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PineBridge Asian High Yield Total Return Bond Fund
- ISINIE000JDORGM0
- BloombergPBAHYTA
- Daily NAVNaNas of
- Class CurrencyUSD
- AUM (millions)155.2as of 31 Jul 2024
- Asset ClassFixed Income
- Class Inception Date6 Sep 22
All investments involve risk. The value of your investment and the income from it will fluctuate and a loss of capital may occur.
Overview
Investment Objective
The Sub-Fund seeks to maximize total return by primarily investing in high yielding, sub-investment grade debt securities of issuers domiciled in or exercising a predominant part of their economic activities in the Asia Pacific Region.![](/_next/image?url=https%3A%2F%2Fpinebridgeinvestments.bynder.com%2Fm%2F15f6d4f7238fb30a%2Foriginal%2FPineBridge-Asian-High-Yield-Total-Return-Bond-Fund-Web-Cover-Image.jpg&w=1920&q=75)
Reasons to Invest
Active credit selection to navigate a dynamic asset class: Intensive credit research and manager experience allows for more nimble identification of alpha opportunities
Comprehensive approach to manage default risks: Time-tested risk controls embedded in the entire process from credit research, portfolio construction to compliance governance.
Interconnected investment insights, tied through global industry knowledge and on-the-ground presence
Asset Class | Fixed Income |
Benchmark | JP Morgan Asia Credit Index (JACI) Non-Investment Grade Total Return |
ISIN | IE000JDORGM0 |
Bloomberg | PBAHYTA |
Fund Umbrella | PineBridge Global Funds |
Fund Structure | UCITS |
Domicile | Ireland |
Investment Manager | PineBridge Investments Ireland Limited 16 Sir John Rogerson’s Quay Dublin 2 Ireland |
SFDR Categorization* | Article 8 |
Base Currency | USD |
Fund Inception Date | 21 Jun 2021 |
Unit Class Inception Date | 6 Sep 2022 |
Paying Agent | SS Dublin Transfer Agency |
Min Investment | USD 1,000 |
Income Treatment | No Distribution: Dividends Reinvested |
Geographical Registrations |
*EU Sustainable Finance Disclosure Regulation. For more information, please visit https://www.pinebridge.com/esg.
Key Risks
Potential Investors should consider the following key risks before investing in the Sub-Fund:
Fixed Income Risk: Issuers may not be able to make payments of interest or repayment of money borrowed. Changes in interest rates, credit ratings and inflation may lead to a loss in value.
Below Investment Grade Debt Securities Risk: An investment in high yield securities involves a higher degree of risk than investment in investment grade debt securities. The lower ratings of securities reflect a greater possibility of adverse changes in the financial condition of the issuer, which may impair the ability of the issuer to make payments of interest and principal.
Emerging Markets Risk: Emerging markets are typically smaller, less transparent and subject to evolving, less stable political and regulatory regimes.
Interest Rate Risk: Fixed income securities are typically interest rate sensitive, which means their value will fluctuate as interest rates change.
Default Risk: There is a risk that a particular issuer may not fulfil its payment or other obligations. These events may increase the price volatility of the issuers' debt obligations and negatively affect liquidity making such debt obligations more difficult to sell.
Liquidity Risk: The Sub-Funds may invest some of their assets in illiquid securities and other illiquid financial instruments, in respect of which they may not always be possible to execute a buy or sell order at the desired price or to liquidate the open position.
Distribution From Capital Risk: At the discretion of the Manager, share classes may declare and pay distributions out of capital. Investors in these share classes should be aware that payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or of capital gains attributable to that original investment, and such distributions will result in a corresponding immediate decrease in the NAV per Unit of the share classes.
Derivative Risks: The prices of FDI can be highly volatile. In addition, the use of FDI also involves certain special risks depending on the type of FDI, including but not limited to correlation risk, counterparty credit risk, legal risk, settlement risk, margin risk, as well as other possible risks that may arise.
Contingent Convertible Bonds Risk: Contingent Convertible bond (CoCos) is a type of complex debt security which may be converted into the issuer’s equity or be partly or wholly written off if a pre-specified trigger event occurs. This may result in the security converting into equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred.
ESG Data Risk: ESG information that is used to determine companies' ESG and sustainability-related characteristics may be provided by third-party sources or internal analysis and may be based on backward-looking analysis and data.
ESG Categorisation Risk: The ESG categorisation is determined by the Manager pursuant to SFDR, based on current understanding of applicable law and as yet incomplete regulation. Changes in law and regulation, the interpretation of law and regulation, new regulatory technical standards coming into effect and/or changes in regulatory guidance may result in a change of categorisation of a sub-fund and investors should not rely on such categorisations for any purpose.
Sustainability Risk: The value of investment, and the value of any sub-fund containing that investment, may be negatively impacted by environmental, social or governance event or condition. The impact may vary and may depend on several factors including, but not limited to, the type, extent, complexity and duration of the event or condition, prevailing market conditions and the existence (or not) of any mitigating factors.
Concentration Risk: The Sub-Fund may invest in a limited number of securities compared to more diversified Sub-Funds or it may focus its investments and hold relatively large positions in, among other things, particular industries, countries, sectors, currencies or issuers. This may increase the volatility of the value of the Sub-Fund or for the Sub-Fund to bear losses and may also limit the liquidity of certain securities within the Sub-Fund.
Sovereign Debt Risk: Where the Sub-Fund invests in sovereign debt, a government entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by many factors which carry the risk of default. Factors which contribute to the risk of default by a government entity include cash flow, the investment-grade of the debt, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the government entity’s policy towards the International Monetary Fund and the political constraints to which a government entity may be subject.
Counterparty Risk: Counterparty risk is the risk that a counterparty to a contract will fail to perform contractual obligations (e.g. default in either whole or part) under the contract. Counterparties may include the Manager, the custodian and derivative counterparties of the Sub-Fund. Substantial losses can be incurred by the Sub-Fund if a counterparty is unable or unwilling to meet its contractual obligations.
Currency Risk - Base Currency: Securities may be denominated in currencies different from the Sub-fund's Base currency and there is a risk that changes in exchange rates and exchange control regulations may cause the value of the assets expressed in the Base Currency to rise or fall.
Risks relating to China: Chinese securities can have added risk exposures. RMB is currently not freely convertible and is subject to exchange controls and restrictions resulting in increased foreign exchange risk. Also, urban investment bonds issued by local government financing vehicles (“LGFVs”) are typically not guaranteed by Chinese governments which can lead to increased counterparty risk.
Price of Securities Risk: The Sub-Fund is at risk of market volatility based on prevailing economic conditions. Price trends are determined mainly by financial market trends and by the economic development of the issuers, who are themselves affected by the overall situation of the global economy and by the economic and political conditions prevailing in each country.
Risks associated with QFI scheme: The Sub-Fund may suffer substantial losses if the approval of the QFI status is being revoked/terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the fund’s monies.
The risk factors described above should not be considered an exhaustive list of risks, which potential investors should consider before investing in the Sub-Fund. For more details on the fund’s potential risks please read the Prospectus and Key Investor Information Document at pinebridge.com/funds
Total Returns (%)
The Fund performance is calculated net of fees on NAV to NAV in USD with dividends reinvested. Returns over one year are annualized. Performance is representative of A class in USD. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than the base currency of the fund. Past performance is not indicative of future results.
Portfolio Composition
Number of Securities | 97 |
Risk Characteristics
As of 31 Jul 20241 Year | |
Information Ratio | -1.4 |
Tracking Error (%) | 1.8 |
1 Year | |
Standard Deviation | 3.62 |
Beta | 0.7 |
R Squared (%) | 88.8 |
Portfolio Characteristics
As of 31 Jul 2024Average Coupon (%) | 5.5 |
Average Yield to Maturity (%) | 8.5 |
Average Duration Years | 2.5 |
Average Credit Rating | Ba2/Ba3 |
Sector Breakdown (%)
As of 31 Jul 2024Fund | Benchmark | |
Real Estate | 21.8 | 16.3 |
Consumer | 21.2 | 12.3 |
Utilities | 19.8 | 10.0 |
Financial | 12.4 | 26.2 |
TMT | 8.6 | 3.1 |
Industrial | 4.3 | 2.7 |
Oil & Gas | 4.1 | 2.2 |
Metals & Mining | 3.4 | 4.4 |
Other | 4.6 | 22.8 |
Cash | -0.3 | 0.0 |
Top Ten Holdings (%)
As of 31 Jul 2024Fund | |
5.65% NETWORK I2I LTD | 3.4 |
4.75% SCENTRE TRUST 2 2080-09-24 | 3.1 |
5.125% YANLORD LAND HK 2026-05-20 | 2.9 |
5.625% MINEJESA CAPITAL 2037-08-10 | 2.9 |
5.5% WYNN MACAU LTD 2026-01-15 | 2.8 |
4.25% CLEAN RENEWABLE 2027-03-25 | 2.4 |
5.5% GREENKO WIND 2025-04-06 | 2.3 |
3.875% GLP PTE LTD 2025-06-04 | 2.3 |
5.55% GREENKO SOLAR 2025-01-29 | 2.2 |
7.75% STANDARD CHART | 2.2 |
Credit Rating (%)
As of 31 Jul 2024Fund | Benchmark | |
A | 3.2 | 0.0 |
Baa | 13.8 | 0.0 |
Ba | 54.1 | 52.1 |
B | 18.7 | 12.4 |
Caa | 0.0 | 5.7 |
Ca | 0.0 | 1.3 |
D | 0.0 | 4.8 |
NR | 10.4 | 23.7 |
Other | -0.3 | 0.0 |
Geographical Breakdown (%)
As of 31 Jul 2024Fund | Benchmark | |
India | 21.7 | 17.8 |
China | 17.2 | 25.4 |
Macau | 16.5 | 10.6 |
Hong Kong | 14.6 | 16.0 |
Indonesia | 8.4 | 3.8 |
Japan | 6.4 | 0.0 |
Australia | 5.1 | 0.0 |
Singapore | 2.8 | 2.4 |
Other | 7.6 | 24.0 |
Cash | -0.3 | 0.0 |
Fees and Expenses
Entry/Exit Fee | 5% / 3% |
Investment Management Fee | 1.50 % |
Ongoing Charge | 1.52% |
Total Expense Ratio | 1.51% |
Service Fee | 0.0% |
Fund Documents
Disclaimer
This is a marketing communication. This is not a contractually binding document. Please refer to the Prospectus of the UCITS and to the KIID and do not base any final investment decision on this communication alone.
This marketing document relates to PineBridge Global Funds (the “Fund”) and its Sub-Fund PineBridge Asian High Yield Total Return Bond Fund (the “Sub-Fund”). The Fund is an open-ended umbrella unit trust with segregated liability between sub-funds established and authorised in Ireland as an undertaking for collective investment in transferable securities (UCITS) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) as amended and authorised by the Central Bank of Ireland.
This document is issued by PineBridge Investments Ireland Limited, the Manager and Global Distributor of the Fund, a limited liability company incorporated in Ireland having as sole business the management of collective investment vehicles. This document is for information purposes only and does not constitute any legal, tax and financial advice or recommendation to buy or sell any unit classes of the fund or any investment instruments. Tax Treatment depends on the individual circumstances of each client and may be subject to change in the future. We recommend the investor to liaise with his/her tax or legal counsel to receive further information about the tax treatment applicable to his/her personal situation. PineBridge Investments Asia Limited (regulated by the Securities and Futures Commission in Hong Kong) is the investment manager of the sub-fund. PineBridge Investments Singapore Limited (regulated by the Monetary Authority of Singapore) is the Sub-Investment Manager of the sub-fund.
There can be no assurance the Sub-Fund investment objective will be achieved or that there will be a return on capital.
Past performance is not indicative of future returns. No benchmark is directly comparable to the investment objectives, strategy or universe of a Sub-Fund. The performance of a benchmark shall not be indicative of the past or future performance of any Sub-Fund.
Source of characteristics: Bloomberg Port +/ source of statistics: State Street as of the date of this document. For illustrative purposes only. Holdings/allocations are subject to change. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or securities. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document.
Copyright © 2024 Morningstar. All rights reserved. Source of rating: Morningstar. Reference class: A, Morningstar category: EAA Fund Other Bond. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is 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 information. Past ratings do not prejudge the future performance of the unit class.
The Sub-Fund has been given its SFDR Categorisation based on Sustainable Finance Disclosure Regulation 2019/2088 and current law and regulation. Changes in law and regulation, the interpretation of law and regulation, new regulatory technical standards coming into effect and/or changes in regulatory guidance may result in a change of categorisation of the Sub-Fund.
Switzerland - The Prospectus, the Key Investor Information Document (KIID), the Trust Deed as well as the annual and semi-annual reports of the Fund may be obtained free of charge on the homepage of the management company or from the Swiss Representative. The Representative and Paying Agent of the Fund for Switzerland is State Street Bank International GmbH Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich. PineBridge Investments Switzerland GmbH is affiliated with the Swiss Chambers’ Arbitration Institution (SCAI), 4, boulevard du Théâtre, P.O. Box 5039, 1211 Geneva 11, Switzerland, Tel: +41 (0)22 819 91 57.