Fact sheet: Standard Life Investments Emerging Market Debt

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EMERGING MARKETS
Sector
UT Global Emerging Markets Bond
Fund type
OEIC
Primary aim
INCOME
Why Money Observer Rates Standard Life Investments Emerging Market Debt

Rated Fund 2014-2017. Provides a good source of yield

This fund aims to provide income - it has a 4.1 per cent yield - and some capital growth over the longer term by investing mainly in government or corporate bonds issued in emerging markets. Most of the fund is invested in bonds denominated in dollars.

It was launched in October 2012 and has been managed since inception by Richard House, head of emerging markets fixed income at Standard Life Investments. House warns that its currency exposure is not hedged back to sterling, so UK investors need to be aware that returns may be affected by currency movements.

The first step in House's investment process is to identify countries he wants to invest in by examining debt sustainability models and other factors. He and his team then consider the risks and rewards associated with particular countries, the type of bond exposure they believe is best and how much to invest in each.

House believes emerging market bonds currently look considerably more attractive than they did a few years ago. He sees many inviting opportunities for earning income and, in some instances, capital returns from these bonds.

From a regional perspective, he has recently favoured the Middle East and Africa. He has less exposure to Asia, where he finds valuations less appealing. Looking ahead, he believes demand for bonds delivering yield in dollars is likely to remain robust, and he argues that their higher nominal yields will continue to attract foreign, regional and domestic investors over the medium term.

3 Year Performance
Fund Performance25.9%
Average of Rated Funds Group44.8%
Sector Performance20.4%
Fund information
Fund name
Standard Life Investments Emerging Market Debt Platform 1 Acc
Fund manager company
Standard Life Investments
Fund type
OEIC
Fund managers
  • Kieran Curtissince 03/09/2017
  • Mark Bakersince 03/09/2017
Accolades
Fund objective
The fund aims to provide income and some capital growth over the longer term by investing predominantly in bonds issued or guaranteed by governments, financial institutions or companies in emerging markets. The majority of the fund will be invested in bonds denominated in US Dollars and who may invest a proportion of the fund's assets in other bonds, derivatives and/or money market instruments to try to take advantage of opportunities they have identified. Please note the operating currency of the fund is US Dollars, and the base currency is Sterling. The currency risk arising from this difference is not routinely hedged. The fund aims to invest mainly in bonds and assets denominated in US Dollars but may, at the discretion of the Manager, invest in bonds and assets denominated in other currencies (including emerging market currencies). Bonds and assets held in currencies other than the operating currency will be hedged at the discretion of the Manager, meaning some additional active currency risk may be taken against the operating currency.
Benchmark
  • JP Morgan Emerging Markets Bonds Index Global Diversified
Investment style
High Yield
Investment method
Fixed Interest
Quick stats
1 Year return
-5.3%
1 Year rank in sector
10/11
Sector
UT Global Emerging Markets Bond
Yield
4.3%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.82%
Fund size
£156m (£173m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
84
Mid price
68.97
Top in this sector
Fund name1 Year
Aberdeen Emerging Markets Bd5.3%
Investec EmgMkLcCurDt5%
Threadneedle EmgMktLcl4%
First State Emrg Mks Bd3.7%
L&G EM Gov Bd Loc Cur Id2.7%
...more in UT Global Emerging Markets Bond

Performance snapshot

Holdings snapshot

  • Asia37.1%
    Latin America23.2%
    Europe22.1%
    Middle East/ Africa10.7%
    Money Market6.9%
  • No data available.
  • Asia Pacific Fixed Interest37.1%
    American Emerging Fixed Interest23.2%
    European Fixed Interest22.1%
    Middle East & African Fixed Interest10.7%
    Money Market6.9%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-3%-6.1%-7.3%-5.3%25.9%30.7%
Sector-1.4%-1.6%-4%-0.3%20.4%10.1%
Rank within sector12 / 1211 / 1210 / 1210 / 113 / 102 / 10
Quartile4th4th4th4th2nd1st
Calendar performance
 YTD - 20182017201620152014
Fund-5.2%0.9%31.2%2.7%12.7%
Sector-1.8%3.8%24.9%-4.2%4.3%
Rank within sector11 / 129 / 113 / 103 / 101 / 10
Quartile4th4th2nd2nd1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
2.03
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.97
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.35
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11.26
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
4.6
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.39
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.83
Price movement
52 week high75.08
52 week low68.06
Current bid price-
Current offer price-
Current mid price68.97
Region
1Asia37.1%
2Latin America23.2%
3Europe22.1%
4Middle East/ Africa10.7%
5Money Market6.9%
Industry sector
No data available.
Asset type
1Asia Pacific Fixed Interest37.1%
2American Emerging Fixed Interest23.2%
3European Fixed Interest22.1%
4Middle East & African Fixed Interest10.7%
5Money Market6.9%
Individual holdings
No data available.
Management
Fund manager group
Standard Life Investments
Fund manager company
Standard Life Investments
Fund type
OEIC
Fund objective
The fund aims to provide income and some capital growth over the longer term by investing predominantly in bonds issued or guaranteed by governments, financial institutions or companies in emerging markets. The majority of the fund will be invested in bonds denominated in US Dollars and who may invest a proportion of the fund's assets in other bonds, derivatives and/or money market instruments to try to take advantage of opportunities they have identified. Please note the operating currency of the fund is US Dollars, and the base currency is Sterling. The currency risk arising from this difference is not routinely hedged. The fund aims to invest mainly in bonds and assets denominated in US Dollars but may, at the discretion of the Manager, invest in bonds and assets denominated in other currencies (including emerging market currencies). Bonds and assets held in currencies other than the operating currency will be hedged at the discretion of the Manager, meaning some additional active currency risk may be taken against the operating currency.
Benchmark
  • JP Morgan Emerging Markets Bonds Index Global Diversified
Investment style
High Yield
Investment method
Fixed Interest
Fund managers
NameSinceBiography
Kieran Curtis03/09/2017He Joined investment industry in 2002. Management of the Aviva Morley Emerging Market Local Currency Bond Fund, as well as researching emerging market bond and currency markets. Kieran joined Morley in 2005. From 2002 to2004, Kieran worked for Invesco UK as a fixed income Trainee Fund Manager on the graduate scheme, gaining experience in both global equities and global bonds. He then progressed to the role of Assistant Portfolio Manager at Standard Asset Management, where he managed emerging market fixed income funds. He brings particular expertise in less developed markets with additional experience of managing structured products and funds with total return benchmarks.
Mark Baker03/09/2017
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Standard Life Investments Emerging Market Debt Inst Acc
Initial charge-
Annual charge0.65%
Min single investment£5,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.77%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price69.13
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeGU4W
Standard Life Investments Emerging Market Debt Inst Inc
Initial charge-
Annual charge0.65%
Min single investment£5,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.77%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price58.38
CurrencyGBX
Price updated20/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeGU4X
Standard Life Investments Emerging Market Debt Internal Acc
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.12%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price71.09
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeI7WI
Standard Life Investments Emerging Market Debt Platform 1 Acc
Initial charge-
Annual charge0.65%
Min single investment£2,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.82%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price68.97
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeGU4Y
Standard Life Investments Emerging Market Debt Platform 1 Inc
Initial charge-
Annual charge0.65%
Min single investment£2,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.82%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price58.43
CurrencyGBX
Price updated20/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeGU4Z
Standard Life Investments Emerging Market Debt Ret Acc
Initial charge4%
Annual charge1.2%
Min single investment£500
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.24%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price67.12
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGU4U
Standard Life Investments Emerging Market Debt Ret Inc
Initial charge4%
Annual charge1.2%
Min single investment£500
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.24%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price55.42
CurrencyGBX
Price updated20/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeGU4V
Data provided by

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