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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 99.65 USD
  • Share Class Currency USD
  • Sub-fund Size (m) 196
  • Number of shares in Share Class 360,000

Risk and reward profile

  • 1
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Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2017 2016 2015 2014 2013
Fund
Benchmark 7.96 9.65 1.30 4.96 -0.60
Dividend
Return Period (%)
(Updated: 11.15.2018)
1 month YTD 1 yr 3 yrs 5 yrs
-0.05 -0.35
-0.11 -0.50 -1.22 4.57 4.38
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified

Country allocation

(Updated: 10.31.2018)
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Sectoral allocation

(Updated: 10.31.2018)
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The largest investments in the portfolio

(Updated: 10.31.2018)
Name Sector Weight
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 2.09%
5.99% 1MDB Energy Ltd 05/2022 1.60%
4.125% Proven Honour Capital Ltd 05/2026 1.46%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.44%
3.95% Shenzhen International Holdings PerpNC/2022 1.30%
4% Oversea-Chinese Banking 10/2024 C19 1.29%
4.75% BRF SA 05/2024 1.28%
4.25 % Parkway Pantai PerpNC07/2022 1.21%
5.875% Mersin 2020 1.20%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 1.20%
5.375% VM Holding SA 05/2027 1.19%
5.75% National Bank of Kuwait Perp/NC 2021 1.17%
5.5% Industrial Senior Trust 11/2022 1.14%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.10%
5.125% Akbank Turk AS 03/2025 1.09%
6.067% Nakilat Inc 12/2033 1.08%
8.125% Banco Regional SAECA 01/2019 1.06%
4% Franshion Brilliant Ltd PerpNC/2023 1.06%
4.5% Sasol Financing International Ltd 11/2022 1.06%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 1.04%
7.5% Standard Chartered Plc PerpNC 04/2022 1.03%
4.125% Sigma Alimentos SA de CV 05/2026 1.03%
6.8750% Israel Electric 06/2023 0.99%
6.25% FirstRand Bank Ltd 04/2028 0.98%
3.75% United Overseas Bank Ltd 9/2024 c19 0.96%
4.125% Banco General SA 08/2027 0.96%
4% Tengizchevroil Finance Co International 08/2026 0.95%
6.75% Telecel del Paraguay 2017/2022 0.95%
8.125% Global Liman Isletmeleri 11/2021 0.92%
4.875% Royal Capital BV PerpNC 05/2024 0.92%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.92%
4.6% LSD Bonds 2017 Ltd 09/2022 0.92%
5.25% KOC Holding AS 03/2023 0.91%
6.625% Millicom International Cellular SA 10/2026 0.87%
4.125% African Export-Import Bank 06/2024 0.83%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.81%
7.75% United Bank for Africa PLC 06/2022 0.81%
4.875% Gruma 12/2024 0.80%
9.5% Ihs Netherlands Holdco BV 10/2021 0.77%
6.375 MAF Perp NC2024 0.76%
4% Adani Transmission Ltd 08/2026 0.76%
5% ICD Sukuk Co Ltd 02/2027 0.76%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
Qatar Reinsurance Co Ltd 0.74%
6.375% Indo Energy Finance II BV 01/2023 0.74%
5.299% Petrobras Global Finance BV 01/2025 0.73%
3.875% JD.com Inc 04/2026 0.73%
6.125% Lukoil International Finance BV 11/2020 0.73%
7.1250% Cementos Progreso SA 11/2023 0.73%
5.838% Ras Laffan LNG 3 2027 0.72%
6% BGEO Group JSC 07/2023 0.71%
4.25% Batelco International Finance No 1 L 05/2020 0.71%
8.25% Inversiones Atlantida SA 07/2022 0.69%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 0.69%
4.56% Empresa Electrica Guacolda SA 04/2025 0.69%
5.375% Natura Cosmeticos SA 02/2023 0.68%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.68%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.66%
9.375% NagaCorp Ltd 05/2021 0.65%
4.5% SABIC Capital II BV 10/2028 0.65%
7.25% Votorantim Cimentos SA 04/2041 0.63%
5.375% Eastern and Southern African Trade 03/2022 0.63%
6.125% Sberbank of Russia 02/2022 0.63%
9.25% Access Bank PLC 06/2021 0.63%
8.75% DNO ASA 05/2023 0.63%
9.25% Seplat 2023 0.62%
5.5% Tabreed Sukuk Spc Ltd 10/2025 0.62%
4.95% Autoridad del Canal de Panama 07/2035 0.62%
4.75% Lukoil 2026 0.61%
7.1% GCL New Energy Holdings Ltd 01/2021 0.61%
4.875% Enel Chile SA 06/2028 0.61%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.61%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.60%
FRN Huaneng Hong Kong PerpNC 09/2022 0.60%
9% Golden Energy & Resources Ltd 02/2023 0.59%
6.375% China Overseas 10/2043 0.57%
4.375% BPRL International Singapore Pte Lt 01/2027 0.57%
6.75% Transportadora de Gas del Sur SA 05/2025 0.57%
5.875% Mexichem SAB de CV 09/2044 0.56%
4.45% Bangkok Bank PCL/Hong Kong 09/2028 0.56%
4.851% TNB Global Ventures Capital Bhd 11/2028 0.56%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.56%
6% Ruwais Power Co PJSC 08/2036 0.56%
6.875% Marfrig Holding Europe BV 06/2019 0.55%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.54%
7.75% AES Argentina Generacion SA 02/2024 0.54%
8.75% Petrobras Global Finance BV 05/2026 0.53%
6.25% Barclays Africa Group Ltd 04/2028 0.53%
6.375% Israel Chemicals Ltd 05/2038 0.52%
6% Guaranty Trust Bank 2018 0.52%
4.625% ICD Funding Ltd 05/2024 0.51%
5.5% Mexico Generadora 12/2032 0.51%
4.375% CMHI Finance BVI Co Ltd 08/2023 0.51%
4.875% SUAM Finance BV 04/2024 0.50%
5.373% MTN Mauritius Investments Ltd 02/2022 0.49%
4.866% Standard Chartered PLC 03/2033 0.49%
2.88% United Overseas Bank 03/2027 C22 0.49%
8.5% Metinvest BV 04/2026 0.48%
4.875% Greenko Dutch BV 07/2022 0.48%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.47%
5.75% Suzano Austria GmbH 07/2026 0.47%
8.5% YPF SA 07/2025 0.47%
6.125% Itau PerpNC 12/2022 0.45%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.45%
4.5% FPC First Pacific 04/2023 0.43%
7.375% Petrobras 01/2027 0.43%
6.375% JSC Georgia Capital 03/2024 0.42%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.42%
7.75% MHP SA 05/2024 0.42%
6.25% Zenith Bank 04/2019 0.41%
5% Turkiye Is Bankasi 06/2021 0.41%
7% Cosan Luxembourg SA 01/2027 0.41%
6% Suzano Austria GmbH 01/2029 0.41%
5.4% Huafa Group 2018 I Co Ltd 09/2021 0.41%
4.05% Bangkok Bank PCL/Hong Kong 03/2024 0.40%
4.5% Emirates Airlines 2028 0.40%
8.75% Genneia SA 01/2022 0.39%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.38%
5.875% Indika Energy Capital III Pte Ltd 11/2024 0.37%
6% Turkiye Is Bankasi 10/2022 0.37%
5.5% MAF Perp NC2022 0.36%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.36%
4% SABIC Capital II BV 10/2023 0.35%
2.95% BDO Unibank Inc 03/2023 0.34%
6.95% MHP Lux SA 04/2026 0.33%
6.5% SASOL Financing USA LLC 09/2028 0.33%
6% Yuzhou Properties Co Ltd 01/2022 0.32%
7.75% Metinvest BV 04/2023 0.32%
8% Marfrig Holdings Europe BV 06/2023 0.32%
4.375% SURA Asset Management SA 04/2027 0.31%
7.75% Bukit Makmur Mandiri Utama PT 02/2022 0.31%
8.5% Agile Group Holdings Ltd 07/2021 0.30%
6.267% Nakilat Inc 12/2033 0.30%
5.5% Turkiye Vakiflar Bankasi TAO 10/2021 0.30%
7.375% Zenith Bank PLC 05/2022 0.29%
6.75% Mexichem SAB de CV 09/2042 0.29%
6.875% CIFI Holdings Group Co Ltd 04/2021 0.29%
6.875% Logan Property Holdings Co Ltd 04/2021 0.29%
7.85% Times China Holdings Ltd 06/2021 0.29%
5.875% Yanlord Land HK Co Ltd 01/2022 0.29%
5.375% Turkiye Is Bankasi 10/2021 0.27%
6.75% Banco Macro SA 11/2026 0.26%
3.875% Well Hope Development PerpNC 10/2022 0.26%
8.375% Helios Towers Finance B 07/2019 0.26%
5.875% SASOL Financing USA LLC 03/2024 0.26%
8.375% Gajah Tunggal Tbk PT 08/2022 0.25%
4.563% Lukoil International Finance BV 04/2023 0.25%
4.95% ENA Norte Trust 04/2023 0.25%
12.5% Zhenro Properties Group Ltd 01/2021 0.25%
4.625% Minejesa Capital BV 08/2030 0.23%
8.75% DNO 2020 0.22%
6.875% First Quantum Minerals 2026 0.22%
8.75% China Evergrande Group 06/2025 0.21%
7% Marfrig Holdings Europe BV 03/2024 0.20%
8.25% China Evergrande Group 03/2022 0.18%
7.625% Oil and Gas Holding Co BSCC/The 11/2024 0.15%
6.5% Itau Perp NC2023 0.15%
8% Eterna Capital Pte Ltd 12/2022 0.15%
7.75% Standard Chartered Plc Perp c04/2023 0.15%
8.375% Oil and Gas Holding Co BSCC/The 11/2028 0.10%
11% Davomas 12/2014 0.00%
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Risk 3 Years

(Updated: 10.31.2018)
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: 11.15.2018