Data as of 15/02/2019

Risk level



Recommended investment horizon : > 3 years

Average annual performance since launch

1,71 %

Performance as at 15/02/2019

2016 2,74 %
2017 3,69 %
2018 -2,80 %
Since 01/01/2019 2,21 %
Over the last 12 months 1,15 %
Over 3 years 4,41 %
Since launch 5,65 %
Asset breakdown
Bonds 90,59 %
Cash 9,41 %
Breakdown by currency
EUR ---
USD ---
Main positions
Panama 2009 5.2% 30-01-2020 5,20 30/01/2020 4,14 %
Lithuania 2011 6.125% 09-03-2021 6,12 09/03/2021 3,77 %
Mexico Tranche 25 2012 3.625% 15-03-2022 3,62 15/03/2022 3,53 %
Costa Rica 2012 4.25% 26-01-2023 4,25 26/01/2023 3,24 %
Uruguay 2003 7.875% 15-01-2033 7,88 15/01/2033 3,14 %

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 - 4th Quarter 2018

Emerging market debt corrected by nearly 1.26% in the fourth quarter according to the JP Morgan EMBI Global Diversified index. This decline coincides with the index's yield spread widening by nearly 82 basis points since the start of the quarter, to 416 basis points at the end of the quarter. Argentina, Turkey, Brazil and Mexico are the four issuers which attracted particular attention during the past year. Significant corrections were recorded on their respective markets. Nevertheless, Brazil ended 2018 on a more positive note following the election of the new right-wing president, Jair Bolsonaro. The markets are holding out great hopes for Bolsonaro. He is expected to adopt more orthodox policies to revive the economy. In Mexico, the bulk of the fears that arose following the election of AMLO have receded for the time being. Although the end of 2018 was marked by a resumption in appetite for risk with risk assets outperforming, the outlook for emerging market debt continues to display a degree of fragility. The normalisation of monetary policies will continue to have an impact on the cost of debt and especially on refinancing for the most debt-laden countries. On top of this, various geopolitical risks include the difficult trade negotiations between the United States and China and a mixed political situation in Europe (Brexit, Italy, the gilets jaunes in France, etc.). In the face of these uncertainties, a defensive and opportunistic approach will continue to be appropriate.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 105,54 USD
NAV class A capitalisation shares (15/02/2019) 93,11 USD
Latest dividend 3,46 USD
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 29290609
Internal distribution code : 29290625
ISIN capitalisation code : LU1305479401
ISIN distribution code : LU1305479310
WKN capitalisation code : A1421D
WKN distribution code : A1421C
Net assets (million) 42,84 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.