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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 192.86 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 157
  • Number of shares in Share Class 814,456

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: 01.23.2020)
1 month YTD 1 yr 3 yrs 5 yrs
1.12 1.07 9.75 4.02 4.45
1.25 1.23 9.30 3.72 4.02
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: 12.31.2019)
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Sectoral allocation

(Updated: 12.31.2019)
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The largest investments in the portfolio

(Updated: 12.31.2019)
Name Sector Weight
5.99% 1malaysia Development Bhd 05/2022 1.34%
3.95% Shenzhen International Holdings Lt 12/2049 1.15%
4.125% Banco General SA 08/2027 1.12%
3.7% Corporacion Nacional Del Cobre De 01/2050 1.10%
4.625% Minejesa Capital BV 08/2030 1.08%
5.375% Vm Holding SA 05/2027 1.06%
6% Gpn Capital SA 11/2023 1.06%
6.375% Israel Chemicals LTD 05/2038 1.01%
4% Tengizchevroil Finance Co Internat 08/2026 1.00%
5.75% Nbk Tier 1 Financing LTD 12/2049 1.00%
5.95% Jsw Steel LTD 04/2024 1.00%
5.5% Industrial Senior Trust 11/2022 0.99%
4% Franshion Brilliant LTD 12/2049 0.98%
6.067% Nakilat INC 12/2033 0.97%
4.125% Sigma Alimentos SA De Cv 05/2026 0.95%
5.15% Gaz Capital SA 02/2026 0.95%
7.5% Standard Chartered PLC 12/2049 0.92%
4.875% Samvardhana Motherson Automotive S 12/2021 0.92%
5.95% Alfa Bond Issuance PLC 04/2030 0.92%
5.35% Bharti Airtel International Nether 05/2024 0.92%
5% Icd Sukuk Co LTD 02/2027 0.91%
3.45% Sibur Securities Designated Acitvi 09/2024 0.91%
6% Ruwais Power Company Pjsc 08/2036 0.90%
4.875% Royal Capital BV 12/2049 0.90%
4.6% Abu Dhabi Crude Oil Pipeline Llc 11/2047 0.87%
6.25% Adani Green Energy Up LTD 12/2024 0.86%
4.25% Parkway Pantai LTD 12/2049 0.85%
5.375% Gmr Hyderabad International Airpor 04/2024 0.84%
7.25% Votorantim Cimentos SA 04/2041 0.83%
7.25% Lmirt Capital Pte LTD 06/2024 0.81%
6.625% Millicom International Cellular S. 10/2026 0.80%
7.125% Kosmos Energy LTD 04/2026 0.76%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.75%
4.2% Alibaba Group Holding LTD 12/2047 0.75%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.75%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.75%
4% Adani Transmission LTD 08/2026 0.74%
6.875% Abengoa Transmision Sur SA 04/2043 0.71%
4.7% Banque Ouest Africaine De Developp 10/2031 0.71%
3.875% Jd.com INC 04/2026 0.70%
4.875% Gruma Sab De Cv 12/2024 0.70%
4.95% Autoridad Del Canal De Panama 07/2035 0.69%
6.875% Turk Telekomunikasyon AS 02/2025 0.66%
6.95% Turkiye Sise Ve Cam Fabrikalari AS 03/2026 0.66%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.65%
4.95% Qatar Reinsurance Company LTD 12/2049 0.65%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.63%
11.95% Kaisa Group Holdings LTD 10/2022 0.63%
4.375% Indorama Ventures Global Services 09/2024 0.63%
9.375% Nagacorp LTD 05/2021 0.63%
3.75% United Overseas Bank LTD 04/2029 0.61%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.61%
5.5% Tabreed Sukuk Spc LTD 10/2025 0.61%
3.6% Dbs Group Holdings LTD 12/2049 0.60%
8.25% Inversiones Atlantida SA 07/2022 0.59%
6.875% Israel Electric Corp LTD 06/2023 0.59%
4.25% Batelco International Finance No 1 05/2020 0.59%
6.375% China Overseas Finance (cayman)iii 10/2043 0.58%
4.563% Lukoil Oao 04/2023 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%
9.125% Walnut Bidco PLC 08/2024 0.57%
7.125% Ihs Netherlands Holdco BV 03/2025 0.56%
5.875% Usiminas International Sarl 07/2026 0.56%
4.75% Lukoil International Finance BV 11/2026 0.56%
4.875% Enel Chile SA 06/2028 0.56%
6.9% Petrobras Global Finance BV 03/2049 0.55%
6.125% Sb Capital SA 02/2022 0.55%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.54%
4.6% Lsd Bonds (2017) Limited 09/2022 0.54%
5.875% Mexichem Sab De Cv 09/2044 0.54%
6.125% Muthoot Finance LTD 10/2022 0.53%
5.75% Tbc Banki Ss 06/2024 0.52%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.52%
6.75% Greenland Global Investment LTD 09/2023 0.52%
4.25% Equate Petrochemical BV 11/2026 0.52%
5.125% Akbank Tas 03/2025 0.52%
8.75% Dno Asa 05/2023 0.52%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.52%
5.75% Uzpromstroybank Akb 12/2024 0.52%
4.875% Finansbank AS 05/2022 0.51%
3.939% Esic Sukuk LTD 07/2024 0.51%
5.3% Raizen Fuels Finance SA 01/2027 0.51%
6% Bank Of Georgia Jsc 07/2023 0.50%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.49%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.49%
8.75% Petrobras Global Finance BV 05/2026 0.49%
8.5% Metinvest BV 04/2026 0.48%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.48%
6.875% First Quantum Minerals LTD 03/2026 0.48%
6.25% Greenko Mauritius LTD 02/2023 0.48%
9.5% Ecobank Transnational INC 04/2024 0.48%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.47%
4.866% Standard Chartered PLC 03/2033 0.46%
4.5% Fpc Treasury LTD 04/2023 0.46%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.46%
6.5% Koc Holding AS 03/2025 0.45%
6.5% Minerva Luxembourg SA 09/2026 0.45%
7.95% Aes Andres BV 05/2026 0.45%
4.875% Suam Finance BV 04/2024 0.45%
6.5% Sasol Financing Usa Llc 09/2028 0.45%
6% Teva Pharmaceutical Finance Nether 04/2024 0.45%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.44%
4.375% Bprl International Singapore Pte L 01/2027 0.44%
5.65% Azure Power Solar Energy Pvt LTD 12/2024 0.44%
5.5% Mexico Generadora De Energia S De 12/2032 0.43%
5.125% Sb Capital SA 10/2022 0.43%
5.375% Natura Cosmeticos SA 02/2023 0.43%
7.75% United Bank For Africa PLC 06/2022 0.43%
4.875% Greenko Dutch BV 07/2022 0.43%
5.75% Bahia Sul Holdings Gmbh 07/2026 0.43%
2.88% United Overseas Bank LTD 03/2027 0.42%
4.875% Eastern And Southern African Trade 05/2024 0.39%
4.25% Gerdau Holdings INC 01/2030 0.39%
4.875% Brf SA 09/2030 0.39%
5.375% Eastern And Southern African Trade 03/2022 0.38%
5% Turkiye Is Bankasi AS 06/2021 0.38%
6.125% Sakartvelos Kapitali Ss 03/2024 0.38%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.36%
5.125% Millicom International Cellular S. 01/2028 0.36%
6.75% Times China Holdings LTD 07/2023 0.35%
4.229% Kuwait Projects Co Spc LTD 10/2026 0.35%
6.8% Yanlord Land (hk) Co LTD 02/2024 0.35%
6.75% Banco Mercantil Del Norte SA 12/2049 0.35%
6.95% Mhp Lux SA 04/2026 0.34%
5.375% Turkiye Is Bankasi AS 10/2021 0.34%
8.625% Ades International Holding PLC 04/2024 0.33%
8% Ihs Netherlands Holdco BV 09/2027 0.32%
4.5% Zahidi Limited 03/2028 0.32%
6.375% Fermaca Enterprises S De Rl De Cv 03/2038 0.32%
4.5% Minera Mexico SA De Cv 01/2050 0.30%
6% Yuzhou Properties Co LTD 01/2022 0.30%
8.375% Dno Asa 05/2024 0.30%
4.875% Infraestructura Energetica Nova SA 01/2048 0.29%
4% Grupo Bimbo Sab De Cv 09/2049 0.28%
5.25% Koc Holding AS 03/2023 0.28%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 0.27%
7.875% Sunac China Holdings LTD 02/2022 0.27%
6.75% Mexichem Sab De Cv 09/2042 0.27%
5.875% Yanlord Land (hk) Co LTD 01/2022 0.26%
8.7% Zhenro Properties Group LTD 08/2022 0.26%
6.875% Cifi Holdings Group Co LTD 04/2021 0.26%
7.85% Times China Holdings LTD 06/2021 0.26%
6.875% Logan Property Holdings Co LTD 04/2021 0.26%
4.125% African Export-import Bank 06/2024 0.26%
6.267% Nakilat INC 12/2033 0.25%
8.75% Ypf SA 04/2024 0.25%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.25%
8.5% Ypf SA 07/2025 0.25%
7.1% Gcl New Energy Holdings LTD 01/2021 0.23%
12.5% Zhenro Properties Group LTD 01/2021 0.23%
3.875% Well Hope Development Limited 12/2049 0.23%
7% Jbs Investments Ii Gmbh 01/2026 0.23%
7.75% Mhp SA 05/2024 0.23%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.23%
4.875% Melco Resorts Finance LTD 06/2025 0.22%
4.875% Empresa Nacional De Telecomunicaci 10/2024 0.22%
6.375% Shimao Property Holdings LTD 10/2021 0.22%
7.25% First Quantum Minerals LTD 04/2023 0.22%
5.55% Greenko Solar Mauritius LTD 01/2025 0.22%
5.375% Melco Resorts Finance LTD 12/2029 0.22%
5.25% Greenko Dutch BV 07/2024 0.22%
4.875% Cencosud SA 01/2023 0.22%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.22%
8.3% Yuzhou Properties Company LTD 05/2025 0.22%
6.45% Cifi Holdings Group Co LTD 11/2024 0.21%
2.75% Citic Securities Finance Mtn Co Lt 10/2022 0.21%
5.875% Zhaobing Investment (bvi) LTD 09/2022 0.21%
8.75% Genneia SA 01/2022 0.21%
4.95% Ena Norte Trust 04/2028 0.19%
8.5% Ypf SA 06/2029 0.19%
6.75% Banco Macro SA 11/2026 0.19%
8.75% China Evergrande Group 06/2025 0.18%
4.15% Industrias Penoles Sab De Cv 09/2029 0.18%
7.75% Aes Argentina Generacion SA 02/2024 0.18%
4.625% Icd Funding LTD 05/2024 0.18%
7.5% Logan Property Holdings Co LTD 08/2021 0.18%
5.125% Gold Fields Orogen Holdings (bvi) 05/2024 0.18%
7.288% Gaz Capital SA 08/2037 0.18%
7.75% Metinvest BV 04/2023 0.18%
11.125% Sakartvelos Banki Ss 12/2049 0.18%
7.375% Pampa Energia SA 07/2023 0.18%
7% Marb Bondco PLC 03/2024 0.18%
9.15% Zhenro Properties Group LTD 05/2023 0.17%
6.5% First Quantum Minerals LTD 03/2024 0.17%
11% Scenery Journey Limited 11/2020 0.17%
7% Theta Capital Pte LTD 04/2022 0.17%
5.375% Thaioil Treasury Center Co LTD 11/2048 0.16%
4.56% Empresa Electrica Guacolda SA 04/2025 0.15%
7.75% Standard Chartered PLC 12/2049 0.14%
9.625% Ssb No 1 PLC 03/2025 0.14%
11.25% Kaisa Group Holdings LTD 04/2022 0.13%
7.625% Cifi Holdings Group Co LTD 03/2021 0.13%
8.5% Ypf SA 03/2021 0.13%
8.5% Kaisa Group Holdings LTD 06/2022 0.12%
3.15% Teva Pharmaceutical Finance Nether 10/2026 0.11%
4.625% Ictsi Treasury BV 01/2023 0.11%
9.125% Pampa Energia SA 04/2029 0.11%
7.25% Petra Diamonds Us Treasury PLC 05/2022 0.11%
7% Ypf SA 12/2047 0.10%
7.5% Sunac China Holdings LTD 02/2024 0.09%
5.95% Greenko Solar Mauritius LTD 07/2026 0.09%
10.775% Tbc Bank Jsc 12/2049 0.09%
10.95% Times China Holdings LTD 11/2020 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: 12.31.2019)
Risk Fund Benchmark
Standard Deviation (%) 4.01 3.54
Sharpe Ratio 1.15
Information Ratio 0.39
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: 01.23.2020