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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 177.79 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 177
  • Number of shares in Share Class 807,321

Risk and reward profile

  • 1
  • 2
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  • 5
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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: 02.15.2019)
1 month YTD 1 yr 3 yrs 5 yrs
1.90 2.79 -0.15 4.63 3.63
1.72 2.86 -0.25 4.16 3.24
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: 01.31.2019)
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Sectoral allocation

(Updated: 01.31.2019)
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The largest investments in the portfolio

(Updated: 01.31.2019)
Name Sector Weight
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 2.17%
5.99% 1MDB Energy Ltd 05/2022 1.54%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.43%
3.95% Shenzhen International Holdings PerpNC/2022 1.29%
5.875% Mersin 2020 1.20%
4.125% Banco General SA 08/2027 1.20%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 1.18%
4.25 % Parkway Pantai PerpNC07/2022 1.18%
5.75% National Bank of Kuwait Perp/NC 2021 1.18%
5.375% VM Holding SA 05/2027 1.17%
5.5% Industrial Senior Trust 11/2022 1.14%
6.067% Nakilat Inc 12/2033 1.07%
4.625% Minejesa Capital BV 08/2030 1.07%
7.5% Standard Chartered Plc PerpNC 04/2022 1.06%
4% Franshion Brilliant Ltd PerpNC/2023 1.06%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.06%
4.5% Sasol Financing International Ltd 11/2022 1.04%
4.125% Sigma Alimentos SA de CV 05/2026 1.04%
4.56% Empresa Electrica Guacolda SA 04/2025 1.03%
6.25% FirstRand Bank Ltd 04/2028 1.03%
5.125% Akbank Turk AS 03/2025 1.02%
4.125% Proven Honour Capital Ltd 05/2026 1.02%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 1.01%
4% Oversea-Chinese Banking 10/2024 C19 0.98%
4.75% BRF SA 05/2024 0.98%
4% Tengizchevroil Finance Co International 08/2026 0.98%
6.8750% Israel Electric 06/2023 0.98%
6.375% Israel Chemicals Ltd 05/2038 0.98%
3.75% United Overseas Bank Ltd 9/2024 c19 0.96%
5.25% KOC Holding AS 03/2023 0.94%
6.75% Telecel del Paraguay 2017/2022 0.92%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.91%
4.875% Royal Capital BV PerpNC 05/2024 0.89%
6.625% Millicom International Cellular SA 10/2026 0.88%
4.125% African Export-Import Bank 06/2024 0.82%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.80%
9.5% Ihs Netherlands Holdco BV 10/2021 0.79%
5.5% Tabreed Sukuk Spc Ltd 10/2025 0.79%
4% Adani Transmission Ltd 08/2026 0.78%
4.875% Gruma 12/2024 0.78%
5.95% NMC Healthcare Sukuk Ltd 11/2023 0.77%
5% ICD Sukuk Co Ltd 02/2027 0.76%
6.375 MAF Perp NC2024 0.76%
3.875% JD.com Inc 04/2026 0.75%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
5.299% Petrobras Global Finance BV 01/2025 0.75%
9.375% NagaCorp Ltd 05/2021 0.73%
6.375% Indo Energy Finance II BV 01/2023 0.73%
Qatar Reinsurance Co Ltd 0.73%
5.838% Ras Laffan LNG 3 2027 0.72%
8.125% Global Liman Isletmeleri 11/2021 0.72%
4.25% Batelco International Finance No 1 L 05/2020 0.70%
7.1250% Cementos Progreso SA 11/2023 0.70%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.69%
5.375% Natura Cosmeticos SA 02/2023 0.69%
6% BGEO Group JSC 07/2023 0.69%
4.25% Equate Petrochemical BV 11/2026 0.68%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.67%
8.25% Inversiones Atlantida SA 07/2022 0.66%
4.563% Lukoil International Finance BV 04/2023 0.65%
5.375% Eastern and Southern African Trade 03/2022 0.64%
7.25% Votorantim Cimentos SA 04/2041 0.64%
6.125% Sberbank of Russia 02/2022 0.64%
4.6% LSD Bonds 2017 Ltd 09/2022 0.63%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.63%
4.875% Enel Chile SA 06/2028 0.62%
9.25% Access Bank PLC 06/2021 0.61%
7.1% GCL New Energy Holdings Ltd 01/2021 0.61%
FRN Huaneng Hong Kong PerpNC 09/2022 0.61%
8.75% DNO ASA 05/2023 0.61%
4.95% Autoridad del Canal de Panama 07/2035 0.61%
6.375% China Overseas 10/2043 0.60%
9% Golden Energy & Resources Ltd 02/2023 0.60%
4.75% Lukoil 2026 0.60%
4.375% BPRL International Singapore Pte Lt 01/2027 0.58%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.57%
5.875% Mexichem SAB de CV 09/2044 0.57%
4.45% Bangkok Bank PCL/Hong Kong 09/2028 0.57%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.57%
4.851% TNB Global Ventures Capital Bhd 11/2028 0.57%
6% Ruwais Power Co PJSC 08/2036 0.57%
7.75% AES Argentina Generacion SA 02/2024 0.55%
6.25% Barclays Africa Group Ltd 04/2028 0.55%
6.875% Marfrig Holding Europe BV 06/2019 0.53%
8.75% Petrobras Global Finance BV 05/2026 0.53%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 0.52%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.52%
5.373% MTN Mauritius Investments Ltd 02/2022 0.51%
4.375% CMHI Finance BVI Co Ltd 08/2023 0.51%
4.875% SUAM Finance BV 04/2024 0.51%
4.625% ICD Funding Ltd 05/2024 0.50%
4.866% Standard Chartered PLC 03/2033 0.50%
2.88% United Overseas Bank 03/2027 C22 0.49%
5.875% Rumo Luxembourg Sarl 01/2025 0.49%
7.75% United Bank for Africa PLC 06/2022 0.49%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.48%
5.5% Mexico Generadora 12/2032 0.48%
4.875% Greenko Dutch BV 07/2022 0.48%
5.75% Suzano Austria GmbH 07/2026 0.47%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.46%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.44%
6.125% Itau PerpNC 12/2022 0.44%
6.15% Perusahaan Listrik Negara PT 05/2048 0.43%
4.5% FPC First Pacific 04/2023 0.43%
7.375% Petrobras 01/2027 0.43%
5% Turkiye Is Bankasi 06/2021 0.43%
7% Cosan Luxembourg SA 01/2027 0.42%
6.375% JSC Georgia Capital 03/2024 0.42%
4.05% Bangkok Bank PCL/Hong Kong 03/2024 0.41%
5.4% Huafa Group 2018 I Co Ltd 09/2021 0.41%
4.5% Emirates Airlines 2028 0.40%
6.25% Zenith Bank 04/2019 0.40%
7.75% MHP SA 05/2024 0.39%
4.375% Cencosud SA 07/2027 0.39%
8.75% Genneia SA 01/2022 0.37%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.37%
5.5% MAF Perp NC2022 0.37%
6.5% SASOL Financing USA LLC 09/2028 0.35%
3.25% Ooredoo International Finance Ltd 02/2023 0.35%
6% Yuzhou Properties Co Ltd 01/2022 0.33%
5.5% Turkiye Vakiflar Bankasi TAO 10/2021 0.32%
7.75% Metinvest BV 04/2023 0.32%
6.95% MHP Lux SA 04/2026 0.32%
6.875% CIFI Holdings Group Co Ltd 04/2021 0.31%
8% Marfrig Holdings Europe BV 06/2023 0.31%
5.15% Cencosud SA 02/2025 0.31%
7.75% Bukit Makmur Mandiri Utama PT 02/2022 0.31%
4.375% SURA Asset Management SA 04/2027 0.31%
5.875% Yanlord Land HK Co Ltd 01/2022 0.30%
7.85% Times China Holdings Ltd 06/2021 0.30%
6.875% Logan Property Holdings Co Ltd 04/2021 0.30%
5.375% Turkiye Is Bankasi 10/2021 0.29%
6.75% Mexichem SAB de CV 09/2042 0.29%
6.125% Lukoil International Finance BV 11/2020 0.29%
6.267% Nakilat Inc 12/2033 0.28%
8.375% Gajah Tunggal Tbk PT 08/2022 0.28%
12.5% Zhenro Properties Group Ltd 01/2021 0.27%
6.75% Banco Macro SA 11/2026 0.26%
5.875% SASOL Financing USA LLC 03/2024 0.26%
6.375% Shimao Property Holdings Ltd 10/2021 0.26%
3.875% Well Hope Development PerpNC 10/2022 0.26%
6.75% Transportadora de Gas del Sur SA 05/2025 0.26%
8.75% Eurotorg LLC Via Bonitron Inc 10/2022 0.26%
8.375% Helios Towers Finance B 07/2019 0.25%
4.95% ENA Norte Trust 04/2023 0.25%
5.625% Oztel Holdings SPC Ltd 10/2023 0.25%
6.875% First Quantum Minerals 2026 0.23%
8.75% China Evergrande Group 06/2025 0.22%
8.75% DNO 2020 0.21%
7% Marfrig Holdings Europe BV 03/2024 0.20%
8.5% Metinvest BV 04/2026 0.19%
8.25% China Evergrande Group 03/2022 0.19%
8.625% Banglalink Digital Communications L 05/2019 0.18%
6% Turkiye Is Bankasi 10/2022 0.18%
5.375% Thaioil Treasury Center Co Ltd 11/2048 0.16%
7.75% Standard Chartered Plc Perp c04/2023 0.16%
7.625% Oil and Gas Holding Co BSCC/The 11/2024 0.16%
7.625% CIFI Holdings Group Co Ltd 03/2021 0.15%
6.5% Itau Perp NC2023 0.15%
8.6% Zhenro Properties Group Ltd 01/2020 0.15%
8% Eterna Capital Pte Ltd 12/2022 0.13%
10.95% Times China Holdings Ltd 11/2020 0.11%
8.375% Oil and Gas Holding Co BSCC/The 11/2028 0.11%
8.75% Logan Property Holdings Co Ltd 12/2020 0.10%
7.5% Logan Property Holdings Co Ltd 08/2021 0.10%
11% Davomas 12/2014 0.00%
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Risk 5 Years

(Updated: 01.31.2019)
Risk Fund Benchmark
Standard Deviation (%) 4.31 3.79
Sharpe Ratio 0.92
Information Ratio 0.42
Tracking Error (%) 1.09

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: 02.15.2019