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BI SICAV - Emerging Markets Corporate Debt I (USD)

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 LU0658686109
  • Fund BI SICAV
  • Inception Date 07.27.2018
  • Investment Manager BI Asset Management Fondsmæglerselskab A/S
  • Investment Universe Fixed Income
  • Exchange Status Quoted
  • Latest Share Class NAV 115.08 USD
  • Share Class Currency USD
  • Sub-fund Size (m) 65
  • Number of shares in Share Class 563,000

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 13.56
Benchmark 13.09 -1.65 7.96 9.65 1.30
Dividend
Return Period (%)
(Updated: 01.23.2020)
1 month YTD 1 yr 3 yrs 5 yrs
1.32 1.20 12.90
1.50 1.37 12.52 6.40 6.08
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified

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%
4% Tengizchevroil Finance Co Internat 08/2026 1.01%
6.375% Israel Chemicals LTD 05/2038 1.01%
5.95% Jsw Steel LTD 04/2024 1.00%
5.75% Nbk Tier 1 Financing LTD 12/2049 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%
5.35% Bharti Airtel International Nether 05/2024 0.92%
4.875% Samvardhana Motherson Automotive S 12/2021 0.92%
5.95% Alfa Bond Issuance PLC 04/2030 0.92%
7.5% Standard Chartered PLC 12/2049 0.92%
5% Icd Sukuk Co LTD 02/2027 0.91%
3.45% Sibur Securities Designated Acitvi 09/2024 0.91%
4.875% Royal Capital BV 12/2049 0.90%
6% Ruwais Power Company Pjsc 08/2036 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%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.75%
4.2% Alibaba Group Holding LTD 12/2047 0.75%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.75%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.75%
4% Adani Transmission LTD 08/2026 0.74%
4.7% Banque Ouest Africaine De Developp 10/2031 0.71%
6.875% Abengoa Transmision Sur SA 04/2043 0.71%
4.875% Gruma Sab De Cv 12/2024 0.70%
3.875% Jd.com INC 04/2026 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%
4.95% Qatar Reinsurance Company LTD 12/2049 0.65%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.65%
4.375% Indorama Ventures Global Services 09/2024 0.63%
11.95% Kaisa Group Holdings LTD 10/2022 0.63%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.63%
9.375% Nagacorp LTD 05/2021 0.63%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.61%
3.75% United Overseas Bank LTD 04/2029 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%
4.25% Batelco International Finance No 1 05/2020 0.59%
6.875% Israel Electric Corp LTD 06/2023 0.59%
7.375% Petrobras Global Finance BV 01/2027 0.58%
4.563% Lukoil Oao 04/2023 0.58%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.58%
6.375% China Overseas Finance (cayman)iii 10/2043 0.58%
5.625% Melco Resorts Finance LTD 07/2027 0.58%
9.125% Walnut Bidco PLC 08/2024 0.57%
4.875% Enel Chile SA 06/2028 0.56%
5.875% Usiminas International Sarl 07/2026 0.56%
7.125% Ihs Netherlands Holdco BV 03/2025 0.56%
4.75% Lukoil International Finance BV 11/2026 0.56%
6.125% Sb Capital SA 02/2022 0.55%
6.9% Petrobras Global Finance BV 03/2049 0.55%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.54%
5.875% Mexichem Sab De Cv 09/2044 0.54%
4.6% Lsd Bonds (2017) Limited 09/2022 0.54%
6.125% Muthoot Finance LTD 10/2022 0.53%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.52%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.52%
5.75% Tbc Banki Ss 06/2024 0.52%
5.125% Akbank Tas 03/2025 0.52%
5.75% Uzpromstroybank Akb 12/2024 0.52%
6.75% Greenland Global Investment LTD 09/2023 0.52%
8.75% Dno Asa 05/2023 0.52%
4.25% Equate Petrochemical BV 11/2026 0.52%
4.875% Finansbank AS 05/2022 0.51%
5.3% Raizen Fuels Finance SA 01/2027 0.51%
3.939% Esic Sukuk LTD 07/2024 0.51%
6% Bank Of Georgia Jsc 07/2023 0.50%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.49%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.49%
8.75% Petrobras Global Finance BV 05/2026 0.49%
6.25% Greenko Mauritius LTD 02/2023 0.48%
6.875% First Quantum Minerals LTD 03/2026 0.48%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.48%
8.5% Metinvest BV 04/2026 0.48%
9.5% Ecobank Transnational INC 04/2024 0.48%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.47%
4.5% Fpc Treasury LTD 04/2023 0.46%
4.866% Standard Chartered PLC 03/2033 0.46%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.46%
7.95% Aes Andres BV 05/2026 0.45%
6% Teva Pharmaceutical Finance Nether 04/2024 0.45%
4.875% Suam Finance BV 04/2024 0.45%
6.5% Koc Holding AS 03/2025 0.45%
6.5% Sasol Financing Usa Llc 09/2028 0.45%
6.5% Minerva Luxembourg SA 09/2026 0.45%
5.65% Azure Power Solar Energy Pvt LTD 12/2024 0.44%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.44%
4.375% Bprl International Singapore Pte L 01/2027 0.44%
5.5% Mexico Generadora De Energia S De 12/2032 0.43%
5.375% Natura Cosmeticos SA 02/2023 0.43%
4.875% Greenko Dutch BV 07/2022 0.43%
5.75% Bahia Sul Holdings Gmbh 07/2026 0.43%
7.75% United Bank For Africa PLC 06/2022 0.43%
5.125% Sb Capital SA 10/2022 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%
6.125% Sakartvelos Kapitali Ss 03/2024 0.38%
5% Turkiye Is Bankasi AS 06/2021 0.38%
5.375% Eastern And Southern African Trade 03/2022 0.38%
5.125% Millicom International Cellular S. 01/2028 0.36%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.36%
6.75% Banco Mercantil Del Norte SA 12/2049 0.35%
4.229% Kuwait Projects Co Spc LTD 10/2026 0.35%
6.75% Times China Holdings LTD 07/2023 0.35%
6.8% Yanlord Land (hk) Co LTD 02/2024 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%
4.5% Zahidi Limited 03/2028 0.32%
8% Ihs Netherlands Holdco BV 09/2027 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%
8.375% Dno Asa 05/2024 0.30%
6% Yuzhou Properties Co LTD 01/2022 0.30%
4.875% Infraestructura Energetica Nova SA 01/2048 0.29%
5.25% Koc Holding AS 03/2023 0.28%
4% Grupo Bimbo Sab De Cv 09/2049 0.28%
7.875% Sunac China Holdings LTD 02/2022 0.27%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 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%
6.875% Logan Property Holdings Co LTD 04/2021 0.26%
7.85% Times China Holdings LTD 06/2021 0.26%
4.125% African Export-import Bank 06/2024 0.26%
8.5% Ypf SA 07/2025 0.25%
8.75% Ypf SA 04/2024 0.25%
6.267% Nakilat INC 12/2033 0.25%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.25%
7.1% Gcl New Energy Holdings LTD 01/2021 0.23%
7% Jbs Investments Ii Gmbh 01/2026 0.23%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.23%
12.5% Zhenro Properties Group LTD 01/2021 0.23%
7.75% Mhp SA 05/2024 0.23%
3.875% Well Hope Development Limited 12/2049 0.23%
5.25% Greenko Dutch BV 07/2024 0.22%
7.25% First Quantum Minerals LTD 04/2023 0.22%
4.875% Cencosud SA 01/2023 0.22%
4.875% Melco Resorts Finance LTD 06/2025 0.22%
4.875% Empresa Nacional De Telecomunicaci 10/2024 0.22%
8.3% Yuzhou Properties Company LTD 05/2025 0.22%
5.375% Melco Resorts Finance LTD 12/2029 0.22%
6.375% Shimao Property Holdings LTD 10/2021 0.22%
5.55% Greenko Solar Mauritius LTD 01/2025 0.22%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.22%
5.875% Zhaobing Investment (bvi) LTD 09/2022 0.21%
6.45% Cifi Holdings Group Co LTD 11/2024 0.21%
8.75% Genneia SA 01/2022 0.21%
2.75% Citic Securities Finance Mtn Co Lt 10/2022 0.21%
6.75% Banco Macro SA 11/2026 0.19%
8.5% Ypf SA 06/2029 0.19%
4.95% Ena Norte Trust 04/2028 0.19%
5.125% Gold Fields Orogen Holdings (bvi) 05/2024 0.18%
4.15% Industrias Penoles Sab De Cv 09/2029 0.18%
4.625% Icd Funding LTD 05/2024 0.18%
7.375% Pampa Energia SA 07/2023 0.18%
7% Marb Bondco PLC 03/2024 0.18%
8.75% China Evergrande Group 06/2025 0.18%
7.75% Metinvest BV 04/2023 0.18%
7.75% Aes Argentina Generacion SA 02/2024 0.18%
11.125% Sakartvelos Banki Ss 12/2049 0.18%
7.288% Gaz Capital SA 08/2037 0.18%
7.5% Logan Property Holdings Co LTD 08/2021 0.18%
11% Scenery Journey Limited 11/2020 0.17%
7% Theta Capital Pte LTD 04/2022 0.17%
9.15% Zhenro Properties Group LTD 05/2023 0.17%
6.5% First Quantum Minerals LTD 03/2024 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%
7.625% Cifi Holdings Group Co LTD 03/2021 0.13%
8.5% Ypf SA 03/2021 0.13%
11.25% Kaisa Group Holdings LTD 04/2022 0.13%
8.5% Kaisa Group Holdings LTD 06/2022 0.12%
4.625% Ictsi Treasury BV 01/2023 0.11%
7.25% Petra Diamonds Us Treasury PLC 05/2022 0.11%
9.125% Pampa Energia SA 04/2029 0.11%
3.15% Teva Pharmaceutical Finance Nether 10/2026 0.11%
7% Ypf SA 12/2047 0.10%
5.95% Greenko Solar Mauritius LTD 07/2026 0.09%
8.75% Logan Property Holdings Co LTD 12/2020 0.09%
10.775% Tbc Bank Jsc 12/2049 0.09%
7.5% Sunac China Holdings LTD 02/2024 0.09%
10.95% Times China Holdings LTD 11/2020 0.09%
9.375% Ssb No 1 PLC 03/2023 0.08%
6.75% Theta Capital Pte LTD 10/2026 0.08%
11% Davomas International Finance Comp 12/2100 0.00%
Expand

Risk 3 Years

(Updated: 12.31.2019)
Risk Fund Benchmark
Standard Deviation (%)
Sharpe Ratio
Information Ratio
Tracking Error (%)

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