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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 173.36 EUR
  • Share Class Currency EUR
  • Sub-fund Size (m) 181
  • Number of shares in Share Class 1,794

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: 06.18.2019)
1 month YTD 1 yr 3 yrs 5 yrs
1.23 5.86 5.90 2.76 2.70
1.29 6.42 6.16 3.11 3.03
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: 05.31.2019)
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Sectoral allocation

(Updated: 05.31.2019)
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The largest investments in the portfolio

(Updated: 05.31.2019)
Name Sector Weight
5.99% 1MDB Energy Ltd 05/2022 1.57%
4.6% Abu Dhabi Crude Oil Pipeline LLC 11/2047 1.52%
2.8% Teva Pharmaceutical Finance Netherlan 07/2023 1.37%
3.95% Shenzhen International Holdings PerpNC/2022 1.33%
4.125% Banco General SA 08/2027 1.27%
6% Gazprom Neft OAO Via GPN Capital SA 11/2023 1.21%
5.375% VM Holding SA 05/2027 1.21%
5.75% National Bank of Kuwait Perp/NC 2021 1.20%
5.875% Mersin 2020 1.20%
5.5% Industrial Senior Trust 11/2022 1.14%
4% Franshion Brilliant Ltd PerpNC/2023 1.12%
6.067% Nakilat Inc 12/2033 1.11%
4.875% Samvardhana Motherson Automotive Sy 12/2021 1.10%
4.625% Minejesa Capital BV 08/2030 1.09%
4.125% Sigma Alimentos SA de CV 05/2026 1.08%
4.125% Proven Honour Capital Ltd 05/2026 1.06%
7.5% Standard Chartered Plc PerpNC 04/2022 1.05%
5% ICD Sukuk Co Ltd 02/2027 1.05%
6.375% Israel Chemicals Ltd 05/2038 1.05%
4.875% Royal Capital BV PerpNC 05/2024 1.05%
6.95% Turkiye Sise ve Cam Fabrikalari AS 03/2026 1.02%
6.8750% Israel Electric 06/2023 1.02%
4% Tengizchevroil Finance Co International 08/2026 1.02%
6% Ruwais Power Co PJSC 08/2036 1.01%
4.25 % Parkway Pantai PerpNC07/2022 1.00%
6.625% Millicom International Cellular SA 10/2026 0.93%
6.875% Aeropuertos Argentina 2000 SA 02/2027 0.89%
4.125% African Export-Import Bank 06/2024 0.87%
4% Adani Transmission Ltd 08/2026 0.84%
5.5% Tabreed Sukuk Spc Ltd 10/2025 0.82%
4.875% Gruma 12/2024 0.82%
JSW STEEL LTD 0.81%
9.5% Ihs Netherlands Holdco BV 10/2021 0.79%
5.15% Gazprom OAO Via Gaz Capital SA 02/2026 0.79%
6.375 MAF Perp NC2024 0.79%
3.875% JD.com Inc 04/2026 0.79%
4.56% Empresa Electrica Guacolda SA 04/2025 0.79%
6.25% FirstRand Bank Ltd 04/2028 0.78%
Qatar Reinsurance Co Ltd 0.76%
6.375% Indo Energy Finance II BV 01/2023 0.76%
GMR HYDERABAD INTERNATIONAL AIRPOR 0.75%
6.875% Abengoa Transmision Sur SA 04/2043 0.75%
7.125% Kosmos Energy Ltd 04/2026 0.75%
9.375% NagaCorp Ltd 05/2021 0.74%
5.838% Ras Laffan LNG 3 2027 0.73%
6% BGEO Group JSC 07/2023 0.73%
UNITED OVERSEAS BANK LTD 0.72%
DEVELOPMENT BANK OF KAZAKHSTAN JSC 0.72%
7.1250% Cementos Progreso SA 11/2023 0.71%
3.6% DBS Group Holdings Ltd PerpNC/2021 0.70%
4.25% Equate Petrochemical BV 11/2026 0.70%
4.25% Batelco International Finance No 1 L 05/2020 0.70%
7.25% Votorantim Cimentos SA 04/2041 0.69%
8.25% Inversiones Atlantida SA 07/2022 0.68%
6.875% Turk Telekomunikasyon AS 02/2025 0.68%
4.563% Lukoil International Finance BV 04/2023 0.67%
4.95% Autoridad del Canal de Panama 07/2035 0.67%
6.375% China Overseas 10/2043 0.66%
4.875% Enel Chile SA 06/2028 0.66%
6.125% Sberbank of Russia 02/2022 0.65%
4.6% LSD Bonds 2017 Ltd 09/2022 0.64%
ECOBANK TRANSNATIONAL INC 0.64%
5.5% Japfa Comfeed Indonesia Tbk PT 03/2022 0.63%
4.375% BPRL International Singapore Pte Lt 01/2027 0.63%
4.75% Lukoil 2026 0.63%
5.95% NMC Healthcare Sukuk Ltd 11/2023 0.63%
9.25% Access Bank PLC 06/2021 0.63%
3.15% Teva Pharmaceutical Finance Netherla 10/2026 0.61%
8.75% DNO ASA 05/2023 0.61%
5.875% Mexichem SAB de CV 09/2044 0.61%
9% Golden Energy & Resources Ltd 02/2023 0.60%
4.851% TNB Global Ventures Capital Bhd 11/2028 0.60%
4.45% Bangkok Bank PCL/Hong Kong 09/2028 0.60%
4.25% Transportadora de Gas del Peru SA 2023/2028 0.59%
4% Oversea-Chinese Banking 10/2024 C19 0.58%
7.25% Petra Diamonds US Treasury PLC 05/2022 0.58%
6.9% Petrobras Global Finance BV 03/2049 0.56%
4.25% Hikma Pharmaceuticals PLC 04/2020 0.56%
MAF SUKUK LTD 0.56%
8.75% Petrobras Global Finance BV 05/2026 0.54%
5.125% Akbank Turk AS 03/2025 0.54%
7.95% AES Andres BV / Dominican Power Part 05/2026 0.54%
6.875% Marfrig Holding Europe BV 06/2019 0.54%
7.75% AES Argentina Generacion SA 02/2024 0.53%
5.875% Rumo Luxembourg Sarl 01/2025 0.53%
4.875% SUAM Finance BV 04/2024 0.53%
5.5% Mexico Generadora 12/2032 0.53%
4.375% CMHI Finance BVI Co Ltd 08/2023 0.53%
ALIBABA GROUP HOLDING LTD 0.52%
4.625% ICD Funding Ltd 05/2024 0.52%
4.866% Standard Chartered PLC 03/2033 0.52%
5.373% MTN Mauritius Investments Ltd 02/2022 0.52%
7.75% United Bank for Africa PLC 06/2022 0.52%
TELEFONICA CELULAR DEL PARAGUAY SA 0.52%
3.75% United Overseas Bank Ltd 9/2024 c19 0.51%
2.88% United Overseas Bank 03/2027 C22 0.50%
4.875% Greenko Dutch BV 07/2022 0.50%
6.875% QNB Finansbank AS 09/2024 0.50%
5.75% Suzano Austria GmbH 07/2026 0.49%
8.75% Genneia SA 01/2022 0.49%
5.125% Sberbank of Russia Via SB Capital S 10/2022 0.49%
6.5% KOC Holding AS 03/2025 0.49%
5.375% Natura Cosmeticos SA 02/2023 0.49%
5.25% KOC Holding AS 03/2023 0.48%
GOLD FIELDS OROGEN HOLDINGS (BVI) 0.47%
7.375% Petrobras 01/2027 0.46%
6.125% Itau PerpNC 12/2022 0.46%
6.15% Perusahaan Listrik Negara PT 05/2048 0.44%
7% Cosan Luxembourg SA 01/2027 0.44%
6.375% JSC Georgia Capital 03/2024 0.44%
5% Turkiye Is Bankasi 06/2021 0.43%
5.25% Turkiye Garanti Bankasi AS 09/2022 0.43%
4.5% FPC First Pacific 04/2023 0.43%
4.05% Bangkok Bank PCL/Hong Kong 03/2024 0.42%
4.375% Cencosud SA 07/2027 0.42%
BANK RAZVITIYA RESPUBLIKI BELARUS 0.41%
5.4% Huafa Group 2018 I Co Ltd 09/2021 0.41%
4.5% Emirates Airlines 2028 0.39%
5.5% MAF Perp NC2022 0.38%
6.375% Fermaca Enterprises S de RL de CV 03/2038 0.37%
8.125% Global Liman Isletmeleri 11/2021 0.37%
ADES INTERNATIONAL HOLDING PLC 0.35%
6% Yuzhou Properties Co Ltd 01/2022 0.35%
7.75% Metinvest BV 04/2023 0.33%
7.85% Times China Holdings Ltd 06/2021 0.32%
5.375% Eastern and Southern African Trade 03/2022 0.31%
5.875% Yanlord Land HK Co Ltd 01/2022 0.31%
6.875% CIFI Holdings Group Co Ltd 04/2021 0.31%
5.15% Cencosud SA 02/2025 0.31%
6.875% First Quantum Minerals 2026 0.31%
7.75% Bukit Makmur Mandiri Utama PT 02/2022 0.31%
6.875% Logan Property Holdings Co Ltd 04/2021 0.31%
6.75% Mexichem SAB de CV 09/2042 0.31%
7.1% GCL New Energy Holdings Ltd 01/2021 0.30%
6.267% Nakilat Inc 12/2033 0.29%
FRN Huaneng Hong Kong PerpNC 09/2022 0.29%
8.375% Gajah Tunggal Tbk PT 08/2022 0.29%
5.375% Turkiye Is Bankasi 10/2021 0.28%
12.5% Zhenro Properties Group Ltd 01/2021 0.27%
3.875% Well Hope Development PerpNC 10/2022 0.27%
7.75% MHP SA 05/2024 0.26%
6.375% Shimao Property Holdings Ltd 10/2021 0.26%
8.375% Helios Towers Finance B 07/2019 0.25%
DNO ASA 0.25%
6.5% SASOL Financing USA LLC 09/2028 0.25%
4.95% ENA Norte Trust 04/2023 0.25%
6.75% Banco Macro SA 11/2026 0.24%
6.95% MHP Lux SA 04/2026 0.24%
8.75% China Evergrande Group 06/2025 0.23%
11.125% Bank of Georgia JSC PERP 0.21%
7% Marfrig Holdings Europe BV 03/2024 0.21%
SILKNET SS 0.21%
8.5% Metinvest BV 04/2026 0.20%
3.75% Infraestructura Energetica Nova SAB 01/2028 0.19%
8.25% China Evergrande Group 03/2022 0.19%
YPF SA 0.19%
5.375% Thaioil Treasury Center Co Ltd 11/2048 0.18%
8.6% Zhenro Properties Group Ltd 01/2020 0.16%
7.625% CIFI Holdings Group Co Ltd 03/2021 0.16%
7.75% Standard Chartered Plc Perp c04/2023 0.16%
8% Eterna Capital Pte Ltd 12/2022 0.15%
7.25% First Quantum Minerals Ltd 04/2023 0.14%
MGM CHINA HOLDINGS LTD 0.13%
10.95% Times China Holdings Ltd 11/2020 0.11%
7.5% Logan Property Holdings Co Ltd 08/2021 0.11%
8.75% Logan Property Holdings Co Ltd 12/2020 0.11%
CHINA EVERGRANDE GROUP 0.10%
7.375% Pampa Energia SA 07/2023 0.10%
11% Davomas 12/2014 0.00%
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Risk 5 Years

(Updated: 05.31.2019)
Risk Fund Benchmark
Standard Deviation (%) 4.11 3.67
Sharpe Ratio 0.67
Information Ratio -0.28
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: 06.18.2019