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PineBridge Latin America Equity Fund
- ISINIE00B1B80R65
- BloombergPBILATA
- Daily NAVNaNas of
- Class CurrencyUSD
- AUM (millions)60.7as of 31 Jul 2024
- Asset ClassEquity
- Class Inception Date1 Aug 06
- Morningstar Rating★★★as of 31 Jul 2024
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
To achieve a superior rate of return by making equity and equity-related investments in companies operating in the economies of Latin America.
Reasons to Invest
Access to compelling investment opportunities within Latin American equities
Unified process connected by growth categorization research, identifying compelling opportunities across each company’s life cycle
Interconnected investment insights, tied through global industry knowledge and on-the-ground presence
| Asset Class | Equity |
| Benchmark | MSCI Emerging Markets Latin America Daily Total Return Net Index |
| ISIN | IE00B1B80R65 |
| Bloomberg | PBILATA |
| 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 | 1 Jan 1993 |
| Unit Class Inception Date | 1 Aug 2006 |
| 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.
Portfolio Managers
Key Risks
Potential Investors should consider the following key risks before investing in the Sub-Fund:
Equity Investing Risk: The value of shares and securities related to shares may fall due to issuer related issues, financial market dynamics and world events including economic and political changes.
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.
Derivative Risk: A Sub-Fund may use derivative instruments for both efficient portfolio management and for investment purposes. Derivative transactions may be subject to significant volatility which may result in a loss greater than the principal amount invested.
Counterparty Risk: A Sub-Fund may have credit exposure (by virtue of position in swaps, repurchase agreements, FDI etc.) to its trading parties and may bear the risk of default of the counterparties.
Operational Risk: A Sub-Fund may risk loss resulting from process failures, inadequate procedures or controls.
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.
Emerging Markets Risk: Emerging markets are typically smaller, less transparent, and subject to evolving, less stable political and regulatory regimes and securities from these markets may be more expensive to transact in, bear higher risk or have lower liquidity.
Counterparty Risk – Depositary and Sub-Custodians: Custody services in many emerging markets remain undeveloped and there is a transaction and custody risk of dealing in emerging market investments.
Liquidity Risk: The risk that the Sub-Fund 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.
ESG Risk: Risks associated with the environmental, social and governance variables, which could potentially affect the financial situation or operating performance of the Fund. These include sustainability risk, ESG Categorisation Risk and ESG Data Risk.
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 | 41 |
| Morningstar Rating | ★★★ |
Risk Characteristics
As of 31 Jul 2024| 3 Years | |
| Information Ratio | -1.4 |
| Sharpe Ratio | -0.19 |
| Alpha (%) | -3.8 |
| Tracking Error (%) | 2.7 |
| 3 Years | |
| Standard Deviation | 24.31 |
| Beta | 1.0 |
| R Squared (%) | 98.8 |
Portfolio Characteristics
As of 31 Jul 2024| Weighted Average Market Cap US$ million | 24500.5 |
| P/E Ratio | 9.8 |
| P/B Ratio | 1.7 |
| ROE (%) | 21.7 |
| Debt to Equity Ratio (%) | 0.8 |
Sector Breakdown (%)
As of 31 Jul 2024| Fund | Benchmark | |
| Financials | 24.2 | 25.4 |
| Materials | 18.9 | 18.9 |
| Consumer Staples | 16.5 | 16.4 |
| Energy | 12.2 | 12.9 |
| Industrials | 9.7 | 9.7 |
| Communication Services | 5.3 | 4.1 |
| Utilities | 5.2 | 7.3 |
| Consumer Discretionary | 4.7 | 2.2 |
| Other | 2.5 | 3.1 |
| Cash | 0.9 | 0.0 |
Top Ten Holdings (%)
As of 31 Jul 2024| Fund | |
| Petroleo Brasileiro S.A | 8.4 |
| Vale S.A. | 7.3 |
| Itau Unibanco Holding S.A. | 7.1 |
| Grupo Mexico S.A.B. DE C.V. | 4.8 |
| Credicorp Ltd. | 4.1 |
| PRIO S.A. | 3.9 |
| Centrais Eletricas Brasileiras S.A. | 3.8 |
| America Movil, S.A.B. de C.V | 3.8 |
| Rumo S.A. | 3.8 |
| Fomento Economico Mexicano, S.A.B. de C.V. | 3.4 |
Geographical Breakdown (%)
As of 31 Jul 2024| Fund | Benchmark | |
| Brazil | 60.3 | 59.2 |
| Mexico | 26.6 | 29.2 |
| Chile | 5.5 | 5.9 |
| Peru | 5.0 | 4.2 |
| Argentina | 1.7 | 0.0 |
| Colombia | 0.0 | 1.4 |
| Cash | 0.9 | 0.0 |
Fees and Expenses
| Entry/Exit Fee | 5% / 3% |
| Investment Management Fee | 1.30 % |
| Ongoing Charge | 2.07% |
| Total Expense Ratio | 2.16% |
| Service Fee | 0.5% |
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 Latin America Equity 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 LLC (regulated by the Securities & Exchange Commission) is the 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.
MSCI: MSCI makes no express or implied warranties or representation and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.
Source of characteristics: FactSet/ 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 Latin America Equity. 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.