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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 171.52 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m EUR) 206
  • Number of shares in Share Class 4,722

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 (%)
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: 11.20.2017)
1 month YTD 1 yr 3 yrs 5 yrs
-0.38 5.73 6.57 3.93 3.66
-0.39 5.70 6.45 4.17 3.94
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: 10.31.2017)
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Sectoral allocation

(Updated: 10.31.2017)
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The largest investments in the portfolio

(Updated: 10.31.2017)
Name Sector Weight
4.56% Empresa Electrica Guacolda SA 04/2025 1.43%
5.99% 1MDB Energy Ltd 05/2022 1.39%
4.125% Proven Honour Capital Ltd 05/2026 1.36%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 1.30%
6.8750% Israel Electric 06/2023 1.27%
5.5% Industrial Senior Trust 11/2022 1.26%
4% Oversea-Chinese Banking 10/2024 1.26%
3.75% Champion 01/2023 1.24%
4% Novolipetsk Steel via Steel Funding DAC 09/2024 1.09%
4.25 % Parkway Pantai Ltd 1.07%
4.125% Banco General SA 08/2027 1.05%
6.375% Fermaca Enterprises S de RL de CV 03/2038 1.04%
5.125% Sberbank of Russia Via SB Capital S 10/2022 1.02%
6.125% Lukoil International Finance BV 11/2020 1.00%
4% Tengizchevroil Finance Co International 08/2026 0.99%
7.75% United Bank for Africa PLC 06/2022 0.98%
4% Franshion Brilliant Ltd PerpNC/2023 0.97%
5.375% VM Holding SA 05/2027 0.95%
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 0.94%
4.125% African Export-Import Bank 06/2024 0.94%
7.25% Votorantim Cimentos SA 04/2041 0.94%
4.25% Turkiye Sise ve Cam Fabrikalari AS 05/2020 0.93%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.93%
8.125% Banco Regional SAECA 01/2019 0.92%
2.75% NBK 05/2022 0.92%
4.125% Sigma Alimentos SA de CV 05/2026 0.91%
5.5% Mexico Generadora 12/2032 0.89%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 0.88%
6% BGEO Group JSC 07/2023 0.87%
5.5% Myriad International Holdings BV 07/2025 0.87%
4% CK Hutchison Capital Sec. PerpNC 12/2022 0.86%
8.75% DNO 2020 0.85%
5.3% Petrobras Global Finance BV 01/2025 0.84%
4.75% BRF SA 05/2024 0.83%
5.25% KOC Holding AS 03/2023 0.83%
4.75% TC Ziraat Bankasi AS 04/2021 0.83%
10.875% Provincia de Buenos Aires 01/2021 0.81%
3.75% United Overseas Bank Ltd 9/2024 c19 0.81%
6.75% Telecel del Paraguay 2017/2022 0.80%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.80%
4.6% LSD Bonds 2017 Ltd 09/2022 0.80%
6% Arcor SAIC 07/2023 0.78%
4.875% Samvardhana Motherson Automotive Sy 12/2021 0.78%
7% Cosan Luxembourg SA 01/2027 0.78%
6.25% Zenith Bank 04/2019 0.77%
6.125% Stillwater Mining Co 06/2022 0.74%
7.5% Petron Corp Perp C 08/2018 0.74%
6.125% Vedanta Resources PLC 08/2024 0.73%
4% Adani Transmission Ltd 08/2026 0.72%
2.75% Hengjian International Investment Lt 07/2020 0.71%
4.875% Gruma 12/2024 0.70%
2.88% United Overseas Bank Ltd 03/2027 0.70%
4.875% Royal Capital BV PerpNC 05/2024 0.70%
6.25% Minsur SA 02/2024 0.70%
7.125 % MAF PerpNC 10/2018 0.69%
4.5% FPC First Pacific 04/2023 0.69%
5.373% MTN Mauritius Investment Ltd 02/2022 0.69%
7.5% Standard Chartered Plc PerpNC 04/2022 0.69%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.68%
3.875% JD.com Inc 04/2026 0.68%
4.75% NTPC Ltd 10/2022 0.68%
4.875% SUAM Finance BV 04/2024 0.67%
5.5% Elementia 01/2025 0.63%
4.875% SM Investments Corp 06/2024 0.63%
7.1250% Cementos Progreso SA 11/2023 0.62%
5.838% Ras Laffan LNG 3 2027 0.62%
6.875% Abengoa Transmision Sur SA 04/2043 0.62%
6.95% Trust F/1401 01/2044 0.59%
5.875% Ecopetrol SA 05/2045 0.59%
8.25% Inversiones Atlantida SA 07/2022 0.57%
4.95% Autoridad del Canal de Panama 07/2035 0.57%
4.95% ENA Norte Trust 04/2023 0.57%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 0.56%
3.1250% ADCB Finance Cayman Ltd 05/2023 0.55%
6.125% Sberbank of Russia 02/2022 0.55%
7.75% AES Argentina Generacion SA 02/2024 0.55%
2.75% Beijing Gas Singapore Capital Corp 05/2022 0.54%
5.375% Eastern and Southern African Trade 03/2022 0.54%
FRN Huaneng Hong Kong PerpNC 09/2022 0.54%
5.5% B3 SA - Brasil Bolsa Balcao 07/2020 0.54%
6.875% Comcel Trust 02/2024 0.54%
5.125% TC Ziraat Bankasi AS 09/2023 0.54%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.53%
6.375% China Overseas 10/2043 0.53%
4.375% BPRL International Singapore Pte Lt 01/2027 0.53%
9.125% Topaz Marine SA 07/2022 0.52%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.52%
5.875% Mexichem SAB de CV 09/2044 0.52%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.50%
2.95% BDO Unibank Inc 03/2023 0.50%
6.75% Banco Macro SA 11/2026 0.50%
6% Ruwais Power Co PJSC 08/2036 0.49%
4.375% SURA Asset Management SA 04/2027 0.49%
9.5% Ihs Netherlands Holdco BV 10/2021 0.49%
4.8750% Banco Nacional de Costa Rica 11/2018 0.48%
3.875% China Construction Bank Corp 2020/2025 0.47%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.47%
8.5% YPF SA 07/2025 0.47%
8.75% Petrobras Global Finance BV 05/2026 0.47%
4.875% CNOOC Nexen Finance 2014 ULC 04/2044 0.47%
6.875% Marfrig Holding Europe BV 06/2019 0.46%
5.375% Turkiye Is Bankasi 10/2021 0.46%
8.25% O1 Properties 09/2021 0.46%
5.25% Trust F/1401 12/2024 0.45%
8.125% Global Liman Isletmeleri 11/2021 0.45%
5.5% Fibria Overseas Finance Ltd 01/2027 0.45%
8.25% MHP SA 04/2020 0.45%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.45%
5.875% Mersin 2020 0.44%
4.625% ICD 2024 0.44%
5% ICD Sukuk Co Ltd 02/2027 0.44%
4.625% Minejesa Capital BV 08/2030 0.43%
4.875% Greenko Dutch BV 07/2022 0.43%
6.375% Indo Energy Finance II BV 01/2023 0.43%
3.95% Phosagro 11/2021 0.43%
5.15% National Savings Bank 09/2019 0.43%
5.25% Ultrapar International SA 10/2026 0.43%
3.95% Bestgain Real Estate Lyra Ltd 12/2019 0.43%
3.876% Chong Hing Bank Ltd 07/2027 0.42%
6.85% DP World Ltd 07/2037 0.42%
6.75% Digicel Ltd 03/2023 0.42%
3.86% Etihad Airways 11/2021 0.41%
4.75% Lukoil 2026 0.40%
7.375% Petrobras 01/2027 0.38%
5.125% Millicom International Cellular SA 01/2028 0.38%
5% Turkiye Is Bankasi 06/2021 0.38%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.38%
7.75% Standard Chartered Plc Perp c04/2023 0.37%
3.875% Well Hope Development PerpNC 10/2022 0.37%
6% Turkiye Is Bankasi 10/2022 0.37%
4.755% MTN Mauritius Investment Ltd 11/2024 0.34%
4.875% Ferreycorp 04/2020 0.33%
8.375% Petrobras Global Finance BV 05/2021 0.32%
6.25% Banco Nacional de Costa Rica 11/2023 0.32%
9.375% Oschadbank Via SSB #1 PLC 03/2023 0.32%
5.25% Perusahaan Listrik 10/2042 0.31%
5.65% Itau Unibanco Holding SA/Cayman Isla 03/2022 0.31%
6.375% Vedanta Resources PLC 07/2022 0.31%
4.204% Phosagro OAO via Phosagro Bond Fund 02/2018 0.30%
5.125% Global Bank 10/2019 0.30%
6.25% Turkiye Garanti Bankasi AS 04/2021 0.29%
4.215% Coca-Cola Icecek AS 09/2024 0.29%
7.75% MHP SA 05/2024 0.28%
6.15% Teva Pharmaceutical Finance Co LLC 02/2036 0.28%
5.125% Itau Unibanco Holding SA/Cayman Isl 05/2023 0.27%
8% Marfrig Holdings Europe BV 06/2023 0.27%
6.267% Nakilat Inc 12/2033 0.27%
4.5% Global Bank Corp 10/2021 0.26%
4.625% ICTSI Treasury BV 01/2023 0.26%
4.75% Coca-Cola Icecek AS 10/2018 0.26%
6.75% Mexichem SAB de CV 09/2042 0.26%
7.375% Zenith Bank PLC 05/2022 0.25%
4.75% MAF Global Securities Ltd 05/2024 0.25%
2.75% China Great Wall International Holdi 08/2020 0.25%
5.625% Minejesa Capital BV 08/2037 0.25%
9.75% Ukreximbank Via Biz Finance PLC 01/2025 0.23%
7.25% JBS Investments GmbH 04/2024 0.23%
4.25% SM Investments Corp 10/2019 0.22%
5.25% Greenko Dutch BV 07/2024 0.22%
3.125% JD.com Inc 04/2021 0.21%
8.375% Helios Towers Finance B 07/2019 0.21%
4.75% Garanti Bankasi AS 10/2019 0.21%
6.5% China Huiyuan Juice Group Ltd 08/2020 0.21%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.19%
4.1% Teva Pharmaceutical Finance Netherlan 10/2046 0.18%
6.5% BBVA Bancomer SA 03/2021 0.18%
9.25% Access Bank PLC 06/2021 0.18%
7% Marfrig Holdings Europe BV 03/2024 0.17%
4.35% BRF GmbH 09/2026 0.14%
7% Suzano 2047 0.14%
4.375 % Gazprom Neft 09/2022 0.13%
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%
6.125% Petrobras 01/2022 0.09%
6% Digicel 2016/2021 0.08%
5.875% Vale Overseas Ltd 06/2021 0.05%
11% Davomas 12/2014 0.00%
Expand

Risk 5 Years

(Updated: 10.31.2017)
Risk Fund Benchmark
Standard Deviation (%) 4.69 4.15
Sharpe Ratio 0.79
Information Ratio -0.25
Tracking Error (%) 1.07

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: 11.20.2017