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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 109.45 USD
  • Share Class Currency USD
  • Sub-fund Size (m) 203
  • Number of shares in Share Class 360,000

Risk and reward profile

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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: 07.18.2019)
1 month YTD 1 yr 3 yrs 5 yrs
1.59 9.31
1.30 9.31 9.86 5.25 4.90
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified

Country allocation

(Updated: 06.30.2019)
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Sectoral allocation

(Updated: 06.30.2019)
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The largest investments in the portfolio

(Updated: 06.30.2019)
Name Sector Weight
5.99% 1MDB Energy Ltd 05/2022 1.49%
3.95% Shenzhen International Holdings PerpNC/2022 1.26%
4.125% Banco General SA 08/2027 1.22%
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 1.22%
5.375% VM Holding SA 05/2027 1.17%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.16%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 1.16%
5.875% Mersin 2020 1.14%
5.75% National Bank of Kuwait Perp/NC 2021 1.13%
5.5% Industrial Senior Trust 11/2022 1.09%
4% Franshion Brilliant Ltd PerpNC/2023 1.07%
6.067% Nakilat Inc 12/2033 1.07%
4.625% Minejesa Capital BV 08/2030 1.07%
4.125% Sigma Alimentos SA de CV 05/2026 1.03%
7.5% Standard Chartered Plc PerpNC 04/2022 1.02%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.02%
6.375% Israel Chemicals Ltd 05/2038 1.01%
5% ICD Sukuk Co Ltd 02/2027 1.00%
4.875% Royal Capital BV PerpNC 05/2024 0.99%
6% Ruwais Power Co PJSC 08/2036 0.97%
4% Tengizchevroil Finance Co International 08/2026 0.97%
4.25 % Parkway Pantai PerpNC07/2022 0.96%
6.8750% Israel Electric 06/2023 0.94%
JSW STEEL LTD 0.89%
6.625% Millicom International Cellular SA 10/2026 0.88%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.86%
7.125% Kosmos Energy Ltd 04/2026 0.82%
GMR HYDERABAD INTERNATIONAL AIRPOR 0.82%
4.125% African Export-Import Bank 06/2024 0.82%
6.15% Perusahaan Listrik Negara PT 05/2048 0.81%
4.125% Proven Honour Capital Ltd 05/2026 0.81%
4% Adani Transmission Ltd 08/2026 0.81%
ALIBABA GROUP HOLDING LTD 0.79%
LMIRT CAPITAL PTE LTD 0.78%
5.5% Tabreed Sukuk Spc Ltd 10/2025 0.77%
5.15% Gazprom OAO Via Gaz Capital SA 02/2026 0.77%
4.875% Gruma 12/2024 0.77%
4.56% Empresa Electrica Guacolda SA 04/2025 0.76%
3.875% JD.com Inc 04/2026 0.76%
6.25% FirstRand Bank Ltd 04/2028 0.75%
9.5% Ihs Netherlands Holdco BV 10/2021 0.75%
6.375 MAF Perp NC2024 0.75%
4.95% Autoridad del Canal de Panama 07/2035 0.75%
6.875% Abengoa Transmision Sur SA 04/2043 0.72%
Qatar Reinsurance Co Ltd 0.72%
9.375% NagaCorp Ltd 05/2021 0.71%
5.838% Ras Laffan LNG 3 2027 0.70%
6.95% Turkiye Sise ve Cam Fabrikalari AS 03/2026 0.70%
7.25% Votorantim Cimentos SA 04/2041 0.68%
UNITED OVERSEAS BANK LTD 0.68%
6% BGEO Group JSC 07/2023 0.68%
6.875% Turk Telekomunikasyon AS 02/2025 0.68%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.67%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.67%
7.1250% Cementos Progreso SA 11/2023 0.67%
DEVELOPMENT BANK OF KAZAKHSTAN JSC 0.67%
4.25% Equate Petrochemical BV 11/2026 0.67%
4.25% Batelco International Finance No 1 L 05/2020 0.66%
8.25% Inversiones Atlantida SA 07/2022 0.64%
4.563% Lukoil International Finance BV 04/2023 0.64%
6.375% Indo Energy Finance II BV 01/2023 0.62%
6.375% China Overseas 10/2043 0.62%
4.875% Enel Chile SA 06/2028 0.62%
6.125% Sberbank of Russia 02/2022 0.61%
5.95% NMC Healthcare Sukuk Ltd 11/2023 0.60%
4.75% Lukoil 2026 0.60%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.60%
4.6% LSD Bonds 2017 Ltd 09/2022 0.60%
4.375% BPRL International Singapore Pte Lt 01/2027 0.60%
5.875% Mexichem SAB de CV 09/2044 0.60%
8.75% DNO ASA 05/2023 0.59%
4.851% TNB Global Ventures Capital Bhd 11/2028 0.58%
ADANI GREEN ENERGY UP LTD 0.58%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.57%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.57%
9% Golden Energy & Resources Ltd 02/2023 0.57%
4.45% Bangkok Bank PCL/Hong Kong 09/2028 0.57%
6.9% Petrobras Global Finance BV 03/2049 0.56%
RAIZEN FUELS FINANCE SA 0.56%
MAF SUKUK LTD 0.54%
7.75% AES Argentina Generacion SA 02/2024 0.53%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.53%
8.75% Petrobras Global Finance BV 05/2026 0.53%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.52%
4.5% FPC First Pacific 04/2023 0.51%
6.5% SASOL Financing USA LLC 09/2028 0.51%
4.875% SUAM Finance BV 04/2024 0.50%
8.75% Genneia SA 01/2022 0.50%
TELEFONICA CELULAR DEL PARAGUAY SA 0.50%
4.866% Standard Chartered PLC 03/2033 0.50%
4.375% CMHI Finance BVI Co Ltd 08/2023 0.50%
5.373% MTN Mauritius Investments Ltd 02/2022 0.50%
5.5% Mexico Generadora 12/2032 0.49%
4.625% ICD Funding Ltd 05/2024 0.49%
4.875% Greenko Dutch BV 07/2022 0.48%
5.375% Natura Cosmeticos SA 02/2023 0.48%
6.5% KOC Holding AS 03/2025 0.48%
7.75% United Bank for Africa PLC 06/2022 0.47%
2.88% United Overseas Bank 03/2027 C22 0.47%
5.25% KOC Holding AS 03/2023 0.47%
5.75% Suzano Austria GmbH 07/2026 0.47%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.47%
GOLD FIELDS OROGEN HOLDINGS (BVI) 0.46%
7.375% Petrobras 01/2027 0.45%
5.125% Akbank Turk AS 03/2025 0.44%
6.125% Itau PerpNC 12/2022 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.42%
TBC BANKI SS 0.42%
7% Cosan Luxembourg SA 01/2027 0.42%
6.375% JSC Georgia Capital 03/2024 0.41%
5% Turkiye Is Bankasi 06/2021 0.41%
4.375% Cencosud SA 07/2027 0.41%
4.05% Bangkok Bank PCL/Hong Kong 03/2024 0.40%
BANK RAZVITIYA RESPUBLIKI BELARUS 0.40%
5.4% Huafa Group 2018 I Co Ltd 09/2021 0.39%
5.125% Millicom International Cellular SA 01/2028 0.39%
BANCO MERCANTIL DEL NORTE SA 0.38%
4.5% Emirates Airlines 2028 0.37%
5.5% MAF Perp NC2022 0.36%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.35%
8.125% Global Liman Isletmeleri 11/2021 0.35%
6.875% QNB Finansbank AS 09/2024 0.35%
5.25% Greenko Dutch BV 07/2024 0.33%
7.75% Metinvest BV 04/2023 0.33%
6% Yuzhou Properties Co Ltd 01/2022 0.33%
ADES INTERNATIONAL HOLDING PLC 0.33%
ECOBANK TRANSNATIONAL INC 0.32%
ECOBANK TRANSNATIONAL INC 0.32%
6.875% First Quantum Minerals 2026 0.31%
7.1% GCL New Energy Holdings Ltd 01/2021 0.31%
5.15% Cencosud SA 02/2025 0.30%
7.75% Bukit Makmur Mandiri Utama PT 02/2022 0.30%
INFRAESTRUCTURA ENERGETICA NOVA SA 0.30%
6.75% Mexichem SAB de CV 09/2042 0.30%
5.375% Eastern and Southern African Trade 03/2022 0.30%
TEVA PHARMACEUTICAL FINANCE NETHER 0.29%
5.875% Yanlord Land HK Co Ltd 01/2022 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%
5.375% Turkiye Is Bankasi 10/2021 0.28%
FRN Huaneng Hong Kong PerpNC 09/2022 0.28%
8.375% Gajah Tunggal Tbk PT 08/2022 0.28%
6.267% Nakilat Inc 12/2033 0.28%
6% Suzano Austria GmbH 01/2029 0.26%
3.875% Well Hope Development PerpNC 10/2022 0.26%
12.5% Zhenro Properties Group Ltd 01/2021 0.26%
6.75% Banco Macro SA 11/2026 0.25%
7.75% MHP SA 05/2024 0.25%
6.375% Shimao Property Holdings Ltd 10/2021 0.25%
DNO ASA 0.24%
8.375% Helios Towers Finance B 07/2019 0.24%
6.95% MHP Lux SA 04/2026 0.24%
4.95% ENA Norte Trust 04/2023 0.23%
8.75% China Evergrande Group 06/2025 0.21%
8.5% Metinvest BV 04/2026 0.20%
YPF SA 0.20%
11.125% Bank of Georgia JSC PERP 0.20%
7% Marfrig Holdings Europe BV 03/2024 0.20%
8.25% China Evergrande Group 03/2022 0.19%
GAZ CAPITAL SA 0.18%
3.75% Infraestructura Energetica Nova SAB 01/2028 0.18%
5.375% Thaioil Treasury Center Co Ltd 11/2048 0.17%
7.625% CIFI Holdings Group Co Ltd 03/2021 0.15%
8.6% Zhenro Properties Group Ltd 01/2020 0.15%
7.75% Standard Chartered Plc Perp c04/2023 0.15%
7.25% First Quantum Minerals Ltd 04/2023 0.14%
8% Eterna Capital Pte Ltd 12/2022 0.13%
MGM CHINA HOLDINGS LTD 0.12%
ICTSI TREASURY BV 0.12%
CHINA EVERGRANDE GROUP 0.10%
10.95% Times China Holdings Ltd 11/2020 0.10%
8.75% Logan Property Holdings Co Ltd 12/2020 0.10%
7.5% Logan Property Holdings Co Ltd 08/2021 0.10%
7.375% Pampa Energia SA 07/2023 0.09%
TBC BANK JSC 0.09%
6.5% First Quantum Minerals Ltd 03/2024 0.09%
11% Davomas 12/2014 0.00%
Expand

Risk 3 Years

(Updated: 06.30.2019)
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: 07.18.2019