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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 169.26 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m EUR) 207
  • Number of shares in Share Class 1,947

Risk and reward profile

  • 1
  • 2
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  • 5
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Low risk
Lower rewards
High risk
Higher rewards

Return

Year Performance and Dividend (%)
2017 2016 2015 2014 2013
Fund 5.84 7.94 0.31 4.86 -2.02
Benchmark 5.96 7.96 0.79 4.72 -0.84
Dividend
Return Period (%)
(Updated: 02.19.2018)
1 month YTD 1 yr 3 yrs 5 yrs
-1.35 -1.42 2.13 3.80 2.96
-1.19 -1.21 2.66 3.96 3.35
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: 01.31.2018)
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Sectoral allocation

(Updated: 01.31.2018)
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The largest investments in the portfolio

(Updated: 01.31.2018)
Name Sector Weight
3.95% Shenzhen International Holdings PerpNC/2022 1.46%
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 1.37%
4.56% Empresa Electrica Guacolda SA 04/2025 1.31%
4.7% Polyus Finance PLC 01/2024 1.26%
4% Tengizchevroil Finance Co International 08/2026 1.25%
5.99% 1MDB Energy Ltd 05/2022 1.25%
4.125% Proven Honour Capital Ltd 05/2026 1.20%
4% Oversea-Chinese Banking 10/2024 1.16%
5.5% Industrial Senior Trust 11/2022 1.14%
3.75% Champion 01/2023 1.10%
4% Novolipetsk Steel via Steel Funding DAC 09/2024 1.01%
4.125% Banco General SA 08/2027 0.98%
4.875% Royal Capital BV PerpNC 05/2024 0.97%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 0.97%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.96%
4.25 % Parkway Pantai PerpNC07/2022 0.96%
5.375% Natura Cosmeticos SA 02/2023 0.95%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.95%
6.8750% Israel Electric 06/2023 0.92%
7.25% Votorantim Cimentos SA 04/2041 0.91%
7.75% United Bank for Africa PLC 06/2022 0.91%
6.125% Lukoil International Finance BV 11/2020 0.89%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.86%
4.125% African Export-Import Bank 06/2024 0.86%
4% Franshion Brilliant Ltd PerpNC/2023 0.86%
5.375% VM Holding SA 05/2027 0.86%
2.75% NBK 05/2022 0.83%
4.5% Sasol Financing International Ltd 11/2022 0.83%
4.125% Sigma Alimentos SA de CV 05/2026 0.83%
8.125% Banco Regional SAECA 01/2019 0.82%
6% BGEO Group JSC 07/2023 0.80%
5.5% Myriad International Holdings BV 07/2025 0.80%
5.5% Mexico Generadora 12/2032 0.79%
8.75% DNO 2020 0.79%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 0.79%
5.25% KOC Holding AS 03/2023 0.78%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 0.78%
4% CK Hutchison Capital Sec. PerpNC 12/2022 0.78%
4.75% TC Ziraat Bankasi AS 04/2021 0.77%
4.25% Batelco International Finance No 1 L 05/2020 0.77%
5.3% Petrobras Global Finance BV 01/2025 0.77%
4.75% BRF SA 05/2024 0.75%
4.6% LSD Bonds 2017 Ltd 09/2022 0.74%
3.75% United Overseas Bank Ltd 9/2024 c19 0.74%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.73%
6.75% Telecel del Paraguay 2017/2022 0.72%
6.25% Zenith Bank 04/2019 0.72%
7% Cosan Luxembourg SA 01/2027 0.71%
4.875% Samvardhana Motherson Automotive Sy 12/2021 0.70%
10.875% Provincia de Buenos Aires 01/2021 0.70%
6% Arcor SAIC 07/2023 0.69%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.69%
6.125% Vedanta Resources PLC 08/2024 0.68%
6.125% Stillwater Mining Co 06/2022 0.67%
5.373% MTN Mauritius Investment Ltd 02/2022 0.65%
4% Adani Transmission Ltd 08/2026 0.65%
7.5% Standard Chartered Plc PerpNC 04/2022 0.64%
2.88% United Overseas Bank Ltd 03/2027 0.64%
2.75% Hengjian International Investment Lt 07/2020 0.64%
7.125 % MAF PerpNC 10/2018 0.64%
4.875% Gruma 12/2024 0.63%
4.5% FPC First Pacific 04/2023 0.63%
4.875% SUAM Finance BV 04/2024 0.62%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.62%
3.875% JD.com Inc 04/2026 0.61%
5% ICD Sukuk Co Ltd 02/2027 0.60%
6.875% Abengoa Transmision Sur SA 04/2043 0.58%
8.125% Global Liman Isletmeleri 11/2021 0.58%
4.875% SM Investments Corp 06/2024 0.57%
5.875% Ecopetrol SA 05/2045 0.57%
5.838% Ras Laffan LNG 3 2027 0.57%
7.1250% Cementos Progreso SA 11/2023 0.55%
5.125% Emirates REIT Sukuk 2022 0.53%
8.25% Inversiones Atlantida SA 07/2022 0.52%
6.75% Banco Macro SA 11/2026 0.52%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.52%
4.95% Autoridad del Canal de Panama 07/2035 0.51%
6.125% Sberbank of Russia 02/2022 0.51%
7.75% AES Argentina Generacion SA 02/2024 0.51%
4.95% ENA Norte Trust 04/2023 0.51%
5.875% Petkim 2023 0.51%
5.125% TC Ziraat Bankasi AS 09/2023 0.50%
5.375% Eastern and Southern African Trade 03/2022 0.50%
3.1250% ADCB Finance Cayman Ltd 05/2023 0.50%
6.875% Comcel Trust 02/2024 0.50%
6.375% China Overseas 10/2043 0.50%
5.875% Mexichem SAB de CV 09/2044 0.49%
2.75% Beijing Gas Singapore Capital Corp 05/2022 0.49%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.49%
FRN Huaneng Hong Kong PerpNC 09/2022 0.49%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.48%
5.5% B3 SA - Brasil Bolsa Balcao 07/2020 0.48%
4.375% BPRL International Singapore Pte Lt 01/2027 0.47%
6% Guaranty Trust Bank 2018 0.47%
6% Ruwais Power Co PJSC 08/2036 0.46%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.46%
9.5% Ihs Netherlands Holdco BV 10/2021 0.46%
2.95% BDO Unibank Inc 03/2023 0.45%
4.375% SURA Asset Management SA 04/2027 0.45%
5.75% National Bank of Kuwait Perp/NC 2021 0.44%
8.25% MHP SA 04/2020 0.43%
3.875% China Construction Bank Corp 2020/2025 0.43%
4.8750% Banco Nacional de Costa Rica 11/2018 0.43%
5.375% Turkiye Is Bankasi 10/2021 0.43%
5.5% Fibria Overseas Finance Ltd 01/2027 0.42%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.42%
8.75% Petrobras Global Finance BV 05/2026 0.42%
6.875% Marfrig Holding Europe BV 06/2019 0.42%
5.875% Mersin 2020 0.41%
8.5% YPF SA 07/2025 0.41%
5.15% National Savings Bank 09/2019 0.40%
5.25% Ultrapar International SA 10/2026 0.40%
4.625% ICD Funding Ltd 05/2024 0.40%
4.625% Minejesa Capital BV 08/2030 0.40%
4.25% Turkiye Sise ve Cam Fabrikalari AS 05/2020 0.39%
6.85% DP World Ltd 07/2037 0.39%
6.75% Digicel Ltd 03/2023 0.39%
6.375% Indo Energy Finance II BV 01/2023 0.39%
4.875% Greenko Dutch BV 07/2022 0.38%
3.86% Etihad Airways 11/2021 0.37%
4.75% Lukoil 2026 0.36%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.36%
6.95% Trust F/1401 01/2044 0.36%
6% Turkiye Is Bankasi 10/2022 0.35%
7.75% Standard Chartered Plc Perp c04/2023 0.35%
6.125% Itau PerpNC 12/2022 0.35%
5.125% Millicom International Cellular SA 01/2028 0.35%
5% Turkiye Is Bankasi 06/2021 0.35%
7.375% Petrobras 01/2027 0.34%
3.95% Poly Real Estate Finance Ltd 02/2023 0.34%
3.875% Well Hope Development PerpNC 10/2022 0.34%
4.755% MTN Mauritius Investment Ltd 11/2024 0.31%
5.875% Indika Energy Capital III Pte Ltd 11/2024 0.31%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.29%
6.25% Banco Nacional de Costa Rica 11/2023 0.29%
5.75% Suzano Austria GmbH 07/2026 0.29%
8.75% Genneia SA 01/2022 0.29%
8.375% Petrobras Global Finance BV 05/2021 0.29%
6.375% Vedanta Resources PLC 07/2022 0.28%
4.204% Phosagro OAO via Phosagro Bond Fund 02/2018 0.27%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.27%
6.15% Teva Pharmaceutical Finance Co LLC 02/2036 0.26%
9.875% Ukraine Railways 2021 0.26%
7.75% MHP SA 05/2024 0.26%
6.75% Mexichem SAB de CV 09/2042 0.25%
4.625% ICTSI Treasury BV 01/2023 0.24%
8% Marfrig Holdings Europe BV 06/2023 0.24%
5.125% Itau Unibanco Holding SA/Cayman Isl 05/2023 0.24%
4.75% Coca-Cola Icecek AS 10/2018 0.24%
7.375% Zenith Bank PLC 05/2022 0.23%
5.625% Minejesa Capital BV 08/2037 0.23%
6.267% Nakilat Inc 12/2033 0.23%
7.25% JBS Investments GmbH 04/2024 0.22%
4.75% MAF Global Securities Ltd 05/2024 0.22%
4.25% SM Investments Corp 10/2019 0.20%
5.25% Trust F/1401 12/2024 0.20%
4.75% Garanti Bankasi AS 10/2019 0.20%
5.25% Greenko Dutch BV 07/2024 0.19%
8.375% Helios Towers Finance B 07/2019 0.19%
3.125% JD.com Inc 04/2021 0.19%
4.875% Ferreycorp 04/2020 0.18%
8.75% Kernel Holding SA 01/2022 0.17%
7% Marfrig Holdings Europe BV 03/2024 0.16%
4.1% Teva Pharmaceutical Finance Netherlan 10/2046 0.16%
9.25% Access Bank PLC 06/2021 0.16%
7.75% JBS Investments GmbH 10/2020 0.16%
7% Suzano 2047 0.14%
7.1% GCL New Energy Holdings Ltd 01/2021 0.13%
5.125% TC Ziraat Bankasi AS 05/2022 0.10%
6% Digicel 2016/2021 0.08%
6.125% Petrobras 01/2022 0.08%
11% Davomas 12/2014 0.00%
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Risk 5 Years

(Updated: 01.31.2018)
Risk Fund Benchmark
Standard Deviation (%) 4.68 4.16
Sharpe Ratio 0.69
Information Ratio -0.38
Tracking Error (%) 1.06

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: 02.19.2018