GSF Lux SICAV

Latin American Corporate Debt

Latest NAV Price

21.21
23 October 2020

NAV daily change %

-0.05

Dealing currency

EUR

Fund size

EUR 389.64 M
30 September 2020

Latest NAV Price

21.21
23 October 2020

NAV daily change %

-0.05

Dealing currency

EUR

Fund size

EUR 389.64 M
30 September 2020

Objective

Investment objective summary

  • The Fund aims to provide a high level of income with the opportunity for long-term capital growth.
      • The Fund invests primarily in a broad range of bonds (contracts to repay borrowed money which typically pay fixed or variable interest at fixed times) issued by companies in or with material links to the Latin American region and may also invest in bonds issued by Latin American governments and institutions.
      • The Fund’s investments may be issued in Latin American local currencies as well as hard currencies (globally traded major currencies).
      Tomas Venezian
      Portfolio Manager
      Tomás is a Partner at Compass Group, Co- Head of Latin American Corporate Debt and Portfolio...
      Nicolas Garcia-Huidobro
      Portfolio Manager
      Nicolás is a Senior Analyst and Co-Portfolio Manager at Compass Group, with a focus on high...

      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

        LU2189803500
      • Risk profile

        4
      • SEDOL

        BMHMP07
      • CUSIP

        L6S440127
      • Bloomberg code

        NGLAZEA
      • Benchmark

        JPMorgan CEMBI Broad Diversified Latin America Hedged EUR
      • Morningstar category sector

        Other Bond
      • Fund inception date

        30/04/2010
      • Share class inception date

        29/06/2020
      • Minimum investment

        USD10,000,000 / equivalent approved currency
      • Valuation & transaction cut-off

        16:00 New York Time (forward pricing)

      Portfolio & Holdings

      Date as of 30/09/2020
      Index
      Fund
      AAA
      A
      5.3
      BBB
      43.8
      BB
      31.3
      B
      8.4
      CCC
      10.1
      CC
      0.6
      C
      0.3
      D
      Not Rated
      0.1
      Cash and near cash
      *Bond ratings are Ninety One approximations.

      Charges

      Maximum initial charge %

      3.00

      Ongoing charge %

      1.00
      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.

      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 the resulting value may decrease whilst portfolios more broadly invested 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.

      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.

      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.