GSF Lux SICAV

Emerging Markets Investment Grade Corporate Debt

Latest NAV Price

20.76
23 October 2020

NAV daily change %

0.05

Dealing currency

SGD

Fund size

SGD 581.32 M
30 September 2020

Latest NAV Price

20.76
23 October 2020

NAV daily change %

0.05

Dealing currency

SGD

Fund size

SGD 581.32 M
30 September 2020

Objective

Investment objective summary

  • The Fund aims to provide income and long-term capital growth.
      • The Fund invests primarily in a range of bonds (contracts to repay borrowed money which typically pay interest at fixed times) issued by emerging market (countries that are in economic terms less developed than the major Western countries) companies and in related derivatives (financial contracts whose value is linked to the price of an underlying asset).
      • At least 90% of the bonds invested in are of investment grade (high quality) as rated by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money).
      • These bonds are issued in either the currency of the country in which they are issued or in hard currencies (globally traded major currencies).
      • 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.
      Victoria Harling
      Portfolio Manager
      Victoria is Head of Emerging Market Corporate Debt and is responsible for managing the Emerging Market...
      Alan Siow
      Portfolio Manager
      Alan is a portfolio manager in the Fixed Income team at Ninety One with responsibility for...

      Performance & returns

      23/10/2020
      As the share class was launched less than 12 months ago, performance is not disclosed.

      Key facts & Downloads

      • Domicile

        Luxembourg
      • ISIN

        LU2069490824
      • Risk profile

        4
      • SEDOL

        BK5WMH1
      • CUSIP

        L54495285
      • Bloomberg code

        IEAI3HS
      • Benchmark

        JPMorgan CEMBI Broad Diversified Investment Grade
      • Morningstar category sector

        Other Bond
      • Fund inception date

        31/05/2013
      • Share class inception date

        02/12/2019
      • Minimum investment

        USD750
      • Valuation & transaction cut-off

        16:00 New York Time (forward pricing)

      Portfolio & Holdings

      Date as of 30/09/2020
      Index
      Fund
      AAA
      0.2
      AA
      4.2
      A
      34.6
      BBB
      61
      BB
      Cash and near cash
      *Bond ratings are Ninety One approximations.

      Charges

      Maximum initial charge %

      5.00

      Ongoing charge %

      1.74
      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.

      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.

      Reference Currency Hedging

      Reference currency hedging aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. In addition, where the currencies of the underlying investments are different from the reference currency, investors may suffer a loss when the value of the reference currency increases against the value of the share class currency. There can be no assurance that hedging strategies will be successful and such hedging can positively or negatively impact investors by inaccuracies in the operation of the hedge.

      Distributions & Yields

      Most recent distribution payments
      Distribution amount
      SGD0.0696
      Declaration Date
      30 September 2020
      Ex-distribution date
      09 October 2020
      Payable date
      15 October 2020
      Yield data as of 30/09/2020
      Yield %
      4.06
      Adjusted yield %
      2.32

      We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs.

      All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

      This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor Information Documents, which set out the Fund specific risks, are available from Ninety One. This Fund should be considered as a long-term investment.

      Performance data source: © Morningstar, 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 as an initial charge of up to 5% (10% for S shares) may be applied to your investment. This means that for an investment of $1,000, where the initial charge equals 5%, $950 ($900 for S shares) would actually be invested in the Fund. Returns to individual investors will vary in accordance with their personal tax status and tax domicile.

      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.