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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 111.09 USD
  • Share Class Currency USD
  • Sub-fund Size (m) 203
  • Number of shares in Share Class 580,000

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
Benchmark -1.65 7.96 9.65 1.30 4.96
Dividend
Return Period (%)
(Updated: 09.19.2019)
1 month YTD 1 yr 3 yrs 5 yrs
1.03 10.95 12.10
0.68 10.45 11.31 5.20 5.10
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified

Type of bond

(Updated: 08.31.2019)

Country allocation

(Updated: 08.31.2019)
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The largest investments in the portfolio

(Updated: 08.31.2019)
Name Sector Weight
5.99% 1malaysia Development Bhd 05/2022 1.46%
4.6% Abu Dhabi Crude Oil Pipeline Llc 11/2047 1.30%
3.95% Shenzhen International Holdings Lt 12/2049 1.24%
4.125% Banco General SA 08/2027 1.19%
6.375% Israel Chemicals LTD 05/2038 1.18%
6% Gpn Capital SA 11/2023 1.15%
5.375% Vm Holding SA 05/2027 1.14%
5.75% Nbk Tier 1 Financing LTD 12/2049 1.11%
5.5% Industrial Senior Trust 11/2022 1.07%
5.875% Mersin Uluslararasi Liman Isletmec 08/2020 1.07%
6.067% Nakilat INC 12/2033 1.07%
4.625% Minejesa Capital BV 08/2030 1.05%
4% Franshion Brilliant LTD 12/2049 1.03%
4.125% Sigma Alimentos SA De Cv 05/2026 1.01%
6% Ruwais Power Company Pjsc 08/2036 1.00%
4.875% Samvardhana Motherson Automotive S 12/2021 0.99%
5.15% Gaz Capital SA 02/2026 0.99%
7.5% Standard Chartered PLC 12/2049 0.98%
5% Icd Sukuk Co LTD 02/2027 0.97%
4.875% Royal Capital BV 12/2049 0.97%
4% Tengizchevroil Finance Co Internat 08/2026 0.94%
6.875% Israel Electric Corp LTD 06/2023 0.92%
4.25% Parkway Pantai LTD 12/2049 0.91%
6.625% Millicom International Cellular S. 10/2026 0.87%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 0.86%
5.95% Jsw Steel LTD 04/2024 0.86%
4.2% Alibaba Group Holding LTD 12/2047 0.85%
7.25% Lmirt Capital Pte LTD 06/2024 0.85%
5.375% Gmr Hyderabad International Airpor 04/2024 0.81%
4% Adani Transmission LTD 08/2026 0.79%
7.125% Kosmos Energy LTD 04/2026 0.78%
3.875% Jd.com INC 04/2026 0.76%
6.875% Abengoa Transmision Sur SA 04/2043 0.76%
4.875% Gruma Sab De Cv 12/2024 0.75%
6.25% Firstrand Bank LTD 04/2028 0.74%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.73%
4.95% Autoridad Del Canal De Panama 07/2035 0.73%
9.5% Ihs Netherlands Holdco BV 10/2021 0.72%
4.56% Empresa Electrica Guacolda SA 04/2025 0.72%
4.95% Qatar Reinsurance Company LTD 12/2049 0.70%
7.25% Votorantim Cimentos SA 04/2041 0.69%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.69%
9.375% Nagacorp LTD 05/2021 0.69%
6.95% Turkiye Sise Ve Cam Fabrikalari AS 03/2026 0.68%
5.5% Tabreed Sukuk Spc LTD 10/2025 0.68%
3.75% United Overseas Bank LTD 04/2029 0.67%
4.25% Equate Petrochemical BV 11/2026 0.67%
4.125% Development Bank Of Kazakhstan Jsc 12/2022 0.66%
6.25% Adani Green Energy Up LTD 12/2024 0.66%
6% Bank Of Georgia Jsc 07/2023 0.66%
6.375% China Overseas Finance (cayman)iii 10/2043 0.66%
4.25% Batelco International Finance No 1 05/2020 0.65%
6.875% Turk Telekomunikasyon AS 02/2025 0.65%
7.125% Cementos Progreso Trust 11/2023 0.65%
3.6% Dbs Group Holdings LTD 12/2049 0.65%
4.563% Lukoil Oao 04/2023 0.63%
9.5% Ecobank Transnational INC 04/2024 0.62%
8.25% Inversiones Atlantida SA 07/2022 0.62%
4.875% Enel Chile SA 06/2028 0.61%
5.625% Melco Resorts Finance LTD 07/2027 0.61%
4.75% Lukoil International Finance BV 11/2026 0.60%
5.875% Mexichem Sab De Cv 09/2044 0.60%
4.6% Lsd Bonds (2017) Limited 09/2022 0.59%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.59%
6.125% Sb Capital SA 02/2022 0.59%
4.375% Bprl International Singapore Pte L 01/2027 0.59%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.58%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.58%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.58%
6.9% Petrobras Global Finance BV 03/2049 0.58%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.58%
5.875% Usiminas International Sarl 07/2026 0.57%
8.75% Dno Asa 05/2023 0.57%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.56%
5.3% Raizen Fuels Finance SA 01/2027 0.54%
9% Golden Energy And Resources LTD 02/2023 0.53%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.53%
8.75% Petrobras Global Finance BV 05/2026 0.52%
8.25% Rail Capital Markets PLC 07/2024 0.52%
6.375% Maf Global Securities LTD 12/2049 0.51%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.51%
6.25% Greenko Mauritius LTD 02/2023 0.51%
3.15% Teva Pharmaceutical Finance Nether 10/2026 0.51%
4.866% Standard Chartered PLC 03/2033 0.50%
4.5% Fpc Treasury LTD 04/2023 0.50%
5.35% Bharti Airtel International Nether 05/2024 0.50%
4.875% Suam Finance BV 04/2024 0.50%
7.95% Aes Andres BV 05/2026 0.49%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.49%
7.25% Petra Diamonds Us Treasury PLC 05/2022 0.49%
6.5% Sasol Financing Usa Llc 09/2028 0.49%
4.125% African Export-import Bank 06/2024 0.48%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.48%
5.5% Mexico Generadora De Energia S De 12/2032 0.48%
4.625% Icd Funding LTD 05/2024 0.48%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.47%
9.125% Walnut Bidco PLC 08/2024 0.47%
6.5% Koc Holding AS 03/2025 0.47%
5.75% Bahia Sul Holdings Gmbh 07/2026 0.46%
5.125% Sb Capital SA 10/2022 0.46%
7.75% United Bank For Africa PLC 06/2022 0.46%
2.88% United Overseas Bank LTD 03/2027 0.46%
3.939% Esic Sukuk LTD 07/2024 0.46%
5.25% Koc Holding AS 03/2023 0.46%
4.875% Greenko Dutch BV 07/2022 0.45%
5.375% Natura Cosmeticos SA 02/2023 0.45%
7.375% Petrobras Global Finance BV 01/2027 0.43%
4.875% Eastern And Southern African Trade 05/2024 0.43%
5.125% Akbank Tas 03/2025 0.43%
6.125% Itau Unibanco Holding SA (cayman I 12/2049 0.42%
5.75% Tbc Banki Ss 06/2024 0.41%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.41%
7% Cosan Luxembourg SA 01/2027 0.40%
6.125% Sakartvelos Kapitali Ss 03/2024 0.40%
5% Turkiye Is Bankasi AS 06/2021 0.40%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.39%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.39%
4.375% Cencosud SA 07/2027 0.38%
5.125% Millicom International Cellular S. 01/2028 0.38%
7.1% Gcl New Energy Holdings LTD 01/2021 0.37%
6.8% Yanlord Land (hk) Co LTD 02/2024 0.37%
6.75% Banco Mercantil Del Norte SA 12/2049 0.36%
4.5% Zahidi Limited 03/2028 0.36%
5.5% Maf Global Securities LTD 12/2049 0.35%
6.375% Fermaca Enterprises S De Rl De Cv 03/2038 0.35%
7.75% Aes Argentina Generacion SA 02/2024 0.35%
8.125% Global Liman Isletmeleri AS 11/2021 0.34%
6.375% Indo Energy Finance Ii BV 01/2023 0.32%
8.625% Ades International Holding PLC 04/2024 0.32%
5.25% Greenko Dutch BV 07/2024 0.32%
7.75% Metinvest BV 04/2023 0.31%
6% Yuzhou Properties Co LTD 01/2022 0.31%
4.875% Infraestructura Energetica Nova SA 01/2048 0.30%
6.75% Mexichem Sab De Cv 09/2042 0.30%
6.875% First Quantum Minerals LTD 03/2026 0.29%
5.375% Eastern And Southern African Trade 03/2022 0.29%
7.85% Times China Holdings LTD 06/2021 0.28%
5.15% Cencosud SA 02/2025 0.28%
8.75% Genneia SA 01/2022 0.28%
6.875% Logan Property Holdings Co LTD 04/2021 0.28%
5.875% Yanlord Land (hk) Co LTD 01/2022 0.28%
7.75% Bukit Makmur Mandiri Utama Pt 02/2022 0.28%
6.875% Cifi Holdings Group Co LTD 04/2021 0.28%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.27%
6.267% Nakilat INC 12/2033 0.27%
5.375% Turkiye Is Bankasi AS 10/2021 0.27%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.26%
7.75% Mhp SA 05/2024 0.25%
3.875% Well Hope Development Limited 12/2049 0.25%
12.5% Zhenro Properties Group LTD 01/2021 0.25%
6% Suzano Austria Gmbh 01/2029 0.25%
6.95% Mhp Lux SA 04/2026 0.24%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.24%
6.375% Shimao Property Holdings LTD 10/2021 0.24%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.24%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.23%
8.375% Dno Asa 05/2024 0.23%
5.55% Greenko Solar Mauritius LTD 01/2025 0.23%
7.25% First Quantum Minerals LTD 04/2023 0.22%
4.95% Ena Norte Trust 04/2028 0.22%
9.375% Ssb No 1 PLC 03/2023 0.20%
11.125% Sakartvelos Banki Ss 12/2049 0.20%
8.5% Metinvest BV 04/2026 0.20%
5.125% Gold Fields Orogen Holdings (bvi) 05/2024 0.20%
7% Marb Bondco PLC 03/2024 0.19%
8.75% China Evergrande Group 06/2025 0.19%
5.375% Thaioil Treasury Center Co LTD 11/2048 0.19%
3.75% Infraestructura Energetica Nova SA 01/2028 0.18%
7.288% Gaz Capital SA 08/2037 0.18%
8.25% China Evergrande Group 03/2022 0.17%
6.75% Banco Macro SA 11/2026 0.16%
7.625% Cifi Holdings Group Co LTD 03/2021 0.15%
7.75% Standard Chartered PLC 12/2049 0.15%
7.375% Pampa Energia SA 07/2023 0.14%
8.6% Zhenro Properties Group LTD 01/2020 0.14%
4.625% Ictsi Treasury BV 01/2023 0.12%
8.5% Ypf SA 07/2025 0.12%
8% Eterna Capital Pte LTD 12/2022 0.11%
8.75% Logan Property Holdings Co LTD 12/2020 0.10%
10.95% Times China Holdings LTD 11/2020 0.10%
5.95% Greenko Solar Mauritius LTD 07/2026 0.09%
10.775% Tbc Bank Jsc 12/2049 0.09%
9.5% China Evergrande Group 04/2022 0.09%
7.5% Logan Property Holdings Co LTD 08/2021 0.09%
6.5% First Quantum Minerals LTD 03/2024 0.09%
6% Teva Pharmaceutical Finance Nether 04/2024 0.08%
11% Davomas International Finance Comp 12/2100 0.00%
Expand

Risk 3 Years

(Updated: 08.31.2019)
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: 09.19.2019