0.63%
4.875% Gruma 12/2024 0.63%
4.875% SUAM Finance BV 04/2024 0.62%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.62%
3.875% JD.com Inc 04/2026 0.61%
5% ICD Sukuk Co Ltd 02/2027 0.60%
8.125% Global Liman Isletmeleri 11/2021 0.58%
6.875% Abengoa Transmision Sur SA 04/2043 0.58%
5.838% Ras Laffan LNG 3 2027 0.57%
5.875% Ecopetrol SA 05/2045 0.57%
4.875% SM Investments Corp 06/2024 0.57%
7.1250% Cementos Progreso SA 11/2023 0.55%
5.125% Emirates REIT Sukuk 2022 0.53%
6.75% Banco Macro SA 11/2026 0.52%
8.25% Inversiones Atlantida SA 07/2022 0.52%
7.75% AES Argentina Generacion SA 02/2024 0.51%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.51%
6.125% Sberbank of Russia 02/2022 0.51%
4.95% Autoridad del Canal de Panama 07/2035 0.51%
5.875% Petkim 2023 0.51%
3.1250% ADCB Finance Cayman Ltd 05/2023 0.50%
6.875% Comcel Trust 02/2024 0.50%
4.95% ENA Norte Trust 04/2023 0.50%
5.125% TC Ziraat Bankasi AS 09/2023 0.50%
5.375% Eastern and Southern African Trade 03/2022 0.50%
5.875% Mexichem SAB de CV 09/2044 0.49%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.49%
FRN Huaneng Hong Kong PerpNC 09/2022 0.49%
6.375% China Overseas 10/2043 0.49%
2.75% Beijing Gas Singapore Capital Corp 05/2022 0.48%
5.5% B3 SA - Brasil Bolsa Balcao 07/2020 0.48%
6% Guaranty Trust Bank 2018 0.47%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.47%
4.375% BPRL International Singapore Pte Lt 01/2027 0.47%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.46%
6% Ruwais Power Co PJSC 08/2036 0.46%
9.5% Ihs Netherlands Holdco BV 10/2021 0.46%
2.95% BDO Unibank Inc 03/2023 0.45%
4.375% SURA Asset Management SA 04/2027 0.45%
5.75% National Bank of Kuwait Perp/NC 2021 0.44%
4.8750% Banco Nacional de Costa Rica 11/2018 0.43%
3.875% China Construction Bank Corp 2020/2025 0.43%
8.25% MHP SA 04/2020 0.43%
5.375% Turkiye Is Bankasi 10/2021 0.43%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.42%
6.875% Marfrig Holding Europe BV 06/2019 0.42%
8.75% Petrobras Global Finance BV 05/2026 0.42%
5.875% Mersin 2020 0.41%
8.5% YPF SA 07/2025 0.41%
5.5% Fibria Overseas Finance Ltd 01/2027 0.41%
5.15% National Savings Bank 09/2019 0.40%
4.625% Minejesa Capital BV 08/2030 0.40%
5.25% Ultrapar International SA 10/2026 0.40%
4.25% Turkiye Sise ve Cam Fabrikalari AS 05/2020 0.39%
6.85% DP World Ltd 07/2037 0.39%
4.625% ICD Funding Ltd 05/2024 0.39%
6.75% Digicel Ltd 03/2023 0.39%
6.375% Indo Energy Finance II BV 01/2023 0.39%
4.875% Greenko Dutch BV 07/2022 0.38%
3.86% Etihad Airways 11/2021 0.37%
4.75% Lukoil 2026 0.36%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.36%
7.75% Standard Chartered Plc Perp c04/2023 0.35%
6% Turkiye Is Bankasi 10/2022 0.35%
5.125% Millicom International Cellular SA 01/2028 0.35%
6.125% Itau PerpNC 12/2022 0.35%
5% Turkiye Is Bankasi 06/2021 0.35%
6.95% Trust F/1401 01/2044 0.35%
3.875% Well Hope Development PerpNC 10/2022 0.34%
3.95% Poly Real Estate Finance Ltd 02/2023 0.34%
7.375% Petrobras 01/2027 0.34%
4.755% MTN Mauritius Investment Ltd 11/2024 0.31%
5.875% Indika Energy Capital III Pte Ltd 11/2024 0.31%
8.75% Genneia SA 01/2022 0.29%
5.75% Suzano Austria GmbH 07/2026 0.29%
8.375% Petrobras Global Finance BV 05/2021 0.29%
6.375% Vedanta Resources PLC 07/2022 0.28%
6.25% Banco Nacional de Costa Rica 11/2023 0.28%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.28%
4.204% Phosagro OAO via Phosagro Bond Fund 02/2018 0.27%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.27%
6.15% Teva Pharmaceutical Finance Co LLC 02/2036 0.26%
7.75% MHP SA 05/2024 0.26%
9.875% Ukraine Railways 2021 0.25%
6.75% Mexichem SAB de CV 09/2042 0.25%
5.125% Itau Unibanco Holding SA/Cayman Isl 05/2023 0.24%
4.625% ICTSI Treasury BV 01/2023 0.24%
8% Marfrig Holdings Europe BV 06/2023 0.24%
4.75% Coca-Cola Icecek AS 10/2018 0.24%
5.625% Minejesa Capital BV 08/2037 0.23%
6.267% Nakilat Inc 12/2033 0.23%
7.375% Zenith Bank PLC 05/2022 0.22%
4.75% MAF Global Securities Ltd 05/2024 0.22%
7.25% JBS Investments GmbH 04/2024 0.22%
5.25% Trust F/1401 12/2024 0.20%
4.75% Garanti Bankasi AS 10/2019 0.20%
4.25% SM Investments Corp 10/2019 0.20%
3.125% JD.com Inc 04/2021 0.19%
8.375% Helios Towers Finance B 07/2019 0.19%
5.25% Greenko Dutch BV 07/2024 0.19%
4.875% Ferreycorp 04/2020 0.18%
8.75% Kernel Holding SA 01/2022 0.17%
9.25% Access Bank PLC 06/2021 0.16%
4.1% Teva Pharmaceutical Finance Netherlan 10/2046 0.16%
7.75% JBS Investments GmbH 10/2020 0.16%
7% Marfrig Holdings Europe BV 03/2024 0.16%
7% Suzano 2047 0.14%
7.1% GCL New Energy Holdings Ltd 01/2021 0.13%
5.125% TC Ziraat Bankasi AS 05/2022 0.10%
6.125% Petrobras 01/2022 0.08%
6% Digicel 2016/2021 0.08%
11% Davomas 12/2014 0.00%
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Risk 5 Years

(Updated: 01.31.2018)
Risk Fund Benchmark
Standard Deviation (%) 4.70 4.16
Sharpe Ratio 0.81
Information Ratio 0.15
Tracking Error (%) 1.08

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: 02.19.2018