GSF Lux SICAV

All China Bond

Latest NAV Price

18.1
25 September 2020

NAV daily change %

-0.22

Dealing currency

AUD

Fund size

AUD 177.32 M
28 August 2020

Latest NAV Price

18.1
25 September 2020

NAV daily change %

-0.22

Dealing currency

AUD

Fund size

AUD 177.32 M
28 August 2020

Objective

Investment objective summary

  • The Fund aims to provide income with the opportunity for long-term capital growth.
      • The Fund invests primarily in bonds (contracts to repay borrowed money which typically pay interest at fixed times) issued outside of mainland China, but may also invest in bonds issued within mainland China.
      • The bonds are issued either by governments, institutions or companies and where they are not priced in renminbi, they will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into renminbi at the Investment Manager’s discretion.
      • The Fund may invest in other assets such as cash, other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and derivatives (financial contracts whose value is linked to the price of an underlying asset). 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.
      Wilfred Wee
      Portfolio Manager
      Wilfred is a portfolio manager in the Fixed Income team at Ninety One. He is responsible...
      Alan Siow
      Portfolio Manager
      Alan is a portfolio manager in the Fixed Income team at Ninety One with responsibility for...

      Performance & returns

      25/09/2020
      The value of investments, and any income generated from them, can fall as well as rise. Past performance is not a reliable indicator of future results. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Where a shareclass has been in existence for less than 12 months, performance is not disclosed. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The Trailing Returns chart may use different Sector performance start dates compared to other performance charts or other marketing literature which may result in minor differences. Where a benchmark index is calculated on a monthly basis, the returns will be out of line with the fund and/or sector which are calculated daily.

      Key facts & Downloads

      • Domicile

        Luxembourg
      • Risk profile

        3
      • ISIN

        LU1770036389
      • SEDOL

        BD717S3
      • CUSIP

        L46297286
      • Bloomberg code

        IGAAI3A
      • Benchmark

        Bloomberg Barclays Global Aggregate - Chinese Renminbi (iBoxx ALBI Offshore China pre 30/08/2019, HSBC OS RMB Overall pre 01/05/2016, CNHDR pre 01/01/2015)
      • Morningstar category sector

        Other Bond
      • Fund inception date

        20/06/2014
      • Share class inception date

        22/02/2018
      • Minimum investment

        USD3,000 / equivalent approved currency
      • Valuation & transaction cut-off

        16:00 New York Time (forward pricing)

      Portfolio & Holdings

      Date as of 31/08/2020
      Index
      Fund
      A
      100
      BBB
      BB
      B
      Not Rated
      Cash and near cash
      *Bond ratings are Ninety One approximations.

      Charges

      Maximum initial charge %

      5.00

      Ongoing charge %

      1.64
      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 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 (inc. China)

      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.

      Government securities exposure

      The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus. Currently, it is expected that the Fund will exceed this limit in securities issued by the Chinese government.

      Income Allocation

      On some investments (e.g. the Implied Yield from Forward Foreign Exchange derivative contracts) any gains may be allocated to income rather than the capital account. This may cause greater fluctuations in the capital value of the fund. Income may be taxable.

      Interest rate

      The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

      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
      AUD0.0591
      Declaration Date
      28 August 2020
      Ex-distribution date
      01 September 2020
      Payable date
      15 September 2020
      Yield data as of 31/08/2020
      Yield %
      3.92
      Adjusted yield %
      2.28

      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.