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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 169.38 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m EUR) 199
  • Number of shares in Share Class 4,707

Risk and reward profile

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2016 2015 2014 2013 2012
Fund 7.94 0.31 4.86 -2.02 16.58
Benchmark 7.96 0.79 4.72 -0.84 14.53
Dividend
Return Period (%)
(Updated: 07.20.2017)
1 month YTD 1 yr 3 yrs 5 yrs
0.25 4.41 3.54 3.58 4.39
0.32 4.57 4.18 3.80 4.46
All returns 1-10 years are annualized. Return is calculated in EUR.

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

Country allocation

(Updated: 06.30.2017)
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Sectoral allocation

(Updated: 06.30.2017)
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The largest investments in the portfolio

(Updated: 06.30.2017)
Name Sector Weight
4.56% Empresa Electrica Guacolda SA 04/2025 1.51%
6.875% Southern Gas Corridor CJSC 03/2026 1.51%
5.99% 1MDB Energy Ltd 05/2022 1.46%
4.125% Proven Honour Capital Ltd 05/2026 1.40%
4% Oversea-Chinese Banking 10/2024 1.35%
6.8750% Israel Electric 06/2023 1.34%
3.75% Champion 01/2023 1.32%
5.125% Sberbank of Russia Via SB Capital S 10/2022 1.08%
5.5% Industrial Senior Trust 11/2022 1.05%
4.75% BRF SA 05/2024 1.05%
6.125% Lukoil International Finance BV 11/2020 1.05%
8.375% Petrobras Global Finance BV 05/2021 1.05%
7.25% JBS Investments GmbH 04/2024 1.03%
4% Franshion Brilliant Ltd PerpNC/2023 1.01%
4.25% Transportadora de Gas del Peru SA 2023/2028 1.00%
8.125% Banco Regional SAECA 01/2019 1.00%
4.125% Sigma Alimentos SA de CV 05/2026 0.97%
2.75% NBK 05/2022 0.97%
7.75% United Bank for Africa PLC 06/2022 0.97%
4.125% African Export-Import Bank 06/2024 0.96%
4.25% Turkiye Sise ve Cam Fabrikalari AS 05/2020 0.96%
5.375% VM Holding SA 05/2027 0.94%
5.5% Elementia 01/2025 0.93%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 0.92%
6% BGEO Group JSC 07/2023 0.92%
5.5% Myriad International Holdings BV 07/2025 0.92%
5.5% Mexico Generadora 12/2032 0.91%
4.75% TC Ziraat Bankasi AS 04/2021 0.90%
4% CK Hutchison Capital Securities 12/2022 0.90%
5.25% KOC Holding AS 03/2023 0.89%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.88%
3.75% United Overseas Bank Ltd 9/2024 c19 0.87%
10.875% Provincia de Buenos Aires 01/2021 0.87%
4% Tengizchevroil Finance Co International 08/2026 0.87%
6.85% DP World Ltd 07/2037 0.86%
6.75% Telecel del Paraguay 2017/2022 0.84%
6% Arcor SAIC 07/2023 0.82%
7.5% Petron Corp Perp C 08/2018 0.81%
6.25% Zenith Bank 04/2019 0.81%
8% Greenko Dutch BV 08/2019 0.81%
4.875% Samvardhana Motherson Automotive Sy 12/2021 0.81%
6.95% Trust F/1401 01/2044 0.80%
7% Cosan Luxembourg SA 01/2027 0.79%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.78%
7.25% Votorantim Cimentos SA 04/2041 0.77%
4% Adani Transmission Ltd 08/2026 0.77%
6.5% Alliance Global Group 08/2017 0.75%
2.88% United Overseas Bank Ltd 03/2027 0.75%
5.75% Grupo KUO SAB De CV 07/2027 0.75%
7.125 % MAF PerpNC 10/2018 0.75%
5.4% Reliance 02/2022 0.74%
6.125% Stillwater Mining Co 06/2022 0.74%
4.875% Gruma 12/2024 0.73%
6.25% Minsur SA 02/2024 0.73%
4.5% FPC First Pacific 04/2023 0.73%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.72%
4.75% NTPC Ltd 10/2022 0.72%
7.5% Standard Chartered Plc PerpNC 04/2022 0.72%
4.875% SUAM Finance BV 04/2024 0.71%
3.875% JD.com Inc 04/2026 0.71%
4.875% Royal Capital BV PerpNC 05/2024 0.71%
5.375% Volcan Cia Minera SAA 02/2022 0.70%
8.75% DNO 2020 0.68%
5.838% Ras Laffan LNG 3 2027 0.65%
4.875% SM Investments Corp 06/2024 0.65%
7.1250% Cementos Progreso SA 11/2023 0.64%
5% Pakuwon Prima Pte Ltd 02/2024 0.63%
4.95% ENA Norte Trust 04/2023 0.62%
9.5% Ihs Netherlands Holdco BV 10/2021 0.60%
4.95% Autoridad del Canal de Panama 07/2035 0.59%
6.125% Sberbank of Russia 02/2022 0.59%
3.1250% ADCB Finance Cayman Ltd 05/2023 0.58%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.58%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 0.58%
6.875% Comcel Trust 02/2024 0.58%
2.75% Beijing Gas Singapore Capital Corp 05/2022 0.57%
5.375% Eastern and Southern African Trade 03/2022 0.57%
7.75% AES Argentina Generacion SA 02/2024 0.57%
5.875% Ecopetrol SA 05/2045 0.57%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.56%
4.375% BPRL International Singapore Pte Lt 01/2027 0.56%
5.25% Trust F/1401 12/2024 0.56%
4.5% New Rose Investments Ltd 01/2020 0.55%
6.375% China Overseas 10/2043 0.55%
6.75% BBVA Bancomer SA Texas 09/2022 0.54%
4.375% SURA Asset Management SA 04/2027 0.52%
6% Ruwais Power Co PJSC 08/2036 0.52%
6.75% Banco Macro SA 11/2026 0.51%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.51%
7% Turkiye Is Bankasi 06/2028 0.51%
8.25% O1 Properties 09/2021 0.50%
6.5% BBVA Bancomer SA 03/2021 0.50%
5.375% Turkiye Is Bankasi 10/2021 0.50%
4.8750% Banco Nacional de Costa Rica 11/2018 0.50%
3.875% China Construction Bank Corp 2020/2025 0.50%
4.875% CNOOC Nexen Finance 2014 ULC 04/2044 0.49%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.49%
5.875% Mersin 2020 0.48%
6.875% Marfrig Holding Europe BV 06/2019 0.48%
5% ICD Sukuk Co Ltd 02/2027 0.47%
8.75% Petrobras Global Finance BV 05/2026 0.46%
6.875% Abengoa Transmision Sur SA 04/2043 0.46%
3.95% Phosagro 11/2021 0.45%
7.5% Pampa Energia SA 01/2027 0.45%
5.25% Ultrapar International SA 10/2026 0.45%
3.95% Bestgain Real Estate Lyra Ltd 12/2019 0.45%
3% Equate Petrochemical BV 03/2022 0.44%
3.875% Rural Electrification Corp Ltd 07/2027 0.44%
3.86% Etihad Airways 11/2021 0.43%
6.75% Digicel Ltd 03/2023 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.41%
4.75% Lukoil 2026 0.41%
8.75% YPF SA 04/2024 0.41%
5% Turkiye Is Bankasi 06/2021 0.40%
6% Turkiye Is Bankasi 10/2022 0.40%
7.75% Standard Chartered Plc Perp c04/2023 0.39%
7.375% Petrobras 01/2027 0.39%
7.288% Gazprom OAO Via Gaz Capital SA 08/2037 0.38%
8.25% MHP SA 04/2020 0.38%
9.75% Pacific Emerald (Multipolar) 07/2018 0.38%
4.875% Ferreycorp 04/2020 0.35%
4.755% MTN Mauritius Investment Ltd 11/2024 0.34%
10.5% Access Bank PLC 10/2021 0.34%
6.25% Banco Nacional de Costa Rica 11/2023 0.33%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.33%
4.125% Reliance Industries Ltd 01/2025 0.33%
5.125% Global Bank 10/2019 0.32%
4.204% Phosagro OAO via Phosagro Bond Fund 02/2018 0.32%
6.375% Vedanta Resources PLC 07/2022 0.32%
5.25% Perusahaan Listrik 10/2042 0.31%
6.5% MTN Mauritius Investment Ltd 10/2026 0.31%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.31%
7.25% Lukoil 2019 0.30%
6.267% Nakilat Inc 12/2033 0.28%
8.125% Global Liman Isletmeleri 11/2021 0.28%
4.625% ICTSI Treasury BV 01/2023 0.28%
6.75% Mexichem SAB de CV 09/2042 0.27%
5.125% Itau Unibanco Holding SA/Cayman Isl 05/2023 0.27%
8% Marfrig Holdings Europe BV 06/2023 0.27%
9.3725% Metinvest BV 12/2021 0.27%
4.5% Global Bank Corp 10/2021 0.27%
4.75% MAF Global Securities Ltd 05/2024 0.26%
5.15% National Savings Bank 09/2019 0.23%
6.625% Millicom International Cellular SA 10/2021 0.23%
4.75% Garanti Bankasi AS 10/2019 0.23%
5.875% Mexichem SAB de CV 09/2044 0.23%
4.25% SM Investments Corp 10/2019 0.23%
3.125% JD.com Inc 04/2021 0.22%
5.75% St Marys Cement Inc Canada 01/2027 0.22%
8.375% Helios Towers Finance B 07/2019 0.22%
7% Marfrig Holdings Europe BV 03/2024 0.18%
9.25% Access Bank PLC 06/2021 0.18%
4.35% BRF GmbH 09/2026 0.15%
4.375% Petrobras Global Finance BV 05/2023 0.15%
7.375% Zenith Bank PLC 05/2022 0.15%
4.375 % Gazprom Neft 09/2022 0.14%
6.067% Nakilat Inc 12/2033 0.12%
5.125% TC Ziraat Bankasi AS 05/2022 0.11%
8.25% Vale Overseas Ltd 01/2034 0.11%
6% Digicel 2016/2021 0.09%
6.125% Petrobras 01/2022 0.09%
7.75% MHP SA 05/2024 0.09%
5.875% Vale Overseas Ltd 06/2021 0.05%
11% Davomas 12/2014 0.00%
Expand

Risk 5 Years

(Updated: 06.30.2017)
Risk Fund Benchmark
Standard Deviation (%) 4.89 4.30
Sharpe Ratio 0.96
Information Ratio -0.08
Tracking Error (%) 1.10

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: 07.20.2017