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BI SICAV - Emerging Markets Corporate Debt R

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 LU0304976276
  • Fund BI SICAV
  • Inception Date 11.07.2007
  • Investment Manager BI Asset Management Fondsmæglerselskab A/S
  • Investment Universe Fixed Income
  • Exchange Status Quoted
  • Latest Share Class NAV 156.64 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 114
  • Number of shares in Share Class 1,696

Risk and reward profile

  • 1
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Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2019 2018 2017 2016 2015
Fund 9.75 -4.62 5.84 7.94 0.31
Benchmark 9.81 -4.40 5.96 7.96 0.79
Dividend
Return Period (%)
(Updated: 03.26.2020)
1 month YTD 1 yr 3 yrs 5 yrs
-14.34 -12.85 -8.02 -1.93 0.51
-12.75 -11.06 -6.40 -1.12 1.06
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified hedged to EUR

Country allocation

(Updated: 02.29.2020)
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Sectoral allocation

(Updated: 02.29.2020)
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The largest investments in the portfolio

(Updated: 02.29.2020)
Name Sector Weight
5.99% 1malaysia Development Bhd 05/2022 1.34%
3.95% Shenzhen International Holdings Lt 12/2049 1.16%
3.7% Corporacion Nacional Del Cobre De 01/2050 1.15%
4.625% Minejesa Capital BV 08/2030 1.08%
6.375% Israel Chemicals LTD 05/2038 1.08%
5.375% Vm Holding SA 05/2027 1.06%
5.75% Nbk Tier 1 Financing LTD 12/2049 1.02%
4.95% Qatar Reinsurance Company LTD 12/2049 1.02%
5.5% Industrial Senior Trust 11/2022 1.01%
3.174% Riyad Sukuk LTD 02/2030 1.01%
4% Tengizchevroil Finance Co Internat 08/2026 1.00%
5.95% Jsw Steel LTD 04/2024 0.99%
4.125% Banco General SA 08/2027 0.99%
6.067% Nakilat INC 12/2033 0.98%
4% Franshion Brilliant LTD 12/2049 0.98%
4.125% Sigma Alimentos SA De Cv 05/2026 0.97%
5.35% Bharti Airtel International Nether 05/2024 0.95%
5.15% Gaz Capital SA 02/2026 0.94%
5.95% Alfa Bond Issuance PLC 04/2030 0.94%
4.875% Samvardhana Motherson Automotive S 12/2021 0.92%
7.5% Standard Chartered PLC 12/2049 0.91%
4.875% Royal Capital BV 12/2049 0.91%
6% Ruwais Power Company Pjsc 08/2036 0.91%
5% Icd Sukuk Co LTD 02/2027 0.90%
4.6% Abu Dhabi Crude Oil Pipeline Llc 11/2047 0.90%
7.25% Votorantim Cimentos SA 04/2041 0.87%
6.25% Adani Green Energy Up LTD 12/2024 0.87%
4.25% Parkway Pantai LTD 12/2049 0.85%
5.375% Gmr Hyderabad International Airpor 04/2024 0.85%
4.2% Alibaba Group Holding LTD 12/2047 0.83%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.82%
7.25% Lmirt Capital Pte LTD 06/2024 0.82%
6.625% Millicom International Cellular S. 10/2026 0.79%
6% Gpn Capital SA 11/2023 0.78%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.76%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.76%
4.7% Banque Ouest Africaine De Developp 10/2031 0.75%
4% Adani Transmission LTD 08/2026 0.75%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.75%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
7.125% Kosmos Energy LTD 04/2026 0.74%
3.875% Jd.com INC 04/2026 0.74%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.71%
4.95% Autoridad Del Canal De Panama 07/2035 0.71%
4.875% Gruma Sab De Cv 12/2024 0.71%
6.95% Turkiye Sise Ve Cam Fabrikalari AS 03/2026 0.66%
4% Indorama Ventures Global Services 09/2024 0.65%
4.2% Aev International Pte. Ltd. 01/2030 0.65%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.65%
11.95% Kaisa Group Holdings LTD 10/2022 0.65%
6.875% Turk Telekomunikasyon AS 02/2025 0.64%
5.95% Global Prime Capital Pte LTD 01/2025 0.64%
6.375% China Overseas Finance (cayman)iii 10/2043 0.64%
9.375% Nagacorp LTD 05/2021 0.63%
5.5% Tabreed Sukuk Spc LTD 10/2025 0.63%
3.6% Dbs Group Holdings LTD 12/2049 0.61%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.60%
4.25% Batelco International Finance No 1 05/2020 0.60%
5.875% Mexichem Sab De Cv 09/2044 0.60%
5.75% Logan Property Holdings Co LTD 01/2025 0.59%
8.25% Inversiones Atlantida SA 07/2022 0.58%
4.875% Enel Chile SA 06/2028 0.58%
6.9% Petrobras Global Finance BV 03/2049 0.57%
4.75% Lukoil International Finance BV 11/2026 0.57%
7.125% Ihs Netherlands Holdco BV 03/2025 0.57%
7.375% Petrobras Global Finance BV 01/2027 0.57%
5.9% Manappuram Finance LTD 01/2023 0.56%
5.625% Melco Resorts Finance LTD 07/2027 0.56%
4.6% Lsd Bonds (2017) Limited 09/2022 0.55%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.55%
5.75% Tbc Banki Ss 06/2024 0.54%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.54%
6.125% Sb Capital SA 02/2022 0.54%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.54%
5.75% Uzpromstroybank Akb 12/2024 0.53%
5.875% Usiminas International Sarl 07/2026 0.53%
6.125% Muthoot Finance LTD 10/2022 0.53%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.53%
5.3% Raizen Fuels Finance SA 01/2027 0.52%
8.75% Dno Asa 05/2023 0.52%
9.125% Walnut Bidco PLC 08/2024 0.52%
6.75% Greenland Global Investment LTD 09/2023 0.52%
5.6% Future Retail LTD 01/2025 0.51%
4.875% Finansbank AS 05/2022 0.51%
3.05% Phosagro Bond Funding Dac 01/2025 0.51%
3.939% Esic Sukuk LTD 07/2024 0.51%
6% Bank Of Georgia Jsc 07/2023 0.50%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.50%
3.25% Gaz Finance PLC 02/2030 0.50%
3.68% Prosus NV 01/2030 0.48%
6.25% Greenko Mauritius LTD 02/2023 0.48%
4.866% Standard Chartered PLC 03/2033 0.48%
8.5% Metinvest BV 04/2026 0.48%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.47%
4.5% Fpc Treasury LTD 04/2023 0.47%
6% Teva Pharmaceutical Finance Nether 04/2024 0.46%
7.95% Aes Andres BV 05/2026 0.46%
4.875% Suam Finance BV 04/2024 0.46%
6.5% Koc Holding AS 03/2025 0.45%
5.65% Azure Power Solar Energy Pvt LTD 12/2024 0.45%
4.563% Lukoil Oao 04/2023 0.45%
6.875% First Quantum Minerals LTD 03/2026 0.45%
6.5% Sasol Financing Usa Llc 09/2028 0.45%
6.5% Minerva Luxembourg SA 09/2026 0.45%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.44%
5.125% Sb Capital SA 10/2022 0.43%
2.88% United Overseas Bank LTD 03/2027 0.43%
7.75% United Bank For Africa PLC 06/2022 0.43%
4.25% Tower Bersama Infrastructure Tbk P 01/2025 0.43%
4.875% Greenko Dutch BV 07/2022 0.42%
4.4% Muthoot Finance LTD 09/2023 0.42%
5.375% Natura Cosmeticos SA 02/2023 0.42%
4.875% Eastern And Southern African Trade 05/2024 0.41%
8.5% Ypf SA 07/2025 0.40%
4.875% Brf SA 09/2030 0.39%
4.25% Gerdau Holdings INC 01/2030 0.39%
6.125% Sakartvelos Kapitali Ss 03/2024 0.39%
4.25% Sociedad Quimica Y Minera De Chile 01/2050 0.38%
5.375% Eastern And Southern African Trade 03/2022 0.38%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.37%
6.75% Banco Mercantil Del Norte SA 12/2049 0.36%
5.375% Turkiye Is Bankasi AS 10/2021 0.35%
6.75% Times China Holdings LTD 07/2023 0.35%
5.125% Millicom International Cellular S. 01/2028 0.35%
6.8% Yanlord Land (hk) Co LTD 02/2024 0.34%
6.95% Mhp Lux SA 04/2026 0.34%
6.375% Fermaca Enterprises S De Rl De Cv 03/2038 0.34%
8% Ihs Netherlands Holdco BV 09/2027 0.33%
8.625% Ades International Holding PLC 04/2024 0.33%
7.75% Mhp SA 05/2024 0.33%
4.5% Zahidi Limited 03/2028 0.32%
5.125% Akbank Tas 03/2025 0.31%
4% Grupo Bimbo Sab De Cv 09/2049 0.31%
7.25% First Quantum Minerals LTD 04/2023 0.31%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.31%
6% Yuzhou Properties Co LTD 01/2022 0.30%
4.875% Infraestructura Energetica Nova SA 01/2048 0.30%
4.5% Minera Mexico SA De Cv 01/2050 0.30%
8.375% Dno Asa 05/2024 0.30%
9.5% Ecobank Transnational INC 04/2024 0.29%
6.75% Mexichem Sab De Cv 09/2042 0.29%
8% Sovcom Capital D.a.c Tier 2 + Lpn 04/2030 0.28%
5.25% Koc Holding AS 03/2023 0.28%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 0.28%
5.875% Yanlord Land (hk) Co LTD 01/2022 0.26%
7.85% Times China Holdings LTD 06/2021 0.26%
6.875% Logan Property Holdings Co LTD 04/2021 0.26%
7.875% Sunac China Holdings LTD 02/2022 0.26%
6.875% Cifi Holdings Group Co LTD 04/2021 0.26%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.26%
8.7% Zhenro Properties Group LTD 08/2022 0.26%
9.25% Seplat Petroleum Development Compa 04/2023 0.25%
6.267% Nakilat INC 12/2033 0.25%
3.875% Well Hope Development Limited 12/2049 0.24%
8.75% Ypf SA 04/2024 0.24%
4.875% Cencosud SA 01/2023 0.23%
4.875% Empresa Nacional De Telecomunicaci 10/2024 0.23%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.23%
7% Jbs Investments Ii Gmbh 01/2026 0.23%
12.5% Zhenro Properties Group LTD 01/2021 0.23%
4.875% Melco Resorts Finance LTD 06/2025 0.22%
6.45% Cifi Holdings Group Co LTD 11/2024 0.22%
2.75% Citic Securities Finance Mtn Co Lt 10/2022 0.22%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.22%
5.375% Melco Resorts Finance LTD 12/2029 0.22%
8.75% Petrobras Global Finance BV 05/2026 0.22%
5.55% Greenko Solar Mauritius LTD 01/2025 0.22%
6.375% Shimao Property Holdings LTD 10/2021 0.22%
5.25% Greenko Dutch BV 07/2024 0.21%
8.75% Genneia SA 01/2022 0.21%
6.5% Sunac China Holdings LTD 01/2025 0.21%
8.3% Yuzhou Properties Company LTD 05/2025 0.21%
7.875% Zhenro Properties Group LTD 04/2024 0.21%
11.125% Sakartvelos Banki Ss 12/2049 0.19%
9.15% Zhenro Properties Group LTD 05/2023 0.18%
4.15% Industrias Penoles Sab De Cv 09/2029 0.18%
7% Marb Bondco PLC 03/2024 0.18%
7.288% Gaz Capital SA 08/2037 0.18%
4.625% Icd Funding LTD 05/2024 0.18%
8.75% China Evergrande Group 06/2025 0.18%
11% Scenery Journey Limited 11/2020 0.18%
8.5% Ypf SA 06/2029 0.18%
7.75% Metinvest BV 04/2023 0.18%
7.375% Pampa Energia SA 07/2023 0.17%
5.375% Thaioil Treasury Center Co LTD 11/2048 0.17%
8.125% Theta Capital Pte LTD 01/2025 0.17%
7.75% Aes Argentina Generacion SA 02/2024 0.17%
7.5% Logan Property Holdings Co LTD 08/2021 0.17%
6.5% First Quantum Minerals LTD 03/2024 0.16%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.16%
11.25% Kaisa Group Holdings LTD 04/2022 0.14%
7.75% Standard Chartered PLC 12/2049 0.14%
9.625% Ssb No 1 PLC 03/2025 0.14%
7.1% Gcl New Energy Holdings LTD 01/2021 0.14%
7.625% Cifi Holdings Group Co LTD 03/2021 0.13%
8.5% Ypf SA 03/2021 0.13%
8.5% Kaisa Group Holdings LTD 06/2022 0.13%
8.875% Car INC 05/2022 0.11%
9.125% Pampa Energia SA 04/2029 0.11%
10.775% Tbc Bank Jsc 12/2049 0.10%
7.5% Sunac China Holdings LTD 02/2024 0.09%
5.95% Greenko Solar Mauritius LTD 07/2026 0.09%
8.75% Logan Property Holdings Co LTD 12/2020 0.09%
7% Ypf SA 12/2047 0.09%
10.95% Times China Holdings LTD 11/2020 0.09%
9.375% Ssb No 1 PLC 03/2023 0.08%
6.75% Kaisa Group Holdings LTD 02/2021 0.08%
6.75% Theta Capital Pte LTD 10/2026 0.08%
7% Theta Capital Pte LTD 04/2022 0.04%
11% Davomas International Finance Comp 12/2100 0.00%
Expand

Risk 5 Years

(Updated: 02.29.2020)
Risk Fund Benchmark
Standard Deviation (%) 3.98 3.56
Sharpe Ratio 0.96
Information Ratio -0.21
Tracking Error (%) 1.02

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: 03.26.2020