Offshore Funds (UCITS)

Emerging Markets Blended Debt

Latest NAV Price

22.6
27 October 2020

NAV daily change %

0.13

Dealing currency

USD

Fund size

USD 318.52 M
30 September 2020

Latest NAV Price

22.6
27 October 2020

NAV daily change %

0.13

Dealing currency

USD

Fund size

USD 318.52 M
30 September 2020

Objective

Investment objective summary

The Fund aims to provide income and generate capital gains over the long term, primarily through investment in a diversified portfolio of debt securities (e.g. bonds) issued by Emerging Markets Borrowers and derivatives which offer exposure to such debt securities. These securities may be denominated in either local currencies or hard currencies (globally traded major currencies).

Peter Eerdmans
Portfolio Manager
Peter is Head Fixed Income and Co-Head of Emerging Market Sovereign & FX at Ninety One....
Grant Webster
Portfolio Manager
Grant is an investment specialist and portfolio manager in the Fixed Income team at Ninety One....

Performance & returns

10/27/2020
As the share class was launched less than 12 months ago, performance is not disclosed.

Key facts & Downloads

  • Domicile

    Luxembourg
  • Risk profile

    4
  • ISIN

    LU2115107810
  • Bloomberg code

    EMBDAI2
  • CUSIP

    L54495384
  • Benchmark

    JPMorgan EM Blended Hard Currency/Local Currency 50-50; (50% JPMorgan GBI-EM Global Diversified, 30% JPMorgan EMBI Global Diversified, 20% JPMorgan CEMBI Broad Diversified pre 29/11/2019; 50%/40%/10% pre 01/06/2013, 50%/50%/0% pre 01/04/2012 respectively)
  • Morningstar category sector

    Global Emerging Markets Bond
  • Fund inception date

    12/01/2010
  • Share class inception date

    03/27/2020
  • Minimum investment

    USD3,000
  • Valuation & transaction cut-off

    16:00 New York Time (forward pricing)

Portfolio & Holdings

Date as of 09/30/2020
Fund Duration Contribution
Index NAV%
Fund NAV%
US Dollar
4.0
Mexican Peso
0.2
Euro
0.1
Malaysian Ringgit
0.1
Chinese Offshore Renminbi
South African Rand
0.2
Czech Koruna
Indonesian Rupiah
0.4
Thai Baht
0.3
Brazilian Real
0.1
Polish Zloty
Russian Ruble
0.2
Chilean Peso
Indian Rupee
South Korean Won
Philippine Peso
Egyptian Pound
Serbian Dinar
0.1
Other
0.6

Charges

Maximum initial charge %

5.00

Ongoing charge %

1.96
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.

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.

Interest rate

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

Distributions and Yields

Most recent distribution payments
Distribution amount
USD0.1112
Declaration Date
09/30/2020
Ex Distribution Date
10/09/2020
Payable Date
10/15/2020
Yield data as of 09/30/2020
Yield %
5.64
Adjusted yield %
3.68

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.