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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 183.52 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 181
  • Number of shares in Share Class 794,138

Risk and reward profile

  • 1
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Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2018 2017 2016 2015 2014
Fund -4.21 6.27 8.63 1.26 5.22
Benchmark -4.40 5.96 7.96 0.79 4.72
Dividend
Return Period (%)
(Updated: 06.18.2019)
1 month YTD 1 yr 3 yrs 5 yrs
1.26 6.10 6.33 3.21 3.30
1.29 6.42 6.16 3.11 3.03
All returns 1-10 years are annualized. Return is calculated in share class currency.

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: 05.31.2019)
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Sectoral allocation

(Updated: 05.31.2019)
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The largest investments in the portfolio

(Updated: 05.31.2019)
Name Sector Weight
5.99% 1MDB Energy Ltd 05/2022 1.57%
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 1.52%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.37%
3.95% Shenzhen International Holdings PerpNC/2022 1.33%
4.125% Banco General SA 08/2027 1.27%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 1.21%
5.375% VM Holding SA 05/2027 1.21%
5.875% Mersin 2020 1.20%
5.75% National Bank of Kuwait Perp/NC 2021 1.20%
5.5% Industrial Senior Trust 11/2022 1.14%
4% Franshion Brilliant Ltd PerpNC/2023 1.12%
6.067% Nakilat Inc 12/2033 1.11%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.11%
4.625% Minejesa Capital BV 08/2030 1.09%
4.125% Sigma Alimentos SA de CV 05/2026 1.08%
4.125% Proven Honour Capital Ltd 05/2026 1.06%
5% ICD Sukuk Co Ltd 02/2027 1.05%
4.875% Royal Capital BV PerpNC 05/2024 1.05%
6.375% Israel Chemicals Ltd 05/2038 1.05%
7.5% Standard Chartered Plc PerpNC 04/2022 1.05%
6.95% Turkiye Sise ve Cam Fabrikalari AS 03/2026 1.02%
6.8750% Israel Electric 06/2023 1.02%
4% Tengizchevroil Finance Co International 08/2026 1.02%
6% Ruwais Power Co PJSC 08/2036 1.01%
4.25 % Parkway Pantai PerpNC07/2022 1.00%
6.625% Millicom International Cellular SA 10/2026 0.93%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.89%
4.125% African Export-Import Bank 06/2024 0.87%
4% Adani Transmission Ltd 08/2026 0.84%
4.875% Gruma 12/2024 0.82%
5.5% Tabreed Sukuk Spc Ltd 10/2025 0.82%
JSW STEEL LTD 0.81%
9.5% Ihs Netherlands Holdco BV 10/2021 0.79%
3.875% JD.com Inc 04/2026 0.79%
6.375 MAF Perp NC2024 0.79%
4.56% Empresa Electrica Guacolda SA 04/2025 0.79%
5.15% Gazprom OAO Via Gaz Capital SA 02/2026 0.79%
6.25% FirstRand Bank Ltd 04/2028 0.78%
6.375% Indo Energy Finance II BV 01/2023 0.76%
Qatar Reinsurance Co Ltd 0.76%
7.125% Kosmos Energy Ltd 04/2026 0.75%
GMR HYDERABAD INTERNATIONAL AIRPOR 0.75%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
9.375% NagaCorp Ltd 05/2021 0.74%
5.838% Ras Laffan LNG 3 2027 0.73%
6% BGEO Group JSC 07/2023 0.73%
UNITED OVERSEAS BANK LTD 0.72%
DEVELOPMENT BANK OF KAZAKHSTAN JSC 0.72%
7.1250% Cementos Progreso SA 11/2023 0.71%
4.25% Batelco International Finance No 1 L 05/2020 0.70%
4.25% Equate Petrochemical BV 11/2026 0.70%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.70%
7.25% Votorantim Cimentos SA 04/2041 0.69%
6.875% Turk Telekomunikasyon AS 02/2025 0.68%
8.25% Inversiones Atlantida SA 07/2022 0.68%
4.563% Lukoil International Finance BV 04/2023 0.67%
4.95% Autoridad del Canal de Panama 07/2035 0.67%
6.375% China Overseas 10/2043 0.66%
4.875% Enel Chile SA 06/2028 0.66%
6.125% Sberbank of Russia 02/2022 0.65%
4.6% LSD Bonds 2017 Ltd 09/2022 0.64%
ECOBANK TRANSNATIONAL INC 0.64%
4.75% Lukoil 2026 0.63%
9.25% Access Bank PLC 06/2021 0.63%
4.375% BPRL International Singapore Pte Lt 01/2027 0.63%
5.95% NMC Healthcare Sukuk Ltd 11/2023 0.63%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.63%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.61%
8.75% DNO ASA 05/2023 0.61%
4.851% TNB Global Ventures Capital Bhd 11/2028 0.61%
5.875% Mexichem SAB de CV 09/2044 0.61%
4.45% Bangkok Bank PCL/Hong Kong 09/2028 0.60%
9% Golden Energy & Resources Ltd 02/2023 0.60%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.59%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.58%
4% Oversea-Chinese Banking 10/2024 C19 0.58%
6.9% Petrobras Global Finance BV 03/2049 0.56%
MAF SUKUK LTD 0.56%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.56%
8.75% Petrobras Global Finance BV 05/2026 0.55%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.54%
5.125% Akbank Turk AS 03/2025 0.54%
6.875% Marfrig Holding Europe BV 06/2019 0.54%
4.375% CMHI Finance BVI Co Ltd 08/2023 0.53%
5.5% Mexico Generadora 12/2032 0.53%
4.875% SUAM Finance BV 04/2024 0.53%
7.75% AES Argentina Generacion SA 02/2024 0.53%
5.875% Rumo Luxembourg Sarl 01/2025 0.53%
4.866% Standard Chartered PLC 03/2033 0.52%
7.75% United Bank for Africa PLC 06/2022 0.52%
TELEFONICA CELULAR DEL PARAGUAY SA 0.52%
5.373% MTN Mauritius Investments Ltd 02/2022 0.52%
ALIBABA GROUP HOLDING LTD 0.52%
4.625% ICD Funding Ltd 05/2024 0.52%
3.75% United Overseas Bank Ltd 9/2024 c19 0.51%
4.875% Greenko Dutch BV 07/2022 0.50%
6.875% QNB Finansbank AS 09/2024 0.50%
2.88% United Overseas Bank 03/2027 C22 0.50%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.49%
5.375% Natura Cosmeticos SA 02/2023 0.49%
6.5% KOC Holding AS 03/2025 0.49%
8.75% Genneia SA 01/2022 0.49%
5.75% Suzano Austria GmbH 07/2026 0.49%
5.25% KOC Holding AS 03/2023 0.48%
GOLD FIELDS OROGEN HOLDINGS (BVI) 0.47%
7.375% Petrobras 01/2027 0.46%
6.125% Itau PerpNC 12/2022 0.46%
6.375% JSC Georgia Capital 03/2024 0.44%
7% Cosan Luxembourg SA 01/2027 0.44%
6.15% Perusahaan Listrik Negara PT 05/2048 0.44%
5% Turkiye Is Bankasi 06/2021 0.43%
4.5% FPC First Pacific 04/2023 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.43%
4.05% Bangkok Bank PCL/Hong Kong 03/2024 0.42%
4.375% Cencosud SA 07/2027 0.42%
5.4% Huafa Group 2018 I Co Ltd 09/2021 0.41%
BANK RAZVITIYA RESPUBLIKI BELARUS 0.41%
4.5% Emirates Airlines 2028 0.39%
5.5% MAF Perp NC2022 0.38%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.37%
8.125% Global Liman Isletmeleri 11/2021 0.37%
ADES INTERNATIONAL HOLDING PLC 0.35%
6% Yuzhou Properties Co Ltd 01/2022 0.35%
7.75% Metinvest BV 04/2023 0.33%
7.85% Times China Holdings Ltd 06/2021 0.32%
5.875% Yanlord Land HK Co Ltd 01/2022 0.31%
5.15% Cencosud SA 02/2025 0.31%
5.375% Eastern and Southern African Trade 03/2022 0.31%
6.875% First Quantum Minerals 2026 0.31%
6.875% Logan Property Holdings Co Ltd 04/2021 0.31%
7.75% Bukit Makmur Mandiri Utama PT 02/2022 0.31%
6.875% CIFI Holdings Group Co Ltd 04/2021 0.31%
6.75% Mexichem SAB de CV 09/2042 0.31%
7.1% GCL New Energy Holdings Ltd 01/2021 0.30%
8.375% Gajah Tunggal Tbk PT 08/2022 0.29%
6.267% Nakilat Inc 12/2033 0.29%
FRN Huaneng Hong Kong PerpNC 09/2022 0.29%
5.375% Turkiye Is Bankasi 10/2021 0.28%
3.875% Well Hope Development PerpNC 10/2022 0.27%
12.5% Zhenro Properties Group Ltd 01/2021 0.27%
6.375% Shimao Property Holdings Ltd 10/2021 0.26%
7.75% MHP SA 05/2024 0.26%
4.95% ENA Norte Trust 04/2023 0.25%
6.5% SASOL Financing USA LLC 09/2028 0.25%
8.375% Helios Towers Finance B 07/2019 0.25%
DNO ASA 0.25%
6.75% Banco Macro SA 11/2026 0.24%
6.95% MHP Lux SA 04/2026 0.24%
8.75% China Evergrande Group 06/2025 0.23%
11.125% Bank of Georgia JSC PERP 0.21%
7% Marfrig Holdings Europe BV 03/2024 0.21%
SILKNET SS 0.21%
8.5% Metinvest BV 04/2026 0.20%
YPF SA 0.19%
3.75% Infraestructura Energetica Nova SAB 01/2028 0.19%
8.25% China Evergrande Group 03/2022 0.19%
5.375% Thaioil Treasury Center Co Ltd 11/2048 0.18%
7.625% CIFI Holdings Group Co Ltd 03/2021 0.16%
7.75% Standard Chartered Plc Perp c04/2023 0.16%
8.6% Zhenro Properties Group Ltd 01/2020 0.16%
8% Eterna Capital Pte Ltd 12/2022 0.15%
7.25% First Quantum Minerals Ltd 04/2023 0.14%
MGM CHINA HOLDINGS LTD 0.13%
8.75% Logan Property Holdings Co Ltd 12/2020 0.11%
10.95% Times China Holdings Ltd 11/2020 0.11%
7.5% Logan Property Holdings Co Ltd 08/2021 0.11%
CHINA EVERGRANDE GROUP 0.10%
7.375% Pampa Energia SA 07/2023 0.10%
11% Davomas 12/2014 0.00%
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Risk 5 Years

(Updated: 05.31.2019)
Risk Fund Benchmark
Standard Deviation (%) 4.13 3.67
Sharpe Ratio 0.80
Information Ratio 0.27
Tracking Error (%) 1.05

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: 06.18.2019