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BL Bond Emerging Markets Sustainable
Bond funds
Data as of 10/06/2021
Risk level
| Low |  | High |
Performance
Average annual performance since launch 2,71 %
Performance as at 10/06/2021
| FUNDS | |
|---|---|
| 2018 | -2,80 % |
| 2019 | 8,46 % |
| 2020 | 5,09 % |
| Since 01/01/2021 | -1,57 % |
| Over the last 12 months | 2,31 % |
| Over 3 years | 12,38 % |
| Since launch | 16,06 % |
Composition
| Asset breakdown | |
|---|---|
| Bonds | 87,97 % |
| Cash | 12,03 % |
| Main positions | |
|---|---|
| Panama 1999 9.375% 01-04-2029 | 3,46 % |
| Poland 2016 3.25% 06-04-2026 | 3,06 % |
| Uruguay 2003 7.875% 15-01-2033 | 2,84 % |
| Morocco 2012 5.5% 11-12-2042 | 2,62 % |
| Peru 2007 6.55% 14-03-2037 | 2,52 % |
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 - 1st Quarter 2021
Emerging market debt in dollars corrected by 2.52% in dollars in the first quarter of 2021 according to the BLI Sovereign Emerging Market Dollar index. As a symbol of economic recovery, the start of the vaccination campaigns is leading to a surge of enthusiasm, which is raising US inflation expectations and pushing up US nominal yields with a vengeance. Already, between the beginning of 2021 and the end of February 2021, the 10-year US Treasury yield increased by 50 basis points. While the rise in the consumer price index fuelled by the rally in commodities suggests a recovery in price levels around the world, the Federal Open Market Committee's message is clear: no monetary tightening in 2021. On the sovereign bond markets in dollar, high yield issuers, particularly African issuers, were initially relatively spared the correction caused by the rise in long-dated yields but ended up following the downward movement. The Federal Open Market Committee's control of short-term dollar yields limits the loss on short maturities while issues with a maturity longer than 8 years are at a significant discount. Concerns over the safety of the AstraZeneca vaccine and the proliferation of new variants of the cov_sars_2 virus have exposed economies to a new wave of infection. This is why, at the end of the quarter, the issues described above that were oversold during the quarter stabilised (long-dated issues from countries with a solid (investment grade) credit rating). The US 10-year risk-free rate closed the quarter at 1.74%, 83 basis points higher than at the end of the previous quarter. BL Bond Emerging Markets Dollar gave up 2.94% in the first quarter. At 31 March 2021, the portfolio's average yield was 1.98% with a modified duration of 4.83.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (10/06/2021) | 115,94 USD |
| NAV class A distribution shares (20/05/2021) | 115,00 USD |
| CODES | ISIN capitalisation code : LU1305479401 ISIN distribution code : LU1305479310 WKN capitalisation code : A1421D WKN distribution code : A1421C |
| Net assets (million) | 54,12 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.