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ESPA BOND CORPORATE BBHigh yield corporate bonds with average rating "BB" and currency hedging in eurosStatus at 07/30/2010
Investment features
The ESPA BOND CORPORATE BB fund acquires corporate bonds from international issuers with an average rating of "BB". The portfolio is diversified across many companies and sectors. Any foreign currency risks are eliminated through continuous hedging against the euro. The fund is designed to generate regular income in euros.
This is an advertisement. Unless otherwise noted, data source ERSTE-SPARINVEST KAG. Our languages of communication are German and English. The latest version of the Prospectus (and any changes thereto) has been published in the “Amtsblatt zur Wiener Zeitung”, in accordance with the provisions of the Austrian Investmentfondsgesetz [Investment Funds Act]. Copies are available free of charge to interested parties at the registered offices of both ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. and Erste Group Bank AG (the custody bank). The most recent publication date and details of any other collection offices are published on the ERSTE-SPARINVEST KAG website (www.sparinvest.com). This document serves to provide additional information to our investors and reflects the knowledge of its authors at the time of going to press. Our analyses and conclusions are of a general nature and do not take into account the personal needs of our investors in terms of income, fiscal situation or attitude to risk. It should be noted that past performance is not a reliable indicator of the future performance of a fund.
Fund key data
Dividend02.05.
Base currencyEUR
Fund volume48,135,124.46
Fund accounting year01.02. to 31.01.
Day of first issue05/02/2008
Sales authorisationAT
Management fee1.20 % p.a.
Recommended holding periodIII
Investor experienceC - D
Investor risk tolerance6
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000A09HC7 EUR109.283.50%
T.AT0000A09HD5 EUR118.883.50%
T.C.AT0000A09HE3 EUR118.883.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR17.83   6.989.20
* absolute
Annual performance (in %, in fund base currency)
Year20082009
Performance    -19.99 42.33
Benefits for investorBroad diversification in high-yield bonds.
Long-term attractive segment for investors.
Attractive annual payouts.
No influence from exchange rates due to currency hedging.
Please noteFalls in prices are possible, especially if risk premiums rise (decline in rating).
Average rating below 'investment grade', thus default risk of credits is immanent.
Medium to high price fluctuations possible.
Recommended length of holding at least 5 years
Top positions
SecurityShare of fund assets
VIRGIN MED.S.F.10/18 REGS3.65%
NORDIC TEL.CO.HLDGS 06/162.59%
ENTERPR. INNS 03/182.57%
EVONIK IND. ANL. 09/142.39%
HANIEL+CIE 09/14 MTN2.29%
Fund ratios*
Average securities return6.26%
Average time to maturity7.60 Years
Duration4.00 Years
Mod. Duration3.80%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 05/02/2008 and 07/30/2010
Sectors
Securitytypes