• The Fund invests primarily in Latin American corporate fixed and floating rate securities. Investing in emerging markets can be more volatile and less liquid than developed markets and subject to additional risk arising from unstable social, political & economic environment. The Fund invests in debt securities that may be subject to credit/counterparty risk, interest rate risk, downgrading risk, valuation risk, credit rating risk, liquidity risk, exchange rate risk and higher default risk in high yield / non-Investment Grade / unrated debt securities as well as other risks.
  • The Fund may use derivatives for hedging purpose and may be exposed to significant risk of loss when the use becomes ineffective.
  • The Inc-2 Share Class may at the Board of Directors' discretion pay dividends gross of expense and therefore may effectively pay dividend out of capital which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. This may result in an immediate reduction of the net asset value per Share.
  • In adverse situations, the Fund may suffer significant losses. It is possible that the original amount you invested could be lost.
  • Investors should not solely rely on this document to make investment decisions.
GSF Lux SICAV

Latin American Corporate Debt

8
EU SFDR

Latest NAV Price

12.0000
23 February 2024

NAV daily change %

0.08

Dealing currency

USD

Fund size

USD 562.07 M
31 January 2024

Latest NAV Price

12.0000
23 February 2024

NAV daily change %

0.08

Dealing currency

USD

Fund size

USD 562.07 M
31 January 2024

Objective

Investment objective summary

The Fund will aim to achieve a high level of income, with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term. The Fund seeks to achieve its objective by investing in a diversified portfolio of debt securities (e.g. bonds) issued by Latin American Borrowers. These securities may be denominated in Latin American local currencies as well as hard currencies (globally traded major currencies).

Tomas Venezian
Portfolio Manager
Mr. Venezian is a Partner at Compass Group, Head of Corporate Debt, and Co-Portfolio Manager of...
Luis Pardo
Portfolio Manager
Mr. Pardo is Co-Portfolio Manager LatAm Corporate Debt of the Mexico office. Previously, he was Peru...

Performance & returns

Key facts

  • Domicile

    Luxembourg
  • ISIN

    LU0492942551
  • Bloomberg code

    INLACCI LX
  • Benchmark

    JPMorgan CEMBI Broad Diversified Latin America
  • Morningstar category sector

    Other Bond
  • Fund inception date

    30/04/2010
  • Share class inception date

    21/10/2010
  • Minimum investment

    USD3,000 / equivalent approved currency
  • Valuation point

    16:00 New York Time (forward pricing)
  • EU SFDR

    Article 8

Literature

Portfolio & Holdings

Date as of 31/01/2024
Index
Fund
AA
A
4.7
BBB
37.5
BB
37.2
B
12
CCC
8.3
CC
C
0.3
D
Not Rated
0.1
Cash and near cash
*Bond ratings are Ninety One approximations.

Distributions & Yields

Most recent distribution payments
Distribution amount
USD0.0669
Record Date
30 January 2024
Ex-distribution date
31 January 2024
Payable date
26 February 2024
Yield data as of 31/01/2024
Annualised yield %
6.70

Charges

Maximum initial charge %

3.00

Annual management fee %

2.25

Certain of the SFC authorised funds within the GSF range are categorised as funds promoting environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on Sustainability-related Disclosures in the Financial Services Sector. For the avoidance of doubt, these SFC authorised funds are not environmental, social and governance funds in Hong Kong.

SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

The benchmark may vary. As such the performances of the “composite” benchmark may consist of a combination of the old benchmark prior to the change and the current benchmark post the change.

Investment involves risks. Past performance figures shown are not indicative of future performance.  Investors should read the offering documents of the fund for details, including the risk factors. This document and the company’s website have not been reviewed by the SFC. Issuer: Ninety One Hong Kong Limited.

Dividend is not guaranteed. The fund aims to make dividend payment to investors on a/an monthly/quarterly/semi-annually/annually basis. The Inc-2 and Inc-3 share classes may distribute dividends out of / effectively out of its capital. With regards to Inc-2 and Inc-3 share classes, the Board of Directors may at its discretion pay dividend out of gross income while charging all or part of the share class’s fees and expenses to the capital of the share class, resulting in an increase in distributable income for the payment of dividends by the share class and therefore, the share class may effectively pay dividend out of capital. Payment of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the Sub-Fund’s capital or effectively out of the Sub-Fund’s capital may result in an immediate reduction of the net asset value per Share

Performances based on NAV to NAV, with dividend reinvested in share class currency. The investment returns are denominated in share class currency, which may be a foreign currency. If investment returns are not denominated in HKD/USD, US/HK dollar-based investors are exposed to exchange rate fluctuations.

10 year calendar performance: The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested. These figures show by how much each share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in share class currency, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.

Other non-specified information referred to above, source: Ninety One.

The share class aims to make distribution as per the distribution frequency stated.
Annualised Yield = Distribution per share / Record date NAV x Distribution frequency x 100%.

Morningstar Ratings based on the above share class only.

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 share classes 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 Morningstar rating for funds, please see the attached guide. The guide is a third party-document and is for informational purpose only. We do not endorse or guarantee the accuracy of the information provided in this third-party document and we are not responsible for any consequences resulting from the use of the information contained in the 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.

Past performance figures shown are not indicative of future performance. Investors are reminded that investment involves risk. Investors should refer to the offering documents for details, including risk factors. This website has not been reviewed by the SFC. 

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Issuer: Ninety One Hong Kong Limited
Email: [email protected] 
Telephone: (852) 2861 6888 
Fax: (852) 2861 6861