GSF Lux SICAV

Global Total Return Credit

Latest NAV Price

21.93
29 September 2020

NAV daily change %

0.09

Dealing currency

USD

Fund size

USD 207.03 M
28 August 2020

Latest NAV Price

21.93
29 September 2020

NAV daily change %

0.09

Dealing currency

USD

Fund size

USD 207.03 M
28 August 2020

Objective

Investment objective summary

  • The Fund aims to provide long-term total returns (through a combination of income and capital growth). The Fund targets a return in excess of ICE LIBOR 3 Month USD (an interbank lending rate) or equivalent rate +4% gross of fees over a full credit cycle (the phases of access to credit by borrowers). Credit cycles can vary in length and typically last between 3 and 7 years. While the Fund aims to achieve a positive return and its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.
      • The Fund invests primarily in a diverse range of debt securities (contracts to repay borrowed money which pay interest at fixed or variable times eg. bonds). These securities are issued by governments, institutions or companies from around the world including emerging markets (countries that are in economic terms less developed than the major Western countries) and may be of investment grade (high quality) or below investment grade as rated by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money).
      • Investments priced in currencies other than US dollars will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
      • The Fund may invest in other assets such as cash, derivatives (financial contracts whose value is linked to the price of an underlying asset), money market instruments (tradable securities where money can be invested for short periods) and other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party). 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.
      Garland Hansmann
      Portfolio Manager
      Jeff Boswell
      Portfolio Manager
      Tim Schwarz
      Portfolio Manager

      Performance & returns

      29/09/2020
      As the share class was launched less than 12 months ago, performance is not disclosed.

      Key facts & Downloads

      • Domicile

        Luxembourg
      • ISIN

        LU2114231702
      • Risk profile

        4
      • SEDOL

        BLH8YJ0
      • CUSIP

        L54486417
      • Bloomberg code

        GTRCAI2
      • Benchmark

        ICE LIBOR 3 Month USD + 4%
      • Morningstar category sector

        Global Flexible Bond - USD Hedged
      • Fund inception date

        08/06/2017
      • Share class inception date

        27/03/2020
      • Minimum investment

        USD3,000
      • Valuation & transaction cut-off

        16:00 New York Time (forward pricing)

      Portfolio & Holdings

      Date as of 31/08/2020
      Index
      Fund
      AAA
      AA
      A
      BBB
      BB
      B
      CCC
      Cash and near cash
      *Bond ratings are Ninety One approximations.

      Charges

      Maximum initial charge %

      5.00

      Ongoing charge %

      1.62
      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.

      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

      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.

      Income Allocation

      On some investments (e.g. the Implied Yield from Forward Foreign Exchange derivative contracts) any gains may be allocated to income rather than the capital account. This may cause greater fluctuations in the capital value of the fund. Income may be taxable.

      Interest rate

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

      Liquidity

      There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.

      Distributions and Yields

      Most recent distribution payments
      Distribution amount
      USD0.0810
      Declaration Date
      28 August 2020
      Ex-distribution date
      01 September 2020
      Payable date
      15 September 2020
      Yield data as of 31/08/2020
      Yield %
      4.69
      Adjusted yield %
      3.07

      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.