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31st Dec. 2009
Skandia Emerging Market Debt Fund
fund objective
Seeks to achieve preservation of capital through investment in a well-diversified portfolio of fixed and variable rate debt securities issued in emerging markets, as defined by the World Bank, or its related organisations, or by the UN or its authorities.
fund facts
fund styleEmerging Markets Bond
base currencyUSD
domicileIreland
inception date6th Nov. 2003
sub-advisorStone Harbor Investment Partners LP
managed fund since29th Sept. 2008
portfolio managerStone Harbor EMD Team
fund sizeUSD 270.92m
benchmarkJP Morgan EMBI Global Diversified
number of holdings117
month end NAV (A Share)15.8999 USD
top 10 holdings
Russia Foreign Bond 7.5 2030/03/3110.20%
Bolivarian Rep Of Vzla 1.28313 2011/04/205.38%
Nota Do Tesouro Nacional 10 2017/01/013.96%
Republic Of Poland 6.375 2019/07/152.83%
Republic Of Argentina 7 2015/10/032.44%
Republic Of Indonesia 11.625 2019/03/042.32%
United Mexican States 8.3 2031/08/152.26%
Fed Republic Of Brazil 11 2040/08/172.24%
Republic Of Iraq 5.8 2028/01/152.19%
Republic Of Philippines 7.75 2031/01/142.15%
currency breakdowngeographic breakdowncredit rating
fund statistics3-year
beta1.24
alpha-2.63
information ratio-0.30
sharpe ratio0.18
standard deviation16.36
r-squared0.97
A1 (income) distribution*0.1264576
*paid quarterly31/12/2009
performance
XSince Inception1 mth6 mth1 Yr.3 Yrs.5 Yrs.
fund59.000.1714.5639.6516.2738.96
benchmark71.690.3712.2029.8221.4147.72
calendar year performance
XYTD20082007200620052004
fund39.65-19.693.688.4810.179.71
benchmark29.82-12.006.289.8810.7311.73

The fund performance and statistics above are that of the A1 share class, not the A1income share class for which distribution information is shown.Performance prior to 29/09/2008 is attributable to a previous sub-advisor. Prior to 29/09/2008 the fund's benchmark was the JPM EMBI Global. JPM EMBI Global Diversified includes U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities.

investment strategyfund codes
  • combine fundamental credit analysis with advanced quantitative risk management techniques
  • continuously monitor the emerging markets universe for improving credit opportunities
  • consistently monitor risk versus benchmark using various quantitative measures
  • the fund benefits from the vast experience, research capabilities and high level contacts at Stone Harbor
.ISINCUSIPBloomberg
A1USDIE0034004030G81790 86 0SKEMDA1
A1 IncUSDIE00B1JR8372G81799 78 8SKEMDA0 ID
A1 M IncUSDIE00B2NF8W35G817A3359
A3EURIE00B06CFP96
A3 HedgedEURIE00B23T0K72SKEMDAH ID
A4 IncGBPIE00B3DWTR34
BUSDIE0034084743G81799 13 5SKEMDBB
B1 M IncUSDIE00B42GD597
CUSDIE0034085153G81799 14 3SKEMDBC
C1 IncUSDIE00B1JR8489G81799 79 6SKEMDC1 ID
C1 M IncUSDIE00B2NF8X42G817A3342
.WKNValoren
A1USDAOBK861722184
about the sub-advisorabout the fund manager
Stone Harbor Investment Partners LP
  • institutional boutique focused on credit risk strategies
  • headquartered in New York with a London investment office
  • 100% employee-owned
Stone Harbor EMD Team
  • led by Peter J. Wilby, CFA, a 28 year industry veteran
  • 7 portfolio managers averaging 23 years of experience
  • supported by 12 economic and credit analysts
about Skandiaabout Skandia Global Funds
  • Skandia was established in 1855
  • part of Old Mutual Group, active in 48 countries
  • pioneered the "Managing the Managers" practice
  • a leading provider of long-term savings products
  • SGF launched in 2001
  • sub-advisors selected and monitored by SGF
  • offer a diverse range of funds and asset classes
  • provide access to "best in class" fund managers
for more information, or to obtain a prospectus, contact your local SGF representative
important disclosure information

Source: Morningstar. Copyright 2008, Morningstar Inc. www.funds.morningstar.com. The performance shown is at fund level (Class A Shares) and does not include a sales charge. Had a sales charge been included returns would have been lower. Figures shown assume reinvestment of all dividends and capital gains unless otherwise noted.

Fund statistics are measured against the benchmark where relevant for the 3 year period to latest month end. Alpha is a measure of a funds risk relative to the benchmark. Beta measures the volatility, or systematic risk, of a fund in comparison to the benchmark. Standard deviation, or volatility, measure the dispersion of returns for a fund. Sharpe ratio measures risk-adjusted performance. Information ratio measures risk-adjusted performance relative to the benchmark. R-squared measures the percentage of a fund's movements that are explained by movements in the benchmark.

Small and mid-cap stocks are more volatile than large-cap stocks. There are additional risks associated with international investing, such as currency fluctuations, economic and political instability, and more volatile markets. These risks may be greater in emerging markets. Sector funds are generally not as diversified as most mutual funds, and as a result tend to be more volatile. It is possible to lose money by investing in a money market fund.

Skandia Global Funds PLC is a Variable Capital Investment Company established in the Republic of Ireland. Investors in the funds of the Company receive shares in the Company. Funds established in the Republic of Ireland are not subject to any Income Tax, Capital Gains Tax or Withholding Tax within the Republic for Investors who are not Irish residents. Each investor in Skandia Global Funds must be at least 18 years of age and may be subject to Income, Capital Gains, Withholding, or Estate Taxes/Regulations within their country of residence. Please consult a tax advisor before investing.

Skandia Global Funds is regulated by the Irish Financial Services Regulatory Authority, which has authorised the Company as an Undertaking for Collective Investment in Transferable Securities (UCITS). UCITS Funds are funds which meet the terms and conditions of the European Union UCITS Directive, which allows them to be distributed throughout the European Union.

Skandia Global Funds has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.

This material is authorised for use only when preceded or accompanied by a current prospectus. Mutual funds are sold by a prospectus, which contains complete information on risk factors, fees, and surrender charges that may apply. Please read the prospectus carefully before you invest or send money. The investment return and principal value of a mutual fund will fluctuate with changes in market conditions.

Past performance is no guarantee of future results. There is no assurance the fund will achieve its investment objective.