Objective

Investment objective summary

  • The Fund will aim to achieve a high level of income, with the opportunity for capital gain, from 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

    LU2250465908

  • Risk profile

    5

  • SEDOL

    BN0SM64

  • CUSIP

    L6S44C451

  • Bloomberg code

    LACDJUH LX

  • Benchmark

    JPMorgan CEMBI Broad Diversified Latin America

  • Morningstar category sector

    Other Bond

  • Fund inception date

    30/04/2010

  • Share class inception date

    30/11/2020

  • Valuation point

    16:00 New York Time (forward pricing)

  • Ninety One Sustainability Classification

    ESG Integration

Literature

Portfolio & Holdings

Date as of 28/02/2023
Index
Fund
AAA
A
4.2
BBB
37.2
BB
37
B
11
CCC
8.9
CC
1.1
C
0.4
Not Rated
0.2
Cash and near cash
*Bond ratings are Ninety One approximations.

Charges

Maximum initial charge %

5.00

Ongoing charge %

0.60
The Fund may incur further expenses (not included in the above Ongoing charge) as permitted by the Prospectus.

Specific fund risks

BRL Hedged Reference

This Share Class is designed as a hedging solution and exclusively reserved for selected feeder funds established in Brazil. The shares will be denominated in US Dollar (USD), the Fund's base currency. The Share Class will aim to provide exposure to Brazilian Real (“BRL”) by converting the net asset value of the Share Class into BRL using financial derivative instruments. As a result, the net asset value is expected to fluctuate in line with the exchange rate between BRL and USD. This fluctuation will be reflected in the performance of the Share Class, and therefore such performance may differ significantly from the performance of the other share classes of the Fund. Additionally, the Share Class will not protect against a decline in the values of the currencies of the underlying investments. There can be no assurance that the hedging solution will be successful, nor will it offer a perfect hedge for a Brazilian feeder fund.

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 is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for 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.

Geographic / Sector

Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow.

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.

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.

It is not an invitation to make an investment nor does it constitute an offer for sale. Any decision to invest in the Fund should be made after reviewing the full offering documentation, including the Prospectus, which sets out the fund specific risks. Fund prices and English language copies of the Prospectus, annual and semi-annual Report & Accounts, Articles of Incorporation and where relevant, the local language copies of the Key Investor Information Documents (KIID) and Key Information Documents (KID), may be obtained from www.ninetyone.com.

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.

PRIIPs Performance scenarios and Risk Profile SRI data source: Broadridge Ireland Limited.

Morningstar Analyst rating™: Copyright © 2022. 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.

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