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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 188.09 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 184
  • Number of shares in Share Class 820,358

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: 10.11.2019)
1 month YTD 1 yr 3 yrs 5 yrs
0.29 8.74 8.65 2.69 3.65
0.38 8.38 8.09 2.60 3.26
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.

Type of bond

(Updated: 09.30.2019)

Country allocation

(Updated: 09.30.2019)
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The largest investments in the portfolio

(Updated: 09.30.2019)
Name Sector Weight
5.99% 1malaysia Development Bhd 05/2022 1.39%
3.95% Shenzhen International Holdings Lt 12/2049 1.18%
3.7% Corporacion Nacional Del Cobre De 01/2050 1.16%
4.125% Banco General SA 08/2027 1.13%
6% Gpn Capital SA 11/2023 1.09%
4.625% Minejesa Capital BV 08/2030 1.09%
5.375% Vm Holding SA 05/2027 1.09%
6.375% Israel Chemicals LTD 05/2038 1.07%
5.75% Nbk Tier 1 Financing LTD 12/2049 1.05%
5.5% Industrial Senior Trust 11/2022 1.03%
5.875% Mersin Uluslararasi Liman Isletmec 08/2020 1.02%
6.067% Nakilat INC 12/2033 1.02%
4% Tengizchevroil Finance Co Internat 08/2026 1.01%
4% Franshion Brilliant LTD 12/2049 0.98%
4.125% Sigma Alimentos SA De Cv 05/2026 0.97%
7.5% Standard Chartered PLC 12/2049 0.94%
4.875% Samvardhana Motherson Automotive S 12/2021 0.94%
5.15% Gaz Capital SA 02/2026 0.94%
4.875% Royal Capital BV 12/2049 0.93%
6% Ruwais Power Company Pjsc 08/2036 0.92%
4.6% Abu Dhabi Crude Oil Pipeline Llc 11/2047 0.91%
5% Icd Sukuk Co LTD 02/2027 0.91%
3.45% Sibur Securities Designated Acitvi 09/2024 0.90%
7.125% Kosmos Energy LTD 04/2026 0.89%
7.25% Votorantim Cimentos SA 04/2041 0.86%
5.375% Gmr Hyderabad International Airpor 04/2024 0.86%
4.25% Parkway Pantai LTD 12/2049 0.86%
5.95% Jsw Steel LTD 04/2024 0.82%
7.25% Lmirt Capital Pte LTD 06/2024 0.82%
6.625% Millicom International Cellular S. 10/2026 0.82%
4.2% Alibaba Group Holding LTD 12/2047 0.79%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.77%
4% Adani Transmission LTD 08/2026 0.75%
6.875% Turk Telekomunikasyon AS 02/2025 0.75%
4.875% Gruma Sab De Cv 12/2024 0.72%
3.875% Jd.com INC 04/2026 0.72%
6.875% Abengoa Transmision Sur SA 04/2043 0.72%
6.25% Firstrand Bank LTD 04/2028 0.70%
4.95% Autoridad Del Canal De Panama 07/2035 0.69%
4.56% Empresa Electrica Guacolda SA 04/2025 0.67%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.66%
4.95% Qatar Reinsurance Company LTD 12/2049 0.66%
9.375% Nagacorp LTD 05/2021 0.65%
4.375% Indorama Ventures Global Services 09/2024 0.64%
6.95% Turkiye Sise Ve Cam Fabrikalari AS 03/2026 0.64%
6.25% Adani Green Energy Up LTD 12/2024 0.64%
5.5% Tabreed Sukuk Spc LTD 10/2025 0.64%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.64%
3.75% United Overseas Bank LTD 04/2029 0.63%
6% Bank Of Georgia Jsc 07/2023 0.62%
6.875% Israel Electric Corp LTD 06/2023 0.62%
7.125% Cementos Progreso Trust 11/2023 0.61%
4.25% Batelco International Finance No 1 05/2020 0.61%
6.375% China Overseas Finance (cayman)iii 10/2043 0.61%
3.6% Dbs Group Holdings LTD 12/2049 0.60%
4.563% Lukoil Oao 04/2023 0.60%
9.5% Ecobank Transnational INC 04/2024 0.60%
5.35% Bharti Airtel International Nether 05/2024 0.59%
8.25% Inversiones Atlantida SA 07/2022 0.59%
4.875% Enel Chile SA 06/2028 0.58%
7.375% Petrobras Global Finance BV 01/2027 0.58%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.58%
5.625% Melco Resorts Finance LTD 07/2027 0.58%
4.75% Lukoil International Finance BV 11/2026 0.57%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.56%
4.375% Bprl International Singapore Pte L 01/2027 0.56%
6.125% Sb Capital SA 02/2022 0.56%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.55%
5.875% Usiminas International Sarl 07/2026 0.55%
7.125% Ihs Netherlands Holdco BV 03/2025 0.55%
5.875% Mexichem Sab De Cv 09/2044 0.54%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.54%
4.25% Equate Petrochemical BV 11/2026 0.54%
6.9% Petrobras Global Finance BV 03/2049 0.54%
4.6% Lsd Bonds (2017) Limited 09/2022 0.54%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.53%
8.75% Dno Asa 05/2023 0.53%
5.75% Tbc Banki Ss 06/2024 0.53%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.53%
3.939% Esic Sukuk LTD 07/2024 0.52%
5.3% Raizen Fuels Finance SA 01/2027 0.52%
5.125% Akbank Tas 03/2025 0.51%
6.75% Greenland Global Investment LTD 09/2023 0.51%
9% Golden Energy And Resources LTD 02/2023 0.50%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.50%
8.75% Petrobras Global Finance BV 05/2026 0.50%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.48%
6.25% Greenko Mauritius LTD 02/2023 0.48%
4.5% Fpc Treasury LTD 04/2023 0.48%
4.875% Suam Finance BV 04/2024 0.47%
6.375% Maf Global Securities LTD 12/2049 0.47%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.47%
7.95% Aes Andres BV 05/2026 0.47%
4.866% Standard Chartered PLC 03/2033 0.46%
9.125% Walnut Bidco PLC 08/2024 0.45%
6.5% Minerva Luxembourg SA 09/2026 0.45%
5.5% Mexico Generadora De Energia S De 12/2032 0.45%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.45%
6.5% Sasol Financing Usa Llc 09/2028 0.45%
6.5% Koc Holding AS 03/2025 0.44%
5.125% Sb Capital SA 10/2022 0.44%
7.75% United Bank For Africa PLC 06/2022 0.44%
5.25% Koc Holding AS 03/2023 0.43%
4.875% Greenko Dutch BV 07/2022 0.43%
5.65% Azure Power Solar Energy Pvt LTD 12/2024 0.43%
5.75% Bahia Sul Holdings Gmbh 07/2026 0.43%
3% Sk Hynix INC 09/2024 0.43%
7.1% Gcl New Energy Holdings LTD 01/2021 0.43%
2.88% United Overseas Bank LTD 03/2027 0.43%
5.375% Natura Cosmeticos SA 02/2023 0.43%
8.625% Ades International Holding PLC 04/2024 0.42%
6.125% Itau Unibanco Holding SA (cayman I 12/2049 0.40%
7.75% Aes Argentina Generacion SA 02/2024 0.40%
4.875% Eastern And Southern African Trade 05/2024 0.40%
6% Teva Pharmaceutical Finance Nether 04/2024 0.40%
5% Turkiye Is Bankasi AS 06/2021 0.39%
5.375% Eastern And Southern African Trade 03/2022 0.38%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.38%
7% Cosan Luxembourg SA 01/2027 0.38%
4.875% Brf SA 09/2030 0.38%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.37%
6.125% Sakartvelos Kapitali Ss 03/2024 0.37%
5.125% Millicom International Cellular S. 01/2028 0.36%
6.8% Yanlord Land (hk) Co LTD 02/2024 0.36%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.36%
5.375% Turkiye Is Bankasi AS 10/2021 0.35%
7.25% Petra Diamonds Us Treasury PLC 05/2022 0.35%
6.95% Mhp Lux SA 04/2026 0.35%
6.75% Banco Mercantil Del Norte SA 12/2049 0.34%
5.5% Maf Global Securities LTD 12/2049 0.33%
6.375% Fermaca Enterprises S De Rl De Cv 03/2038 0.32%
4.5% Zahidi Limited 03/2028 0.32%
8.125% Global Liman Isletmeleri AS 11/2021 0.32%
8% Ihs Netherlands Holdco BV 09/2027 0.31%
6.375% Indo Energy Finance Ii BV 01/2023 0.31%
8.375% Dno Asa 05/2024 0.30%
8.75% Genneia SA 01/2022 0.30%
6% Yuzhou Properties Co LTD 01/2022 0.30%
4.5% Minera Mexico SA De Cv 01/2050 0.30%
7.75% Metinvest BV 04/2023 0.30%
4.875% Infraestructura Energetica Nova SA 01/2048 0.29%
4% Grupo Bimbo Sab De Cv 09/2049 0.29%
6.875% First Quantum Minerals LTD 03/2026 0.29%
6.75% Mexichem Sab De Cv 09/2042 0.28%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 0.28%
4.125% African Export-import Bank 06/2024 0.27%
6.875% Cifi Holdings Group Co LTD 04/2021 0.27%
7.75% Bukit Makmur Mandiri Utama Pt 02/2022 0.27%
7.85% Times China Holdings LTD 06/2021 0.27%
6.875% Logan Property Holdings Co LTD 04/2021 0.27%
5.875% Yanlord Land (hk) Co LTD 01/2022 0.26%
6.267% Nakilat INC 12/2033 0.26%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.26%
8.7% Zhenro Properties Group LTD 08/2022 0.25%
6% Suzano Austria Gmbh 01/2029 0.24%
7.75% Mhp SA 05/2024 0.24%
3.875% Well Hope Development Limited 12/2049 0.24%
12.5% Zhenro Properties Group LTD 01/2021 0.24%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.24%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.23%
6.375% Shimao Property Holdings LTD 10/2021 0.23%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.22%
5.25% Greenko Dutch BV 07/2024 0.22%
7.25% First Quantum Minerals LTD 04/2023 0.22%
5.55% Greenko Solar Mauritius LTD 01/2025 0.22%
4.875% Melco Resorts Finance LTD 06/2025 0.22%
5.875% Zhaobing Investment (bvi) LTD 09/2022 0.22%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.21%
4.95% Ena Norte Trust 04/2028 0.21%
8.5% Metinvest BV 04/2026 0.19%
11.125% Sakartvelos Banki Ss 12/2049 0.19%
6.75% Banco Macro SA 11/2026 0.19%
4.625% Icd Funding LTD 05/2024 0.18%
7.5% Logan Property Holdings Co LTD 08/2021 0.18%
7% Theta Capital Pte LTD 04/2022 0.18%
5.125% Gold Fields Orogen Holdings (bvi) 05/2024 0.18%
11% Scenery Journey Limited 11/2020 0.18%
7% Marb Bondco PLC 03/2024 0.18%
8.25% Rail Capital Markets PLC 07/2024 0.18%
8.75% China Evergrande Group 06/2025 0.18%
4.15% Industrias Penoles Sab De Cv 09/2029 0.17%
5.375% Thaioil Treasury Center Co LTD 11/2048 0.17%
7.288% Gaz Capital SA 08/2037 0.17%
6.5% First Quantum Minerals LTD 03/2024 0.16%
7.375% Pampa Energia SA 07/2023 0.16%
3.15% Teva Pharmaceutical Finance Nether 10/2026 0.15%
7.75% Standard Chartered PLC 12/2049 0.14%
8.5% Ypf SA 07/2025 0.14%
11.25% Kaisa Group Holdings LTD 04/2022 0.13%
8.6% Zhenro Properties Group LTD 01/2020 0.13%
7.625% Cifi Holdings Group Co LTD 03/2021 0.13%
8.5% Kaisa Group Holdings LTD 06/2022 0.12%
4.625% Ictsi Treasury BV 01/2023 0.11%
9.125% Pampa Energia SA 04/2029 0.10%
5.95% Greenko Solar Mauritius LTD 07/2026 0.09%
10.95% Times China Holdings LTD 11/2020 0.09%
10.775% Tbc Bank Jsc 12/2049 0.09%
8.75% Logan Property Holdings Co LTD 12/2020 0.09%
6.75% Theta Capital Pte LTD 10/2026 0.08%
9.375% Ssb No 1 PLC 03/2023 0.08%
11% Davomas International Finance Comp 12/2100 0.00%
Expand

Risk 5 Years

(Updated: 09.30.2019)
Risk Fund Benchmark
Standard Deviation (%) 4.18 3.70
Sharpe Ratio 0.95
Information Ratio 0.35
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: 10.11.2019