Bond funds
| Value (17-06-2013) | 2.39553 |
| Assets under management (milj.) (14-06-2013) | 120,641,686.13 |
| Launch | 21-11-2000 |
| Base currency | EUR |
| Minimum investment | 500 EUR or 30 EUR/month |
| TER 2012 | 1,13 % |
| Performance based management fee | No |
| Fund management company | - |
| Distribution of income | No |
| ISIN | FI0008803325 |
| Domicile | - |
| Homepage | www.danskeinvest.fi |
| Benchmark Index | JP Morgan EMBI Global Diversified (EUR Hedged) Index (unofficial) |
| Portfolio manager | 54 |
Benchmark index
JP Morgan EMBI Global Diversified (EUR Hedged) Index (unofficial)
Portfolio manager
Danske Capital, Sampo Bank plc
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Morningstar Rating™ | Date | Value | 1 y | 3 y | 5 y | 10 y | Start p.a. | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 |
17.06 | 2.39553 | 8.86 | 31.34 | 47.98 | 90.97 | 7.19 |  |
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| Danske Invest Emerging Markets Debt (non-UCITS) is intended for investors who are looking for an investment solution on the global emerging bond markets that is profitable, professionally managed and well-diversified. The fund is an excellent alternative to direct bond investments. The recommended investment horizon in the fund is more than three years.
The assets of Danske Invest Emerging Markets Debt are invested in a mutual fund managed by Danske Invest Management A/S, the assets of which are mainly invested globally in emerging market bonds. The general performance of the global fixed income markets is reflected in the value of the fund. |
The fund performed in line with the benchmark in April. Both country allocation and instrument selection added marginally to performance, while interest rate duration effect detracted. In country selection, our lack of exposure to Lebanon and underweight in El Salvador added to performance. Overweights in Iraq and Venezuela, on the other hand, detracted from performance. In instrument selection, our off-benchmark selections in Argentina added the most to performance. To a lesser extent, our selections in Lithuania, Iraq, Turkey and Indonesia also added to performance. Selections in the Philippines, Brazil and Russia, however, detracted from performance. We increased our overall spread duration towards neutral after the BoJ announcement. Furthermore we reduced somewhat our corporate exposure. In country positioning we reduced our overweight in Venezuela, following the election due to political uncertainty and deteriorating economic fundamentals. We changed positioning towards the shorter duration bonds from the high cash price bonds. We participated in several new sovereign issues like Panama, Dominican Republic and Costa Rica, which were priced attractively. We also participated in the debut new issue of Rwanda, as we like the country's improving trend in both economic fundamentals and institutional framework. We reduced our underweight in China via oil/gas/chemical corporate new issues. Lastly we reduced slightly our Russian exposure whilst increasing our Kazmunaigaz exposure via a new issue.
| Major holdings 30-04-2013 | |
| Danske Invest Em.Mkt.Debt Hard Currency - Acc | 0.00% |
| OTHER_LIKVIDS | 100.00% |
| Year | Fund (%) | Index (%) | |
| 2001 | 17.41 | 28.59 | |
| 2002 | 6.11 | 10.51 | |
| 2003 | -7.32 | -10.28 | |
| 2004 | 11.00 | 16.04 | |
| 2005 | 12.36 | 10.34 | |
| 2006 | 9.76 | 9.99 | |
| 2007 | -0.18 | 4.70 | |
| 2008 | -27.88 | -13.58 | |
| 2009 | 49.40 | 29.51 | |
| 2010 | 13.50 | 11.57 | |
| 2011 | 5.47 | 7.43 | |
| 2012 | 19.60 | 16.85 | |
| Volatility (%) | 4.834 |
| Sharpe | 1.734 |
| Tracking error | 2.806 |
| IR | 2.534 |
| Alpha | 4.988 |
| Beta | 0.741 |
| Duration | 6.55 |
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Danske Bank and Danske Invest Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value – the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the key investor information documents, fund regulations and price list of mutual funds, for example.
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