• The Fund invests in fixed interest securities that may be subject to credit/counterparty risk, interest rate risk, downgrading risk, sovereign default risk, valuation risk, credit rating risk, liquidity risk, risk associated with investment in Europe, currency risk and higher default risk in high yield / non-Investment Grade / unrated debt securities as well as other risks. The Fund may invest in emerging markets which can be more volatile and less liquid than developed markets and subject to additional risk arising from unstable social, political & economic environment.
  • The Fund may invest in mortgage backed and other asset backed securities. These securities may be subject to greater credit, liquidity, interest rate and prepayment risk.
  • The Fund may use derivatives for hedging, efficient portfolio management and/or investment purposes, and may be subject to risks associated with derivatives such as liquidity, valuation, volatility, over-the-counter transaction, counterparty risks and high leverage risk. This may result in significant risk of loss when the use becomes ineffective.
  • 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

Target Return Bond

Latest NAV Price

21.9200
30 November 2023

NAV daily change %

0.00

Dealing currency

USD

Fund size

USD 106.91 M
31 October 2023

Latest NAV Price

21.9200
30 November 2023

NAV daily change %

0.00

Dealing currency

USD

Fund size

USD 106.91 M
31 October 2023

Objective

Investment objective summary

The Fund aims to produce a positive total return, consisting of both income and capital gains, in excess of Overnight SOFR, over rolling 3 year periods, regardless of market conditions, by investing primarily in debt securities, money market instruments and related derivatives.

Peter Kent
Co-Head of SA & Africa Fixed Income
Peter is Co-Head of Fixed Income at Ninety One. He has portfolio management responsibility for a...
Team
Portfolio Manager

Performance & returns

The performance of years prior to 2020 was achieved under circumstances that may no longer apply as the investment policy of the Fund was changed on 31 May 2016 and 28 April 2020.

Key facts

  • Domicile

    Luxembourg
  • ISIN

    LU0345762388
  • Bloomberg code

    GUIGLBC LX
  • Benchmark

    Overnight SOFR (LIBOR USD Overnight Rate pre 30/11/2021)
  • Morningstar category sector

    Global Flexible Bond
  • Fund inception date

    20/12/1985
  • Share class inception date

    30/06/2000
  • Minimum investment

    USD3,000 / equivalent approved currency
  • Valuation point

    16:00 New York Time (forward pricing)

Portfolio & Holdings

Date as of 31/10/2023
Fund
AA
2.4
A
17.1
BBB
44.6
Cash and near cash
35.9
*Bond ratings are Ninety One approximations.

Distributions & Yields

Most recent distribution payments
Distribution amount
USD0.2016
Record Date
30 June 2023
Ex-distribution date
03 July 2023
Payable date
21 July 2023

Charges

Maximum initial charge %

3.00

Annual management fee %

2.00

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. 

By clicking on the hyperlink of Investor relations below, you are leaving this website with information specific for retail investors in Hong Kong and entering the global website.

Please note that the global website is not intended to target Hong Kong investors. It has not been reviewed by the Hong Kong Securities and Futures Commission (“SFC”). The website may contain information on funds and other investments products that are not authorised by the SFC and therefore are not available to retail investors in Hong Kong. The website may also contain information on investment services / strategies that are purported to be carried out by a Ninety One group company outside of Hong Kong.

Any product documents and information contained in this website are for reference only and for those persons or entities in any jurisdictions or country where the information and use thereof is not contrary to local law or regulation.

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