Download fondsfactsheet berenberg renminbi bond opportunities ui

FONDS FACTSHEET
As of 12/30/2014
BERENBERG RENMINBI
BOND OPPORTUNITIES UI - I USD
Issue Date
05/14/2013
Bonds
NAV per Share
USD 101.27
Fund profile
Distribution Status
Accumulating
The Berenberg Renminbi Bond Opportunities UI fund is a broadly diversified bond fund participating in the
development of the Chinese renminbi. The fund`s flexible investment policy enables it to acquire corporate
bonds denominated in renminbi (CNH) as well as US dollar issued by companies domiciled in Asia (with the
exception of Japan). Currently the fund does not invest in CNY bonds. At least 51% of the net assets will be
invested into bonds. A currency overlay**, (using CNY-non-deliverable forwards - and CNH forwards) is
used for bonds, which were not issued in Renminbi (CNH) initially.
Assets under Management
USD 116.47 million
Share Class Assets
USD 7.22 million
Fund Currencies
USD (Main Currency)
Performance since inception
Valuta/Cut-off
daily
102
100
Issue Surcharge1)
Up to 0.0%
98
96
Jul 13
Sep 13
Nov 13
Jan 14
Mar 14
May 14
Performance excluding issue surcharge
Jul 14
Sep 14
Custodian Fee1)
Up to 0.2% p.a. (min. EUR 25.000 plus
Luxembourg VAT)
Nov 14
Performance including issue surcharge
The performance of «performance including issue surcharge» considers issue surcharges typically incurred by the investor at the time of acquisition and while holding the financial instrument. In the context of modeling, a once incurring issue surcharge of 0.00 % was assumed. Custodian fees can arise, reducing the performance further. The calculation of the monthly returns was made without considering possible issue surcharges.
Management Fee1)
Up to 1.30% p.a. (effective fee 1.5%),
min. EUR 75.000 plus VAT
End of fiscal year
30th Jun
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
0.92 1.35
0.14
Dec.
YTD
Since Inception
05/14/2013
2012
2013
2014
-1.14 -3.21 1.16 -0.36
0.00 -0.61 -0.39 0.17
1.06
1.01 1.17
0.67 -0.55
0.90 -0.50 0.63 -0.41 -1.19
1.83
-0.55
1.27
Average Cupon % (NAV weighted)
4.95
Yield in % (incl Derivates)
4.41
Average Time to Maturity (Years)
4.05
Effective Duration % (incl. derivatives)
1.04
Average Rating3)
BBB+
Cash-Quota in %
2.54
Volatility
2.56
Maximal Draw-Down
-5.51
Performance (in %)
Rating allocation (in %)4)
1 year (12/31/2013)
1.83
Investment Grade
61.10
Since fund inception (05/14/2013)
1.27
Non-rated
16.50
YTD
1.83
High Yield
22.40
Joh. Berenberg, Gossler & Co. KG
Public Distribution Status
AT, CH, DE, GB, LU
Management Company
Universal-Investment-Luxembourg S.A.
Fund Consultant
Berenberg Bank (Schweiz) AG
Key Numbers (USD-share class)
1/2
Securities Code
ISIN
LU0679892280
WKN A1JKPY
Fund Management
Goldman Sachs Asset
Management International
Custodian
State Street Bank S.A.
Please contact us for shareclasses in other
currencies.
generated by FactsheetsLIVE™ - www.factsheetslive.com
Year
Currency Allocation - Bonds
Currency Allocation - Fund
Before currency overlay
After currency overlay
Background
USD
51.60%
CNY /
CNH
100%
CNY /
CNH
48.40%
Top-10-Portfolio-Holdings
(in % of net assets)
Regional Allocation (in %)
Asia: One of the world’s fastest growing regions
l
Asian corporate bonds are very attractive compared to European and American bonds
l
Asia and China in particular
are not adequately repre-sented in most portfolios
l
China is already the second
largest economy and has the
third biggest bond market
globally
l
China is increasingly putting
emphasis on consumption
and technological innovation
Sector Allokation (in %)
China Unicom (Hong Kong)
3.93
China
29.89
Financials
19.60
BP Capital Markets PLC YC-
3.50
Rest of world
19.82
Diversified
18.61
Cagamas Berhad YC-Notes
3.45
Hong Kong
10.94
Consumer, cyclical
11.74
Emirates NBD PJSC YC-
3.13
Philippines
7.53
Utilities
10.59
Hutchison Whampoa
3.11
India
7.29
Real Estate
10.51
China Res.Pwr East
3.07
South Korea
5.63
Energy
9.39
Global Logistic Properties
2.80
Singapore
5.52
Telecom Services
6.90
ICICI 4 11/24/17
2.77
Other Asia
4.91
Consumer, non-cyclical
4.99
Citic Pacific Ltd. DL-Med.-
2.13
Malaysia
3.45
Basic Materials
4.04
3.75% Total Capital Nts
2.09
Indonesia
2.47
Industrials
1.08
1)
l
The Renminbi – on the move
to become a new global currency
l
The Renminbi is already the
second most used trade currency
l
Two offshore Renminbi centres launched in Eu-rope :
Frankfurt and Lon-don (already existing Hong Kong,
Singapore, Taiwan)
l
Liberalisation of the finan-cial system is further open-ing
up the economy, whilst integrating China into the global
financial markets. This will
greatly enhance the importance of the Renminbi
l
Numerous central banks already hold Renminbi as a reserve currency (e.g. Aus-tralia)
in % of the Net Asset Value
A Currency overlay is a specific technique designed to manage currency risk by transferring the currency allocation of a multicurrency
portfolio. Currency risk can be managed using overlay management either passively, actively or by a combination of both.
2)
3)
Non-rated securities are ignored and pari passu ratings are included in the calculation of the average rating
4)
Including pari passu ratings
Investment Case
As long as the offshore Renminbi bond market is not efficient: Flexible Investment Universe.
Portfolio: 100% Renminbi
Portfolio mix over time
Jan 2012
in Renminbi (inkl.
globale Emitenten)
Asian
Corporate
Bonds
in US-Dollar mit
Währungsoverlay
USD
92%
CNH
8%
Dec 2013
USD
59%
CNH
41%
Advantages:
l
Better diversification over sectors and countries
l
More Liquid
CNH
51%
l
Opportunistic postioning possible
USD
49%
Nov 2014
Berenberg Bank (Schweiz) AG
Active Advisory
Kreuzstrasse 5
8034 Zürich
Schweiz
Tel.: +41 44 284 20 64
[email protected]
www.berenberg.ch
Risk notice: Depending on the investment policy of the fund, investments may also be made in securities which are subject to strong price fluctuations. In addition the performance of the fund depends on price changes and
securities markets, making it impossible to guarantee that the investment policy targets are achieved. Likewise it cannot be guaranteed that the unit-holder regains the value of his/her original investment if units are returned. For
further information on the risks of this investment please refer to the offering prospectus. As a matter of principle, earlier performances do not constitute a reliable indicator for the future performance.
Notes: This document is an advertising release. It does not constitute a financial analysis, an investment councel, an investment recommendation nor an offer to buy financial instruments. This document does not replace a legal,
tax or financial consultation. The information given in this document has not been revised by an outside party, in particular an independent audit firm. At any rate, you should take an investment decision on the basis of the
selling documents (Key Investor Information Document and current semi-annual and annual report) which contain detailed information regarding the opportunities and risks associated with this fund. The selling documents can
be requested free of charge from Universal-Investment-Luxembourg S. A. Munsbach (www.universal-investment.lu) and its representative 1741 Asset Management AG, Bahnhofstrasse 8, CH-9001 St. Gallen or from Berenberg
Bank (Schweiz) AG, Kreuzstrasse 5, CH-8034 Zürich. Paying agent in Switzerland is Notenstein Privatbank AG, Bohl 17, CH-9004 St. Gallen. Date: December 2014
2/2
Joh. Berenberg, Gossler & Co. KG