GSF Lux SICAV

Emerging Markets Local Currency Debt

Morningstar Rating™

3

Latest NAV Price

11.6
26 October 2020

NAV daily change %

-0.17

Dealing currency

USD

Fund size

USD 306.79 M
30 September 2020

Latest NAV Price

11.6
26 October 2020

NAV daily change %

-0.17

Dealing currency

USD

Fund size

USD 306.79 M
30 September 2020

Objective

Investment objective summary

  • The Fund aims to provide income and long-term capital growth.
      • The Fund invests primarily in bonds (contracts to repay borrowed money which typically pay interest at fixed times). These bonds are issued by governments, institutions or companies in emerging markets (countries that are in economic terms less developed than the major Western countries) predominantly in the currency of the issuing country.
      • The Fund may invest in other assets such as cash, other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and derivatives (financial contracts whose value is linked to the price of an underlying asset). Derivatives may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
      Werner Gey van Pittius
      Portfolio Manager
      Werner is Co-Head of Emerging Market Sovereign & FX at Ninety One. He is jointly responsible...
      Antoon de Klerk
      Portfolio Manager
      Antoon is an investment specialist and portfolio manager in the Fixed Income team at Ninety One....

      Performance & returns

      26/10/2020
      The value of investments, and any income generated from them, can fall as well as rise. Past performance is not a reliable indicator of future results. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Where a shareclass has been in existence for less than 12 months, performance is not disclosed. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The Trailing Returns chart may use different Sector performance start dates compared to other performance charts or other marketing literature which may result in minor differences. Where a benchmark index is calculated on a monthly basis, the returns will be out of line with the fund and/or sector which are calculated daily.

      Key facts & Downloads

      • Domicile

        Luxembourg
      • ISIN

        LU0473111879
      • Risk profile

        5
      • SEDOL

        B4Y7Q17
      • CUSIP

        L5447Q596
      • Bloomberg code

        IEMDIIG
      • Benchmark

        JPMorgan GBI-EM Global Diversified
      • Morningstar category sector

        Global Emerging Markets Bond - Local Currency
      • Fund inception date

        30/11/2007
      • Share class inception date

        11/12/2009
      • Minimum investment

        USD1,000,000
      • Valuation & transaction cut-off

        16:00 New York Time (forward pricing)

      Portfolio & Holdings

      Date as of 30/09/2020
      Index
      Fund
      AAA
      AA
      4.7
      A
      28.1
      BBB
      48.9
      BB
      18.3
      B
      CCC
      Not Rated
      Cash and near cash
      *Bond ratings are Ninety One approximations.

      Charges

      Maximum initial charge %

      5.00

      Ongoing charge %

      1.03
      The Fund may incur further expenses (not included in the above Ongoing charge) as permitted by the Prospectus.

      Specific fund risks

      Charges from capital

      For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.

      Currency exchange

      Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

      Default

      There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.

      Derivatives

      The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

      Emerging market (inc. China)

      These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

      Government securities exposure

      The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.

      Interest rate

      The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

      Distributions and Yields

      Most recent distribution payments
      Distribution amount
      USD0.0617
      Declaration Date
      30 September 2020
      Ex-distribution date
      09 October 2020
      Payable date
      15 October 2020
      Yield data as of 30/09/2020
      Yield %
      5.73
      Adjusted yield %
      4.70

      All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or entity. We are not acting and do not purport to act in any way as an adviser or in a fiduciary capacity. No one should act upon such information or opinion without appropriate professional advice after a thorough examination of a particular situation. We endeavour to provide accurate and timely information but we make no representation or warranty, express or implied, with respect to the correctness, accuracy or completeness of the information and opinions. We do not undertake to update, modify or amend the information on a frequent basis or to advise any person if such information subsequently becomes inaccurate. Any representation or opinion is provided for information purposes only. The prospectus of this fund may be acquired free of charge, from Ninety One Fund Managers Botswana (Pty) Ltd, Unit 5, Plot 64511, Fairgrounds, Gaborone, Botswana.

      The value of this investment may go down as well as up and the return on the investment will therefore necessarily be variable. Neither past experience nor the current situation are necessarily accurate guides to the future. Ninety One Fund Managers Botswana (Pty) Ltd is regulated by the Non-Bank Financial Institutions Regulatory Authority. The TER shows the percentage of the average Net Asset Value of the portfolio that was incurred as charges, levies and fees relating to the management of the portfolio. A higher TER ratio does not necessarily imply poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of the future TERs.

      Offshore funds are sub-funds in the Ninety One Global Strategy Fund, 49 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg.

      Performance data source: © Morningstar.
      BT unit trust: NAV to NAV net of fees with income reinvested.
      GSF funds: NAV based, (net of fees, excluding initial charges), total return, in the share class dealing currency. Performance would be lower had initial charges been included.

      Morningstar Analyst rating™: Copyright © 2020. Morningstar. All Rights Reserved. The information, data and opinions expressed and contained herein are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; are not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein.

      The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual shareclasses of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the shareclass. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.

      For a full description of the ratings, please see our ratings guide. A rating is not a recommendation to buy, sell or hold a fund.

      The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding. 

      For an explanation of statistical terms, please see our glossary.