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BL Bond Emerging Markets Dollar
Bond funds
Data as of 21/01/2021
Risk level
| Low |  | High |
Performance
Average annual performance since launch 3,11 %
Performance as at 21/01/2021
| FUNDS | |
|---|---|
| 2018 | -2,80 % |
| 2019 | 8,46 % |
| 2020 | 5,09 % |
| Since 01/01/2021 | -0,60 % |
| Over the last 12 months | 3,97 % |
| Over 3 years | 10,50 % |
| Since launch | 17,20 % |
Composition
| Asset breakdown | |
|---|---|
| Bonds | 90,32 % |
| Cash | 9,68 % |
| Main positions | |
|---|---|
| Panama 1999 9.375% 01-04-2029 | 3,59 % |
| Poland 2016 3.25% 06-04-2026 | 3,12 % |
| Uruguay 2003 7.875% 15-01-2033 | 2,93 % |
| Morocco 2012 5.5% 11-12-2042 | 2,84 % |
| Peru 2007 6.55% 14-03-2037 | 2,79 % |
Strategy
Investment objective and policy
The fund invests in sovereign, quasi-sovereign and parastatal bonds of emerging countries. It also invests in bonds of industrialised countries and, to a lesser extent, in corporate bonds issued in emerging markets and industrialised countries. The fund is denominated in USD; investments are mainly in USD and local currencies. The fund's objective is to generate regular income.Management report - 3rd Quarter 2020
Emerging market debt gained nearly 2.32% in dollars in the third quarter of 2020 according to the JP Morgan Euro EMBI Global Diversified index. The yield spread narrowed by nearly 42 basis points to 432 basis points at the end of the quarter. Within the asset class, we are seeing divergences widen between countries. China is posting a clear rebound in industrial activity and this is boosting other economies in the region. However, in India, the worsening health situation is weighing on growth prospects. With the exception of Argentina and Turkey (Turkey's central bank raised interest rates by 2 percentage points to 10.25% on 24 September), inflation remains low in all emerging market countries, despite currency depreciation and the adoption of expansionary measures. The Federal Reserve's extraordinary monetary easing gives emerging market central banks some leeway. In their turn, they are adopting various accommodative measures, including quantitative easing. The markets are reacting favourably. However, monetary stimulus will not be enough for some countries. The weakest emerging market economies will be the most affected. Undiversified oil-exporting economies are already announcing payment defaults (e.g. Ecuador). Ecuador and Argentina completed a debt restructuring in August.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (21/01/2021) | 117,08 USD |
| NAV class A distribution shares (21/01/2021) | 96,60 USD |
| Latest dividend | 6,46 USD |
| Date of last dividend payment | 07/02/2020 |
| CODES | ISIN capitalisation code : LU1305479401 ISIN distribution code : LU1305479310 WKN capitalisation code : A1421D WKN distribution code : A1421C |
| Net assets (million) | 53,87 USD |
| Launch date | 13/11/2015 |
Before making any decision to subscribe, customers must ensure they have understood the product, having measured the risks associated with it and consulted their own advisers on the appropriateness of the product for their particular financial situation, taking into account legal, tax and accounting aspects. This fact sheet has been drawn up for information purposes and shall in no event be considered a solicitation to buy or an offer to sell securities or other financial instruments. Information provided to the interested party does not constitute legal or fiscal advice and the Bank shall not be held liable for such information. The securities referred to in this document may cause the investor to incur significant risk and may not be appropriate for all investors. Such risks include market risks, high volatility, credit risk, liquidity risk and interest-rate risk. There is no guarantee that the securities described in this document will achieve their investment objectives. Past performance is no indication of future returns. The Bank shall not be held liable for the future performance of these securities. Potential investors must ensure that they understand the risks of investing in such products and should only take an investment decision after giving careful consideration, together with their professional advisers, to the appropriateness of this investment to their specific financial situation, particularly with regard to legal, tax and accounting aspects. We have made every effort to verify that the information presented in this document is correct, in particular the estimated values, opinions and other estimates. Nevertheless, no guarantee can be given as to the validity, timeliness, completeness, correctness or accuracy of the information, which is provided for guidance only. Information may be subject to change without prior notice.