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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 163.73 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 173
  • Number of shares in Share Class 1,900

Risk and reward profile

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
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: 12.17.2018)
1 month YTD 1 yr 3 yrs 5 yrs
0.02 -4.64 -4.71 2.85 2.76
0.08 -4.37 -4.40 3.04 2.93
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

Country allocation

(Updated: 11.30.2018)
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Sectoral allocation

(Updated: 11.30.2018)
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The largest investments in the portfolio

(Updated: 11.30.2018)
Name Sector Weight
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 2.09%
5.99% 1MDB Energy Ltd 05/2022 1.56%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.45%
4.125% Proven Honour Capital Ltd 05/2026 1.44%
4% Oversea-Chinese Banking 10/2024 C19 1.31%
3.95% Shenzhen International Holdings PerpNC/2022 1.27%
4.75% BRF SA 05/2024 1.27%
5.875% Mersin 2020 1.21%
4.25 % Parkway Pantai PerpNC07/2022 1.20%
5.75% National Bank of Kuwait Perp/NC 2021 1.19%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 1.18%
5.375% VM Holding SA 05/2027 1.16%
5.5% Industrial Senior Trust 11/2022 1.12%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.10%
6.067% Nakilat Inc 12/2033 1.08%
8.125% Banco Regional SAECA 01/2019 1.07%
4% Franshion Brilliant Ltd PerpNC/2023 1.06%
5.2% Krung Thai Bank PCL/Cayman Islands 12/2024 1.05%
4.5% Sasol Financing International Ltd 11/2022 1.04%
7.5% Standard Chartered Plc PerpNC 04/2022 1.03%
4.125% Sigma Alimentos SA de CV 05/2026 1.02%
6.25% FirstRand Bank Ltd 04/2028 1.00%
4.625% Minejesa Capital BV 08/2030 1.00%
6.8750% Israel Electric 06/2023 1.00%
5.125% Akbank Turk AS 03/2025 0.97%
3.75% United Overseas Bank Ltd 9/2024 c19 0.97%
6.75% Telecel del Paraguay 2017/2022 0.96%
4.125% Banco General SA 08/2027 0.94%
4% Tengizchevroil Finance Co International 08/2026 0.94%
5.25% KOC Holding AS 03/2023 0.91%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.91%
4.875% Royal Capital BV PerpNC 05/2024 0.90%
8.125% Global Liman Isletmeleri 11/2021 0.90%
6.625% Millicom International Cellular SA 10/2026 0.88%
4.125% African Export-Import Bank 06/2024 0.83%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.82%
9.5% Ihs Netherlands Holdco BV 10/2021 0.78%
4.875% Gruma 12/2024 0.78%
5% ICD Sukuk Co Ltd 02/2027 0.77%
5.95% NMC Healthcare Sukuk Ltd 11/2023 0.77%
6.375 MAF Perp NC2024 0.77%
4% Adani Transmission Ltd 08/2026 0.76%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
6.375% Indo Energy Finance II BV 01/2023 0.74%
5.299% Petrobras Global Finance BV 01/2025 0.74%
Qatar Reinsurance Co Ltd 0.74%
3.875% JD.com Inc 04/2026 0.73%
5.838% Ras Laffan LNG 3 2027 0.72%
6% BGEO Group JSC 07/2023 0.71%
7.1250% Cementos Progreso SA 11/2023 0.71%
8.25% Inversiones Atlantida SA 07/2022 0.70%
4.25% Batelco International Finance No 1 L 05/2020 0.70%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.69%
5.375% Natura Cosmeticos SA 02/2023 0.69%
4.56% Empresa Electrica Guacolda SA 04/2025 0.69%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.67%
4.5% SABIC Capital II BV 10/2028 0.65%
4.563% Lukoil International Finance BV 04/2023 0.64%
6.125% Sberbank of Russia 02/2022 0.64%
9.25% Access Bank PLC 06/2021 0.64%
5.375% Eastern and Southern African Trade 03/2022 0.63%
4.6% LSD Bonds 2017 Ltd 09/2022 0.63%
4.95% Autoridad del Canal de Panama 07/2035 0.63%
5.5% Tabreed Sukuk Spc Ltd 10/2025 0.63%
9.375% NagaCorp Ltd 05/2021 0.63%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.62%
7.25% Votorantim Cimentos SA 04/2041 0.62%
8.75% DNO ASA 05/2023 0.61%
4.875% Enel Chile SA 06/2028 0.61%
7.1% GCL New Energy Holdings Ltd 01/2021 0.60%
FRN Huaneng Hong Kong PerpNC 09/2022 0.60%
9% Golden Energy & Resources Ltd 02/2023 0.60%
4.75% Lukoil 2026 0.59%
6.375% China Overseas 10/2043 0.58%
4.375% BPRL International Singapore Pte Lt 01/2027 0.58%
4.851% TNB Global Ventures Capital Bhd 11/2028 0.57%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.57%
6% Ruwais Power Co PJSC 08/2036 0.56%
4.45% Bangkok Bank PCL/Hong Kong 09/2028 0.56%
6.875% Marfrig Holding Europe BV 06/2019 0.56%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.56%
5.875% Mexichem SAB de CV 09/2044 0.54%
7.75% AES Argentina Generacion SA 02/2024 0.54%
6.25% Barclays Africa Group Ltd 04/2028 0.53%
8.75% Petrobras Global Finance BV 05/2026 0.52%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.52%
4.375% CMHI Finance BVI Co Ltd 08/2023 0.51%
6.375% Israel Chemicals Ltd 05/2038 0.51%
4.625% ICD Funding Ltd 05/2024 0.50%
7.75% United Bank for Africa PLC 06/2022 0.50%
4.875% SUAM Finance BV 04/2024 0.50%
5.5% Mexico Generadora 12/2032 0.50%
5.373% MTN Mauritius Investments Ltd 02/2022 0.50%
4.875% Greenko Dutch BV 07/2022 0.49%
7.5% Oil and Gas Holding Co BSCC/The 10/2027 0.49%
2.88% United Overseas Bank 03/2027 C22 0.49%
4.866% Standard Chartered PLC 03/2033 0.49%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.48%
5.75% Suzano Austria GmbH 07/2026 0.47%
8.5% Metinvest BV 04/2026 0.46%
4.5% Tupras Turkiye Petrol Rafinerileri AS 10/2024 0.45%
6.125% Itau PerpNC 12/2022 0.44%
7.375% Petrobras 01/2027 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.43%
6.375% JSC Georgia Capital 03/2024 0.43%
4.5% FPC First Pacific 04/2023 0.43%
6% Suzano Austria GmbH 01/2029 0.42%
7% Cosan Luxembourg SA 01/2027 0.42%
5% Turkiye Is Bankasi 06/2021 0.42%
4.05% Bangkok Bank PCL/Hong Kong 03/2024 0.41%
8.75% Eurotorg LLC Via Bonitron Inc 10/2022 0.41%
5.4% Huafa Group 2018 I Co Ltd 09/2021 0.41%
6.25% Zenith Bank 04/2019 0.41%
8.75% Genneia SA 01/2022 0.40%
4.5% Emirates Airlines 2028 0.40%
7.75% MHP SA 05/2024 0.39%
5.5% MAF Perp NC2022 0.37%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.37%
5.875% Indika Energy Capital III Pte Ltd 11/2024 0.36%
4% SABIC Capital II BV 10/2023 0.35%
2.95% BDO Unibank Inc 03/2023 0.34%
6.5% SASOL Financing USA LLC 09/2028 0.33%
6% Yuzhou Properties Co Ltd 01/2022 0.32%
8% Marfrig Holdings Europe BV 06/2023 0.32%
7.75% Bukit Makmur Mandiri Utama PT 02/2022 0.31%
7.75% Metinvest BV 04/2023 0.31%
8.5% Agile Group Holdings Ltd 07/2021 0.31%
4.375% SURA Asset Management SA 04/2027 0.31%
6.95% MHP Lux SA 04/2026 0.31%
5.5% Turkiye Vakiflar Bankasi TAO 10/2021 0.30%
7.85% Times China Holdings Ltd 06/2021 0.30%
6.267% Nakilat Inc 12/2033 0.30%
5.875% Yanlord Land HK Co Ltd 01/2022 0.30%
6.875% CIFI Holdings Group Co Ltd 04/2021 0.29%
6.875% Logan Property Holdings Co Ltd 04/2021 0.29%
6.125% Lukoil International Finance BV 11/2020 0.29%
6.75% Mexichem SAB de CV 09/2042 0.28%
5.375% Turkiye Is Bankasi 10/2021 0.27%
4.95% ENA Norte Trust 04/2023 0.26%
6.75% Transportadora de Gas del Sur SA 05/2025 0.26%
3.875% Well Hope Development PerpNC 10/2022 0.26%
6.75% Banco Macro SA 11/2026 0.26%
5.875% SASOL Financing USA LLC 03/2024 0.26%
8.375% Gajah Tunggal Tbk PT 08/2022 0.26%
8.375% Helios Towers Finance B 07/2019 0.26%
12.5% Zhenro Properties Group Ltd 01/2021 0.25%
5.875% Rumo Luxembourg Sarl 01/2025 0.25%
6.875% First Quantum Minerals 2026 0.22%
8.75% DNO 2020 0.22%
8.75% China Evergrande Group 06/2025 0.22%
7% Marfrig Holdings Europe BV 03/2024 0.20%
8.25% China Evergrande Group 03/2022 0.19%
6% Turkiye Is Bankasi 10/2022 0.17%
7.75% Standard Chartered Plc Perp c04/2023 0.15%
7.625% Oil and Gas Holding Co BSCC/The 11/2024 0.15%
5.375% Thaioil Treasury Center Co Ltd 11/2048 0.15%
6.5% Itau Perp NC2023 0.15%
8% Eterna Capital Pte Ltd 12/2022 0.14%
10.95% Times China Holdings Ltd 11/2020 0.10%
8.375% Oil and Gas Holding Co BSCC/The 11/2028 0.10%
11% Davomas 12/2014 0.00%
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Risk 5 Years

(Updated: 11.30.2018)
Risk Fund Benchmark
Standard Deviation (%) 4.18 3.67
Sharpe Ratio 0.69
Information Ratio -0.14
Tracking Error (%) 1.08

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: 12.17.2018