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ESPA BOND EMERGING-MARKETSEmerging Markets - global bondsStatus at 08/31/2010
Investment features
ESPA BOND EMERGING-MARKETS invests mainly in government bonds from emerging countries in Latin America, CEE, Asia, and Africa. On top of that, we may blend in corporate bonds from issuers based in these countries. Most of the bonds are rated BBB to B. The investments of the fund largely focus on hard currency bonds denominated in USD and EUR. Whereas the EUR/USD exchange rate risk is permanently hedged, up to 10% of assets under management may be invested in emerging markets local currency markets.
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
Dividend15.05.
Base currencyEUR
Fund volume392,794,407.94
Fund accounting year16.03. to 15.03.
Day of first issue03/17/1997
Sales authorisationAT,DE,ES,HU,IT,SI,SK
Management fee0.96 % p.a.
Recommended holding periodIII
Investor experienceC - D
Investor risk tolerance6
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000842521 EUR68.883.50%
T.AT0000809165 EUR133.833.50%
T.C.AT0000801352 EUR133.833.50%
VT.AT0000A015C6 USD191.683.50%
VT.AT0000639406 CZK3,750.953.50%
VT.AT0000673306 EUR151.083.50%
VT.AT0000A00GC8 HUF42,903.193.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 08/31/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
CZK17.212.311.56 5.902.89
EUR19.836.025.198.9812.417.42
HUF25.359.92  17.037.01
USD5.773.51  -1.015.37
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 9.62 7.18 2.55 -22.86 31.12
Statistical data according to OeKB (3 years)
Sharpe ratio0.18
Volatility (in %)19.73
Benefits for investorBroad risk diversification by means of selecting bonds of a variety of emerging markets.
Opportunities for attractive long-term returns.
Foreign currency risk is predominantly hedged into the Euro.
Please noteIncreased risk due to admixture of issuers with medium to low credit rating.
Medium to high price fluctuations are possible.
Recommended length of holding at least 5 years
Top positions
SecurityShare of fund assets
6,875% URUGUAY 05/161.70%
7,125% PANAMA 05/261.51%
12,75% RUSSIAN FOED 98/281.47%
6,5% PHILIPPINEN 09/201.44%
8,125% COLOMBIA 04/241.35%
Fund ratios*
Average securities return5.59%
Average time to maturity10.39 Years
Duration6.88 Years
Mod. Duration6.69%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 03/17/1997 and 08/31/2010
Min / Max performance
From adjusted net asset values between 03/17/1997 and 08/31/2010
Minimumin % p.a.Maximum
Countries
Securitytypes