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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 176.95 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 183
  • Number of shares in Share Class 1,795

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 -4.62 5.84 7.94 0.31 4.86
Benchmark -4.40 5.96 7.96 0.79 4.72
Dividend
Return Period (%)
(Updated: 08.22.2019)
1 month YTD 1 yr 3 yrs 5 yrs
0.76 8.05 8.10 2.13 2.96
0.32 7.86 7.55 2.38 3.10
All returns 1-10 years are annualized. Return is calculated in share class currency.

Benchmark

JP Morgan CEMBI Broad Diversified hedged to EUR. Before 31/12/2008 50% Merrill Lynch Global Emerging Markets Sovereign Plus and 50% Merrill Lynch Global Emerging Markets Corporate Plus. The index is EUR/USD hedged and is reweighted ultimo each year

Type of bond

(Updated: 07.31.2019)

Country allocation

(Updated: 07.31.2019)
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The largest investments in the portfolio

(Updated: 07.31.2019)
Name Sector Weight
5.99% 1malaysia Development Bhd 05/2022 1.51%
3.95% Shenzhen International Holdings Lt 12/2049 1.28%
4.6% Abu Dhabi Crude Oil Pipeline Llc 11/2047 1.24%
4.125% Banco General SA 08/2027 1.24%
5.375% Vm Holding SA 05/2027 1.19%
6% Gpn Capital SA 11/2023 1.18%
6.375% Israel Chemicals LTD 05/2038 1.17%
5.75% Nbk Tier 1 Financing LTD 12/2049 1.15%
5.875% Mersin Uluslararasi Liman Isletmec 08/2020 1.15%
5.5% Industrial Senior Trust 11/2022 1.10%
4.625% Minejesa Capital BV 08/2030 1.09%
4% Franshion Brilliant LTD 12/2049 1.07%
6.067% Nakilat INC 12/2033 1.06%
4.125% Sigma Alimentos SA De Cv 05/2026 1.05%
4.875% Samvardhana Motherson Automotive S 12/2021 1.04%
7.5% Standard Chartered PLC 12/2049 1.03%
5% Icd Sukuk Co LTD 02/2027 1.01%
6% Ruwais Power Company Pjsc 08/2036 1.01%
4.875% Royal Capital BV 12/2049 1.01%
4% Tengizchevroil Finance Co Internat 08/2026 0.99%
6.875% Israel Electric Corp LTD 06/2023 0.95%
4.25% Parkway Pantai LTD 12/2049 0.95%
6.625% Millicom International Cellular S. 10/2026 0.90%
5.95% Jsw Steel LTD 04/2024 0.90%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.86%
6.15% Perusahaan Perseroan (persero) Pt 05/2048 0.84%
4.125% African Export-import Bank 06/2024 0.84%
5.375% Gmr Hyderabad International Airpor 04/2024 0.84%
7.125% Kosmos Energy LTD 04/2026 0.84%
4% Adani Transmission LTD 08/2026 0.83%
4.2% Alibaba Group Holding LTD 12/2047 0.82%
5.5% Tabreed Sukuk Spc LTD 10/2025 0.80%
2.8% Teva Pharmaceutical Finance Nether 07/2023 0.79%
7.25% Lmirt Capital Pte LTD 06/2024 0.79%
4.56% Empresa Electrica Guacolda SA 04/2025 0.78%
5.15% Gaz Capital SA 02/2026 0.78%
4.875% Gruma Sab De Cv 12/2024 0.78%
3.875% Jd.com INC 04/2026 0.77%
6.875% Abengoa Transmision Sur SA 04/2043 0.77%
6.25% Firstrand Bank LTD 04/2028 0.76%
9.5% Ihs Netherlands Holdco BV 10/2021 0.76%
4.95% Autoridad Del Canal De Panama 07/2035 0.75%
4.95% Qatar Reinsurance Company LTD 12/2049 0.73%
6.95% Turkiye Sise Ve Cam Fabrikalari AS 03/2026 0.72%
5.838% Ras Laffan Liquefied Natural Gas C 09/2027 0.72%
9.375% Nagacorp LTD 05/2021 0.72%
6.875% Turk Telekomunikasyon AS 02/2025 0.70%
7.25% Votorantim Cimentos SA 04/2041 0.70%
6.25% Adani Green Energy Up LTD 12/2024 0.69%
4.125% Development Bank Of Kazakhstan Jsc 12/2022 0.69%
4.25% Equate Petrochemical BV 11/2026 0.69%
3.75% United Overseas Bank LTD 04/2029 0.69%
3.15% Teva Pharmaceutical Finance Nether 10/2026 0.68%
6% Bank Of Georgia Jsc 07/2023 0.68%
3.6% Dbs Group Holdings LTD 12/2049 0.68%
7.125% Cementos Progreso Trust 11/2023 0.68%
4.25% Batelco International Finance No 1 05/2020 0.67%
4.563% Lukoil Oao 04/2023 0.66%
9.5% Ecobank Transnational INC 04/2024 0.66%
8.25% Inversiones Atlantida SA 07/2022 0.64%
6.375% China Overseas Finance (cayman)iii 10/2043 0.64%
5.625% Melco Resorts Finance LTD 07/2027 0.64%
6.125% Sb Capital SA 02/2022 0.63%
4.875% Enel Chile SA 06/2028 0.63%
4.75% Lukoil International Finance BV 11/2026 0.62%
4.6% Lsd Bonds (2017) Limited 09/2022 0.61%
5.875% Usiminas International Sarl 07/2026 0.61%
5.5% Japfa Comfeed Indonesia Tbk Pt 03/2022 0.61%
5.95% Nmc Healthcare Sukuk Limited 11/2023 0.61%
5.875% Mexichem Sab De Cv 09/2044 0.61%
6.9% Petrobras Global Finance BV 03/2049 0.60%
8.75% Dno Asa 05/2023 0.60%
4.375% Bprl International Singapore Pte L 01/2027 0.60%
6.375% Indo Energy Finance Ii BV 01/2023 0.60%
4.851% Tnb Global Ventures Capital Bhd 11/2028 0.59%
4.25% Transportadora De Gas Del Peru SA 04/2028 0.58%
4.45% Bangkok Bank Public Co LTD (hong K 09/2028 0.58%
4.125% Proven Honour Capital LTD 05/2026 0.58%
9% Golden Energy And Resources LTD 02/2023 0.58%
5.3% Raizen Fuels Finance SA 01/2027 0.56%
7.25% Petra Diamonds Us Treasury PLC 05/2022 0.55%
6.375% Maf Global Securities LTD 12/2049 0.54%
8.25% Rail Capital Markets PLC 07/2024 0.54%
8.75% Petrobras Global Finance BV 05/2026 0.54%
4.25% Empresas Publicas De Medellin Esp 07/2029 0.54%
7.75% Aes Argentina Generacion SA 02/2024 0.53%
6.75% Teva Pharmaceutical Finance Nether 03/2028 0.53%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.53%
6.5% Sasol Financing Usa Llc 09/2028 0.52%
4.5% Fpc Treasury LTD 04/2023 0.52%
7.95% Aes Andres BV 05/2026 0.52%
4.866% Standard Chartered PLC 03/2033 0.51%
5.35% Bharti Airtel International Nether 05/2024 0.51%
4.875% Suam Finance BV 04/2024 0.51%
5.875% Telefonica Celular Del Paraguay SA 04/2027 0.51%
5.5% Mexico Generadora De Energia S De 12/2032 0.50%
5.373% Mtn (mauritius) Investments LTD 02/2022 0.50%
4.625% Icd Funding LTD 05/2024 0.50%
8.75% Genneia SA 01/2022 0.49%
6.5% Koc Holding AS 03/2025 0.49%
7.75% United Bank For Africa PLC 06/2022 0.49%
2.88% United Overseas Bank LTD 03/2027 0.48%
3.939% ESIC SUKUK LTD 07/2024 0.48%
5.125% Sb Capital SA 10/2022 0.48%
5.375% Natura Cosmeticos SA 02/2023 0.48%
4.875% Greenko Dutch BV 07/2022 0.48%
5.25% Koc Holding AS 03/2023 0.48%
5.75% Bahia Sul Holdings Gmbh 07/2026 0.47%
5.125% Akbank Tas 03/2025 0.45%
7.375% Petrobras Global Finance BV 01/2027 0.45%
6.125% Itau Unibanco Holding SA (cayman I 12/2049 0.44%
4.875% Eastern And Southern African Trade 05/2024 0.44%
5.75% Tbc Banki Ss 06/2024 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.43%
5% Turkiye Is Bankasi AS 06/2021 0.42%
6.125% Sakartvelos Kapitali Ss 03/2024 0.42%
7% Cosan Luxembourg SA 01/2027 0.41%
6.75% Bank Razvitiya Respubliki Belarus 05/2024 0.40%
4.05% Bangkok Bank Public Co LTD (hong K 03/2024 0.40%
5.4% Huafa Group 2018 I Company Limited 09/2021 0.40%
4.375% Cencosud SA 07/2027 0.40%
5.125% Millicom International Cellular S. 01/2028 0.39%
4.5% Zahidi Limited 03/2028 0.38%
6.75% Banco Mercantil Del Norte SA 12/2049 0.38%
5.5% Maf Global Securities LTD 12/2049 0.37%
8.125% Global Liman Isletmeleri AS 11/2021 0.36%
6.375% Fermaca Enterprises S De Rl De Cv 03/2038 0.36%
8.625% Ades International Holding PLC 04/2024 0.34%
7.75% Metinvest BV 04/2023 0.33%
5.25% Greenko Dutch BV 07/2024 0.33%
6% Yuzhou Properties Co LTD 01/2022 0.33%
6.875% First Quantum Minerals LTD 03/2026 0.32%
6.75% Mexichem Sab De Cv 09/2042 0.31%
5.15% Cencosud SA 02/2025 0.31%
7.75% Bukit Makmur Mandiri Utama Pt 02/2022 0.30%
5.375% Eastern And Southern African Trade 03/2022 0.30%
7.85% Times China Holdings LTD 06/2021 0.30%
6.875% Logan Property Holdings Co LTD 04/2021 0.30%
6.875% Cifi Holdings Group Co LTD 04/2021 0.30%
7.1% Gcl New Energy Holdings LTD 01/2021 0.30%
5.875% Yanlord Land (hk) Co LTD 01/2022 0.29%
4.875% Infraestructura Energetica Nova SA 01/2048 0.29%
3.6% Huaneng Hong Kong Capital LTD 12/2049 0.28%
8.375% Gajah Tunggal Tbk Pt 08/2022 0.28%
5.375% Turkiye Is Bankasi AS 10/2021 0.28%
6.267% Nakilat INC 12/2033 0.28%
7.75% Mhp SA 05/2024 0.26%
3.875% Well Hope Development Limited 12/2049 0.26%
6% Suzano Austria Gmbh 01/2029 0.26%
12.5% Zhenro Properties Group LTD 01/2021 0.26%
6.125% Gold Fields Orogen Holdings (bvi) 05/2029 0.26%
6.75% Banco Macro SA 11/2026 0.25%
8.375% Dno Asa 05/2024 0.25%
6.95% Mhp Lux SA 04/2026 0.25%
6.375% Shimao Property Holdings LTD 10/2021 0.25%
7.25% First Quantum Minerals LTD 04/2023 0.24%
4.95% Ena Norte Trust 04/2028 0.23%
7.375% Pampa Energia SA 07/2023 0.21%
8.5% Metinvest BV 04/2026 0.21%
11.125% Sakartvelos Banki Ss 12/2049 0.21%
8.75% China Evergrande Group 06/2025 0.21%
5.125% Gold Fields Orogen Holdings (bvi) 05/2024 0.20%
7% Marb Bondco PLC 03/2024 0.20%
8.5% Ypf SA 07/2025 0.19%
8.25% China Evergrande Group 03/2022 0.19%
7.288% Gaz Capital SA 08/2037 0.19%
3.75% Infraestructura Energetica Nova SA 01/2028 0.18%
5.375% Thaioil Treasury Center Co LTD 11/2048 0.18%
7.75% Standard Chartered PLC 12/2049 0.16%
7.625% Cifi Holdings Group Co LTD 03/2021 0.15%
8.6% Zhenro Properties Group LTD 01/2020 0.14%
8% Eterna Capital Pte LTD 12/2022 0.13%
5.375% Mgm China Holdings LTD 05/2024 0.12%
4.625% Ictsi Treasury BV 01/2023 0.12%
7.5% Logan Property Holdings Co LTD 08/2021 0.10%
9.5% China Evergrande Group 04/2022 0.10%
8.75% Logan Property Holdings Co LTD 12/2020 0.10%
10.775% Tbc Bank Jsc 12/2049 0.10%
10.95% Times China Holdings LTD 11/2020 0.10%
6.5% First Quantum Minerals LTD 03/2024 0.09%
11% Davomas International Finance Comp 12/2100 0.00%
Expand

Risk 5 Years

(Updated: 07.31.2019)
Risk Fund Benchmark
Standard Deviation (%) 4.18 3.75
Sharpe Ratio 0.78
Information Ratio -0.21
Tracking Error (%) 1.04

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: 08.22.2019