GSF Lux SICAV

Emerging Markets Blended Debt

Objective

Investment objective summary

The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term.

The Fund is actively managed and invests primarily in a diversified portfolio of debt securities (e.g. bonds) issued by Emerging Markets Borrowers and derivatives (financial contracts whose value is linked to the price of a debt security) which offer exposure to such debt securities.

The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.

Fund features

Blending the core components of EMD into a single portfolio

Grant Webster

Portfolio Manager

Grant is Co-Head of Emerging Market Sovereign & FX within the Emerging Markets Fixed Income team...

Peter Kent

Co-Chief Investment Officer, Fixed Income

Peter is Co-Chief Investment Officer, Fixed Income at Ninety One. In this role he jointly oversees...

Investment objective summary

The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term.

The Fund is actively managed and invests primarily in a diversified portfolio of debt securities (e.g. bonds) issued by Emerging Markets Borrowers and derivatives (financial contracts whose value is linked to the price of a debt security) which offer exposure to such debt securities.

The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.

Fund features

Blending the core components of EMD into a single portfolio

Grant Webster

Portfolio Manager

Grant is Co-Head of Emerging Market Sovereign & FX within the Emerging Markets Fixed Income team at Ninety One. He is co-portfolio manager for the Emerging Market Blended Debt and Sustainable strategies and also contributes to regional analytical research for CEEMEA, as well as Top-Down asset allocation. Prior to joining the firm, Grant worked in London as a portfolio manager at Red Wheel Capital, responsible for global macro and convertible bond funds. Prior to this, Grant also spent a year working as an investment analyst for Ninety One in Cape Town in 2006. Grant holds a Bachelor of Business Science (Hons) degree from the University of Cape Town and a Master’s degree with distinction in Finance from London Business School, concentrating on investments and quantitative finance. He is a CFA® Charterholder and qualified as an Associate of the Institute of Actuaries (AIA, designation currently not held).

Peter Kent

Co-Chief Investment Officer, Fixed Income

Peter is Co-Chief Investment Officer, Fixed Income at Ninety One. In this role he jointly oversees the firm’s global fixed-income platform, shaping strategy, portfolio management and research across the asset class. He is co-portfolio manager of the Emerging Markets Blended Debt strategy as well as the South African-focused Flexible Bond and Diversified Income strategies. He also contributes to the team’s top-down asset-allocation research, drawing on two decades of global macro experience. Before joining Ninety One, he spent eight years at Goldman Sachs in London, where he traded European interest-rate derivatives and managed interest-rate swap books. Peter holds a Bachelor of Commerce (Hons) from the University of Cape Town and a Master of Science in Finance from London Business School. He is also a Chartered Accountant (SA) and a CFA® Charterholder.

Performance & commentary

Literature

Portfolio & Holdings

Date as of 30/06/2026

Credit breakdown (%)*

Currency positions

Geographic breakdown (%)

Maturity profile (%)

Sector breakdown

Top holdings (%)

Portfolio statistics

Fund

Index

AAA

0.3

11.9

BBB

30.6

33.4

14.1

CCC

5.9

0.2

0.3

Not Rated

-0.4

Cash and near cash

3.7

*Bond ratings are Ninety One approximations.

Credit breakdown (%)*

AAA

Fund: 0.3%

Index: 0.1%

AA

Fund: 0%

Index: 3.8%

A

Fund: 11.9%

Index: 23.6%

BBB

Fund: 30.6%

Index: 39.3%

BB

Fund: 33.4%

Index: 21.9%

B

Fund: 14.1%

Index: 7.6%

CCC

Fund: 5.9%

Index: 2.3%

C

Fund: 0.2%

Index: 0.3%

D

Fund: 0.3%

Index: 0.2%

Not Rated

Fund: -0.4%

Index: 1.2%

Cash and near cash

Fund: 3.7%

Fund Duration Contribution: 0.1%

Fund NAV%: 1.4%

Index NAV%: 1.6%

Other

Fund Duration Contribution: 1.3%

Fund NAV%: -0.3%

Fund: 3.7%

Index: 0%

Maturity profile (%)

0 - 1 year

Fund: 15%

Index: 3.3%

1 - 3 years

Fund: 6.1%

Index: 18.9%

3 - 5 years

Fund: 18.1%

Index: 22.1%

5 - 10 years

Fund: 35.4%

Index: 31%

10 - 20 years

Fund: 18.1%

Index: 13.3%

20 years +

Fund: 7.3%

Index: 11.5%

Sector breakdown

Emerging Market Local Currency Debt

Duration Contribution: 2.3%

NAV %: 48.3%

Emerging Market Hard Currency Debt

Duration Contribution: 2.2%

NAV %: 31.5%

High Yield Corporate

Duration Contribution: 0.4%

NAV %: 11.2%

Investment Grade Corporate

Duration Contribution: 0.2%

NAV %: 3.8%

Emerging Market High Yield Corporate

Duration Contribution: 0%

NAV %: 1.3%

Emerging Market Index Linked

Duration Contribution: 0%

NAV %: 0.7%

Emerging Market IRS

Duration Contribution: 0.3%

NAV %: -0.1%

FX

Duration Contribution: 0%

NAV %: -0.1%

Duration Contribution: 0%

NAV %: -0.4%

Cash

Duration Contribution: 0%

NAV %: 3.8%

Top holdings (%)

Brazil Notas Do Tesouro Nacional Serie F 10 Jan 01 27

3.3%

Mexican Bonos 7 Sep 03 26

2.5%

Republic Of South Africa Government Bond 8.5 Jan 31 37

2.1%

Malaysia Government Bond 3.906 Jul 15 26

Thailand Government Bond 2.8 Jun 17 34

1.8%

India Government Bond 7.1 Apr 08 34

1.5%

Republic Of Poland Government Bond 4.5 Jan 25 31

1.4%

Republic Of South Africa Government Bond 9 Jan 31 40

1.4%

Malaysia Government Bond 3.582 Jul 15 32

1.4%

Philippine Government Bond 6.375 Jul 27 30

1.3%

Portfolio statistics

Average credit rating: BB

Average maturity (years): 7.70

Number of bond holdings: 241

Number of equity holdings: 1

Modified duration (years): 5.40

Yield to maturity (%): 7.12

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 for GSF Luxembourg domiciled funds and net income reinvested where applicable for OEIC United Kingdom domiciled funds, 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.

For a full description of the Morningstar rating for funds, please see the attached guide. A rating is not a recommendation to buy, sell or hold a fund.

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.

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.

Invest in this fund

We offer two main fund ranges to invest in.

Learn more

Invest in this fund