Bonds EUR Acc

Emerging Markets

Key Information

  • ISIN

    DK0060646396

  • Inception

    21.09.2015

  • Return Profile

    Dividend

  • Dividend

    0.00 EUR

  • Risk Class

    4

  • Share Class Assets (m)

    9 EUR

  • ÅOP (Costs)

    0,71 %

  • Indirect Trade Cost

    0.22 %

  •  
  • KIID

  • Prospectus

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Profile

The Structural Investment Case for EM bonds

  • Emerging market and Frontier countries generally belongs to the low or middle income parts of the World when measured on GDP per capita.
     
  • Because these countries typically have growing populations and lower capital bases compared to high income countries they tend to grow structurally higher causing their income to converge towards that of more developed countries.
     
  • The current low-yield environment in the developed world amplifies this structural effect. It creates a need for investor diversification that will support long-term demand for emerging debt assets.
     
  • Except for some notable exceptions, emerging market countries are generally fundamentally in good shape with falling levels of inflation, higher credit ratings and improved institutions such as independent central banks.
     
  • Fragile institutions and unsustainable conduct of government can however cause risks to investors and it is therefore Sydinvest considers a significant amount of data on Environmental (E), Social (S) and governance (G) factors (ESG) when constructing the portfolios.
     
  • The emerging debt asset class has more than 18 trillion USD in market cap, but it still only count for approximately 20% of the world’s total GDP thus far below levels found in the developed markets. At the same time, roughly 70% or more of the World’s populations live in the 80 most common emerging market countries, so the long-term opportunities for investors are vast and well founded.   

The Profile for Sydinvest Emerging Market Bonds

  • The fund invest in hard currency sovereign bonds issued from emerging market and frontier countries. The objective is to provide investors with excess returns to the benchmark through active portfolio management.
     
  • The fund’s investment philosophy considers that a number of risk premiums emerge from the fundamental and structural case of emerging market convergence.
     
  • Most prominently, the lower level of human development cause institutional risks that increase the credit premium. A thorough evaluation of the growth dynamics as well as the sustainability of government  is conducted to reveal such opportunities.
     
  • Secondly, the lower market cap of emerging debt issues creates liquidity premiums that can be revealed through a systematic relative value analysis across the investor base, the issuer characteristics and the issuer quality.
     
  • The ongoing dynamics of these risk premiums cause market prices to deviate from their long term fair values. It implies that each emerging market country carries a unique story and that active management is the only way for investors to unlock the value of these opportunities.
     
  • Sydinvest offers investors its decade-long experience of investing into hard and local currency emerging markets with an investment process built a small yet highly efficient and agile team.


    Explore the Sydinvest EM Investment Philosophy

    Study the details of the Investment Process

    Explore Sydinvest EM and the Sydbank EM Debt Team
    on eVestment Analytics

 

  • Portfolio Manager

Returns

Date 28/06/22 16:32

Today's Return: -0.94%

Return May.: -0.21%

Return YtD: -22.85%

NAV per. 28/06/22 16:32

Today's Returns -0.94 %
Return year to date, % -22.85 %
Redemption 2067.50
Subscription 2086.50
NAV 2076.92
Total Assets (m) 9 EUR

Returns - Last Update 01/06/22

Return year to date, % -16.63 %
1 Year -18.19%
3 Years -10.74%
5 Years -11.59%
7 Years -2.55%
10 Years 13.99%

NAV development

Export graph-data
Include:

Latest trends

Bonds I EUR Acc hReturn MayReturn YtD
Latest trend-0.21%-16.63%
Return benchmark-0.09%-15.76%

Fund Holdings

Fund Holdings

Top 10 HoldingsCouponCountryBase currencyProportion
Colombia 08.09.20377.38ColombiaUSD3.15%
Egypt Government International Bond 11.04.20316.38EgyptEUR2.99%
Rep. of Ghana 14.10.203010.75GhanaUSD2.91%
Finance Department Government of Sharja 10.03.20333.63United Arab EmiratesUSD2.58%
Indonesia 17.02.20376.63IndonesiaUSD2.34%
Saudi Government International Bond 04.10.20474.63Saudi ArabiaUSD2.13%
IVYCST 5 1/4 03.22.305.25Ivory CoastEUR1.88%
Senegal Bond 13.03.20284.75SenegalEUR1.74%
Romanian Government International Bond 03.04.20343.50RomaniaEUR1.72%
Nigeria Government International Bond 16.02.20327.88NigeriaUSD1.72%
Fund Holdings: 117
Show all Holdings

Distribution by country

Distribution by country

CountryProportionChange (%-Points)
Mexico8.39%2.27%
Colombia5.96%2.47%
Indonesia5.84%-1.90%
United Arab Emirates5.28%4.43%
South Africa4.99%1.01%
Peru4.89%3.74%
Romania3.97%0.04%
Saudi Arabia3.95%1.46%
Chile3.82%0.79%
Other52.92%-15.31%

Distribution by region

RegionProportion
Latin America25.61%
Africa24.36%
Eastern Europe23.66%
Middle East13.61%
Asia9.82%
North America9.71%
Caribbean2.60%
Other-9.37%

Net Currency Exposure

Net Currency Exposure
Base currencyProportion
DKK1.78%
EUR96.62%
USD1.59%

Distrubution by currency

Base currencyProportion
Euro (EUR)96.62%
Danish krona (DKK)1.78%
US dollar (USD)1.59%
Other0.00%

Risk

Lower risk

Higher risk

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Potentially lower rewards

Potentially higher rewards

Risk Scale

Placement of the fund on the scale is determined by the fluctuations of the funds NAV over the past five years.

Maturity Distribution

Maturity DistributionProportion
0-1 Year1.46%
1-3 Year6.17%
3-5 Year10.32%
5-7 Year15.78%
7-10 Year20.81%
10+ Year45.46%
Total100.00%

Duration

Distribution by issuer

Distribution by issuerProportion
Mortgage bonds0.00%
Government bonds77.89%
QUASI-soverreign17.68%
Company0.00%
Cash4.43%

Rating Distribution

Rating DistributionProportion
BBB- and above45.86%
BB- to BB+28.05%
B+ or below19.01%
Average ratingBB

Fees and Expenses

Fees and Expenses

Fees and ExpensesTotal Management FeeÅOP (Costs)Indirect Trade Cost SubscriptionRedemption
Bonds EUR Acc0.58 %0.71 %0.22 %0.46 %0.46 %

Key Information per. 31/5-22

ISINDK0060646396
Danish VP Code6064639
Inception of Share Class21.09.2015
BenchmarkJP Morgan EMBI Global Diversified
ListedNo
AccumulatedYes
AGM (annual general meeting)30.03.2022
Rec. investment horizonMin. 4 years
Portfolio ManagerSydbank EM Debt Team
Base currencyEUR
TER (incl. depositary and adm.exp)0,58 %
ÅOP (Costs)0,71 %
Indirect Trade Cost 0.22 %
Share Class Assets (m) 10 EUR
Total Assets (m)137 EUR
Denomination1000
NAV ultimo 20212687.95 EUR
NAV ultimo May 20222244.49
Tax Rate-
Fund Holdings117
Dividend (2020)0.00
Year to Date-16,63 %
Deviation + (1 year)10.64
Deviation + (3 years)13.24
Sharpe Ratio (3 Years)-0.27
Yield to Maturity5,14 %
Average Duration7,42