Barings Developed and Emerging Markets High Yield Bond Fund A Inc USD (MDis)

霸菱成熟及新興市場高收益債券基金 A類 Inc 美元 (MDis)

IE0032158457

Risk Rating: Level 4

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating three (3) or four (4), these are mainly aimed at providing income and capital appreciation to investors by investing primarily in balanced portfolio, including high yield bonds and global equities etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-dealing Hours
USD

9.56

Latest Price: 2019-04-17

Dealing Information

0%

Subscription Fee
As low as 0 %

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / GBP / USD

HKD4,000.00Min. Subscription

HKD4,000.00

*Not include dividends (If applicable)

Fund Performaces

1 mth
+1.99
3 mth
+4.62
6 mth
+2.43
1 yr
+2.97
3 yr
+19.54
5 yr
+12.83

Analytical Figures (3 years)

Annualized Return
+6.13
Annualized Volatility
+4.25
Sharpe Ratio
+1.05

Fund Information

Fund Houses
Baring Asset Management (Asia) Limited
Launch Date
1993-07-18
Fund Manager
Ece Ugurtas
Manager Start Date
2007-09-13
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - High yield
Risk Rating
Risk Level 4

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating three (3) or four (4), these are mainly aimed at providing income and capital appreciation to investors by investing primarily in balanced portfolio, including high yield bonds and global equities etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2019-04-17)
USD 546,932,900
Management Fee
1.00%
Latest Dividend
USD 0.0472 (2019-03-31)

Sector Leaders

Dealing Information

0%

Subscription Fee
As low as 0 %

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / GBP / USD

HKD4,000.00Min. Subscription

HKD4,000.00

Dividend Records

Dividend DateDividend Records (USD)
2019-03-310.0472
2019-01-310.0464
2019-01-010.0451
2018-12-020.0461
2018-10-310.0473
2018-09-300.0483
2018-09-020.0481
2018-07-310.0482
2018-07-010.0477
2018-05-310.0482
2018-04-300.0487
2018-04-020.0487
2018-02-280.0494
2018-01-310.0501
2017-11-300.0502
2017-10-310.0506
2017-08-310.0502
2017-07-310.0442
2017-07-020.0438
2017-05-310.0440
2017-05-010.0438
2017-04-020.0435
2017-02-280.0437
2017-01-310.0434
2017-01-020.0431
2016-10-310.0429
2016-10-020.0490
2016-08-310.0492
2016-08-010.0486
2016-06-300.0476
2016-05-310.0478
2016-05-020.0479
2016-03-310.0471
2016-02-290.0458
2016-01-310.0462
2016-01-030.0470
2015-11-300.0480
2015-11-010.0534
2015-09-300.0523
2015-08-310.0540
2015-08-030.0556
2015-06-300.0566
2015-04-300.0580
2015-03-310.0575
2015-03-010.0535
2015-02-010.0525
2014-11-020.0543
2014-08-310.0563
2014-07-310.0600
2014-06-300.0600
2014-06-020.0600
2014-04-300.0600
2014-03-310.0600
2014-03-020.0600
2014-02-020.0600
2014-01-010.0500
2013-12-010.0500
2013-10-310.0500
2013-09-300.0500
2013-09-010.0500
2013-08-080.0500
2013-07-310.0500
2013-07-070.0505
2013-06-300.0505
2013-06-100.0511
2013-06-030.0511
2013-05-210.0539
2013-04-300.0539
2013-04-080.0448
2013-04-010.0448
2012-12-090.0544
2012-12-020.0544
2012-11-070.0594
2012-10-310.0594
2012-10-070.0534
2012-09-300.0534
2012-08-080.0595
2012-07-310.0595
2012-07-080.0600
2012-07-010.0600
2012-06-110.0556
2012-05-310.0556
2012-05-220.0652
2012-04-300.0652
2012-04-090.0715
2012-04-010.0715
2012-03-080.0761
2012-02-290.0761
2012-02-090.0668
2012-01-310.0668
2012-01-090.0641
2012-01-020.0641
2011-12-070.0660
2011-11-300.0660
2011-11-070.0660
2011-10-310.0660
2011-10-090.0620
2011-10-020.0620
2011-09-070.0521
2011-08-310.0521
2011-08-080.0560
2011-08-010.0560
2011-07-070.0535
2011-06-300.0535
2011-06-080.0524
2011-05-310.0524
2011-05-090.0617
2011-05-020.0617
2011-04-070.0685
2011-03-310.0685
2011-03-070.0678
2011-02-280.0678
2011-02-070.0703
2011-01-310.0703
2010-12-070.0612
2010-11-300.0612
2010-11-070.0680
2010-10-310.0680
2010-10-070.0849
2010-09-300.0849
2010-09-070.0653
2010-08-310.0653
2010-08-090.0725
2010-08-020.0725
2010-07-070.0715
2010-06-300.0715
2010-06-080.0507
2010-05-310.0507
2010-05-100.0652
2010-05-030.0652
2010-04-110.0874
2010-03-310.0874
2010-03-070.0608
2010-02-280.0608
2010-02-070.0595
2010-01-310.0595
2010-01-100.0651
2010-01-030.0651
2009-12-070.0713
2009-11-300.0713
2009-11-080.0693
2009-11-010.0693
2009-10-070.0743
2009-09-300.0743
2009-09-070.0647
2009-08-310.0647
2009-08-100.0675
2009-08-030.0675
2009-07-070.0645
2009-06-300.0645
2009-06-080.0665
2009-06-010.0665
2009-05-260.0610
2009-04-300.0610
2009-04-060.0568
2009-03-310.0568

Investment Objective

The investment objective of the Fund is to produce a high level of current yield in US dollar terms, commensurate with an acceptable level of risk as determined by the Manager in its reasonable discretion. Any capital appreciation will be incidental.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Investment risk
The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. The Fund is an investment fund and is not in the nature of a bank deposit. There is no guarantee of repayment of principal.
2. Risks associated with sub-investment grade securities
The Fund may invest in sub-investment grade securities or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities.
3. Credit risk
The Fund is exposed to the credit/default risk of issuers of debt securities that the Fund may invest in.
4. Interest rate risk
Investment in the Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.
5. Volatility and liquidity risk
The debt instruments in which the Fund invests may not be traded on an active secondary market. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur significant trading costs.
6. Downgrading risk
The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Fund may be adversely affected. The Investment Manager may or may not be able to dispose of the debt instruments that are being downgraded.
7. Sovereign debt risk
The Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Fund to participate in restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers.
8. Valuation risk
Valuation of the Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the Fund.
9. Credit rating risk
Credit ratings assigned by rating agencies are also subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.
10. Emerging market investment risk
The Fund may invest in securities of issuers operating in emerging markets. Investing in emerging markets may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
11. Investment in specific countries or region
The Fund’s investments may be concentrated in specific countries or regions. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the specific country or region market.
In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the Fund’s investments in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the Fund.
12. Risks associated with derivatives
The Fund may have exposure to derivatives for investment purposes or for efficient portfolio management. Risks associated with derivatives include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the derivative by the Fund. Exposure to derivatives may lead to a high risk of significant loss by the Fund.
Furthermore, there is no guarantee that the Fund’s use of derivatives for hedging will be entirely effective and in adverse situations, where the use of derivatives becomes ineffective, the Fund may suffer significant loss.
13. Liquidity risk
Market liquidity in the emerging markets may be lower than the more developed markets so that the purchase and sale of holding may take longer. The Fund may also encounter difficulties in disposing of securities or derivatives at their fair market price.
14. Counterparty risk
Counterparty risk is the risk that an organization does not pay out on a bond or other trade or transaction when it is supposed to. If a counterparty fails to honour its obligations in a timely manner and the Fund is delayed or prevented from exercising its rights with respect to the investments in its portfolio, it may experience a decline in the value of its position, lose income and/or incur costs associated with asserting its rights.
15. Risks of investing convertible bonds
Convertible bonds are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles will be exposed to equity movement and greater volatility than straight bond investments. Investments in convertible bonds are subject to the same interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments.
16. Currency risk
The underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. Also, a class of units of the Fund may be designated in a currency other than the base currency of the Fund. The net asset value of the Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
17. Charges deducted from capital/risks relating to distribution
Some or all of the management fee and other fees and expenses of the Fund may be paid out of capital. Payment of fees and expenses in such manner would result in an increase in distributable income and in the event the Fund pays a dividend having charged fees and expenses to capital, this would effectively amount to paying dividends out of capital.
The Manager may also distribute such part of any capital gains less realised and unrealised capital losses as, in its opinion, is appropriate to maintain a satisfactory level of distribution.
The payment of distributions out of unrealised capital gains or the payment of distributions effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of unrealised capital gains or payment effectively out of the Fund’s capital (as the case may be) may result in an immediate reduction of the Fund’s net asset value per unit.
The distribution amount and net asset value of the hedged class may be adversely affected by differences in the interest rates of the reference currency of the hedged class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged classes.