News
Sydinvest Emerging Markets offer a detailed monthly reporting on each investment fund to provide our investors with the necessary data and market insights to support their own investment monitoring and risk management.
Please see below for further information.
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Sydinvest Emerging Markets Bonds generated a return of 1.56% in April, which was 6bp lower than benchmark. As a result YTD return stands at 7.20% whereas benchmark return constitutes 5.85% YTD. The underperformance in April is primarily ascribable to the fund?s underweight in Treasury duration. However this is almost made up for by our country allocation and relative value. In country-specific terms return was especially driven by our overweights in Mexico, Ukraine and Venezuela whereas particularly our overweights in Argentina, Senegal and Angola pulled down return relative to benchmark. Read more…
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Sydinvest Emerging Markets Local Currency Bonds produced a return of 1.84% in April, which was 26bp higher than benchmark. The fund?s outperformance in April is primarily attributable to longer duration than the fund?s benchmark as well as a higher yield-to-maturity. The largest contributors to relative return were our overweight in Brazil and our underweights in Indonesia and Russia whereas especially our underweights in Colombia, Malaysia and Peru drove down return relative to benchmark. Read more…
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In this issue: - Focus on politics in April. - The EU has assessed that Hungary has made sufficient concessions to start negotiations with the IMF. - Venezuelas President Chavez back in Cuba again. - Rate cut in Brazil as expected. - The Turkish central bank expects further exceptional days in the future Read more…
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Independent fund research and news company Citywire has assigned a AAA rating to both Chief Portfolio Manager Phillip Blackwood and Senior Portfolio Manager Thomas Brund for excellent performance in emerging market bonds. Read more…
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Standard & Poor’s have completed their rating review on Sydinvest Emerging Markets Bonds with a strong conviction to assign an S&P Capital IQ Gold/V4 grading. Read more…
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The Extraordinary General Meeting of Investeringsforeningen Sydinvest Emerging Markets will be held on Friday, 25 May 2012 at 10.30am at Peberlyk 4, DK-6200 Aabenraa. Read more…
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The EM debt asset class in both hard and local currency has had a good start of the year with absolute returns above 5 % driven by falling local yields, currency appreciation and spread compression. Our investment process as proved good results especially in the hard currency space. We are still well placed in the top bracket of management teams in both currency classes. Read more…
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19-04-2012The Fund returned minus 0.33% net of fees for the month of March, compared to a return of 0.22% for the EMBI Global Diversified and a loss of 1.99% (minus 1.54% in EUR) for the GBI-EM Global Diversified in USD. We reduced significantly our directional long exposure by 9.3% selling Eurobonds in Eastern Europe and closing high beta longs in Latin America. Rising risk aversion affected high beta bonds and currencies in March; however the frontier universe helped performance and even outperformed the broader EM universe for the month. The Fund delivered mixed results as some frontier names, such as Senegal, had an exceptional month, whilst relative value trades in the high beta universe had negative performance due to their directional risk component. Read more…
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Investeringsforeningen Sydinvest Emerging Markets has updated its Prospectus on 18 April. Read more…
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The Annual General Meeting of Investeringsforeningen Sydinvest Emerging Markets was held on 17 April 2012. Read more…
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10-04-2012Sydinvest Emerging Markets Bonds generated a return of 0.72% in March, which was 51bp above benchmark return. As a result YTD return represents 5.55% compared with 4.16% for our benchmark. Read more…
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Sydinvest Emerging Markets Local Currency Bonds recorded a return of minus 1.28% in March, which was 26bp above benchmark return. Read more…
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09-04-2012Due to the swap of privately held Greek bonds in March the market did not focus on the Greek part of the debt crisis. However the debt crisis is not over. Spain and Portugal have been under pressure from the market and the debt crisis is going to stay with us for a long time yet. During the month there was considerable focus on China and whether the country is experiencing an abrupt slowdown. Read more…
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20-03-2012The Annual General Meeting of Investeringsforeningen Sydinvest Emerging Markets is scheduled for Tuesday, 17 April 2012 at 13.45pm. The General Meeting will be held at Hotel Europa, H.P. Hanssens Gade 10, 6200 Aabenraa, Denmark. Read more…
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20-03-2012The Annual General Meeting of Investeringsforeningen Sydinvest Emerging Markets is scheduled for Tuesday, 17 April 2012 at 13.45pm. The General Meeting will be held at Hotel Europa, H.P. Hanssens Gade 10, 6200 Aabenraa, Denmark. Read more…
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12-03-2012In February attention centred on Greece where the final negotiations and agreements fell into place. In reality Greece has gone bankrupt but it is an orderly bankruptcy to spare the country from further chaos. Read more…
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16-02-2012The Fund returned 2.17% net of fees for the month of January, compared to a 1.58% for the EMBI Global Diversified and a 7.42% (6.19% in EUR) for the GBI-EM Global Diversified. Given that the nature investment strategy of the fund is to deliver attractive risk-adjusted returns, we kept our local currency risk moderate with a historical beta of 0.26 but have increased it by adding further directional longs in TRY and INR. Read more…
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Morningstar places Sydinvest Emerging Markets Bonds at the very top of the Emerging Markets Debt Funds universe. Read more…
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07-02-2012Hard currency benchmark returns were highly affected by the fall in Treasury yields and local currency benchmark returns were highly affected by weak EM-currencies. Sydinvest EM delivered good results in 2011 - a difficult year for EM Bonds Read more…
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07-02-2012The sovereign debt crisis in the euro area attracted fewer headlines in January than in previous months, while business confidence indices in emerging market countries generally indicate a slight improvement compared to previous months. The risk of an abrupt slowdown in EM economies has lessened. India in particular has recorded a substantial increase in business confidence since September. Read more…
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07-02-2012Sydinvest Emerging Markets Bonds generated a return of 1.82% in January, which was 27bp above benchmark. The excess return is primarily ascribable to our overweights in Argentina, the Ivory Coast and Venezuela. But also our underweight in South Africa and asset allocation in Indonesia contributed positively. Whereas our asset allocation in Kazakhstan made a negative attribution. Read more…
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07-02-2012Sydinvest Emerging Markets Local Currency Bonds yielded a return of 5.83% in January, which was 69bp below benchmark. Generally the currencies from the biggest and most open EM-countries rallied in January. The smaller and more closed currencies did not perform as well. This partially explains the under-performance of the fund in January. Read more…
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18-01-2012
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The changes are effective as of 1 January 2012. Read more…
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The Fund returned 0.84% net of fees for the month of December, compared to 1.13% for EMBI Global Diversified (EUR) and a -1.47% for the GBI-EM Global Diversified unhedged to USD (2.17% unhedged in EUR thanks to a much stronger USD). Read more…
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09-12-2011In November we bought newly issued bonds from Qatar, which were issued at a considerable discount compared with existing bonds. We sold bonds in the Chilean fully state-owned business Codelco after a substantial decline of the interest rate. We have reduced our positions in Brazil and Venezuela. We have increased our positions in Slovenia and Hungary and switched our positions in Poland – all of them in bonds issued in EUR which currently trade at a higher rate than that of equivalent bonds issued in USD. Read more…
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09-12-2011In November we sold all GDP indexed bonds from Argentina. Otherwise we made only minor portfolio switches. Read more…
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09-12-2011In November emerging market countries were once again overshadowed by the euro area and this will probably also be the case in the months to come. However a few EM countries did manage to break the news barrier in November: Egypt, as a result of renewed political unrest and elections, and Hungary, which has asked the IMF for assistance. Read more…